Analysis of interactions among barriers in project risk management

Subject Areas : Mathematical Optimization

Rahul  V. Dandage ¹ (Mechanical Engineering Department, Sardar Patel College of Engineering, Mumbai, India)
Shankar  S. Mantha ² (All India Council for Technical Education (AICTE), New Delhi, India)
Santosh  B. Rane ³ (Mechanical Engineering Department, Sardar Patel College of Engineering, Mumbai, India)
Vanita  Bhoola ⁴ (SP Jain Institute of Management and Research, Mumbai, India)

Received: 2020-10-06 Accepted : 2020-10-06 Published : 2018-03-01

Keywords: Projects . Risk management . Barriers . ISM . MICMAC,

Abstract :

In the context of the scope, time, cost, and quality constraints, failure is not uncommon in project management. While small projects have 70% chances of success, large projects virtually have no chance of meeting the quadruple constraints. While there is no dearth of research on project risk management, the manifestation of barriers to project risk management is a less dwelt topic. The success of project management is oftentimes based on the understanding of barriers to effective risk management, application of appropriate risk management methodology, proactive leadership to avoid barriers, workers’ attitude, adequate resources, organizational culture, and involvement of top management. This paper represents various risk categories and barriers to risk management in domestic and international projects through literature survey and feedback from project professionals. After analysing the various modelling methods used in project risk management literature, interpretive structural modelling (ISM) and MICMAC analysis have been used to analyse interactions among the barriers and prioritize them. The analysis indicates that lack of top management support, lack of formal training, and lack of addressing cultural differences are the high priority barriers, among many others.