Risk management applied to projects, programs, and portfolios

Abstract

PurposeThe purpose of this paper is to present a review of recent risk management literature applied to projects, programs and project portfolios performed inside an organization with the aim of finding areas of opportunity to continue research and the development of current guides and methodologies.Design/methodology/approachThe paper uses a review of recent literature published by international organizations and journals specializing in the field of project, programs, and portfolios.FindingsThe review shows that project risk management is a well developed domain in comparison to the program risk management and portfolio risk management fields, for which specifically written methodologies are difficult to find. The review also demonstrates the need to include better tools to perform a continuous control and monitoring process. Integrating a vulnerability approach is also necessary in order to consider the project, program or portfolio characteristics which mediate between consequences and the exposure to hazards and opportunities.Research limitations/implicationsThe review does not consider white papers or popular media.Originality/valueThe limitations found in current risk management methodologies show the challenges researchers must undertake to continue improving this domain for projects performed inside an organization. The paper exhibits the areas of opportunity where methodologies and guides can be further improved to evolve towards better management structures.

Software Project Risk Management Practice in Ethiopia

“…Numerous studies have been conducted on the topic. However, in spite of its importance, literature shows that it is the least practiced (Mnkandla, 2012;Royer, 2000;Sanchez et al, 2009). However, despite the wide research coverage of risk management, much has not been said on risk management practice in DC.…”

“…Failure to manage risks may result in severe consequence on projects and may even cause total failure. Also, the positive impact that can arise from risks can be missed if proper risk management is not in place (Sanchez et al, 2009;Ward & Chapman, 2003). Due to their complex nature, software projects may face many challenges and can easily be exposed to risks that can affect their success.…”

Perceptions about effective risk management. The crucial role of internal audit and management. Evidence from Greece

“…Risks threaten the achievement of business objectives at all levels (Sanchez et al, 2009). Thus, the overriding concern of business management is the continuous monitoring of risks and implementation of risk management practices.…”

Project, Program and Portfolio Risk Perceptions

“…Program management plays an important role to implement the strategy of an organization because all Projects constituting the Program follow the same strategic direction [41]. It is strongly related to strategic change management and organizational development domains [42] since Program management does not focus in the product delivery, but overall on obtaining benefits delivered by the management of the collection of Projects [43,44].…”