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How to Manage Project Opportunity and Risk: Why uncertainty management can be a much better approach than risk management by Stephen Ward, Chris Chapman

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Chapter 16

A corporate capability perspective

‘Not everything that can be counted counts, and not everything that counts can be counted’.

—Albert Einstein

The focus of this book is the development and application of efficient and effective processes for managing project-related uncertainty, opportunity and risk. In this final chapter we complete the relaxation of a project focus to consider the corporate implications of the issues and processes discussed in previous chapters in wider terms.

Relaxing the project focus raises an immediate question about the wider applicability and transferability of a PUMP approach to all aspects of organizational activity. We argue that the basic PUMP approach together with attendant concepts apply to corporate and operations management as well as all levels of project over the complete asset lifecycle in an organization. There are some new issues, but most of the new issues are joint, needing coordinated treatment. This has significant implications for existing common practice risk management, including corporate processes that operate under the label enterprise or enterprise-wide risk management.

Whether or not organizations take on board uncertainty management via PUMPs, there are a range of generic concepts and uncertainty management issues that all organizations need to recognize and address, whatever the decision-making context. In particular, there are a number of corporate capabilities that organizations should develop to support and deliver ...

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