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Five propositions on how to combine threat and opportunity management in practice to further develop the project

Szentes, Henrik LU (2021) In Journal of Modern Project Management 9(2). p.173-185
Abstract
Risk management in project contexts is increasingly more in
focus amongst researchers and practitioners, including the debate on if
and how opportunities can be integrated into the work with threats, or if
separation is better. In this conceptual paper, integrating
several strands of literature including risk management, project
management, and organization theory in terms of sensemaking and
paradox perspectives on decision making, it is argued that a sequential
approach is a better option: An initial deliberate focus on threats to make
sense of the existing project plan, then on innovative responses often
entailing new opportunities. Five propositions on how this can be
conducted in practice by... (More)
Risk management in project contexts is increasingly more in
focus amongst researchers and practitioners, including the debate on if
and how opportunities can be integrated into the work with threats, or if
separation is better. In this conceptual paper, integrating
several strands of literature including risk management, project
management, and organization theory in terms of sensemaking and
paradox perspectives on decision making, it is argued that a sequential
approach is a better option: An initial deliberate focus on threats to make
sense of the existing project plan, then on innovative responses often
entailing new opportunities. Five propositions on how this can be
conducted in practice by project organizations are discussed as well as
an overarching flow-chart linking the five propositions together, while
recognizing that projects are temporary organizations in which a mix of
people with a different frame of references are expected to deliver results
after short initiation. Therefore, it is important to be realistic and
implement a clear and practical process for project risk management,
which distinctly links to existing forums and processes for decision
making rather than creating new ones. Several managerial implications
are presented, but also some theoretical notions.
(Less)
Please use this url to cite or link to this publication:
author
organization
publishing date
type
Contribution to journal
publication status
published
subject
in
Journal of Modern Project Management
volume
9
issue
2
pages
173 - 185
publisher
Mundo Press
external identifiers
  • scopus:85137203542
ISSN
2317-3963
DOI
10.19255/JMPM02712
language
English
LU publication?
yes
id
5d9abea0-6bfc-4813-971a-a2dcc1980018
alternative location
https://journalmodernpm.com/index.php/jmpm/article/view/JMPM02712
date added to LUP
2022-10-29 19:14:43
date last changed
2022-11-11 15:55:24
@article{5d9abea0-6bfc-4813-971a-a2dcc1980018,
  abstract     = {{Risk management in project contexts is increasingly more in<br/>focus amongst researchers and practitioners, including the debate on if<br/>and how opportunities can be integrated into the work with threats, or if<br/>separation is better. In this conceptual paper, integrating<br/>several strands of literature including risk management, project<br/>management, and organization theory in terms of sensemaking and<br/>paradox perspectives on decision making, it is argued that a sequential<br/>approach is a better option: An initial deliberate focus on threats to make<br/>sense of the existing project plan, then on innovative responses often<br/>entailing new opportunities. Five propositions on how this can be<br/>conducted in practice by project organizations are discussed as well as<br/>an overarching flow-chart linking the five propositions together, while<br/>recognizing that projects are temporary organizations in which a mix of<br/>people with a different frame of references are expected to deliver results<br/>after short initiation. Therefore, it is important to be realistic and<br/>implement a clear and practical process for project risk management,<br/>which distinctly links to existing forums and processes for decision<br/>making rather than creating new ones. Several managerial implications<br/>are presented, but also some theoretical notions.<br/>}},
  author       = {{Szentes, Henrik}},
  issn         = {{2317-3963}},
  language     = {{eng}},
  month        = {{12}},
  number       = {{2}},
  pages        = {{173--185}},
  publisher    = {{Mundo Press}},
  series       = {{Journal of Modern Project Management}},
  title        = {{Five propositions on how to combine threat and opportunity management in practice to further develop the project}},
  url          = {{http://dx.doi.org/10.19255/JMPM02712}},
  doi          = {{10.19255/JMPM02712}},
  volume       = {{9}},
  year         = {{2021}},
}