How to Manage Project Opportunity and Risk Why Uncertainty Management can be a Much Better Approach than Risk Management

by Ward, Stephen; Chapman, Chris

• ISBN13: 9780470686492
• ISBN10: 0470686499
• Edition: 3rd
• Format: Hardcover
• Copyright: 2011-11-30
• Publisher: Wiley

Summary

Based on a sound conceptual foundation yet developed to meet practical concerns, Project Risk Management has become recognized as a standard work on its subject. It sets out the key issues and concepts involved in effective risk and uncertainty management in a clear and accessibly way, providing a comprehensive discussion of risk management processes set firmly in the context of the project management task as a whole and focused on improving performance. Essential reading for anyone involved in managing projects-including senior and middle managers, consultants, and practitioners-the Third Edition incorporates discussion of all key developments in the field since the previous edition was published in 2003 and adds new material from the US Project Management Institute to deliver a truly international perspective.

Author Biography

Stephen Ward is Professor of Management and Deputy Head in the School of Management, University of Southampton. For more than thirty years his teaching, research and consulting activities has focussed on risk and uncertainty management. He was founding Director of Southampton's MSc Programme in Risk Management. Stephen has served on the British Standards Institute Risk Management Committee, and is a Fellow of the UK Institute of Risk Management. Recent research funded by the UK Institution of Civil Engineers addressed operational risk in major infrastructure projects and businesses. Stephen has published widely, including authorship of Risk Management Organisation and Context (Witherby, 2005), and jointly with Chris, Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making (Wiley, 2002) and Project Risk Management: Processes, Techniques and Insights (Wiley, 1997 and 2003).

Chris Chapman is Emeritus Professor of Management Science in the School of Management, University of Southampton. He is a former Director of the School. He was the founding chair of the Association for Project Management Specific Interest Group on Project Risk Management. He is a Past President of the Operational Research Society, and an Honorary Fellow of the Institute of Actuaries. For more than 35 years his research has focused on risk and uncertainty management. Like Stephen, his research is grounded on extensive experience. He has worked for a number of consulting firms as an international consultant for many different industries. Chris writes from a practical but conceptually rigorous perspective. He has published extensively, including joint authorship of Management for Engineers (Wiley, 1987), Risk Analysis for Large Projects: Models, Methods and Cases (Wiley, 1987), Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making (Wiley, 2002) and Project Risk Management: Processes, Techniques and Insights (Wiley, 1997 and 2003).

Table of Contents

Foreword to this edition	p. ix
Foreword to the second edition with an update	p. xi
Foreword to the first edition	p. xiii
Preface and overview by the authors	p. xv
Acknowledgements	p. xxv
Setting the scene	p. 1
Uncertainty in and around projects	p. 3
Uncertainty, risk and opportunity	p. 43
Key motives for uncertainty management	p. 73
An overview of generic process frameworks	p. 101
The generic process in one key lifecycle stage	p. 131
Define the project	p. 133
Focus the process	p. 153
Identify all the relevant sources of uncertainty, response options and conditions	p. 171
Structure all uncertainty	p. 215
Clarify ownership	p. 235
Quantify some uncertainty	p. 251
Evaluate all the relevant implications	p. 289
The generic process in all lifecycle stages	p. 325
Fully integrating the strategy shaping stages	p. 327
Fully integrating the strategy implementation stages	p. 365
Key corporate implications	p. 389
Developing PUMP capability as a project	p. 391
Contracts and governance as frameworks for enlightened relationship management	p. 411
A corporate capability perspective	p. 435
References	p. 463
Glossary	p. 473
Index	p. 479
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