Risk Management in Megaprojects

Abstract

Despite its high relevance to the success of megaprojects, risk management remains one of the least developed research issues. Risk management is a process composed of several phases. This paper is focused on the first of these phases: risk identification. Our purpose is to establish the state of the art in risk management in megaprojects, systematize the risks studied in the literature, as well as to identify potential areas of further research. To this end, a systematic review is carried out. Academic journals and conference papers published from 2000 onwards in main databases (WoK, Scopus and ABI) have been examined. A qualitative analysis has been performed by using ATLAS.ti together with a checklist. To the best of the authors’ knowledge, no previous systematic revision of papers on risk management in megaprojects has ever been carried out, although certain authors have emphasized its importance. The contribution of this research includes: a bibliometric analysis of the papers that focus on risk management in megaprojects; a systematization and classification of the risks; tw†o matrices comprised of the proposed risk categorization, first in relation to the sector studied, and second related with the different stakeholders; and an identification of gaps in the research in risk management in megaprojects. The systematization of the risks helps managers towards their identification within the megaproject, and to follow the subsequent steps in the risk management process. Moreover, the matrix developed on the transfer of risks can enable managers to analyse who would be the best partner to support each risk. Furthermore, from an academic point of view, potential areas for future lines of research are presented.

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