Project risk analysis based on project characteristics

Abstract

Purpose The purpose of this paper is to analyze risk profiles of projects based on project characteristics and provide key managerial insights. Design/methodology/approach A total of 37 project cases from engineering and construction (E&C), information system/technology (IS/IT), and new product development (NPD) sectors with detailed information on project characteristics and risks were identified from published literature. An integrated framework was developed to analyze the prominent risk categories associated with novelty, technology, complexity, and pace (NTCP) project characteristics. Findings Within-sector analysis revealed that schedule, resource, and scope risks are the most prominent risk categories in E&C, IS/IT, and NPD projects, respectively. Similarly, interesting key insights have been drawn from detailed cross-sector analysis, depicting different risk categories based on NTCP project characteristics. Research limitations/implications The findings are based on the case studies adopted from the literature that provides details of project characteristics and risk profiles. Practical implications Depending upon the risks associated with different project characteristics, an integrated framework developed in the study can be used for the development of highly authentic risk management plans at the onset. Originality/value This is one of the earliest studies to provide an integrated risk framework for projects based on their NTCP characteristics. The two contrasting perspectives of within-sector and cross-sector analyses were adopted. Overall, the study will enhance the future preparedness toward risks.