When faced with complexity, keep risk management processes simple.
Poorly executed risk management can result in spectacular project failures. Think deep-water oil spills and nuclear reactor meltdowns.
But well-executed risk management on megaprojects can lead to incredible success stories—and great examples for future projects. The US$23 billion Crossrail project, a 73-mile (118-kilometer) transit line being built through and underneath London, England, is a great case in point.
THE FORCES BEHIND BAD RISK MANAGEMENT
With so much potential for greatness, where does risk management go wrong? Usually, its benefits begin to suffer when risk management techniques are performed just to comply with organizational standards. ...