Managing project risks and uncertainties
This article considers threats to a project slipping on budget, schedule and fit-for-purpose. Threat is used here as the collective for risks (quantifiable bad things that can happen) and uncertainties (poorly or not quantifiable bad possible events). Based on experience with projects in developing...
| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
KeAi Communications Co., Ltd.
2015-01-01
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| Series: | Forest Ecosystems |
| Online Access: | http://www.forestecosyst.com/content/2/1/2 |
| _version_ | 1797969685481783296 |
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| author | Mike Mentis |
| author_facet | Mike Mentis |
| author_sort | Mike Mentis |
| collection | DOAJ |
| description | This article considers threats to a project slipping on budget, schedule and fit-for-purpose. Threat is used here as the collective for risks (quantifiable bad things that can happen) and uncertainties (poorly or not quantifiable bad possible events). Based on experience with projects in developing countries this review considers that (a) project slippage is due to uncertainties rather than risks, (b) while eventuation of some bad things is beyond control, managed execution and oversight are still the primary means to keeping within budget, on time and fit-for-purpose, (c) improving project delivery is less about bigger and more complex and more about coordinated focus, effectiveness and developing thought-out heuristics, and (d) projects take longer and cost more partly because threat identification is inaccurate, the scope of identified threats is too narrow, and the threat assessment product is not integrated into overall project decision-making and execution. Almost by definition, what is poorly known is likely to cause problems. Yet it is not just the unquantifiability and intangibility of uncertainties causing project slippage, but that they are insufficiently taken into account in project planning and execution that cause budget and time overruns. Improving project performance requires purpose-driven and managed deployment of scarce seasoned professionals. This can be aided with independent oversight by deeply experienced panelists who contribute technical insights and can potentially show that diligence is seen to be done. |
| first_indexed | 2024-04-11T03:04:59Z |
| format | Article |
| id | doaj.art-64a4bb664cee4232a536e99d20153e3f |
| institution | Directory Open Access Journal |
| issn | 2095-6355 2197-5620 |
| language | English |
| last_indexed | 2024-04-11T03:04:59Z |
| publishDate | 2015-01-01 |
| publisher | KeAi Communications Co., Ltd. |
| record_format | Article |
| series | Forest Ecosystems |
| spelling | doaj.art-64a4bb664cee4232a536e99d20153e3f2023-01-02T13:18:27ZengKeAi Communications Co., Ltd.Forest Ecosystems2095-63552197-56202015-01-01210.1186/s40663-014-0026-zManaging project risks and uncertaintiesMike Mentis0Business & the environment, Postnet Suite 10102, Private Bag X7005, Hillcrest, 3650, South AfricaThis article considers threats to a project slipping on budget, schedule and fit-for-purpose. Threat is used here as the collective for risks (quantifiable bad things that can happen) and uncertainties (poorly or not quantifiable bad possible events). Based on experience with projects in developing countries this review considers that (a) project slippage is due to uncertainties rather than risks, (b) while eventuation of some bad things is beyond control, managed execution and oversight are still the primary means to keeping within budget, on time and fit-for-purpose, (c) improving project delivery is less about bigger and more complex and more about coordinated focus, effectiveness and developing thought-out heuristics, and (d) projects take longer and cost more partly because threat identification is inaccurate, the scope of identified threats is too narrow, and the threat assessment product is not integrated into overall project decision-making and execution. Almost by definition, what is poorly known is likely to cause problems. Yet it is not just the unquantifiability and intangibility of uncertainties causing project slippage, but that they are insufficiently taken into account in project planning and execution that cause budget and time overruns. Improving project performance requires purpose-driven and managed deployment of scarce seasoned professionals. This can be aided with independent oversight by deeply experienced panelists who contribute technical insights and can potentially show that diligence is seen to be done.http://www.forestecosyst.com/content/2/1/2 |
| spellingShingle | Mike Mentis Managing project risks and uncertainties Forest Ecosystems |
| title | Managing project risks and uncertainties |
| title_full | Managing project risks and uncertainties |
| title_fullStr | Managing project risks and uncertainties |
| title_full_unstemmed | Managing project risks and uncertainties |
| title_short | Managing project risks and uncertainties |
| title_sort | managing project risks and uncertainties |
| url | http://www.forestecosyst.com/content/2/1/2 |
| work_keys_str_mv | AT mikementis managingprojectrisksanduncertainties |