critical factors affecting risk management strategy in selected brownfield projects in plants

Abstract

newlineA project is identified by its temporary nature and uniqueness. The project has to newlinedeliver a unique product or a service or a result or a unique combination of product or newlineservice or results which means a deliverable at the end. Thus, it involves certain newlineactions directed to deliver that deliverable (Kliem et al, 1997; PMBoK®, 2017). newlineProjects cut across organizational and functional lines as it requires skills and talents newlinefrom different functions, professions and organisations. It is essentially a process of newlineworking which passes through several distinct phases, known as Project Life Cycle. newline(Nicholas and Steyn, 2012). newlineThe term Project Management has been used by different organization in their work newlinecontext. While some of them use it to describe the task of managing work others use it newlineto define the field of work that is focused on the delivery of project results (Cooke and newlineTate, 2005). In a more generalized way PMBoK®(2017) defines it as the application newlineof knowledge, skills, tools and techniques to project activities to meet the project newlinerequirements.The discipline of Project Management helps an individual or a group or newlinean organization to take care of issues in managing project activities. newlineAs the project passes through the project life cycle, the activities of the project are newlinemanaged by the Project Management Processes. According to the Project Management3 newlineBody of Knowledge (PMBoK ®, 2017) these processes are classified into five process newlinegroups which are Initiating, Planning, Executing, Monitoring and Controlling and newlineClosing Process groups.The planning process group is an important group which newlineconsists of several activities related to planning of project activities and includes risk newlinemanagement as one of its constituents. Projects by their very nature are challenging and risky job. Risks are a permanent newlinefeature in projects and affect the cost, schedule and quality of the project. While these newlinerisks can vary in type and magnitude their presence can be felt from the very beginning newlineof a project.