A New Approach to Project Risk Navigation

Asbjørn Rolstadås (), Per Willy Hetland (), George Farage Jergeas () and Richard E. Westney ()
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Asbjørn Rolstadås: Norwegian University of Science and Technology
Per Willy Hetland: Norwegian School of Management
George Farage Jergeas: University of Calgary
Richard E. Westney: Westney Consulting Group, Inc.

Chapter Chapter 4 in Risk Navigation Strategies for Major Capital Projects, 2011, pp 39-50 from Springer

Abstract: Abstract This chapter briefly outlines a new approach to project risk navigation. It defines the Bermuda Project Risk Triangle symbolized as a territory containing all three categories of risk: operational, strategic and contextual. The new approach to project risk navigation can be compared to navigating in the Bermuda Triangle. Uncertainty and risk have to be expected and accepted. To navigate in the triangle requires new knowledge that is not commonly possessed today. Hence a change process needs to take place. This is illustrated as a three leg journey: explore, adapt, and deliver. The Extended Project Risk Navigator is introduced. This contains three main components: governance system, decision process, and strategic planning. A comparison between the new approach and the conventional way is made.

Keywords: Market Risk; Vertical Jump; Project Objective; Private Risk; Project Risk (search for similar items in EconPapers)
Date: 2011
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DOI: 10.1007/978-0-85729-594-1_4

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