Predicting the Impact of Multiple Risks on Project Performance: A Scenario-Based Approach

This article suggests a scenario-based approach to properly managing risks during the lifetime of a project. Our proposal aims at giving managers a structured process to predicting the impact of the occurrence of multiple risks that can affect project performance. This is a product of combining Cros...

Full description

Saved in:
Bibliographic Details
Published in:Project management journal 2017-10, Vol.48 (5), p.95-114
Main Authors: Bañuls, Victor A., López, Cristina, Turoff, Murray, Tejedor, Fernando
Format: Article
Language:English
Citations: Items that this one cites
Items that cite this one
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:This article suggests a scenario-based approach to properly managing risks during the lifetime of a project. Our proposal aims at giving managers a structured process to predicting the impact of the occurrence of multiple risks that can affect project performance. This is a product of combining Cross-Impact Analysis (CIA) and Interpretive Structural Modeling (ISM) mechanics, which improve the predictive capacity of existing risk analysis techniques. In order to validate their risk predictions, we compare them with a sample of real projects carried out in an engineering company. The findings show a high explanatory capacity to forecast project risk influences.
ISSN:8756-9728
1938-9507
DOI:10.1177/875697281704800507