Managing complex projects for industry : developing a new approach to risk management

Howick, Susan and Ackermann, Fran and Walls, Lesley and Quigley, John and Houghton, Tom (2013) Managing complex projects for industry : developing a new approach to risk management. In: 26th European Conference in Operational Research, 2013-07-07 - 2013-07-11. (Unpublished)

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Abstract

This presentation discusses a project undertaken for an energy company. A process is described which assists the company to understand and manage risks involved with the project. The process involves two integrated activities; the first engages a range of stakeholders in surfacing risks and their ramifications in a causal risk map, while the second elicits expert judgement regarding uncertainties so as to understand the likelihood of risks occurring through a decision tree approach. The process has potential across a range of complex project management situations.