Evaluating Sources of Risks in Large Engineering Projects: The Roles of Equivocality and Uncertainty

Leena Pekkinen, Kirsi Aaltonen, Jaakko Kujala and Janne Härkönen
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Leena Pekkinen: University of Oulu, Finland
Kirsi Aaltonen: University of Oulu, Finland
Jaakko Kujala: University of Oulu, Finland
Janne Härkönen: University of Oulu, Finland

International Journal of Management, Knowledge and Learning, 2015, vol. 4, issue 2, 163-180

Abstract: Contemporary project risk management literature introduces uncertainty, i.e., the lack of information, as a fundamental basis of project risks. In this study the authors assert that equivocality, i.e., the existence of multiple and conflicting interpretations, can also serve as a basis of risks. With an in-depth empirical investigation of a large complex engineering project the authors identified risk sources having their bases in the situations where uncertainty or equivocality was the predominant attribute. The information processing theory proposes different managerial practices for risk management based on the sources of risks in uncertainty or equivocality.

Keywords: project risk management; complex projects; uncertainty; equivocality; information processing theory; risk sources (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:isv:jouijm:v:4:y:2015:i:2:p:163-180

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