Project Risk Management Research Paper
1.1 Background
Every project differs in comparison to other projects although there may be similarities between projects. There are significant changes among projects due to the fast pace of changes in technology. Every project has risk components that needs to be managed. Hillson (2002) defined risk as an uncertain event or condition that has either positive or negative effects on project objectives. A sound management of project risk is crucial for project success due to variations in actual quality, time and cost performance compared to the expected ones. A failure to deal with project risk is one of the main cause for exceeding budget, falling behind schedules and missing performance targets. Therefore, there is a strong need for assessing
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The main purpose of project risk management is to obtain better project outcomes by reducing risks and capturing opportunities and thus leading to project success. It is unlikely that a project will be successful without effective project risk management. Voetsch et al. (2004) showed the statistical relationship between project risk management processes and project success. Artto et al. (2005) have recognized project risk management as one of the most critical procedures in the field of project management. Bakker et al (2010) suggested that even moderate levels of project risk management suffice to reduce the negative effects of risk on project success. The close relationship between project risk management practices and a project’s success is broadly acknowledged (Teller, 2013).
Didraga (2006) identified project risks as a leading problem in IT projects. The close relationship between project risk management and project failure or success has been extensively studied in the field of Information Technology (Marly 2015). These studies have come up with controversial findings. Some surveys have found that risk management has low impact on project performance. The purpose of this study which developed from the literature is to study the relationship between project risk
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To determine if projects risk management practices are followed in Mauritian telecom organisations
7. To investigate the relationship between project risk management practices and project success in the telecom industry of Mauritius
8. To identify the techniques are most suitable for Mauritian telecom projects
1.4.1 Research Questions
In order to achieve the objectives, the following research questions have been formulated to support the investigation:
1. What is the risk attitude and maturity level within Mauritian telecom organisations?
2. Which risk factors are most common in telecom projects?
3. Are project risks managed differently for projects perceived as more costly and more complex?
4. How projects risks are managed during the project lifecycle?
5. Are project managers solely responsible for project risk management implementation?
6. Are projects risk management practices followed in Mauritian telecom organisations?
7. Is there any significant relationship between project risk management practices and project success in the mobile telecom industry of Mauritius?
8. Which tools and techniques are most suitable for Mauritian telecom projects?
1.4.2 Formulation of Hypotheses
The followings are the research hypotheses formulated for this
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