Learning from risks: A tool for post-project risk assessment

Risk management (RM) comprises of risk identification, risk analysis, response planning, monitoring and action planning tasks that are carried out throughout the life cycle of a project in order to ensure that project objectives are met. Although the methodological aspects of RM are well-defined, the philosophical background is rather vague. In this paper, a learning-based approach is proposed. In order to implement this approach in practice, a tool has been developed to facilitate construction of a lessons learned database that contains risk-related information and risk assessment throughout the life cycle of a project. The tool is tested on a real construction project. The case study findings demonstrate that it can be used for storing as well as updating risk-related information and finally, carrying out a post-project appraisal. The major weaknesses of the tool are identified as, subjectivity of the risk rating process and unwillingness of people to enter information about reasons of failure.

[1]  James M. Lyneis,et al.  Learning to learn, from past to future , 2002 .

[2]  Sebastian Thrun,et al.  Learning to Learn , 1998, Springer US.

[3]  Lynn Crawford,et al.  Fundamental uncertainties in projects and the scope of project management , 2006 .

[4]  野中 郁次郎,et al.  The Knowledge-Creating Company: How , 1995 .

[5]  Jonathan H. Klein.  Practical risk management in the construction industry , 1997 .

[6]  Svetlana. Cicmil,et al.  RAMP: Risk Analysis and Management for Projects , 1999 .

[7]  Martin J. Eppler,et al.  Harvesting project knowledge: a review of project learning methods and success factors , 2003 .

[8]  Roger Flanagan,et al.  Risk Management and Construction , 1993 .

[9]  Terry Williams,et al.  How Do Organizations Learn Lessons From Projects—And Do They? , 2008, IEEE Transactions on Engineering Management.

[10]  Georg Disterer,et al.  Management of project knowledge and experiences , 2002, J. Knowl. Manag..

[11]  John Raftery,et al.  Risk Analysis in Project Management , 1993 .

[12]  Ali Jaafari,et al.  Management of risks, uncertainties and opportunities on projects: time for a fundamental shift , 2001 .

[13]  Derek H.T. Walker,et al.  Advancing project management in learning organizations , 2004 .

[14]  Vladimir Zwass,et al.  Actualizing Organizational Memory with Information Systems , 1995, Inf. Syst. Res..

[15]  J. Turner,et al.  Quantity versus Quality in Project-Based Learning Practices , 2000 .

[16]  H. Thomas,et al.  Risk analysis and its applications , 1983 .

[17]  F. Blackler.  Knowledge, Knowledge Work and Organizations: An Overview and Interpretation , 1995 .

[18]  Sue Newell,et al.  Sharing Knowledge Across Projects , 2006 .

[19]  H. Tsoukas.  The firm as a distributed knowledge system : A constructionist approach , 1996 .

[20]  Hongliang Zhang,et al.  A redefinition of the project risk process: Using vulnerability to open up the event-consequence link , 2007 .

[21]  Stuart Green.  Towards an integrated script for risk and value management: insights from the dramaturgical metaphor , 1999 .

[22]  Chris Chapman,et al.  Project risk analysis and management - PRAM the generic process , 1997 .

[23]  Matti Vartiainen,et al.  Managing knowledge and knowledge competences in projects and project organisations , 2003 .

[24]  J. U. M. Smith,et al.  Project Risk Management: Processes, Techniques and Insights , 1998, J. Oper. Res. Soc..

[25]  Richard B. Barber.  Understanding internally generated risks in projects , 2005 .

[26]  Joseph H. M. Tah,et al.  Information modelling for a construction project risk management system , 2000 .