Project risk management

Abstract

Purpose The aim of this article is to develop an understanding of the issues related to risk management in digital library projects as well as techniques for mitigating risk in these projects. Design/methodology/approach Using evidence from other research in the area, this article outlines the major risk issues within a project and then defines a model for mitigating risk within a project. Findings The article finds that understanding the risk management entails understanding the underlying factors that contribute to project risks. These risks are often the same, regardless of the nature of the project. The first step in risk assessment is risk identification. Once risk identification is complete, risk analysis is used to identify the likelihood the risks that have been identified will happen. While there are several formal methods that can be used for risk analysis, many project managers use some type of matrix‐based decision process for analyzing and evaluating project risk. The most successful project managers maintain open lines of communication throughout their organizations to stay in touch with constituent's needs. Originality/value This article fills a gap in the digital project management literature by helping project managers understand the issues related to project risk and how to avoid them, thereby insuring greater probability their project will come to a successful and satisfying conclusion.

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