Innovative Ways to Implement Risk Management in Infrastructure Projects

Abstract

In this paper an innovative, scientifically developed, and in practice tested approach for implementing risk management in infrastructure projects is introduced. There are two main objectives of this paper: (1) raising awareness about the inherent and often undervalued complexity of implementing risk management and (2) providing a route to implementing risk management in infrastructure projects. The innovative approach focuses on developing organizational conditions for effectively, cost-efficiently, and routinely applying risk management by balancing three dimensions: (1) the risk management method, (2) the project organization, and (3) the individual human factor. For facilitating, designing, and executing a well-planned risk management implementation process, a toolbox has been developed. Using this risk management implementation toolbox in over 15 organisations proved to facilitate embedding risk management in projects. Because the presented organization-focused and managerial way of risk management implementation is still rather new, a lot of additional researches on this topic is highly recommended.