Over past decades, project risk management (PRM) has gained increasing attention. A risk is something that may happen and if it does, will have a positive or negative impact on the project. Generally, the process of PRM includes risk identification, risk assessment, risk analysis, risk response and risk monitoring. For many industries, during the life cycle of a project, risk status alters frequently. There is the need to investigate dynamic risk management in the project.
Nowadays, rapid technological developments, organizational changes and increased demand for efficiency have all brought risk variability to project management. Projects are subjected to more risks in their development process. For example, a petroleum project involves multiple risks, such as political and economic risks, environmental risk, price volatility and financial risks, and geological and technical risks. Hence, we should cope with multiple risks. Due to the insufficiency in PRM, some of projects, for example, the BP oil-leak events of the offshore petroleum project in Gulf of Mexico, have caused great calamity. Also, there are risks beyond human control such as the 9/11 terrorist attack in New York, Hurricane Katrina in New Orleans and the 5/12 Earthquake in China. As a result, risk response measures should be taken for these risks.
This special issue is intended to publish the latest research on PRM and its applications. While research in the area of PRM encompasses a wide range of topics and methodologies, we expect this special issue to provide a good snapshot of current and emerging concepts, tools, approaches, issues, and trends within the field. Authors are encouraged to submit papers that employ both quantitative and quality research methodologies such as modelling, optimization, algorithms, simulation, questionnaire surveys, event studies, case studies etc., addressing the theme of the special issue.
Suitable topics for papers include but are not limited to:
- PRM tools and methods
- Life cycle management in PRM
- Risk identification, analysis and control in PRM
- Expert systems in PRM
- Real options in PRM
- Multi-criteria decision making in PRM
- Outsourcing decisions with uncertainty
- Risk-based project selection and risk ranking
- Dynamic programming in PRM
- Cost modelling, analysis and their applications
Submission Deadline: 31 January, 2011
Acceptance Notification: 1 July, 2011
Deadline for Sending Camera-ready Manuscripts: 1 September 1 2011
Publication: By the end of 2011