An Empirical Framework to Sustain Value Generation with Project Risk Management: A Case Study in the IT Consulting Sector

Abstract

Projects are the main vehicles of innovation and growth and are characterised by inherent uniqueness and uncertainty, particularly in the current complex, dynamic, and highly uncertain business environment. In most types of organisations, much effort is expended on dealing with risk-related issues in order to ensure project success. For this reason, there is growing interest from both academia and practitioners in Project Risk Management (PRM) as a value generation process for different stakeholder groups, particularly to understand what value can be generated in projects through PRM and how value generation can be improved, while considering contextual factors and the impacts on the individual, organisational, and societal levels. This study analyses value generation through PRM in a pilot case study in the IT consulting sector. From the analysis of the results, it is possible to grasp preliminary indications on how to promote value generation in projects through PRM; in addition, the integration of ecological and social impacts into the notion of value generation through PRM provides a perspective on the sustainability orientation of projects. This work contributes to filling a gap in the literature and provides guidance to organisations on how to tailor the PRM system to maximise value generation in projects to different stakeholder groups.