Managing project intangible risk: socio-technical implications in a “projectified” world
Purpose – According to the Project Management Institute, 70% of projects fail globally. The causes of project failure in many instances can be identified as non-technical or behavioral in nature arising from interactions between participants. These intangible risks can emerge in any project setting...
Saved in:
| Main Authors: | , |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Emerald Publishing
2025-01-01
|
| Series: | International Journal of Industrial Engineering and Operations Management |
| Subjects: | |
| Online Access: | https://www.emerald.com/insight/content/doi/10.1108/IJIEOM-02-2023-0025/full/pdf |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| _version_ | 1846114541527629824 |
|---|---|
| author | Christopher Owen Cox Hamid Pasaei |
| author_facet | Christopher Owen Cox Hamid Pasaei |
| author_sort | Christopher Owen Cox |
| collection | DOAJ |
| description | Purpose – According to the Project Management Institute, 70% of projects fail globally. The causes of project failure in many instances can be identified as non-technical or behavioral in nature arising from interactions between participants. These intangible risks can emerge in any project setting but especially in project settings having diversity of cultures, customs, beliefs and traditions of various companies or countries. This paper provides an objective framework to address these intangible risks. Study design/methodology/approach – This paper presents a structured approach to identify, assess and manage intangible risks to enhance a project team’s ability to meet its objectives. The authors propose a user-friendly framework, Intangible Risk Assessment Methodology for Projects (IRAMP), to address these risks and the factors that cause them. Meta-network (e.g., a network of networks) simulation and established social network analysis (SNA) measures provide a quantitative assessment and ranking of causal events and their influence on the intangible behavior centric risks. Findings – The proposed IRAMP and meta-network approach were utilized to examine the project delivery process of an international energy firm. Data were gathered using structured interviews, surveys and project team workshops. The use of the IRAMP to highlight intangible risk areas underpinned by the SNA measures led to changes in the company’s organizational structure to enhance project delivery effectiveness. Originality/value – This work extends the existing project risk management literature by providing a novel objective approach to identify and quantify behavior centric intangible risks and the conditions that cause them to emerge. |
| format | Article |
| id | doaj-art-af29a411dbeb4796958ba5671786f6e1 |
| institution | Kabale University |
| issn | 2690-6090 2690-6104 |
| language | English |
| publishDate | 2025-01-01 |
| publisher | Emerald Publishing |
| record_format | Article |
| series | International Journal of Industrial Engineering and Operations Management |
| spelling | doaj-art-af29a411dbeb4796958ba5671786f6e12024-12-20T10:43:10ZengEmerald PublishingInternational Journal of Industrial Engineering and Operations Management2690-60902690-61042025-01-0171234310.1108/IJIEOM-02-2023-0025Managing project intangible risk: socio-technical implications in a “projectified” worldChristopher Owen Cox0Hamid Pasaei1Kimmel School of Construction Management, Western Carolina University, Cullowhee, North Carolina, USAWm Michael Barnes ′64 Department of Industrial and Systems Engineering, Texas A&M University College Station, College Station, Texas, USAPurpose – According to the Project Management Institute, 70% of projects fail globally. The causes of project failure in many instances can be identified as non-technical or behavioral in nature arising from interactions between participants. These intangible risks can emerge in any project setting but especially in project settings having diversity of cultures, customs, beliefs and traditions of various companies or countries. This paper provides an objective framework to address these intangible risks. Study design/methodology/approach – This paper presents a structured approach to identify, assess and manage intangible risks to enhance a project team’s ability to meet its objectives. The authors propose a user-friendly framework, Intangible Risk Assessment Methodology for Projects (IRAMP), to address these risks and the factors that cause them. Meta-network (e.g., a network of networks) simulation and established social network analysis (SNA) measures provide a quantitative assessment and ranking of causal events and their influence on the intangible behavior centric risks. Findings – The proposed IRAMP and meta-network approach were utilized to examine the project delivery process of an international energy firm. Data were gathered using structured interviews, surveys and project team workshops. The use of the IRAMP to highlight intangible risk areas underpinned by the SNA measures led to changes in the company’s organizational structure to enhance project delivery effectiveness. Originality/value – This work extends the existing project risk management literature by providing a novel objective approach to identify and quantify behavior centric intangible risks and the conditions that cause them to emerge.https://www.emerald.com/insight/content/doi/10.1108/IJIEOM-02-2023-0025/full/pdfIntangible risk assessmentMeta-network analysisProject complex systemsSocio-technical systemsSocial network analysis |
| spellingShingle | Christopher Owen Cox Hamid Pasaei Managing project intangible risk: socio-technical implications in a “projectified” world International Journal of Industrial Engineering and Operations Management Intangible risk assessment Meta-network analysis Project complex systems Socio-technical systems Social network analysis |
| title | Managing project intangible risk: socio-technical implications in a “projectified” world |
| title_full | Managing project intangible risk: socio-technical implications in a “projectified” world |
| title_fullStr | Managing project intangible risk: socio-technical implications in a “projectified” world |
| title_full_unstemmed | Managing project intangible risk: socio-technical implications in a “projectified” world |
| title_short | Managing project intangible risk: socio-technical implications in a “projectified” world |
| title_sort | managing project intangible risk socio technical implications in a projectified world |
| topic | Intangible risk assessment Meta-network analysis Project complex systems Socio-technical systems Social network analysis |
| url | https://www.emerald.com/insight/content/doi/10.1108/IJIEOM-02-2023-0025/full/pdf |
| work_keys_str_mv | AT christopherowencox managingprojectintangiblerisksociotechnicalimplicationsinaprojectifiedworld AT hamidpasaei managingprojectintangiblerisksociotechnicalimplicationsinaprojectifiedworld |