Decision Making in Risk Management: Quantifying Intangible Risk Factors in Projects

Project risk management is regarded as a necessary dimension of effective project delivery. Current practices tend to focus on tangible issues such as late delivery of equipment or the implications of technology. This book introduces a framework to identify emergent behavior-centric intangible risks and the conditions that initiate them.

The book identifies the quantitative measures to assess behavior induced risks by presenting a framework that limits the interpersonal tension of addressing behavioral risks. Included in the book is an illustrative case study in the oil and gas sector that demonstrates the use of the framework. The missing dimension of behavior-centric intangible risk factors in current risk identification is explored. The book goes on to cover management processes, providing a systematic analytical approach to mitigate subjectivity when addressing behavioral risks in projects.

Seeking to bridge the current gap in literature by providing a tested framework, this book is useful to those working in the fields of Project Management, Systems Engineering, Risk Management, and Behavioral Science.