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Project Risk Management technical report

Technical Report · January 2018

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 DP-32/2017

Marek Čech, Borut Jereb

Project Risk Management

Technical report

Fakulteta za logistiko Univerze v Mariboru

Celje, leden 2018
Izdajatelj in založnik: Fakulteta za logistiko
Univerze v Mariboru
Leto izdaje: 2018
Avtor/ji: Marek Čech, Borut Jereb
Naslov: Project Risk Management – technical report
 Project Risk Management
technical report

Marek Čech
Mentor: prof. Borut Jereb

Celje, 2018
Content

1 Introduction 5

2 Project Risk Management 5

2.1.1 Simulation models 14

3 Company visit 15

3.1 KRKA visit 15

3.2 TPV visit 16

4 Research Design – Project Risk Management 16

4.1 Introduction 17

4.2 Methodology 18

4.3 Step 1: Question Formulation 20

4.4 Step 2: Keyword Search in Identified Databases 20

4.5 Step 3: Removal of duplicates 20

4.6 Step 4: Article Quality and Relevance Assessment 21

4.7 Step 5: Capturing Other Relevant Articles 21

4.8 Step 6: Full text Analysis and Coding 21

4.9 Step 7: Reporting 23

4.10 List of articles 24

5 Research Design – Risk Management Maturity 60

6 Conclusion 72

References 73
1 Introduction
This report is summary of research activities done as part of Erasmus+ internship at Faculty of
Logistics, University of Maribor, Celje in winter semester 2017/2018.
Report will be used as foundation for dissertation paper, upcoming articles and further research
in project risk management.
Research topic is Project Risk Management, its definition, trends, possible downsides and
position in the enterprise risk management (ERM). Also critique of the risk management and
usage of statistics is included considering the common known biases in decision making
connected with human nature.
With consulting professor Borut Jereb, Faculty of Logistics, University of Maribor this research
goals were selected:
- Design a literature review in the research topic(s)
- Create research questions for further research
- Start cooperation between faculties

Each of the goals will be discussed in this paper.

In next chapter the short summary of academic papers used as starting point is provided with
useful data, which can be later used.
Possibility of company visits and consultations is discussed based on the practical experience
from 2 companies as this can be considered quite eye opening. Furthermore, its also good idea
to reflect ongoing research with companies reality.
At the end the research design for systematic literature review in topic project risk management
is introduced.

2 Project Risk Management

To create foundation for further research ISO Standards on Risk Management, Project
Management was included in the literature review. They consist mostly form ISO 31000:2009
Risk management - Principles and guidelines (ISO, 2009a), and ISO Guide 73:2009 Risk
management – Vocabulary (ISO, 2009c), which provides basic framework for risk management
and additional discussions and research. One must deeply understand these principles and build
on top of them in the topic of risk management.
Key takeaways are as follows:
Definition of risk – effect of uncertainty on objectives, can be positive and/or negative,
objectives can have different aspects and can exist on different organizational levels,
characterise by potential events and consequences, often associated with likelihood of
occurrence, uncertainty is state of deficiency of information (ISO, 2009c)
Definition of risk management – “coordinated activities to direct and control an organization
with regard to risk” (ISO, 2009c)
Definition of risk management framework – “set of components that provide the foundation and
organization arrangements for designing, implementing, monitoring, reviewing and continually
improving risk management throughout the organization” (ISO, 2009c)
In the next step the standard ISO 31010:2009 Risk management - Risk assessment techniques
(ISO, 2009b) was studies. It focus on each stage of risk management and provide step by step
guide for risk management in companies.
As a risk management is wide and complex, its divided in to activities. They all together create
the risk management process.

Figure 1: Risk Management Process

Source: ISO, 2009b

For the part of project management the Project Management Body of Knowledge (PMBOK) in
its 5th edition is referenced as the key source for definition as it provides foundation same as
ISO for Risk Management. (PMI, 2013)
Definition of project – “ is a temporary endeavor undertaken to create a unique product, service,
or result. The end is reached when the project’s objectives have been achieved or when the
project is terminated because its objectives will not or cannot be met, or when the need for the
project no longer exists. Every project creates a unique product, service, or result. The outcome
of the project may be tangible or intangible.” (PMI, 2013)
From the perspective of risk management it’s beneficial to look at the definition of project
phases. As they might be useful for identification of touchpoints of risk management and project
management.
Figure 2: Example of project phases

Source: PMI, 2013

In PMBOK the project phases are not binding and may vary in the industries or even
enterprises. (note: this was later observed during the company visits and underline the
uniqueness of project management and also project risk management). From that we can
conclude that risk management will be present in all phases of project, as is also obvious when
comparing the Figure 1 with Figure 2 there are similarities in planning, monitoring and closing
activities.
The focus of this report is putted on the stage of risk identification and mostly on establishing
the context, where questions as nature and types of causes, definition of likelihood, views of
stakeholders, timeframe of the likelihood etc. are defined and answer. This research is trying to
evaluate the possible approach to project risk management as it will be later explained. Lets
look at the possible challenges which might be observed in risk identification and risk
management in general.
Risk management has many strengths and weaknesses. In the stage of risk identification when
further studied one can observer the problem with human nature and its position in taking risk.
The mainstream risk management is focusing on risk aversion and risk seeking. Risks are also
evaluated based on the probability of occurrence and impact (consequences) they make on
company assets. This straightforward approach, might although not be able to capture the real
life situation and might lead to misleading decision in company risk management.
To be able to understand the risk identification and context establishing process and its critique
further books and articles were studied:
- Risk assessment model respecting segments of the public (Jereb, 2013)
- Prospect Theory: An Analysis of Decision under Risk (Kahneman & Tversky,
1979)
- Black Swan (Nassim Nicholas Taleb, 2010)
- Risk management in a dynamic society - A modelling problem (Rasmussen,
1997)
 - The Failure of Risk Management: Why It's Broken and How to Fix It (Hubbard,
2009)
- Defining Risk (Holton & Knight, 2006)
- Fuzzy Sets as a Belief for a Theory of Possibility (Zadeh, 1978)

During the research was also discovered that insightful data, ideas, frameworks and processes
can be extracted from the materials of multiple state agencies, mostly in USA. Especially from
Department of Defense and NASA. They might be used in the research and other researchers
might find them interesting in topic of risk management. These papers and guides are even more
interesting due to their recency and field of use (national defence and space exploration).
Especial the Cost Estimating Handbook (NASA, 2015) can be used as solid foundation for risk
management simulation models. Example of previously mentioned guides follows:
- Risk, Issue, and Opportunity Management Guide for Defense Acquisition
Programs (Deparment of Defense, 2017)
- Playbook: Enterprise Risk Management for the US Federal Goverment (Chief
Financial Officers Council, 2016)
- Cost Estimating Handbook Version 4.0 (NASA, 2015)
- Organizational Risk and Opportunity Management (NASA, 2016)
- Risk Management Handbook (NASA, 2011)
- Risk-Informed Decision Making Handbook (NASA, 2010)

Additional as the topic of risk management maturity was revealed during the research following
papers were added. As the maturity is mostly discussed in field of IT companies also the
selected articles reflect this trend. At the end of the report special research design is created just
for the risk management maturity.
- Global Status Report on the Governance of Enterprise It (ITGI, 2011)
- COBIT 4.1 (IT Governance Institute, 2007)

Summary of the previously mentioned papers follows.

Risk assessment model respecting segments of the public (Jereb, 2013)
The article Risk assessment model respecting segments of the public (Jereb, 2013) proposes the
approach of including the human factor directly to risk identification, and even to the risk
definition as such. Author stated that every risk is connected with people – stakeholders – and
that risk doesn’t occur if the stakeholder is not considered.. The model which is proposed
consider risk management or risk as a process with input and output and constant change in
state. Output of the model is consequence and general output.
Figure 3: Risk management model including stakeholders

Source: (Jereb, 2013)

Key element of authors research in the article is that term “subjective uncertainty” is introduced.
In this case also the process how subjective parts of the risk are evaluated is important for the
whole concept. Subjective part of the risk is concluded form the panel of specialist thought the
company, based on survey or interviews. This is an addition to standard approach from ISO
standards where objective uncertainty (probability of occurrence) is considered.
As the mathematical model is also introduced one can easily follow-up on this research and
provide further validation.
Prospect Theory: An Analysis of Decision under Risk (Kahneman & Tversky, 1979)
One of the older articles considered for this report. Its importance prevailing also in current
time. It critically evaluates approach to decision making under risk and uncertainty and
critiquelly discuss cornerstones (utility theory) of modern economy provided by Milton
Friedman (Friedman & Savage, 1948). As it includes discussion about decision making under
uncertainty and risk is most relevant for the topic of this research.
In addition the Kahneman & Tversky, 1979 article provides survey to test their hyphotesis and
they are able to point out common mistaks in decision making. To point out there are some
important takeaways for risk management:
- Even basic definition of risk and its description is important
- Generalization of decision making and risk perceiving is challenging due to
human nature
- When risk effect (consequence) of two options is negative the risk seeking is
observed
 - When risk effect (consequence) of two options is positive the risk aversion is
observed
- Its recommended to present consequences (outcomes) as gains or losses rather
than final assets

In the article mathematical model is also provided to validate the proposed points and critique
the widely used utility theory by Friedman.
Black Swan (Nassim Nicholas Taleb, 2010)
Important part of risk management which is also widely critiqued is the statistics used in risk
management. This is the topic widely discussed by Nassim Taleb in his papers, books and
presentation.
The problem here is firstly that statistics are done on small selection and therefore easily
misleading. Even if all available data in company are taken into consideration often the time
series is only for example 20 years. Which for company history might look as long but for
statistics the period is still short. For example considering the reality of Czech Republic when
thinking about the proper Czech company data and taking into consideration ceteris paribus, e.g.
foundation of Czech Republic 1.1. 1993 such time series can be in theory max 25 years.
Secondly the probability distribution works best at large selections, but as these small selections
there is tendency to error. In addition live doesn’t work as normal probability (“bell-curve”
which is widely used in risk management. This he mark as delusion of control, especially in
financial markets. Also as discussed previous in (Kahneman & Tversky, 1979) humans are not
able to easily account for statistics. Eg. if something doesn’t occur for 5 years one might say
that it will not happen again, someone else might easily say that the same event will happen
with higher probability next year which is also not true.
Key element in the work of Taleb are events he calls “black swan”, these are unpredictable, rare
and have huge disruptive impact on human life in general. Some of the examples he mentions is
Lebanon civil war, Facebook and Google development, 9/11, economic crisis of 2008 etc. These
events are later justified, rationalised and explained as fate. Which is totally misleading. He
propose two imaginary worlds: Extremistan where unexpected happens – eg. authors, sports
stars, celebrities; Mediocristan where regular people life, everything is linear, predictable and
most events can be explained by bell-curve. This logic has also huge impact on the approach on
risk management.
For a researcher combining this three articles into research is already challenging as (Jereb,
2013) proposes to include stakeholders into risk identification and generally in risk management
models (note: as also ISO does). On the other hand (Kahneman & Tversky, 1979) states that one
must be careful when people are making decision under risk and uncertainty as multiple errors
might arise as human nature is not to work with numbers and statistics but mostly with feeling
and experience. Lastly (Nassim Nicholas Taleb, 2010) is really critical about using statistics and
points out the problem of black swans. Multiple questions arise from this combination and head
of one researcher might spin endlessly:
- How to properly setup risk management model/framework and identify risks to
not create illusion of control?
 - How to properly account for probability of events, risk and consequences?
- Or should the possibility theory be the option?
- How to prepare (company´s) data for risk management models, simulations and
catalogues to reflect the real world?
- How to include black swans into the risk management and what contingency
plans prepare?

Fuzzy Sets as a Belief for a Theory of Possibility (Zadeh, 1978)

Based on the previous questions is probably best to talk about the possibility theory. Based on
the previous observations it might look like a good option for researcher to put probability aside
in risk management and try different approach. One already developed is possibility theory
which is using the logic of fuzzy sets talk about object, variables or propositions.
As the paper explains it’s connected with natural languages, which meaning is rather possibility
than probabilistic (eg. meanings such as slight possible, almost impossible). If the meaning of
information (eg. in decision making) is important to us it should be rather analysed by theory of
possibility rather than probability. Based on the calculus of possibility theory the proposition eg.
John is young is analyses against the fuzzy set and interpreted to which degree the constraint is
satisfied for the input. This is later translated to natural language. Which can be then used by
humans for decision making.
There is also relation described between possibility and probability which is based on
approximate formalization of heuristic observation that a lessening of the possibility tends to
lessen its probability. But it doesn’t work vice-verse. (Zadeh, 1978)
To illustrate this on simple example Zadeh uses the following: Consider the statement “Hans ate
X eggs for breakfast”. Based on the observation this can be assigned probability and
possibility distribution.

Figure 4: Zadeh example on possiblity theory

Source: (Zadeh, 1978)

We can see that in possibility theory is very possible that Hans will eat 3 eggs for breakfast, but
in probability theory it’s not so probable he will do that. Here everyone can simply observe the
difference in interpretation of both theories and its possible implications to risk management.
Additional articles which are also critically looking at the problematic of risk management
should be included to prevent already described errors and biases, or to included already
existing axioms:
- Risk management in a dynamic society - A modelling problem (Rasmussen,
1997)
- The Failure of Risk Management: Why It's Broken and How to Fix It (Hubbard,
2009)
- Defining Risk (Holton & Knight, 2006)

Risk management in a dynamic society - A modelling problem (Rasmussen, 1997)

This paper underlines the observations which might be concluded from the previous papers.
Rasmussen looks at risk management as at a complex system where public and legislators has
important part in the process and they in general start the process of risk management.

Figure 5: The socio-technical system involved in risk management

Source: (Rasmussen, 1997)

He raises question if there are adequate risk management models existing which could describe
the accident causation. Also points out that usually each level of risk management (reflecting
management levels) is studies separately and discrete events are considered. Lots of
generalization is involved together with top-down decomposition.
He finds this unfortunate and argues that model of behaviour shaping in terms of work system
constraints should be introduced. He acknowledges that this is challenging interdisciplinary
research which could at the end of the day save lives.
He discusses the problem of “human error” in important disasters and accidents. Which is not
an isolated event but mostly the general convergence of the system towards the catastrophic
outcome (eg. multiple unexpected errors coming together as a results of race for cost effectives
in fast pace technological change period – imagine the article being written now not in 90s). He
illustrates this on the disastrous events such as Bhopal plant explosion, Zeebrugge ferry sinking,
Flixborough chemical plan explosion and Chernobyl. This can be seen in correlation with
(Nassim Nicholas Taleb, 2010) as “black swans”.
He concludes that such model of risk management which would be able to comprehend the
dynamic society and its ever changing states, could be developed. But such a research effort
must include professional from interdisciplinary field and build on the already discover science
paradigms, which he also mentions in the paper.
This paper could be considered as wake up for researchers who wants to use simple task
analysis based on consequence and observation of deviations to developing “robust” risk
management model. Also when this article will be use as litmus paper for evaluation of quality
of other research efforts in field of risk management models, most will be disregard due to the
lack of multidisciplinary teams or at least literature reviews (eg. from fields of psychology, IT
security, decision theory, sociology, ergonomy etc.). Note: He often mentions human-machine
interaction, which is even more relevant in current industry 4.0 revolution. Which opens gates to
additional parts of risk management in IT segment, robotics, artificial intelligence and so on.
On Figure 6 he provides the already developed theories and axioms which in his opinion show
convergence to creation of adequate model of risk management for dynamic society.
Figure 6: The convergence of human science paradigms toward models in terms of behaviour-shaping work
features and subjective performance criteria

Source: (Rasmussen, 1997)

2.1.1 Simulation models

As is obvious from review of following articles multiple researchers are focusing on creation of
simulation models or support tools for grasping the complexity of risk management.
Considering the critical papers in the beginning of this report, and mostly the later one which
propose multidisciplinary approach one must take the outputs of such a models with grace and
mostly as guidance and not as stone written, always true recommendation. Multiple approaches
from genetic algorithms, through net present value ending with network and agent-base
modelling are used.
Following articles are great starting point in case of the research direction of simulation model
creation:
- A decision support system for collaborative scenarii in innovative NPD project
(Deniaud, Marmier, & Gourc, 2015)
- A decision-making tool to maximize chances of meeting project commitments
(Nguyen, Marmier, & Gourc, 2013a)
 - Project systemic risk: Application examples of a network model (Ellinas, Allan,
& Johansson, 2016)
- A risk oriented model to assess strategic decisions in new product development
projects (Marmier, Gourc, & Laarz, 2013)
- Quantifying the risk of project delays with genetic algorithm (Pfeifer, Barker,
Ramirez-Marquez, & Morshedlou, 2015)
- Prediction and simulation using simple models characterized by nonstationarity
and seasonality (Swanson & Urbach, 2015)
- Scenario planning for service quality: a Monte Carlo simulation study (Prakash,
Jha, & Prasad Mohanty, 2012)
- Project Risk Simulation Methods – A Comparative Analysis (Bodea & Purnuş,
2012)
- Project risk management: A deterministic quantitative technique for assessment
and mitigation (Muriana & Vizzini, 2017)
- Monte Carlo on Net Present Value for Capital Investment in Malaysia (Shaffie
& Jaaman, 2016)
- Quantifying the risk of project delays with a genetic algorithm (Pfeifer et al.,
2015)

This concludes the first part of ongoing research progress which is trying to create stable
foundation for the work in the field of project risk management.

3 Company visit
There were also two company visits conducted in two Slovenian companies to capture the
trends in risk management in connection with logistics in respective fields.

3.1 KRKA visit

Visit in medical company KRKA focusing on development and production of General Medicine
has pointed out the specific characteristics in the field of pharmaceutic industry. The key risks
are connected directly with medication research and clinical testing. The risks are managements
with highest priority, due to the fact that lives of human might be directly negatively impacted.
Also the political directives and regulations are trying to support the idea of risk management in
the pharmaceutical industry. One example from many might be on-going legislation which
focuses on including RFID identification to every medicament packaging with goals of
prevention of counterfeited, misuse or to enable easy tracking of the medicaments. High risk
management maturity was observed in the production itself. The risk management is embedded
to all process from recruitment of employees to final production dispatch.
KRKA is following cutting edge technology in its brand new production plant NOTOL 2. This
includes robotisation, automatization and autonomous vehicles for transportation of materials.
This leads to various new areas of risks which are not observer in all the companies, but can be
considered future trend. Details on additional risk management practices in this area were not
provided and the follow up consultation is planned.

3.2 TPV visit

Second company visit conducted was in company TPV. As a leading supplier for automotive
industry, logistics is key element in such a company. Reacting to industry 4.0 company
developed own autonomous vehicle for internal logistics. In opposite to KRKA which is using
the vehicles supplied by special contractor. TPV model “Optimatik 160” offers a full level
of automation, with a central control system that connects with existing ERP-software
(enterprise resource planning) such as SAP and other open source solution to navigate
the vehicle.
Considering the risk management multiple questions arisen, about the safety of such a
vehicle in the production hall which is also manned. It was explain that vehicle is
navigated via magnetic tape so the paths are decided in advance. Vehicle also contains
sensors which are able to stop the vehicle if the obstacle is present. Various robots for
welding were also observed in company. They together with autonomous vehicles bring
higher efficiency of the whole plant as it was stated in initial cost-benefit analysis.
Especially interesting from the point of view of risk management was the human and
machine interaction in company as mentioned also in previous articles as peculiar task
As company visits and consultations proved as valid source for information and space for
confronting research and reality. More are planned to include in the future as part of this
research. The potential industries where risk management will have high priority are in addition
to financial segment preferably the automotive and pharmacy industry.

4 Research Design – Project Risk Management

Purpose: The purpose of this research is to describe the state-of-the-art of project risk
management (PRM) and conclude the definition of PRM as such. Also the focus will be putted
on the theory use for each stage of PRM – risk identification, risk assessment, risk treatment and
risk monitoring. The goal of the PRM will be also discussed and directions for future research
proposed.
Design/methodology/approach: Backdrop for such outputs is found in the Systematic
Literature Review (SLR) of 353 articles published in 2000 – 2016 on the topic of PRM is
presented. Papers are explored based on descriptive and thematic analysis.
Findings: Research in progress.
Research implications: Understanding the state-of-the-art of PRM will guide the future
research efforts towards the maturity of the field.
Originality/value: Understanding of contemporary PRM is provided. It’s the first
comprehensive SLR on the topic with focus on theory use, stages and goal of PRM. New
definition is of PRM is proposed and future research direction presented.
4.1 Introduction

As a project risk management is complicated topic and the field which must be explored the
following research is proposed.
Topics of project management and risk management separately are widely covered by
academics and professionals. As for the professionals multiple association such as PMI and
APM, created their Bodies of Knowledge and certification systems to ensure quality of project
delivery and overall management of projects. (Ellinas et al., 2016) As for the risk management
most has been done in the terms of standardization and methodology on global level. Multiple
approaches such as Hazard Operability Method (HAZOP), Hazard Analysis Critical Control
Point method (HACCP), Fault Tree Analysis (FTA) and others, were developed. (Nguyen,
Marmier, & Gourc, 2013b)
Different story is the topic of combination these two fields of management science into the
project risk management (PRM) and mainly with focus on practical application into the
business-as-usual of project managers. In recent literature, the topic of PRM was putted into the
spotlight (Greiman, 2013; Chapman, 2014; Marle & Vidal, 2016) and various qualitative and
quantitative methods were summarized. (Vanhoucke, 2013, 2016) It is then expected that
contemporary papers will focus on validation of the theory and methods and various practical
tools will be developed. This presumption must be yet proven. Currently several practical tools
which are able either evaluate and simulate the project as whole in the planning phase and/or
support the decision making process in specific control points were proposed by researchers
(Ellinas et al., 2016; Marmier et al., 2013; Nguyen et al., 2013b). Although, as suggested in the
papers mentioned this area needs more research and mainly the validation of such a model on
real world data and situations. In addition, the creation of tool which is working (meaning
somehow simple import/export is possible) with widely spread project planning tools (Microsoft
Project, Primavera) is the presumption for further research, which must be of course validated.
Therefore this research starts with the Systematic Literature Review (SLR) in the field of
Project Risk Management (PRM). Additional key reasons for such a decision are following.
Only one paper conducting the literature review on topic of project risk management was found
and is strictly focusing on ERP projects only. (Aloini, Dulmin, & Mininno, 2007) In addition,
multiple authors in related fields focus on literature review of risk management (eg. risk
management in supply chains) and are promoting the benefits of SLR. (Fahimnia, Tang,
Davarzani, & Sarkis, 2015; Ghadge, Dani, & Kalawsky, 2012) Based on the SLR results the
future scope for the research will be presented and followed.
Concluding from the importance of Project Risk Management (PRM) and the lack of literature
reviews on this topic the following objectives for this researcher are created:
- Create the definition of PRM
- Review the state-of-the-art of PRM research on risk identification, risk
assessment, risk treatment and risk monitoring and PRM goal
- Identification of future research directions
- (Offer the tool to support PRM in business-as-usual of project management)

The research is organised as follows. Firstly the in depth literature review on topic of PRM is
presented. To prevent any bias and enable the future extension and/or comparison of the
literature review it follows the approach of systematic literature review (SLR) (A Bryman &
Bell, 2011; Tranfield, Denyer, & Smart, 2003) Descriptive statistics on the literature are
presented and qualitative analyses follows. Focus is putted in to the literature categorization
based on the risk management process (identification, assessment, treatment, monitoring) and
also on the methods used and/or practical tools presented.

4.2 Methodology

Systematic literature review is used as the main part of this research. The step by step approach
for SLR is adopted. (Tranfield et al., 2003). The process of SLR is illustrated in Figure 7:
Systematic Literature Review Process (adapted from Tranfield at el., 2003).

Figure 7: Systematic Literature Review Process (adapted from Tranfield at el., 2003)

Step 1: Question Formulation

Systematic Literature Review Research Questions:

RQ1: What is the current state-of-the-art in PRM research on risk identification, risk
assessment, risk treatment and risk monitoring and PRM goal?
RQ2: What methods are used in project risk management?
RQ3: What tools are suggested/developed by the researchers?

Step 2: Keyword Search in Identified Databases

Criteria Reasoning

Use of keywords was focus on uncovering all

Keywords: "project management" and "risk"
the relevant literature.

Best coverage of the topics in scholarly articles

EBSCO and Web of Science database
and wide use by researchers worldwide.

Focus on high-quality papers in English

International scholarly peer-reviewed
excluding books, proceedings, dissertations
academic journals
etc.

Published between January 2010 and Recent findings and contemporary

December 2016 understanding of the topic.

3014 articles (1485 from EBSCO host and

No. of papers:
1529 from Web of Science)

Step 3: Removal of Duplicates

Removal of 858 duplicated papers via using EndNote duplicate search.

No. Of papers: 2156 papers

Step 4: Article Quality and Relevance Assesment

Criteria Reasoning

Eliminate articles published in journals outside Suggested in systematic literature review with
the ABS Academic Journal Quality Guide focus on risk management in related fields
2015 (Ghadge et al., 2012)

Irrelevant articles was included based on

Removal of irrelevant articles after analysis of
previous search options, those not contributing
scope, abstract and title
to research questions were removed.

Removal of irrelevant articles after full-text Main focus of articles was not aligned with
scanning. research questions.

No. Of papers: 347 papers

Step 5: Capturing Previously Omitted Articles

Criteria Reasoning

Key articles in the field with focus on research

Checking the citation
questions might be overlooked previously.

Using other relevant sources (Google Scholar Final look for the scholarly peer-review
and ResearchGate) articles and ongoing research

No. Of papers: 353 papers

Step 6: Full-text Analysis and Coding

Full text analysis of 353 papers

Qualitative research coding via NVivo: focus on coding for country, industry, sector, theory,
research perspective, tool proposed, research method, stages of PRM

No. Of papers: 353 papers

Step 7: Reporting

Descriptive analysis on country, industry sector, research perspective, research method

Thematic analysis on the four stages of PRM and tools proposed

For the software support of this research the EndNote and NVivo software solutions provided
the fundamentals for conduction of the research as they are widely spread tools for SLR and
vast resources may be used to guide the researcher.

4.3 Step 1: Question Formulation

This research addresses following research questions, which adopted the research design
approach proposed by Cresswell (2014):
RQ1: What is the current state-of-the-art in PRM research on risk identification, risk
assessment, risk treatment and risk monitoring and PRM goal?
RQ2: What methods are used in project risk management?
RQ3: What tools are suggested/developed by the researchers?
Research questions provide main guidance for this research and define the literature to use and
data to extract. (Denyer & Tranfield, 2009; Tranfield et al., 2003)

4.4 Step 2: Keyword Search in Identified Databases

For the purpose of SLR two main search engines for scholarly articles were used: EBSCO host
and Web of Science. As they provide best coverage of the topics in scholarly articles and wide
use by researchers worldwide.
The search terms “project management” and “risk” were used for the fields of title, abstract,
keyword and full-text search. Usage of broad terms included the papers with alternative
language. The quality in SLR is the priority and therefore only international scholarly peer-
reviewed articles were selected. This provided the first necessary quality filter. In addition, the
search was limited to articles publish dates between January 2010 and December 2016. Key
reason is the focus on contemporary perspective on the topic and capture of development
connected with the usage of information technology in context of risk management. Key papers
prior the year 2000 were added to provide the necessary foundation and historical development
in the topic observed.
This effort resulted in 3014 articles (1485 from EBSCO host and 1529 from Web of Science).
All references for the articles were stored in EndNote.

4.5 Step 3: Removal of duplicates

Having the articles in EndNote it was necessary to remove possible duplicates from both
databases. This reduced the number of articles to 2156 papers.
4.6 Step 4: Article Quality and Relevance Assessment

Second filter for quality was the usage of 2015 ABS Academic Journal Quality Guide. Only the
articles published in journals included on the list were eliminated. Also irrelevant articles
outside the topic of PRM were removed. Only the articles covering at least part of the research
questions were kept. To fulfil the objective articles focused on related concepts were kept only
if they included the obvious link to PRM.
Finally this reduced the dataset to 347 papers.

4.7 Step 5: Capturing Other Relevant Articles

As the research progress the necessity of including other relevant papers which were previously
not captured is obvious. (Denyer & Tranfield, 2009) This was done by checking the references
of the 373 papers, searching in Google Scholar and capturing the partly published research via
ResearchGate. It resulted in only 6 papers being added, confirming that the previous approach
was appropriate.

4.8 Step 6: Full text Analysis and Coding

Key part of full text analysis played the EndNote and NVivo software. Full text versions of the
articles in PDF were stored in these solutions. Guided by the content analysis and coding
strategy all articles were reviewed. (Alan Bryman & Bell, 2011) The bone structure of the nodes
is presented in following table.

Table 1: Coding strategy

Name Description

Category of codes considering the definition and

Definition and theory of PRM
theory of PRM.

Code for papers explicitly using a PRM definition or

Definition
proposing new one.

Goal Various goals of PRM.

Category of codes considering the different parts of

PRM process
the PRM process.

Descriptive Analysis Exclusive categorisation of all papers.

Paper explicitly states the source of data or practical

Country knowledge, where country can be identified.
Elsewhere "Not Stated" option will be selected.

Paper explicitly states the source of data or practical

Industry knowledge, where industry can be identified.
Elsewhere "Not Stated" option will be selected.
Research Method

Analytical

Mathematical Paper is using/creating mathematical model.

Paper is using multi-agent modelling taken from

Multi-agent
artifictial intelligence science.

Paper is using linear programming or its subcategories

Programming
to create a risk oriented model.

Simulation Paper is using simulation technique.

Conceptual

Papers which propose the methodology or concepts

Other Conceptual Research
for the PRM.

Systematic Literature Review Papers clearly using the SLR approach.

Traditional literature review without usage of the

Traditional Literature Review
SLR.

Empirical

Action Research Paper is using methodology of action research.

Paper is using real data and test its theory/model/tool

Case Study
on the case.

Experiment Paper is using methodology of experiment.

Paper is using methodology of grounded theory,

Grounded Theory
where the theory is constructed for the data collected.

Key purpose of the paper is survey on the topic of

Survey
PRM.

Mixed Research Paper is using mixed research.

Secondary Data Secondary dataset is used in paper.

Research is done from the perspective of key PRM

Research Perspective
party.

Combined Perspective Consider both project sponsor and contractor.

Contractor´s Perspective Only contractors perspective is considered.

Sponsor´s Perspective Only sponsors perspective is considered.

Tool Categorisation of articles based on the tools used.

Source: author, 2017

4.9 Step 7: Reporting

Descriptive statistics based on coding in previous steps are then reported. These illustrate the
output of SLR and provide the inputs for futher parts of the paper. Research questions are
address using the thematic analysis.
Quick simple test to validate the papers is full text word analysis. In Table below are the results
of the most frequent words which confirm the validity of focus in the papers on PRM.

Table 2: Word frequency

Weighted Percentage
Word Length Count
(%)

project 7 20123 1,41

risk 4 12981 0,91

management 10 10740 0,75

projects 8 5852 0,41

information 11 4885 0,34

development 11 4734 0,33

research 8 4513 0,32

model 5 4412 0,31

process 7 4314 0,30

cost 4 4085 0,29

time 4 4059 0,28

performance 11 3968 0,28

Source: author, 2017

Further research of the papers is in progress and the results are expected to be available at the
end of 2018.
4.10 List of articles

Article Title Year Last Name First Journal name

Name

Impact of cost uncertainty on pricing decisions under risk aversion 2016 Oh S. European Journal of Operational
Research

Itś not now or never: Implications of investment timing and risk aversion on 2016 Truong C. European Journal of Operational
climate adaptation to extreme events Research

Allocation of tasks for reliability growth using multi-attribute utility 2016 Wilson K. European Journal of Operational
Research

The use of a GERT based method to model concurrent product development 2016 Nelson R. European Journal of Operational
processes Research

Supplier Involvement and Contract Design During New Product Development 2016 Chiang I. Ieee Transactions on Engineering
Management

Performance-based contracting in the defence industry: Exploring triadic dynamics 2016 Howard M. Industrial Marketing Management
between government, OEMs and suppliers

How the user liaisonś understanding of development processes moderates the 2016 Liu Shan Information {\&} Management
effects of user-related and project management risks on IT project performance

Mitigating uncertainty for industrial service operations: a multi case study 2016 Durugbo C. International Journal of Operations
{\&} Production Management
Project systemic risk: Application examples of a network model 2016 Ellinas Christ International Journal of Production
os Economics

Antecedents to Decision-Making Quality and Agility in Innovation Portfolio 2016 Kock A. Journal of Product Innovation
Management Management

Systematic Risk in Supply Chain Networks 2016 Osadchiy N. Management Science

Contract Design Choices and the Balance of Ex Ante and Ex Post Transaction 2016 Benaroch M. Mis Quarterly
Costs in Software Development Outsourcing

On the use of multivariate regression methods for longest path calculations from 2016 Vanhoucke Mario Omega
earned value management observations

Coordinating operational policy with financial hedging for risk-averse firms 2016 Ni J. Omega-International Journal of
Management Science

Risk, Process Maturity, and Project Performance: An Empirical Analysis of US 2016 Mishra Anant Production and Operations
Federal Government Technology Projects Management

Improving the Peer review process: Capturing more information and enabling high- 2016 Linton J. Research Policy
risk/high-return research

The role of pilot and demonstration plants in technology development and 2016 Hellsmark H. Research Policy
innovation policy

Stepping in and stepping out: Strategic alliance partner reconfiguration and the 2016 Bakker R. Strategic Management Journal
unplanned termination of complex projects
Going Short-Term or Long-Term? Ceo Stock Options and Temporal Orientation in 2016 Martin G. Strategic Management Journal
the Presence of Slack

SMAA-PO: project portfolio optimization problems based on stochastic 2015 Yang Feng Annals of Operations Research
multicriteria acceptability analysis

Proposal for a Quantitative Skill Risk Evaluation Method Using Fault Tree 2015 Liu Gong Ieee Transactions on Engineering
Analysis yi Management

Risk Propagation Through a Platform: The Failure Risk Perspective on Platform 2015 Kang C. Ieee Transactions on Engineering
Sharing Management

Business Case Control in Project Portfolios-An Empirical Investigation of 2015 Kopmann J. Ieee Transactions on Engineering
Performance Consequences and Moderating Effects Management

Faster-Better-Cheaper Projects: Too Much Risk or Overreaction to Perceived 2015 Dillon R. Ieee Transactions on Engineering
Failure? Management

Improving Collaborative Decision Making in New Product Development Projects 2015 Jaber H. Ieee Transactions on Engineering
Using Clustering Algorithms Management

Integrating Risk Assessment and Actual Performance for Probabilistic Project Cost 2015 Kim Byun Ieee Transactions on Engineering
Forecasting: A Second Moment Bayesian Model g- Management
Cheol

Overcoming barriers to adoption of environmentally-friendly innovations through 2015 Naor M. International Journal of Operations
design and strategy Learning from the failure of an electric vehicle infrastructure {\&} Production Management
firm
Quantifying the risk of project delays with a genetic algorithm 2015 Pfeifer Jerem International Journal of Production
y Economics

Optimisation of critical chain sequencing based on activities ́information flow 2015 Zhang J. International Journal of Production
interactions Research

Shareholders ṕ reference for excessively risky projects, equilibrium debt contracts, 2015 Smith Micha Journal of Accounting {\&} Public
and bailouts el Policy

Effects of control on the performance of information systems projects: The 2015 Liu Shan Journal of Operations Management
moderating role of complexity risk

Biotechnology Commercialization Strategies: Risk and Return in Interfirm 2015 Fernald K. Journal of Product Innovation
Cooperation Management

Dynamic monitoring and control of software project effort based on an effort buffer 2015 Zhang J. Journal of the Operational Research
Society

Incentive Contracts in Serial Stochastic Projects 2015 Chen T. M{\&}Som-Manufacturing {\&}

Service Operations Management

Patterns in Information Systems Portfolio Prioritization: Evidence from Decision 2015 Karhade P. Mis Quarterly
Tree Induction

Reducing Unwelcome Surprises in Project Management 2015 Browning T. Mit Sloan Management Review

What Successful Project Managers Do 2015 Laufer A. Mit Sloan Management Review

When cost-effective design strategies are not enough: Evidence from an 2015 Cohen I. Omega-International Journal of
experimental study on the role of redundant goals Management Science

Managing Underperformance Risk in Project Portfolio Selection 2015 Hall N. Operations Research

Alliance Experience and Governance Flexibility 2015 Lee J. Organization Science

Prioritizing road extension projects with interdependent benefits under time 2015 Bagloee Saeed Transportation Research Part A:
constraint Policy {\&} Practice

Teams in Pursuit of Radical Innovation: A Goal Orientation Perspective 2014 Alexander L. Academy of Management Review

Strategic decision-making in NPD projects according to risk: Application to 2014 Marmier Franç Computers in Industry
satellites design projects ois

Timing and eco(nomic) efficiency of climate-friendly investments in supply chains 2014 Lukas E. European Journal of Operational
Research

Technology Trajectories and the Selection of Optimal R&D Project Sequences 2014 van T. Ieee Transactions on Engineering
Bommel Management

Mitigating the Impact of Member Turnover in Information Systems Development 2014 Pee L. Ieee Transactions on Engineering
Projects Management

A Quantitative Framework for Managing Project Value, Risk, and Opportunity 2014 Browning Tyson Ieee Transactions on Engineering
Management

Managing Highly Innovative Projects: The Influence of Design Characteristics on 2014 Erzurumlu S. Ieee Transactions on Engineering
Project Valuation Management

Ghanges of methodological coverage of public debt and budget deficit in Groatia. 2014 ANTO B. Institut za Javne Financije -- Press
 Releases

Impact of risk management on project performance: the importance of soft skills 2014 de Carvalho Marly International Journal of Production
and Research
Monteiro

Investment busts, reputation, and the temptation to blend in with the crowd 2014 Grenadier Steve Journal of Financial Economics
n

Building professional discourse in emerging markets: Language, context and the 2014 Kuznetsov A. Journal of International Business
challenge of sensemaking Studies

A conceptual framework for tackling knowable unknown unknowns in project 2014 Ramasesh Ranga Journal of Operations Management
management

“Squeezing R&D”: A Study of Organizational Slack and Knowledge Creation in 2014 Richtnér Ander Journal of Product Innovation
NPD, Using the SECI Model s Management

A comprehensive decision support model for the evaluation of eco-designs 2014 Wang X. Journal of the Operational Research
Society

Building Dynamic Capabilities of Adaptation and Innovation: A Study of Micro- 2014 Dixon S. Long Range Planning
Foundations in a Transition Economy

Capital Structure, Product Market Dynamics, and the Boundaries of the Firm 2014 Hackbarth D. Management Science

The Pitfalls of Project Status Reporting 2014 Keil M. Mit Sloan Management Review

Setting tolerance limits for statistical project control using earned value 2014 Colin Jeroe Omega
management n

Performance Feedback and Firm Risk Taking: The Moderating Effects of CEO and 2014 Lim E. Organization Science
Outside Director Stock Options

Tolerance for Failure and Incentives for Collaborative Innovation 2014 Hutchison- J. Production and Operations
Krupat Management

Managing Cost Salience and Procrastination in Projects: Compensation and Team 2014 Wu Yaoz Production and Operations
Composition hong Management

Selecting balanced portfolios of R&D projects with interdependencies: A Cross- 2014 Abbassi M. Technovation
Entropy based methodology

An economic-probabilistic model for risk analysis in technological innovation 2014 Miorando R. Technovation
projects

Real option valuation of public sector R&D investments with a down-and-out 2014 van Zee and D. Technovation
barrier option R

Cyber supply chain risk management: Revolutionizing the strategic control of 2014 Boyson S. Technovation
critical IT systems

Analysis of the effect of risk management practices on the performance of new 2014 Oehmen J. Technovation
product development programs

Introduction to risk and uncertainty management in technological innovation 2014 Olson D. Technovation

A risk oriented model to assess strategic decisions in new product development 2013 Marmier F. Decision Support Systems
projects
How user risk and requirements risk moderate the effects of formal and informal 2013 Keil M. European Journal of Information
control on the process performance of IT projects Systems

The Value of Capacity Sizing Under Risk Aversion and Operational Flexibility 2013 Chronopoul Micha Ieee Transactions on Engineering
os il Management

An Integrated Framework for Risk Response Planning Under Resource Constraints 2013 Fang Chao Ieee Transactions on Engineering
in Large Engineering Projects Management

Portfolio Selection Model for Enhancing Information Technology Synergy 2013 Cho Wooj Ieee Transactions on Engineering
e Management

A Multidimensional Analysis of Project Manager Competences 2013 Chipulu Maxw Ieee Transactions on Engineering
ell Management

Improving Product Development Performance Through Iteration Front-Loading 2013 Leon H. Ieee Transactions on Engineering
Management

Supplier representative activities and customer perceived value in complex 2013 Prior D. Industrial Marketing Management
industrial solutions

Understanding the most critical skills for managing IT projects: A Delphi study of 2013 Keil M. Information {\&} Management
IT project managers

Exploring the interaction effects of social capital 2013 Hsu J. Information {\&} Management

IT Implementation Contract Design: Analytical and Experimental Investigation of 2013 Wu D. Information Systems Research
IT Value, Learning, and Contract Structure
Managing global megaprojects: Complexity and risk management 2013 Kardes Ilke International Business Review

Using Nash bargaining to design project management contracts under cost 2013 Lippman Steve International Journal of Production
uncertainty n Economics

Interactions-based risk clustering methodologies and algorithms for complex 2013 Marle Franc International Journal of Production
project management k Economics

A decision-making tool to maximize chances of meeting project commitments 2013 Nguyen Trong International Journal of Production
-Hung Economics

Risk modelling and assessment for distributed manufacturing system 2013 Lee C. International Journal of Production
Research

Service-Oriented Methodology for Systems Development 2013 Keith M. Journal of Management Information
Systems

New Product Portfolio Management Decisions: Antecedents and Consequences 2013 McNally R. Journal of Product Innovation
Management

Developing Sustainable New Products in the Textile and Upholstered Furniture 2013 Dangelico R. Journal of Product Innovation
Industries: Role of External Integrative Capabilities Management

Clinging to Slim Chances: The Dynamics of Anticipating Regret When Developing 2013 Sarangee K. Journal of Product Innovation
New Products Management

Achieving offshore software development success: An empirical analysis of risk 2013 Mathew S. Journal of Strategic Information
mitigation through relational norms Systems
Scheduling reconstruction operations with modes of execution 2013 Chaney A. Journal of the Operational Research
Society

A DST-based approach for construction project risk analysis 2013 Taroun A. Journal of the Operational Research
Society

Optimal gainshare/painshare in alliance projects 2013 Hosseinian S. Journal of the Operational Research
Society

Engaging Supply Chains in Climate Change 2013 Jira C. M{\&}Som-Manufacturing {\&}

Service Operations Management

Performing risk and the project: Risk maps as mediating instruments 2013 Jordan Silvia Management Accounting Research

Demand Uncertainty and Excess Supply in Commodity Contracting 2013 Popescu D. Management Science

Total Cost Control in Project Management via Satisficing 2013 Goh J. Management Science

Robust future-oriented technology portfolios: Black-Litterman approach 2013 Shin J. R {\&} D Management

New Orders and Asset Prices 2013 Jones C. Review of Financial Studies

Fast-Mover Advantages: Speed Capabilities and Entry into the Emerging 2013 Hawk A. Strategic Management Journal
Submarket of Atlantic Basin Lng

Integrating student projects with real-world problems: the case of managing 2013 Zsidisin G. Supply Chain Management-an
commodity price risk International Journal

The impact of supply chain risk on supply chain integration and company 2013 Zhao L. Supply Chain Management-an
performance: a global investigation International Journal

Cleaning up the Big Muddy: A Meta-Analytic Review of the Determinants of 2012 Sleesman D. Academy of Management Journal
Escalation of Commitment

Proposal of a risk-factor-based analytical approach for integrating occupational 2012 Badri Adel Accident Analysis {\&} Prevention
health and safety into project risk evaluation

A General Framework for Gauging the Performance of Initiatives to Enhance 2012 Zwikael Ofer British Journal of Management
Organizational Value

Reducing Requirement Incorrectness and Coping with Its Negative Impact in 2012 Hsu J. Decision Sciences
Information System Development Projects

The Impact of Nonagility on Service Level and Project Duration 2012 Glowacka K. Decision Sciences

A simulation-based risk network model for decision support in project risk 2012 Fang Chao Decision Support Systems
management

Scenario-based portfolio selection of investment projects with incomplete 2012 Liesio J. European Journal of Operational
probability and utility information Research

An alternative for robust estimation in Project Management 2012 Martin M. European Journal of Operational
Research

A management oriented approach to reduce a project duration and its risk 2012 Madadi M. European Journal of Operational
(variability) Research

Innovator resilience potential: A process perspective of individual resilience as 2012 Moenkeme G. Human Relations
influenced by innovation project termination yer
Lean Software Management: BBC Worldwide Case Study 2012 Middleton P. Ieee Transactions on Engineering
Management

An Integer Programming Approach for Evaluating R&D Funding Decisions With 2012 Eckhause J. Ieee Transactions on Engineering
Optimal Budget Allocations Management

Impact of Premature Information Transfer on Cost and Development Time of 2012 Silva D. Ieee Transactions on Engineering
Projects Management

Delivering integrated solutions in the public sector: The unbundling paradox 2012 Roehrich J. Industrial Marketing Management

The institutionalization of information system project management practices 2012 Mignerat Murie Information {\&} Organization
l

Knowledge management governance: The road to continuous benefits realization 2012 Zyngier Suzan Journal of Information Technology
ne

Information technology project risk management: bridging the gap between 2012 Taylor H. Journal of Information Technology
research and practice

́ otivation and Behavior on Group 2012

Corporate Wikis: The Effects of Owners M Arazy O. Journal of Management Information
Members ́Engagement Systems

Organizational Accidents: A Systemic Model of Production versus Protection 2012 Goh Y. Journal of Management Studies

Antecedents to ambidexterity competency in high technology organizations 2012 Chandrasek Aravi Journal of Operations Management
aran nd

New Product Development Practices and Early-Stage Firms: Two In-Depth Case 2012 Marion T. Journal of Product Innovation
Studies Management

An investigation into the vehicle routing problem with time windows and link 2012 Ma H. Omega-International Journal of
capacity constraints Management Science

Innovation risks of outsourcing in pharmaceutical new product development 2012 Lowman M. Technovation

A Stitch in Time Saves Nine: LEVERAGING NETWORKS TO REDUCE THE 2011 Ballinger G. California Management Review
COSTS OF TURNOVER

Analyzing Component Importance in Multifunction Multicapability Systems 2011 Tan W. Ieee Transactions on Engineering
Developmental Maturity Assessment Management

Real Options in Enterprise Architecture: A Holistic Mapping of Mechanisms and 2011 Mikaelian T. Ieee Transactions on Engineering
Types for Uncertainty Management Management

Decision Support and Optimization in Shutdown and Turnaround Scheduling 2011 Megow N. INFORMS Journal on Computing

Managing ERP system risk in SMEs: a multiple case study 2011 Poba-Nzaou P. Journal of Information Technology

Use of Evaluation Criteria and Innovation Performance in the Front End of 2011 Martinsuo M. Journal of Product Innovation
Innovation Management

Managing Risks in a Failing IT Project: A Social Constructionist View 2011 Wee-Kiat Lim Journal of the Association for
Information Systems

On the dynamic use of project performance and schedule risk information during 2011 Vanhoucke Mario Omega
projecttracking

Risky Business: How Professionals and Professional Fields (Must) Deal with 2011 Noordegraa M. Organization Studies
Organizational Issues f

Cord-blood 25-hydroxyvitamin D levels and risk of respiratory infection, wheezing, 2011 Jr. Cama Pediatrics
and asthma rgo

Decision-making in the pharmaceutical industry: analysis of entrepreneurial risk 2011 Cowlrick I. R {\&} D Management
and attitude using uncertain information

Unveiling dimensions of organizational culture: an exploratory study in Malaysian 2011 Asmawi Arnif R{\&}D Management
R&D organizations a

Project risk management and design flexibility: Analysing a case and conditions of 2011 Gil N. Research Policy
complementarity

Psychological Foundations of Dynamic Capabilities: Reflexion and Reflection in 2011 Hodgkinson G. Strategic Management Journal
Strategic Management

The establishment of a rapid natural disaster risk assessment model for the tourism 2011 Tsai C. Tourism Management
industry

The Role of Contracts on Quality and Returns to Quality in Offshore Software 2010 Gopal A. Decision Sciences
Development Outsourcing

Risk Uncertainty and Supply Chain Decisions: A Real Options Perspective 2010 Hult G. Decision Sciences

Towards a multi-dimensional project Performance Measurement System 2010 Lauras Matth Decision Support Systems
 ieu

Maximizing the net present value of a project under uncertainty 2010 Wiesemann W. European Journal of Operational
Research

Evolutionary optimization of transition probability matrices for credit decision- 2010 Zhang J. European Journal of Operational
making Research

NMR study of hydrogen exchange during the B-Z transition of a DNA duplex 2010 Lee E. FEBS Lett
induced by the Zalpha domains of yatapoxvirus E3L

Performance Evaluation in Multistep Processes--A Comparison of Evaluation 2010 Kunz Jennif Ieee Transactions on Engineering
Types With Special Emphasis on R&D er Management

Estimating the Benefits and Risks of Implementing E-Procurement 2010 Trkman Peter Ieee Transactions on Engineering
Management

Modeling Strategic Decisions Using Activity Diagrams to Consider the 2010 Garcia- L. Ieee Transactions on Engineering
Contribution of Dynamic Planning in the Profitability of Projects Under Fernandez Management
Uncertainty

Comparing senior executive and project manager perceptions of IT project risk: a 2010 Shan Liu Information Systems Journal
Chinese Delphi study
Managing risk in projects–fundamentals of project management, by D. Hillson 2010 Kolisch R. International Journal of Production
Research

Cutting edge: TCR ligation triggers digital activation of NF-kappaB 2010 Kingeter L. J Immunol

Sponsorship and IT vendor management of projects 2010 Liu L. Journal of Information Technology

IS project alignment - a process perspective 2010 Jenkin T. Journal of Information Technology

Managers J́ udgments of Performance in IT Services Outsourcing 2010 Ramachand V. Journal of Management Information
ran Systems

Spurring Cross-Functional Integration for Higher New Product Performance: A 2010 Nakata C. Journal of Product Innovation
Group Effectiveness Perspective Management

Technology credit scoring model considering both SME characteristics and 2010 Moon T. Journal of the Operational Research
economic conditions: The Korean case Society

Efficiency evaluations with context-dependent and measure-specific data 2010 Ulucan Aydın Omega
envelopment approaches: An application in a World Bank supported project

Supply chains in the construction industry 2010 Segerstedt A. Supply Chain Management-an
International Journal
A performance-oriented risk management framework for innovative R&D projects 2010 Wang J. Technovation

Technology Management Education: Innovation and Entrepreneurship at MINES 2009 Mustar P. Academy of Management Learning
ParisTech, a Leading French Engineering School {\&} Education

Becoming Flexible: Self-flexibility and its Pedagogies 2009 Swan E. British Journal of Management

Evaluating project completion time in project networks with discrete random 2009 Bruni Maria Computers {\&} Operations
activity durations Research

Organizational Silence and Whistle-Blowing on IT Projects: An Integrated Model* 2009 Park C. Decision Sciences

Florida public hurricane loss model: Research in multi-disciplinary system 2009 Chen Shu- Government Information Quarterly
integration assisting government policy making Ching

Is the Rookie Ready? 2009 Green S. Harvard Business Review

When Internal Collaboration Is Bad for Your Company 2009 Hansen M. Harvard Business Review

R&D Activity Selection Process: Building a Strategy-Aligned R&D Portfolio for 2009 Pereira P. Ieee Transactions on Engineering
Government and Nonprofit Organizations Management

System Development Planning via System Maturity Optimization 2009 Ramirez- J. Ieee Transactions on Engineering
Marquez Management

Program Risk Contingency Budget Planning 2009 Khamooshi H. Ieee Transactions on Engineering
Management

An Adaptive Process Model to Support Product Development Project Management 2009 Levardy V. Ieee Transactions on Engineering
 Management

The Effect of IT Failure Impact and Personal Morality on IT Project Reporting 2009 Chong Woo Park Ieee Transactions on Engineering
Behavior Management

Managing ERP Implementation Failure: A Project Management Perspective 2009 Chen Charli Ieee Transactions on Engineering
e Management

Managing Risks in Distributed Software Projects: An Integrative Framework 2009 Persson J. Ieee Transactions on Engineering
Management

Champions of revealing-025EFthe role of open source developers in commercial 2009 Henkel J. Industrial and Corporate Change
firms

A comparative study of important risk factors involved in offshore and domestic 2009 Nakatsu Robbi Information {\&} Management
outsourcing of software development projects: A two-panel Delphi study e

Cost-volume-profit analysis under uncertainty: a model with fuzzy estimators based 2009 Chrysafis K. International Journal of Production
on confidence intervals Research

Multiagent approach to solve project team work allocation problems 2009 Chen Y. International Journal of Production
Research

Control in Internal and Outsourced Software Projects 2009 Tiwana A. Journal of Management Information
Systems

Can Quality-Oriented Firms Develop Innovative New Products? 2009 Sethi R. Journal of Product Innovation
Management
Flexibility, Structuration, and Simultaneity in New Product Development 2009 Biazzo S. Journal of Product Innovation
Management

Exploring New Product Development Project Review Practices 2009 Schmidt J. Journal of Product Innovation
Management

A review of the IT outsourcing literature: Insights for practice 2009 Lacity M. Journal of Strategic Information
Systems

A particle swarm optimization-driven cognitive map approach to analyzing 2009 Chang Lee Kun Journal of the American Society for
information systems project risk Information Science {\&}
Technology

Operations management of new project development: innovation, efficient, 2009 Lee A. Journal of the Operational Research
effective aspects Society

A practical method of determining project risk contingency budgets 2009 Cioffi D. Journal of the Operational Research
Society

The sustainability balanced scorecard as a framework for selecting socially 2009 Tsai W. Journal of the Operational Research
responsible investment: an effective MCDM model Society

Selective Status Reporting in Information Systems Projects: A Dyadic-Level 2009 Iacovou C. Mis Quarterly
Investigation

The Evolution of Risk in Information Systems Offshoring: The Impact of Home 2009 Hahn E. Mis Quarterly
Country Risk, Firm Learning, and Competitive Dynamics

Probabilistic dominance criteria for comparing uncertain alternatives: A tutorial 2009 Graves S. Omega-International Journal of
 Management Science

A robustness framework for monitoring real options under uncertainty 2009 Driouchi T. Omega-International Journal of
Management Science

Making Good Sense: Assessing the Quality of Risky Decision-making 2009 Winch G. Organization Studies

Risk issues in operations: methods and tools 2009 Wu D. Production Planning {\&} Control

The Private Finance Initiative 2009 Wall A. Public Management Review

The value of a f ́ailed ́R&D project: an emerging evaluation framework for building 2009 Elmquist M. R {\&} D Management
innovative capabilities

Emotion work and emotion space: Using a spatial perspective to explore the 2008 Lewis P. British Journal of Management
challenging of masculine emotion management practices

Using a risk-based approach to project scheduling: A case illustration from 2008 Zafra- Ascen European Journal of Operational
semiconductor manufacturing Cabeza sión Research

Isolated follicle-stimulating hormone (FSH) deficiency without mutation of the 2008 Murao K. Fertil Steril
FSHbeta gene and successful treatment with human menopausal gonadotropin
Managing demographic risk 2008 Strack R. Harv Bus Rev

State of the art of correlation-based models of project scheduling networks 2008 Mo J. Ieee Transactions on Engineering
Management

Rescuing Troubled Software Projects by Team Transformation: A Case Study With 2008 Lui Kim Ieee Transactions on Engineering
an ERP Project Management

Critical path analysis with fuzzy activity times 2008 Liberatore M. Ieee Transactions on Engineering
Management

Upstream problem solving under uncertainty and ambiguity: Evidence from airport 2008 Gil N. Ieee Transactions on Engineering
expansion projects Management

The effects of change control and management review on software flexibility and 2008 Wang E. Information {\&} Management
project performance

Exploring the relationship between software project duration and risk exposure: A 2008 Huang Sun- Information {\&} Management
cluster analysis Jen

A multi-level, multi-theory perspective of information technology implementation 2008 Aubert Benoi Information Systems Journal
t

Exploring the six sigma phenomenon using multiple case study evidence 2008 Nonthaleera P. International Journal of Operations
k {\&} Production Management
Parametric and neural methods for cost estimation of process vessels 2008 Caputo Anton International Journal of Production
io Economics

Choosing a project risk-handling strategy: An analytical model 2008 Fan Miao International Journal of Production
Economics

Anxiety and psychological security in offshoring relationships: the role and 2008 Kelly S. Journal of Information Technology
development of trust as emotional commitment

Risk Management of Contract Portfolios in IT Services: The Profit-at-Risk 2008 Kauffman R. Journal of Management Information
Approach Systems

Investments in Information Security: A Real Options Perspective with Bayesian 2008 Herath H. Journal of Management Information
Postaudit Systems

Diagnosing Unforeseeable Uncertainty in a New Venture 2008 Loch Christ Journal of Product Innovation
oph Management

A theoretical framework for managing the new product development portfolio: 2008 Chao R. Management Science
When and how to use strategic buckets

How near-misses influence decision making under risk: A missed opportunity for 2008 Dillon R. Management Science
learning

Institutionalizing innovation 2008 Anthony S. Mit Sloan Management Review

A fuzzy AHP application in government-sponsored R&D project selection 2008 Huang C. Omega-International Journal of
Management Science
Using R&D portfolio management to deal with dynamic risk 2008 Floricel S. R {\&} D Management

Evaluating the risk of patent infringement by means of semantic patent analysis: the 2008 Bergmann I. R {\&} D Management
case of DNA chips

Risk management in public sector research: approach and lessons learned at a 2008 Leung F. R {\&} D Management
national research organization

Performance measurement manipulation: cherry-picking what to correct 2008 Arya Anil Review of Accounting Studies

Choosing to cofinance: Analysis of project-specific alliances in the movie industry 2008 Palia D. Review of Financial Studies

Management of information technology investment: A framework based on a Real 2008 Wu L. Technovation

Options and Mean-Variance theory perspective

Risk and uncertainty in R&D management 2008 Moehrle Marti

n

Using Index-Based Risk Transfer Products to Facilitate Micro Lending in Peru and 2007 Skees Jerry American Journal of Agricultural
Vietnam Economics

The ethics of management research: An exploratory content analysis 2007 Bell E. British Journal of Management

Todayś solution and tomorrowś problem: The business process outsourcing risk 2007 Shi Y. California Management Review
management puzzle

Escalation: The role of problem recognition and cognitive bias 2007 Keil M. Decision Sciences

The effects of information overload on software project risk assessment* 2007 Pennington R. Decision Sciences
The bounded rationality bias in managerial valuation of real options: Theory and 2007 Tiwana A. Decision Sciences
evidence from IT projects

Attention-shaping tools, expertise, and perceived control in IT project risk 2007 Du Steph Decision Support Systems
assessment en

The Influence of Experience and Information Search Styles on Project Risk 2007 Maytorena Eunic Ieee Transactions on Engineering
Identification Performance e Management

Managing competencies in breakthrough product development: A comparative 2007 McDermott C. Ieee Transactions on Engineering
study of two material processing projects Management

Equity Metrics With Risk, Performance, and Cost Objectives for the Prioritization 2007 Joshi Niles Ieee Transactions on Engineering
of Transportation Projects h Management

Systems development process improvement: A knowledge integration perspective 2007 Patnayakuni R. Ieee Transactions on Engineering
Management

Design reuse and buffers in high-tech infrastructure development: A stakeholder 2007 Gil N. Ieee Transactions on Engineering
perspective Management

Risk management in ERP project introduction: Review of the literature 2007 Aloini D. Information {\&} Management

The effects of optimistic and pessimistic biasing on software project status 2007 Snow Andre Information {\&} Management
reporting w

The linkage between reporting quality and performance in IS projects 2007 Thompson R. Information {\&} Management

Credit-spread determinants and interlocking contracts: A study of the Ras Gas 2007 Dailami Mans Journal of Financial Economics
project oor

Fixing the payment system at Alvalade XXI: a case on IT project risk management 2007 OĆallaghan R. Journal of Information Technology

A temporal model of information technology project performance 2007 Gemino A. Journal of Management Information
Systems

Software process tailoring: An empirical investigation 2007 Xu P. Journal of Management Information

Systems

Option-based risk management: A field study of sequential information technology 2007 Benaroch M. Journal of Management Information
investment decisions Systems

Planning effort as an effective risk management tool 2007 Zwikael Ofer Journal of Operations Management

Participants á ppraisals of process issues and the effects of stress management 2007 Nielsen K. Journal of Organizational Behavior
interventions

NPD planning activities and innovation performance: The mediating role of process 2007 Salomo S. Journal of Product Innovation
management and the moderating effect of product innovativeness Management

Determinants of IT usage and new product performance 2007 Barczak G. Journal of Product Innovation
Management

A lognormal approximation of activity duration in PERT using two time estimates 2007 Mohan S. Journal of the Operational Research
Society

Management of supply chain: an alternative modelling technique for forecasting 2007 Datta S. Journal of the Operational Research
Society
Systemic risk assessment: a case study 2007 Ackermann F. Journal of the Operational Research
Society

Investigating the risk-return relationship of information technology investment: 2007 Dewan S. Management Science
Firm-level empirical analysis

Strategic Management of R&D Pipelines with Cospecialized Investments and 2007 Chan Tat Management Science
Technology Markets

A fuzzy set approach for R&D portfolio selection using a real options valuation 2007 Wang J. Omega-International Journal of
model Management Science

The effect of decision risk and project stage on escalation of commitment 2007 He Xin Organizational Behavior {\&}
Human Decision Processes

Techno therapy or nurtured niches? Technology studies and the evaluation of 2007 Hommels A. Research Policy
radical innovations

An exploration of warehouse automation implementations: cost, service and 2007 Baker P. Supply Chain Management-an
flexibility issues International Journal

Information systems project continuation in escalation situations: A real options 2006 Tiwana A. Decision Sciences
model

Decision criteria of European and Latin American market actors for tropical 2006 Sell Joachi Ecological Economics
forestry projects providing environmental services m

A simulation study of IT outsourcing in the credit card business 2006 Paisittanand S. European Journal of Operational
 Research

Evaluating cost taxonomies for information systems management 2006 Irani Z. European Journal of Operational
Research

External Change in Large Engineering Design Projects: The Role of the Client 2006 Gil Nuno Ieee Transactions on Engineering
Management

Functionality Risk in Information Systems Development: An Empirical 2006 Tiwana Amrit Ieee Transactions on Engineering
Investigation Management

A Simulation-Based Optimization Framework for Product Development Cycle 2006 Abdelsalam Hisha Ieee Transactions on Engineering
Time Reduction m Management

Assembling Off-the-Shelf Components: "Learn as You Go" Systems Engineering 2006 Horowitz Barry IEEE Transactions on Systems, Man
{\&} Cybernetics: Part A

A decision model for managing software development projects 2006 Nguyen T. Information {\&} Management

Selection priority of process areas based on CMMI continuous representation 2006 Huang Sun- Information {\&} Management
Jen

Market reactions to E-business outsourcing announcements: An event study 2006 Agrawal M. Information {\&} Management

Uncertainty and global sensitivity analysis in the evaluation of investment projects 2006 Borgonovo E. International Journal of Production
Economics

Real options in information technology risk management: An empirical validation 2006 Benaroch M. Mis Quarterly
of risk-option relationships
Knowledge integration and information technology project performance 2006 Mitchell V. Mis Quarterly

Proven practices for effectively offshoring IT work 2006 Rottman J. Mit Sloan Management Review

Extracting value from corporate venturing 2006 McGrath R. Mit Sloan Management Review

A multiobjective optimization model for project selection with probabilistic 2006 Gabriel Steve Socio-Economic Planning Sciences
considerations n

Knowledge across cultures in the construction industry: sustainability, innovation 2006 Demaid A. Technovation
and design

Linking innovative product development with customer knowledge: a data-mining 2006 Su C. Technovation
approach

Managing Cost Overrun Risk in Project Funding Allocation 2005 Chung-Li Tseng Annals of Operations Research

Fuzzy decision support system for risk analysis in e-commerce development 2005 Ngai E. Decision Support Systems

Simple probability models for project contracting 2005 Paul Anan European Journal of Operational
d Research

A simulation-based process model for managing complex design projects 2005 Cho S. Ieee Transactions on Engineering
Management

Prototype Stopping Rules in Software Development Projects 2005 Serich Scott Ieee Transactions on Engineering
Management

Impact of Budget Uncertainty on Project Time-Cost Tradeoff 2005 Yang I. Ieee Transactions on Engineering
 Management

Optimal use of budget reserves to minimize technical and management failure risks 2005 Dillon Robin Ieee Transactions on Engineering
during complex project development Management

The enigma of evaluation: benefits, costs and risks of IT in Australian small- 2005 Love P. Information {\&} Management
medium-sized enterprises

Purchasing process transformation: restructuring for small purchases 2005 Parikh M. International Journal of Operations
{\&} Production Management

Strategic predictors of successful enterprise system deployment 2005 Ettlie J. International Journal of Operations
{\&} Production Management

Sharing of endogenous risk in construction 2005 Olsen Trond Journal of Economic Behavior {\&}
Organization

Toward predicting software development success from the perspective of 2005 Procaccino J. Journal of Information Technology
practitioners: an exploratory Bayesian model

Complexity of information systems development projects: Conceptualization and 2005 Xia W. Journal of Management Information
measurement development Systems

The reciprocal nature of trust: a longitudinal study of interacting teams 2005 Serva M. Journal of Organizational Behavior

Contingent portfolio programming for the management of risky projects 2005 Gustafsson J. Operations Research

Paying attention to real options 2005 Barnett M. R {\&} D Management

Risks in new product development: devising a reference tool 2005 Keizer J. R {\&} D Management
Examining risk tolerance in project-driven organization 2005 Kwak Y. Technovation

Coronary risk in South Asians: role of ethnicity and blood sugar 2004 Aarabi M. Eur J Cardiovasc Prev Rehabil

Mean-Gini analysis in R&D portfolio selection 2004 Ringuest J. European Journal of Operational
Research

Rough approximation of a preference relation by a multi-attribute dominance for 2004 Zaras Kazi European Journal of Operational
deterministic, stochastic and fuzzy decision problems mierz Research

New product Go/No-Go evaluation at the front end: A fuzzy linguistic approach 2004 Lin C. Ieee Transactions on Engineering
Management

Managing Technology Development for Safety-Critical Systems 2004 Sachon Marc Ieee Transactions on Engineering
Management

Understanding software project risk: a cluster analysis 2004 Wallace Linda Information {\&} Management

A fault threshold policy to manage software development projects 2004 Chiang I. Information Systems Research

Integrating collaborative processes and quality assurance techniques: Experiences 2004 Grunbacher P. Journal of Management Information
from requirements negotiation Systems

Managing a portfolio of interdependent new product candidates in the 2004 Blau G. Journal of Product Innovation
pharmaceutical industry Management
Managing risk in software process improvement: An action research approach 2004 Iversen J. Mis Quarterly

The Lead User method: an outline of empirical findings and issues for future 2004 Luthje C. R {\&} D Management
research

Project risk management: lessons learned from software development environment 2004 Kwak Y. Technovation

Polycomb, epigenomes, and control of cell identity 2003 Orlando V. Cell

Human resource selection for software development projects using Taguchiś 2003 Tsai Hsien European Journal of Operational
parameter design -Tang Research

Multiple criteria decision making combined with finance: A categorized 2003 Steuer R. European Journal of Operational
bibliographic study Research

Reporting bad news about software projects: Impact of organizational climate and 2003 Tan B. Ieee Transactions on Engineering
information asymmetry in an individualistic and a collectivistic culture Management

A hybrid approach using the analytic hierarchy process and integer programming to 2003 Greiner M. Ieee Transactions on Engineering
screen weapon systems projects Management

Project selection - A process analysis 2003 Daniel H. Industrial Marketing Management

Escalating commitment to information system projects: findings from two 2003 Sabherwal R. Information {\&} Management
simulated experiments
What drives the configuration of information technology projects? Exploratory 2003 Martin Andre Journal of Information Technology
research in 10 organizations w

Justifying contingent information technology investments: Balancing the need for 2003 Clemons E. Journal of Management Information
speed of action with certainty before action Systems

The effects of environmental turbulence on new product development strategy 2003 Calantone R. Journal of Product Innovation
planning Management

An Empirical Investigation into the Antecedents of Knowledge Dissemination at 2003 van der Bij Hans Journal of Product Innovation
the Strategic Business Unit Level Management

Constructively simple estimating: a project management example 2003 Chapman C. Journal of the Operational Research
Society

But will it raise my share price? New thoughts about an old question 2003 Lubatkin M. Long Range Planning

Reassessing risk in developing country infrastructure 2003 Doh J. Long Range Planning

Programmatic risk analysis for critical engineering systems under tight resource 2003 Dillon R. Operations Research
constraints

Effects of camonagrel, a selective inhibitor of platelet thromboxane synthase, on 2003 Villalobos M. Pharmacology
the platelet-subendothelium interaction
In search of innovative techniques to evaluate pharmaceutical R&D projects 2003 Jacob Willia Technovation
m

A bicriteria knapsack program for planning remediation of contaminated 2002 Jenkins L. European Journal of Operational
lightstation sites Research

The World Bankś innovation market 2002 Wood R. Harv Bus Rev

Adding value in product development by creating information and reducing risk 2002 Browning T. Ieee Transactions on Engineering
Management

The challenge of accurate software project status reporting: A two-stage model 2002 Snow A. Ieee Transactions on Engineering
incorporating status errors and reporting bias Management

Modeling impacts of process architecture on cost and schedule risk in product 2002 Browning T. Ieee Transactions on Engineering
development Management

Managing risks in IT projects: an options perspective 2002 Kumar R. Information {\&} Management

Flexible employment contracts and their implications for product and process 2002 Storey J. International Journal of Human
innovation Resource Management

Managing radical innovation: an overview of emergent strategy issues 2002 McDermott C. Journal of Product Innovation
Management
The weird rules of creativity 2001 Sutton R. Harv Bus Rev

Option-based management of technology investment risk 2001 Benaroch M. Ieee Transactions on Engineering
Management

Technology portfolio management: Optimizing interdependent projects over 2001 Dickinson M. Ieee Transactions on Engineering
multiple time periods Management

Information system success as impacted by risks and development strategies 2001 Jiang J. Ieee Transactions on Engineering
Management

Success factors and future challenges in the management of faster-better-cheaper 2001 Pate- M. Ieee Transactions on Engineering
projects: Lessons learned from NASA Cornell Management

Itś only a matter of confidence! A comparison of relationship management between 2001 Cousins P. International Journal of Operations
Japanese- and UK non-Japanese-owned vehicle manufacturers {\&} Production Management

Keeping mum as the project goes under: Toward an explanatory model 2001 Smith H. Journal of Management Information
Systems

Structural and contextual correlates of charged behavior in product development 2001 Sethi R. Journal of Product Innovation
teams Management

From experience: Capturing hard-won NPD lessons in checklists 2001 Riek R. Journal of Product Innovation
Management
Product innovativeness from the firmś perspective: Its dimensions and their relation 2001 Danneels E. Journal of Product Innovation
with project selection and performance Management

The impact of disruption and delay when compressing large projects: going for 2001 Howick S. Journal of the Operational Research
incentives? Society

An integrated approach for risk response development in project planning 2001 Ben-David I. Journal of the Operational Research
Society

Technological innovation in the pharmaceutical industry: The use of organizational 2001 Cardinal L. Organization Science
control in managing research and development

International R&D project evaluation by multinational corporations in the 2001 Liao Ziqi R and D Management
electronics and IT industry of Singapore

Conditional stochastic dominance in R&D portfolio selection 2000 Ringuest J. Ieee Transactions on Engineering
Management

A model of information systems development project performance 2000 Yetton Philip Information Systems Journal

From experience: Harnessing tacit knowledge to achieve breakthrough innovation 2000 Mascitelli R. Journal of Product Innovation
Management

Multiple schedules and measures of resource constrained float 2000 Bowers J. Journal of the Operational Research
Society

A cross-cultural study on escalation of commitment behavior in software projects 2000 Keil M. Mis Quarterly
Justifying electronic banking network expansion using real options analysis 2000 Benaroch M. Mis Quarterly

The entrepreneurial M-form, strategic integration in global media firms 2000 Eisenmann T. Organization Science

The project-based organisation: an ideal form for managing complex products and 2000 Hobday M. Research Policy
systems?

Source: author, 2017

5 Research Design – Risk Management Maturity
Purpose: The purpose of this research is to describe the state-of-the-art of risk management
maturity. Also the identification of maturity models will be conducted together with possible
evaluation tools and frameworks. The goals and implications of the risk management maturity
will be also discussed and directions for future research proposed.
Design/methodology/approach: Backdrop for such outputs is found in the literature review of
126 articles published in 2000 – 2017 on the topic of risk management maturity is presented.
Papers are explored based on descriptive and thematic analysis.
Findings: Research still in progress.
Research implications: Understanding the state-of-the-art of risk management maturity will
guide the future research efforts. Also it might unveil important findings in the field of risk
management and potential lapses in application.
Originality/value: Understanding of risk management implementation in companies. It’s the
first comprehensive literature review on the topic with focus on maturity tools and framework
evaluation together with company implementation overview.

Figure 8: Literature Review Process (adapted from Tranfield at el., 2003)

Step 1: Question Formulation

Systematic Literature Review Research Questions:

RQ1: What is the current state-of-the-art in risk management maturity models research?
RQ2: What frameworks are used in risk management maturity evaluation?
RQ3: What tools are suggested/developed by the researchers?

Step 2: Keyword Search in Identified Databases

Criteria Reasoning

Use of keywords was focus on uncovering all

Keywords: "risk management" and "maturity"
the relevant literature.

Best coverage of the topics in scholarly articles

EBSCO and Web of Science database
and wide use by researchers worldwide.

Focus on high-quality papers in English

International scholarly peer-reviewed
excluding books, proceedings, dissertations
academic journals
etc.

Published between January 2010 and Recent findings and contemporary

December 2017 understanding of the topic.
 173 articles (118 from EBSCO host and 55
No. of papers:
from Web of Science)

Step 3: Removal of Duplicates

Removal of 858 duplicated papers via using EndNote duplicate search.

No. Of papers: 155 papers

Step 4: Article Quality and Relevance Assesment

Criteria Reasoning

Irrelevant articles was included based on

Removal of irrelevant articles after analysis of
previous search options, those not contributing
scope, abstract and title
to research questions were removed.

Removal of irrelevant articles after full-text Main focus of articles was not aligned with
scanning. research questions.

No. Of papers: 123 papers

Step 5: Capturing Previously Omitted Articles

Criteria Reasoning

Key articles in the field with focus on research

Checking the citation
questions might be overlooked previously.

Using other relevant sources (Google Scholar Final look for the scholarly peer-review
and ResearchGate) articles and ongoing research

No. Of papers: 126 papers

Step 6: Full-text Analysis and Coding

Full text analysis of 126 papers

Qualitative research coding via NVivo: focus on coding for country, industry, sector, theory,
research perspective, tool proposed, framework proposed, research method
No. Of papers: 126 papers

Step 7: Reporting

Descriptive analysis on country, industry sector, research perspective, research method

Thematic analysis on the four stages of PRM and tools proposed

Source: author, 2018

For the software support of this research the EndNote and NVivo software solutions provided
the fundamentals for conduction of the research as they are widely spread tools for literature
review and vast resources may be used to guide the researcher.
The list of article selected for the review follows.
Table 3: List of articles for risk management maturity review
Article
Risk analysis in introduction of new
technologies by start-ups in the Brazilian
market
Developing a self-assessment model of risk
management maturity for client organizations
of public construction projects: Indonesian
context
2015/2016 Quality Risk Management
Benchmarking Survey
Vendor Risk Management Better But Still
Needs Improvement, Says Study
IT Governance and the Maturity of IT Risk
Management Practices
Managers' Support - A Key Driver behind
Enterprise Risk Management Maturity
Strong and Flexible
14 Companies Receive the 2017 Risk Maturity
Model (RMM) Recognition
Liquidity risk and maturity management over
the credit cycle
An advanced DYNAMIC RISK MODELING
AND ANALYSIS in projects management
Current research trends and application areas of
fuzzy and hybrid methods to the risk
assessment of construction projects
Risk Management
CyberGRX Launches Free Tool to Help
Companies Benchmark Third-Party Cyber Risk 2017 CyberGrx
Year Authors
P. M. F. O. Teberga, Fábio
2018 Lotti: Kotabe, Masaaki
2017 A. T. Wibowo, J.
2017 K. R. Waldron, E.: Hartman, J.
2017 B. Violino
N. E. H. Vincent, J. L.: Pinsker,
2017 R. E.
2017 D. M. K. Sprcic, A.: Pecina, E.
2017 K. O'Connor
2017 P. R. Newswire
2017 A. S. Mian, João A. C.
A. A.-K. Jamshidia, Daoud:
2017 Ruizc, Angel
M. S. N. Islam, M. P.:
2017 Skitmore, M.: Attarzadeh, M.
2017 R. B. Hey
Journal
Management Decision
3rd International Conference on Sustainable Civil Engineering
Structures and Construction Materials - Sustainable Structures for
Future Generations
PDA J Pharm Sci Technol
Information-management.com
Journal of Information Systems
Zagreb International Review of Economics & Business
PM Network
LOGICMANAGER-award
Journal of Financial Economics
Journal of Modern Project Management
Advanced Engineering Informatics
Performance Management for the Oil, Gas, and Process Industries
De Facto Seniority, Credit Risk, and Corporate
Bond Prices 2017 J. H. Bao, K. W. Review of Financial Studies
Supply Chain Risk Management 2016 N. Wildgoose Enterprise Risk Management
Influence of personality and risk propensity on
risk perception of Chinese construction project C. M. X. Wang, B. B.: Zhang,
managers 2016 S. J.: Chen, Y. Q. International Journal of Project Management
Management systems audit in the annex SL C. D. V. Roncea, D.
context 2016 Majstorovic: Prof, Prof The TQM Journal
Drivers for and obstacles to enterprise risk
management in construction firms: a literature B. Y. A. Renault, J. N.:
review 2016 Balogun, O. A. 5th Creative Construction Conference (Ccc 2016)
Radian’s Distinguished Risk Maturity Model
Recognized for Second Consecutive Year 2016 I. Radian Group
A holistic approach to risk oriented lifecycle
engineering: Assessing lifecycle risks in early T. K. Pickshaus, A.: Hesse, S.:
phases 2016 Fleischer, K.: Schmitt, R. 23rd Cirp Conference on Life Cycle Engineering
THIRD-PARTY RISK MANAGEMENT
MOVING up THE MATURITY CURVE 2016 S. Palm RMA Journal
A maturity model for enterprise risk
management 2016 F. L. Oliva International Journal of Production Economics
Measuring corporate governance maturity:
Evidence from the NSW public sector 2016 D. O'Connell Governance Directions
Survey Finds Improvements in Organizations'
Vendor Risk Management Programs, But Still
'A Long Way to Go,' According to New Study
from Protiviti and Shared Assessments 2016 P. R. Newswire PROTIVITI-Vendor-Risk
Darius McDermott: Where to find value in
corporate bond markets 2016 D. McDermott Money Marketing (Online Edition)
Risk maturity models: how to access risk
management effectiveness 2016 S. R. Kahn Choice: Current Reviews for Academic Libraries
To risk management maturity and beyond 2016 F. Chia Wan MiddleEast Insurance Review
Exploratory study on risk management of state- 2016 L. M. W. Hu, H. H. Engineering Construction and Architectural Management
owned construction enterprises in China
GBTA Launches New Travel Risk
Management Assessment Tool
Guidelines to Risk Management Maturity in
Construction Projects
Risk Maturity Models: How to Assess Risk
Management Effectiveness
A jurisdictional maturity model for risk
management, accountability and continual
improvement of abandoned mine remediation
programs
Better by design: business preferences for
environmental regulatory reform
Two Misperceptions About Risk Management
Assessing the client's risk management
performance in construction procurement and
contracting: Case studies
Evaluating risk management practices in
construction organizations
Assessing Risk Management Maturity of
Construction Organisations on Infrastructural
Project Delivery in Nigeria
16 Companies Recognized by LogicManager
and RIMS as Leaders in ERM Maturity
Vendor Risk Flummoxing Compliance
Programs
Maturity of Quantitative Risk Analysis
undertaken for Capital Projects
More Will No Longer Be Better
2016 A. Global Business Travel
R. G. G. L. Caiado, Gilson
Brito Alves: Nascimento,
Daniel Luiz de Mattos: Vieira
Neto, Julio: De Oliveira,
2016 Rodolpho Augusto Maultasch Brazilian Journal of Operations & Production Management
2016 D. Antonucci
C. J. L. Unger, A. M.: Kenway,
2015 J.: Glenn, V.: Walton, A. Resources Policy
C. M. P. Taylor, S. J. T.: Rocks,
2015 S. A.: Angus, A. J. Sci Total Environ
2015 R. M. Steinberg Compliance Week
2015 A. F. Serpell, X.: Howard, R. Creative Construction Conference 2015, Selected Papers
A. F. Serpell, X.: Rubio, L.:
2015 Arauzo, S. Proceedings of the 2014 IPMA World Congress
2015 R. A. A. Salawu, F. Contemporary Issues in Management and Social Science Research
2015 P. R. Newswire LogicManager-awds
2015 J. Jaeger Compliance Week
2015 R. J. Chapman PM World Journal
2015 V. Hui Credit Union Management
Thinking about Risk Scenarios Using FAIR
Risk Management
Implementing Risk Management
The Valuation Implications of Enterprise Risk
Management Maturity
Taking risk management of the shelf
Credit Risk Management Capability Maturity
Model for Commercial Banks
The term structure of the price of variance risk
Take a Chance on Me? Construction Client's
Perspectives on Risk Management
Investigating Enterprise Risk Management
Maturity in Construction Firms
Security Risk Management in Healthcare: A
Case Study
Risk management practices from risk maturity
models perspective
Practical Enterprise Risk Management: How to
Optimize Business Strategies through Managed
Risk Taking
Risk management in construction projects: a
knowledge-based approach
The project risk management process, a
preliminary study
Fixing the cracks in the crystal ball: A maturity
model for quantitative risk assessment
Analysis of the effect of risk management
practices on the performance of new product
2015 J. J. Freund, Jack
2015 J. J. Freund, Jack
2015 J. J. Freund, Jack
2015 M. G. Farrell, R.
2015 Z. Efrat
2015 A. K. Arora, Muneesh
M. E. Andries, Thomas M.:
Schmalz, Martin C.: Wang,
2015 Yichuan
2015 A. L. Abderisak, Göran
X. B. H. Zhao, B. G.: Low, S.
2014 P.
H. M. Zafar, S. Ko: Clark, Jan
2014 G.
2014 M. Wieczorek-Kosmala
2014 L. Taylor
A. F. F. Serpella, X.: Howard,
2014 R.: Rubio, L.
L. H. C. Rodrigues-da-Silva, J.
2014 A.
2014 A. A. Rae, R.: McDermid, J.
J. O. Oehmen, A.: Kenley, C.
2014 R.: Ben-Daya, M.
Measuring and Managing Information Risk
Measuring and Managing Information Risk
Measuring and Managing Information Risk
Journal of Risk and Insurance
Prajnan
Procedia Economics and Finance
Journal of Construction Engineering and Management
Communications of the Association for Information Systems
Journal for East European Management Studies
Selected Papers from the 27th Ipma (International Project
Management Association)
Centeris 2014 - Conference on Enterprise Information Systems /
Projman 2014 - International Conference on Project Management /
Hcist 2014 - International Conference on Health and Social Care
Information Systems and Technologies
Reliability Engineering & System Safety
Technovation
development programs
Experts Cite Security Gaps in Current Third-
Party Risk Management Practices 2014 P. R. Newswire Shared-Assessments
Case histories: why should you adopt my Six Key Communication Skills for Records and Information
business case? 2014 K. L. Neal Managers
Current Trends in Internal Audit 2014 V. Z. Munteanu, D. L. 5th World Conference on Educational Sciences
Assessing risk management capability of
contractors in subway projects in mainland S. Y. C. Mu, H.: Chohr, M.:
China 2014 Peng, W. International Journal of Project Management
Q. W. Li, Yue: Ojiako,
Enterprise risk management and firm value Udechukwu: Marshall,
within China’s insurance industry 2014 Alasdair: Chipulu, Maxwell Acta Commercii
Risks Inherent in Financial Institutions 2014 R. Kumar Strategies of Banks and Other Financial Institutions
Risk Management in Logistics Enterprises:
Findings from the 2013 Empirical Study 2014 M. L. Huth, Dirk Logistics & Transport
In the same breath 2014 J. L. Hopkinson, Dr Jennifer Safety & Health Practitioner
O. B. Hashim Motaleb, Pasian:
Dr Nigel William, Dr: Kishk,
Assessing risk response maturity 2014 Mohammed International Journal of Managing Projects in Business
B. B. Hartono, Pasian: Dr Nigel
An empirically verified project risk maturity William, Dr: F.N. Wijaya, Deo:
model 2014 M. Arini, Hilya International Journal of Managing Projects in Business
Strategic Capital Optimization in an Uncertain
World - Part 2 2014 O. B. Hanselman Bank Asset/Liability Management
The Value of Risk Management 2014 K. D. M CFO
Joint modeling of VIX and SPX options at a
single and common maturity with risk
management applications 2014 P. M. Carr, D. B. Iie Transactions
An instrumentation engineer's review on smart
grid: Critical applications and parameters 2014 J. S. Bhatt, V.: Jani, O. Renewable & Sustainable Energy Reviews
New Study Shows Direct Relationship Between
Mature Risk Management Practices And Value 2014 Insurance Broadcasting
Growth
Developing Fuzzy Enterprise Risk
Management Maturity Model for Construction
Firms
Survey: 81% of IT Professionals Rate Their
Organization’s Commitment to Risk-Based
Security Management as ‘Significant’
Cash Landing
How can the Trade off between Corporate
Business Strategy and Project Risk be
Optimized?
Measuring the maturity of risk management in
large-scale construction projects
Uncertainty, supply risk management and their
impact on performance
Project Risk Management: Developing a Risk
Framework for Translation Projects
Editorial: Information technologies in safety
management of large-scale infrastructure
projects
IT Risk Management: A Capability Maturity
Model Perspective
Assessing Risk Management Capability of
Public Sector Organizations Related to PPP
Scheme Development for Water Supply in
Indonesia
Agency Information Collection Extension
The Project Risk Maturity Model: Measuring
and Improving Risk Management Capability
Developing a Framework for Maturing IT Risk
X. B. H. Zhao, B. G.: Low, S.
2013 P. Journal of Construction Engineering and Management
2013 I. Tripwire
2013 D. K. Sorenson, Gary AFP Exchange
M. J. A. Sheykh, M.: Sobhiyah,
2013 M. H. Procedia - Social and Behavioral Sciences
G. S. N. Jia, X. C.: Chen, Z.:
Hong, B. N.: Chen, Y. T.:
2013 Yang, F. J.: Lin, C. Automation in Construction
P. S. Hoffmann, H.:
2013 Krabbendam, K. Journal of Purchasing and Supply Management
2013 E. S. Dunne
2013 L. Y. L. Ding, Heng Automation in Construction
2013 M. Carcary Electronic Journal of Information Systems Evaluation
M. H. P. Pangeran, K. S.:
Wirahadikusumah, R. D.:
2012 Notodarmojo, S. Civil Engineering Dimension
Federal Register (National Archives & Records Service, Office of
2012 P. Hoffman the Federal Register)
2012 R. Gladden Project Management Journal
2012 M. Carcary Proceedings of the 6th European Conference on Information
Management Capabilities Management and Evaluation
Analysis on the Dynamics of Yield Curve of
Murabaha in Indonesian Sharia Mortgage
Financing: The Case of Indonesian Sharia S. K. S. Wiryono, Barli: Annual International Conference on Micro & Macro Economics
Banks 2011 Sudrajad, Oktofa Yudha Research
Risky business 2011 C. E. Thompson CMA Magazine (1926-4550)
Link Confirmed Between Financial
Performance and Risk Management Maturity:
Aon and Wharton School 2011 P. R. Newswire IL-AON-Wharton-School
Modelling optimal risk allocation in PPP
projects using artificial neural networks 2011 X. H. Z. Jin, G. M. International Journal of Project Management
Program management organization maturity G. S. C. Jia, Y. T.: Xue, X. D.:
integrated model for mega construction Chen, J. G.: Cao, J. M.: Tang,
programs in China 2011 K. W. International Journal of Project Management
SHORING UP Information Governance with
GARP 2011 G. E. J. Hoke Information Management Journal
A Maturity Model for the Management of
Information Technology Risk 2011 B. Farah International Journal of Technology, Knowledge & Society
A risky business: ISO 31000 and 27005
unwrapped 2011 C. Everett Computer Fraud & Security
A systemic methodology for risk management A. C. G. Cagliano, S.: Rafele,
in healthcare sector 2011 C. Safety Science
Understanding and Improving Your Risk
Management Capability: Assessment Model for P. X. W. C. Zou, Y.: Chan, T.
Construction Organizations 2010 Y. Journal of Construction Engineering and Management-Asce
J. C. von Kanel, Eric W.:
Three key enablers to successful enterprise risk Deleris, Léa A.: Nayak, Nitin:
management 2010 Torok, Robert G. IBM Journal of Research and Development
Valuating risk from sales contract offer L. P. Bartelj, D.: Gubina, A. F.:
maturity in electricity market 2010 Golob, R. International Journal of Electrical Power & Energy Systems
An integrated technology for intelligent
software risk management 2009 O. A. K. Slabospickaya, G. Cybernetics and Systems Analysis
Better environmental regulation--contributions A. M. Gouldson, A.: Pollard, S.
from risk-based decision-making 2009 J. Sci Total Environ
The progress in ERM among insurers 2009 P. C. S. Curtis, Ali Hammad
A risk-centric approach that works 2009 D. Clayton Internal Auditor
Enterprise Maturity Models: Have We Lost the
Plot? 2008 A. J. Walker Computer
What can water utilities do to improve risk
management within their business functions?
An improved tool and application of process
benchmarking 2008 B. H. P. MacGillivray, S. J. Environ Int
Risk management: Roadmap to 'maturity' 2008 M. Kraus Directors & Boards
Analyzing the interest rate risk of banks using O. M. Entrop, Christoph:
time series of accounting-based data: evidence Wilkens, Marco: Zeisler,
from Germany 2008 Alexander
Knowledge-Based Proactive Project Risk
Management 2008 J. Arrow AACE International Transactions
Enhancing ERM 2008 Risk Management (00355593)
In search of opportunity management: Is the
risk management process enough? 2007 R. Olsson International Journal of Project Management
Software development risk and project K. S. S. Na, J. T.: Li, X. T.:
performance measurement: Evidence in Korea 2007 Singh, T.: Kim, K. Y. Journal of Systems and Software
Benchmarking risk management within the B. H. S. MacGillivray, J. V.:
international water utility sector. Part II: A Strutt, J. E.: Hamilton, P. D.:
survey of eight water utilities 2007 Pollard, S. J. T. Journal of Risk Research
Benchmarking risk management within the B. H. S. MacGillivray, J. V.:
international water utility sector. Part I: Design Strutt, J. E.: Hamilton, P. D.:
of a capability maturity methodology 2007 Pollard, S. J. T. Journal of Risk Research
When nothing is off the record": exploring the
theoretical implications of the continuous
recording of cognitive process in memory" 2005 M. Lansdale Memory
Dynamic risk management: Theory and
evidence 2005 F. T. Fehle, S. Journal of Financial Economics
Risk analysis and management in the water
utility sector - A review of drivers, tools and
techniques
Why risk efficiency is a key aspect of best
practice projects
Risk Aversion and Debt Maturity Structure
Default risk and optimal debt management
Source: author, 2018
S. J. T. S. Pollard, J. E.:
MacGillivray, B. H.: Hamilton,
2004 P. D.: Hrudey, S. E. Process Safety and Environmental Protection
2004 C. W. Chapman, Stephen International Journal of Project Management
J. G. M. Fernandez Ruiz,
2003 Blanca Cecilia Economia Mexicana, Nueva Epoca
2000 F. G. Drudi, Raffaela Journal of Banking & Finance
As visible from the years of publishing term risk management maturity became popular after
year 2010. If it’s because ISO 2009 publishing, discovering of the term “risk management
maturity” or other cause must be explored in the research. Together with qualitative analysis of
the papers it should yield the results expected in research design.

6 Conclusion
This technical report provides overview of the author’s current research and provides an
important stepping stone for the future research in area of project risk management.
The value of the report is also that it provides review of the papers critical towards risk
management and decision making process under risk which goes hand to hand with risk
management.
Also the benefit is that it includes comprehensive list of references for everyone who would like
to dive into the topic of risk management or project risk management.
For the fellow PhD students one might note that even collection of articles for extensive
literature review is really time consuming task. In that case software such as previously
mentioned EndNote or NVivo are definitely of help. One might find also free alternative of
Mendeley. In addition online communities such as ResearchGate might move your research
forward.
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