Planning the appropriate Risk Response Strategies by Exploring and Prioritizing the Risk Categories in International Projects
DOI:
https://doi.org/10.58429/pgjsrt.v1n1a91Keywords:
barriers, international projects, response strategies, risk categories, risk management.Abstract
Industries are expanding their business into new foreign markets as a result of globalization. Companies need to understand the risks involved with international projects for sustained competitiveness and growth in the global market. The purpose of this paper is to present an overview of research on various risk categories associated with international projects and the barriers to effective risk management through a systematic literature survey. The findings derived from the evaluation of the publications analyzed have led to the identification of 17 different types of risk categories associated with international projects in various sectors of industries and 10 different barriers to effective risk management. The success of risk management in international projects will be based on the proper identification of risks, application of appropriate risk management methodology, and proactive leadership to overcome the barriers to effectively implement risk management. The risk categories were verified and ranked through the feedback from more than 25 Project professionals and the response strategies have been suggested.
Downloads
References
Ahsan, K.I.G. (2010). Analysis of cost and schedule performance of international development projects’, International Journal of Project Management, 28, 68–78
Anderson Scot, W. (2000). Identifying and managing risk in international mining projects. Paper presented at the National Western Mining Conference, November 2000.
AON (2017). Global Risk Management Survey, pp. 1-20, AON, London
Baloi, D. & Andrew D.F.P. (2003). Modelling global risk factors affecting construction cost performance. International Journal of Project Management, 21, 261–269.
Barber, R. (2005). Understanding internally generated risks in projects. International Journal of Project Management, 23, pp. 584–590.
Bhoola, V. & Giangreco, A. (2018). HR activities and practices for project success: a multimethod approach from Indian IT firms. Australasian Journal of Information Systems, 22, 1-29.
Bing Li, A., Akintoye, P.J., Edwards, C.H. (2005). The allocation of risk in PPP/PFI construction projects in the UK. International Journal of Project Management, 23, 25–35.
Blaskovics, B. (2016). The impact of project manager on project success: The case of ICT sector. Society and Economy in Central and Eastern Europe, Vol. 38 No. 2, pp. 261-281
Camprieu, R. (2007). Cultural differences in project risk perception: An empirical comparison of China and Canada. International Journal of Project Management, 25, 683–693.
Charoenngam, C. & Yeh, C.Y. (1999). Contractual risk and liability sharing in hydropower construction. International Journal of Project Management, 17(1), 29-37.
Dandage, R., Rane, S.B., & Mantha, S.S. (2021). Modelling Human Resource Dimension of International Project Risk Management. Journal of Global Operations and Strategic Sourcing, 14(2), 261-290. https://doi.org/10.1108/JGOSS-11-2019-0065
Dandage, R., Mantha, S.S., & Rane, S.B. (2019). Strategy development using TOWS matrix for international project risk management based on prioritization of risk categories. International Journal of Managing Projects in Business. 12(4), 1003-1029. https://doi.org/10.1108/IJMPB-07-2018-0128
Dandage, R., Mantha, S.S., & Rane, S.B. (2018). Ranking the risk categories in international projects using TOPSIS Method. International Journal of Managing Projects in Business. 11(2), 317-331. https://doi.org/10.1108/IJMPB-06-2017-0070
Dandage, R., Mantha, S.S., Rane, S.B., & Bhoola, V. (2018). Analysis of interactions among barriers in project risk management. Journal of Industrial Engineering International. 14(1)), 153–169. https://doi.org/10.1007/s40092-017-0215-9
Dandage, R., Mantha, S.S., & Rane, S.B. (2017). Exploring the critical success factors for project management and project risk management. Journal of Advances in Science and Technology. 13(1), 348-352.
Doloi Hemanta, Anil Sawhney, K.C. Iyer, Sameer Rentala (2012). Analyzing factors affecting delays in Indian construction projects. International Journal of Project Management. 30, 479–489.
Eybpoosh Matineh, Irem Dikmen, M. Talat Birgonul (2011). Identification of Risk Paths in International Construction Projects Using Structural Equation Modeling. Journal of Construction Engineering and Management. 137(12), 1164–1175.
Fan Miao, Lin Neng-pai, Sheu Chwen (2008). Choosing a project risk handling strategy- An analytical model. International Journal of Production Economics, 112, 700-713.
Ghosh Sid, Jakkapan Jintanapakanont (2004). Identifying and assessing the critical risk factors in an underground rail project in Thailand: a factor analysis approach. International Journal of Project Management. 22, 633–643.
Gray Clifford, Erik Larson, Gautam Desai (2010). Project Management-The Managerial Process, McGraw Hill, 4th edition, 615-638.
Han Seung, Du Y. Kim, Hyungkwan Kim, Won-Suk Jang (2008). A web-based integrated system for international project risk management’, Automation in Construction. 17, 342–356.
Harner, M.M. (2010). Barriers to Effective Risk Management, Seton Hall Law Review. 40(4), Article 2.
Hartono Budi, Sinta R. Sulistyo, Poetry, P. Praftiwi, Danar Hasmoro (2013). Project risk: Theoretical concepts and stakeholders' perspectives’, International Journal of Project Management, http://dx.doi.org/10.1016/ j.ijproman.2013.05.011
Hillari Magede (2011). Barriers to effective risk management.
Hwang Bon-Gang, Xianbo Zhao, Mindy Jiang Shu Gay (2013). Public private partnership projects in Singapore: Factors, critical risks and preferred risk allocation from the perspective of contractors. International Journal of Project Management, 31, 424–433.
Jamil Misbah, Nadeem Ahmad Mufti, Ammad Hassan Khan (2008). Risk Identification for International Joint Venture Construction Projects. Paper presented at First International Conference on Construction in Developing Countries (ICCIDC–I), August 4-5, 2008, Karachi, Pakistan.
Ke Yongjian, Shou Qing Wang, Albert P.C. Chan, Patrick T.I. Lam (2010). Preferred risk allocation in China’s public–private partnership (PPP) projects. International Journal of Project Management, 28, 82–492.
Khattab Al, Adel, Anchor, J.R and Davies, Eleanor M.M. (2007). Managerial perceptions of political risk in international projects. International Journal of Project Management, 25(7), 734-743.
Lam K.C., D. Wang, Patricia T.K. Lee, Y.T. Tsang (2007). Modeling risk allocation decision in construction contracts. International Journal of Project Management, 25, 485–493.
Li Shuying (2009). Risk Management for Overseas Development Projects’, International Business Research, 2(3), 193-196.
Ling Florence Yean Yng, Linda Hoi (2006). Risks faced by Singapore firms when undertaking construction projects in India. International Journal of Project Management, 24, 261–270.
PMI (2021). A guide to the Project Management Body of Knowledge (PMBOK Guide). Seventh edition, Project Management Institute.
Rane, S.B., Potdar, P.R. and Rane, S. (2020). Data-driven fleet management using MOORA: a perspective of risk management. Journal of Modelling in Management. doi: 10.1108/JM2-03-2019-0069
Rodrigues-Da-Silva, Crispim (2014). The project risk management process, a preliminary study. Procedia Technology, 16, 943–949
Sato T, Hirao M (2013). Optimum budget allocation method for projects with critical risks. International Journal of project management, 31, 126-135
Sennara Mona, Francis Hartman (2002). Managing Cultural Risks on International Projects. Paper presented at the Project Management Institute Annual Seminars & Symposium, October 3–10, 2002, San Antonio, Texas, USA.
Standish Group Report (2013). CHAOS, http://www.standishgroup.com/chaos.html
Tummala, Leung, Mok, Burchett & Leung (1997). Practices, benefits and barriers of using risk management approaches in selected Hongkong Industries. International Journal of project management, 15(5), 297-312
Walewski John (2003). International Project Risk Assessment- Methods, Procedures and Critical Factors, Report of the Center Construction Industry Studies, University of Texas, Austin
World Economic Forum (2019). The Global Risks Report, 14th ed., WEF, Geneva, ISBN:978-1-944835-15-6, 95-107
Zhi He (1995). Risk mgmt. for overseas construction projects. International Journal of Project Management, 13(4), 231-237.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2022 Rahul Dandage
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
