Abstract
PurposeDespite the emergence and strategic importance of project risk management (PRM), its diffusion is limited mainly to large companies, leaving a lack of empirical evidence addressing SMEs. Given the socio-economic importance of SMEs and their need to manage risks to ensure the success of their strategic and innovative projects, this research aims to investigate how to adopt PRM in SMEs with a positive cost–benefit ratio.Design/methodology/approachThis study presents an exploratory and explanatory research conducted through multiple-case studies involving 10 projects performed in Spanish and Italian small and medium-sized enterprises (SMEs).FindingsThe results obtained highlight how project features (commitment type, innovativeness, strategic relevance and managerial complexity) and firms' characteristics (sector of activity, production system and access to public incentives) influence PRM adoption, leading to different levels and types of benefits.Originality/valueThe paper offers practical indications about PRM phases, activities, tools and organizational aspects to be considered in different contexts to ensure the project's success and, ultimately, the company's growth and sustainability. Such indications could not be found in the literature.
Highlights
Risk Management (RM) is a very relevant process that can be related to many companies’ survival
It is expected that the indications that emerged from this study – about tools and activities to be performed during the risk identification phase and the following project risk management (PRM) phases – can be relevant to developing structured and efficient PRM adoption in small and medium-sized enterprises (SMEs)
The indications about activities, tools and organizational aspects that enable the effective implementation of PRM in SMEs in different industries represent a significant contribution to the literature of PRM in SMEs since none of the previously published papers have provided this result
Summary
Risk Management (RM) is a very relevant process that can be related to many companies’ survival. The strategic plan of the enterprises is frequently implemented by tackling projects, so project risk management (PRM) has arisen as a very important approach. Taking into account that SMEs make a very relevant contribution to the economy (Turner et al, 2010); the analysis and the understanding of the key processes of PRM in SMEs is a relevant and pressing question, and the guidelines and tools used by large firms are usually too expensive or too complex to be suitable for SMEs (Pereira et al, 2015). The full terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode
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