Risk & Uncertainty

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Recommended: Relationship between risk management and project management

Introduction

In order to tackle the issue surrounding the definition of the terms “Risk & Uncertainty” we should look at the general framework of project management which is a business and management of the changes that may occurred during the life cycle of the project because of the circumstances surrounding it including political perceptions, and the value management which are vital in taking decisions. Although, there have been a number of researches interested in accessing the field of risk management framework, where it has influenced some areas as “crime, social work, health, regulation and organisation” (Zinn 2009).

However, APM (2006) has defined the project management as “the process by which projects are defined, planned, monitored, controlled and delivered such that the agreed benefits are realised. Projects are unique, transient endeavours undertaken to achieve a desired outcome. Projects bring about change and project management is recognised as the most efficient way of managing such change”.

All projects are unique and complex in term of time, budget, circumstances, quality, performance, and the geographic location and culture, moreover, are constrained with the limited resources, in addition to the estimations performed by people based on previous experiences or some probabilities (APM 2006). Not to forget stakeholder participation in the multiplicity of outcome that results from the accumulation of serious events or lack of reliability and uncertainty in the project as a whole (APM 2006).

APM (2006) shows that “the project risk management must be built into the management of projects, and should be used throughout the project life cycle”. Therefore, monitoring and controlling the multiple tasks of the...

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...g uncertainty in projects – a new perspective,

International Journal of Project Management, 26(1), 73-79, Elsevier.

Slovic P. (1999). Trust, Emotion, Sex, Politics, and Science: Surveying the Risk-Assessment Battlefield, 19(4), Society for Risk Analysis.

Smith N. J. eds. (2003).Appraisal, Risk and Uncertainty. London: Thomas Telford.

Ward, S., Chapman, C. (2003). Transforming project risk management into project uncertainty management, International Journal of Project Management, (21), 97-105, Elsevier.

Zinn, J. O. (2009). The Sociology of Risk and Uncertainty - Current State and Perspectives. In: Lockie, S. et al. (eds.): The Future of Sociology (TASA 2009 Conference Proceedings). The Australian Sociological Association [online] Available from: http://www.tasa.org.au/conferences/conferencepapers09/papers/Zinn,%20Jens.pdf [accessed 5 February 2012].

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