Abstract
The aim of this paper is to contribute to existing work on project risk management, and energy innovation projects, using the lens of complexity theory. By regarding energy innovation projects as complex adaptive systems, and linking complexity theory elements to the possibilities for reducing risks of energy innovation projects, the authors conducted empirical research on a representative sample of 100 subjects. The authors used a questionnaire that was formed on the basis of a previously designed research model, which unifies several different management fields, and a large number of phenomena previously studied independently. Therefore, it has a holistic approach to the topic. The results of this research suggest that considering the elements of complexity theory had a positive impact on reducing risks in energy innovation projects, in all analyzed aspects including specific, operational, and especially regarding social and behavioral aspects. This paper strives to support and encourage better results in energy innovation projects by reducing their risks, and hopes to bring additional value by introducing a new risk philosophy, based on complexity theory. Lessons learnt regarding each issue of this research are points of concern for project managers.
Highlights
Statistical significance of the main indices suggests that taking into account complexity theory elements leads to reducing risks in energy innovation projects (EIP)
Social and behavioral aspects, in general human/non-technical risk factors, are becoming increasingly important for the success of EIPs, which calls for further research in this direction
It implies the use of methods that support dealing with complexity in the field of risk management in an appropriate manner
Summary
1.1. The High-Risk Potential of Energy Innovation ProjectsEnergy innovation has always had a significant role in the development of human society. It represents an indispensable factor for establishing competitiveness for environment sustainability and sustainable development and is implemented through energy innovation projects (EIP).EIP characteristics require special attention because of the following reasons:• Megaprojects: Despite huge financial investments in megaprojects, historical data indicate very poor performance [1].• Innovative feature of EIPs: When it comes to innovation projects, goals often remain unclear and are vaguely defined; processes tend to be experimental and exploratory, while the risks run high [2]. A high failure rate, and the need to stimulate creativity [3], sets innovation projects apart from other types of projects as well as constant learning.• Multidisciplinary project teams are common characteristics of both megaprojects and innovative projects.• EIPs try to reconcile contrary concepts of sustainable development and project management [4] (which are represented in Table 1).• Many stakeholders, often with conflicting interests [5]. • Difficult decision making as consequence of the previous two characteristics. • Numerous threats from the environment, which are hard to predict [5].Sustainable Development
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
