Project risk: Theoretical concepts and stakeholders' perspectives

International Journal of Project Management

Volumn 32, Issue 3, 2014, Pages 400-411

  Hartono, Budi ^a   Sulistyo, Sinta R ^a   Praftiwi, Poetry P ^a   Hasmoro, Danar ^a  

^a GADJAH MADA UNIVERSITY   (Indonesia)

Author keywords

Concept; Descriptive; Indonesia; Normative; Project; Risk; Theory

Indexed keywords

DECISION THEORY; DEVELOPING COUNTRIES; PROJECT MANAGEMENT; RISKS; SURVEYS;

CONCEPT; DESCRIPTIVE; INDONESIA; NORMATIVE; PROJECT; THEORY;

RISK PERCEPTION;

DEVELOPING WORLD; PROJECT MANAGEMENT; RISK ASSESSMENT; STAKEHOLDER; THEORY;

INDONESIA;

EID: 84894242782     PISSN: 02637863     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ijproman.2013.05.011     Document Type: Article

References (73)

1. Ahmad I., Minkarah I. Questionnaire survey on bidding in construction. Journal of Management in Engineering 1988, 4:229-243.
2. Akintoye A.S., MacLeod M.J. Risk analysis and management in construction. International Journal of Project Management 1997, 15:31-38.
3. Anderson C., Galinsky A.D. Power, optimism, and risk-taking. European Journal of Social Psychology 2006, 36:511-536.
4. Arízaga J.F. A Methodology for Project Risk Analysis Using Bayesian Belief Networks within a Monte Carlo Simulation Environment 2007, University of Maryland, USA.
5. Babbie E.R. Survey research methods 2 1990, Wadsworth Publishing Company, Belmont, CA.
6. Bannerman P.L. Risk and risk management in software projects: a reassessment. Journal of Systems and Software 2008, 81:2118-2133.
7. Bazerman M.H. Judgment in Managerial Decision Making 1998, John Wiley & Sons, New York.
8. Boughton P.D. The competitive bidding process: beyond probability models. Industrial Marketing Management 1987, 16:87-94.
9. Bowman E.H. A risk/return paradox for strategic management. Working Paper, 11-07-80 1980, Massachusetts Institute of Technology.
10. Bowman E.H. Risk seeking by troubled firms. Sloan Management Review 1982, 23:33-42.
11. Bowman E.H. Content analysis of annual reports for corporate strategy and risk. Interfaces 1984, 14:61-71.
12. Cleaves D.A. Cognitive biases and corrective techniques: proposals for improving elicitation procedures for knowledge-based systems. International Journal of Man-machine Studies 1987, 27:155-166.
13. Clemen R.T., Reilly T. Making Hard Decisions with Decision Tools 2001, Duxbury, Pacific Grove, CA.
14. Dias W.P.S., Weerasinghe R.L.D. Artificial neural networks for construction bid decisions. Civil Engineering and Environmental Systems 1996, 13:239-253.
15. Dozzi S.P., AbouRizk S.M., Schroeder S.L. Utility-theory model for bid markup decisions. Journal of Construction Engineering and Management 1996, 122:119-124.
16. Du S., Keil M., Mathiassen L., Shen Y., Tiwana A. Attention-shaping tools, expertise, and perceived control in IT project risk assessment. Decision Support Systems 2007, 43:269-283.
17. Dulaimi M.F., Shan H.G. The factors influencing bid mark-up decisions of large- and medium-size contractors in Singapore. Construction Management and Economics 2002, 20:601-610.
18. Egemen M., Mohamed A.N. A framework for contractors to reach strategically correct bid/no bid and mark-up size decisions. Building and Environment 2007, 42:1373-1385.
19. Fellows R., Liu A.M.M. Human dimensions in modelling prices of building projects. Engineering Construction and Architectural Management 2000, 7:362-372.
20. Fiegenbaum A. Prospect theory and the risk-return association: an empirical examination in 85 industries. Journal of Economic Behavior and Organization 1990, 14:187-203.
21. Figner B., Weber E.U. Who takes risks when and why? Determinants of risk taking. Current Directions in Psychological Science 2011, 20:211-216.
22. Fischhoff B., Watson S.R., Hope C. Defining Risk. Policy Sciences 1984, 17(2):123-139.
23. Friedman L. A competitive-bidding strategy. Operations Research 1956, 4:104-112.
24. Gardoni P., Reinschmidt K.F., Kumar R. A Probabilistic Framework for Bayesian Adaptive Forecasting of Project Progress 2007, Zachry Department of Civil Engineering, Texas A&M University, USA, Texas.
25. Hair J.F., Black W.C., Babin B., Anderson R.E., Tatham R.L. Multivariate Data Analysis 2006, Pearson Education, Inc., Upper Saddle River, NJ. 6th ed.
26. Hardie B.G.S., Johnson E.J., Fader P.S. Modeling loss aversion and reference dependence effects on brand choice. Marketing Science 1993, 12:378-394.
27. Hartono B., Nugroho F.I., Saputra B.A. Biases in project estimation: experimental evidence. The 13th Asia Pacific Industrial Engineering and Management Systems Conference (APIEMS 2012) 2012, 13-18. APIEMS, Phuket, Thailand.
28. Hartono B., Saputra B.A. Are the experts really experts? A cognitive ergonomics investigation for project estimations. Jurnal Teknik Industri 2012, 14:115-122.
29. Hartono B., Yap C.M. Understanding risky bidding: a prospect-contingent perspective. Journal of Construction Management and Economics 2011, 29:579-593.
30. Hastie R., Dawes R.M. Rational Choice in an Uncertain World: The Psychology of Judgment and Decision Making 2001, Sage Publications Inc., Thousand Oaks, CA.
31. Hofstede G. Culture's Consequences: International Differences in Work-related Values 1984, Sage Publications, Inc., California.
32. Jegers M. Prospect theory and the risk-return relation: some Belgian evidence. Academy of Management Journal 1991, 34:215-225.
33. Jones B. Bounded rationality. Annual Review of Political Science 1999, 2:297-321.
34. Kahneman D. Maps of Bounded Rationality: A Perspective on Intuitive Judgment and Choice 2002.
35. Kahneman D., Tversky A. Prospect theory: an analysis of decision under risk. Econometrica 1979, 47:263-292.
36. Keil M., Wallace L., Turk D., Dixon-Randall G., Nulden U. An investigation of risk perception and risk propensity on the decision to continue a software development project. Journal of Systems and Software 2000, 53:145-157.
37. Khan S.S., Stylianou A. IT project management & managerial risk: effects of overconfidence. Paper 2009, 4.
38. Li H., Love P.E.D. Combining rule-based expert systems and artificial neural networks for mark-up estimation. Construction Management and Economics 1999, 17:169-176.
39. Lyons T., Skitmore M. Project risk management in the Queensland engineering construction industry: a survey. International Journal of Project Management 2004, 22:51-61.
40. MacCrimmon K.R., Wehrung D. Characteristics of risk taking executives. Management Science 1990, 36:422-435.
41. MacCrimmon K.R., Wehrung D., Stanbury W.T. Taking Risks: The Management of Uncertainties 1988, The Free Press, New York.
42. Mak S., Raftery J. Risk attitude and systematic bias in estimating and forecasting. Construction Management and Economics 1992, 10:303-320.
43. Maner J.K., Gailliot M.T., Butz D.A., Peruche B.M. Power, risk, and the status quo does power promote riskier or more conservative decision making?. Personality and Social Psychology Bulletin 2007, 33:451-462.
44. March J.G., Shapira Z. Managerial perspectives on risk and risk taking. Management Science 1987, 33:1404-1418.
45. McCabe B. Monte Carlo simulation for schedule risks. The 2003 Winter Simulation Conference 2003, 1561-1565.
46. Mochtar K., Arditi D. Pricing strategy in the US construction industry. Construction Management and Economics 2001, 19:405-415.
47. Olsson R. Search of opportunity management: is the risk management enough?. International Journal of Project Management 2007, 10.1016/j.ijproman.2007.03.005.
48. Pradiptyo R., Sasmitasiwi B., Sahadewo G.A. Evidence of Homo Economicus? Findings from Experiment on Evolutionary Prisoners' Dilemma Game 2011.
49. Riabacke A. Managerial decision making under risk and uncertainty. IAENG International Journal of Computer Science 2006, 32.
50. Rodrigues A.G. Managing and Modelling Project Risk Dynamics: A System Dynamics-based Framework Fourth European Project Management Conference 2001, 1-7. PMI Europe, London, UK.
51. Ronay R., von Hippel W. Power, testosterone, and risk taking. Journal of Behavioral Decision Making 2010, 23:473-482.
52. Ropponen J., Lyytinen K. Components of software development risk: how to address them? A project manager survey. IEEE Transactions on Software Engineering 2000, 26:98-112.
53. Runeson G., Skitmore M. Tendering theory revisited. Construction Management and Economics 1999, 17:285-296.
54. Schonberg T., Fox C.R., Poldrack R.A. Mind the gap: Bridging economic and naturalistic risk-taking with cognitive neuroscience. Trends in Cognitive Sciences 2011, 15:11-19.
55. Shapira Z. Risk in Managerial Decision Making 1986, Hebrew University.
56. Shash A.A. Factors considered in tendering decisions by top UK contractors. Construction Management and Economics 1993, 11:111-118.
57. Shash A.A. Competitive bidding system. Cost Engineering 1995, 37:19-20.
58. Shen L.Y. Project risk management in Hong Kong. International Journal of Project Management 1997, 15:101-105.
59. Simon H.A. Models of Man 1957, Wiley, New York.
60. Simu K. Risk management on small projects. Proceedings of 4th Nordic Conference on Construction Economics and Organisation 2007, Luleå University of Technology, Luleå, Sweden.
61. Sinha T. Prospect theory and the risk return association: another look. Journal of Economic Behavior & Organization 1994, 24:225-231.
62. Skitmore M., Pemberton J. A multivariate approach to construction contract bidding mark-up strategies. Journal of the Operational Research Society 1994, 45:1263-1272.
63. Strickland L.H., Lewicki R.J., Katz A.M. Temporal orientation and perceived control as determinants of risk-taking. Journal of experimental social psychology 1966, 2(2):143-151.
64. Tan W. Research Methods in Real Estate and Construction 1995, National University of Singapore, Singapore.
65. Tversky A., Kahneman D. Judgment under uncertainty: heuristics and biases. Science 1974, 185:1124-1131.
66. Tversky A., Kahneman D. Loss aversion in riskless choice: a reference-dependent model. Quarterly Journal of Economics 1991, 106:1039-1061.
67. Von Neumann J., Morgenstern O. The theory of Games and Economic Behavior 1947.
68. Wang W.C. SIM-UTILITY: model for project ceiling price determination. Journal of Construction Engineering and Management 2002, 128:76-84.
69. Wanous M., Boussabaine A.H., Lewis J. To bid or not to bid: a parametric solution. Construction Management and Economics 2000, 18:457-466.
70. Ward S., Chapman C. Transforming project risk management into project uncertainty management. International Journal of Project Management 2003, 21:97-105.
71. Williams T.M., Ackermann F., Eden C. Project risk: systemicity, cause mapping and a scenario approach. Managing Risks in Projects 1997, 343-352. E&FN Spon, London. K. Kahkonen, K.A. Artto (Eds.).
72. Winter M., S., C., Morris P., Cicmil S. Directions for future research in project management. International Journal of Project Management 2006, 24:638-649.
73. Wood G.D., Ellis R.C.T. Risk management practices of leading UK cost consultants. Engineering Construction and Architectural Management 2003, 10.