Project Risk Management
Risk Culture and Risk Attitude can influence the outcome of risk management. How does
risk attitude influence risk culture or vice versa? Explain why the need to build a good
Risk Culture with your project team. What does a good risk culture look like?
Abstract:
“Everyone knows that culture is important—but why? What about risk culture? What
should you do if your project or organisation takes too much risk – or too little? … Culture
arises from repeated Behaviour – if we do the same things repeatedly we will develop a
shared approach to “how we do things around here.” But behaviour is based on our
underlying Attitudes – how we think shapes our actions.” Hillson (2013).
Assignment Task: To answer the above questions, this is done by:
• Reading and reviewing the literatures provided as a starting point but not limiting
yourself to these sources of information.
• To assist you in your research, you can collaborate in discussing your research
with your study team but the report is an individual submission in report format
using the VU Harvard AGPS style.
• You have to identify three other relevant articles to support your review and your
conclusion.
• The word count – unspecified, as many as necessary for completeness of your
report.
• Report Due: Week 8
Report Structure:
The report should include the followings:
• Cover page
• Executive summary
• Table of Content
• Introduction
• Body of report
• Conclusion
EPM5740 Project Risk Management Week 7 Literature Review_LHT
Reference:
1. Hillson, D. 2013, The A-B-C of risk culture: how to be risk-mature, proceedings of
PMI® Global Congress 2013—North America, viewed 28 Mar 2018, <
https://www.pmi.org/learning/library/understanding-risk-culture-management-
5922 >
2. Richardson, P & Fenech, J 2012, Risk culture: under the microscope guidance for
boards, Institute of Risk Management, London, UK.
Available in e-format:
https://www.theirm.org/media/885907/Risk_Culture_A5_WEB15_Oct_2012.pdf
https://www.theirm.org/knowledge-and-resources/thought-leadership/risk-
culture.aspx
3. Bakker, K. & Somani, S. 2006, Establishing cultural influences on risk
management, proceedings of PMI® Global Congress 2006—EMEA, Madrid, Spain
viewed 28 Mar 2018 < https://www.pmi.org/learning/library/establishing-cultural-
influences-risk-management-8193 >
4. Deloitte , Cultivating a Risk Intelligent Culture: understand, measure, strengthen,
and report, Deloitte Luxembourg, viewed 28 Mar 2018, <
https://www2.deloitte.com/content/dam/Deloitte/lu/Documents/risk/lu_en_wp_riski
ntelligentculture_01082012.pdf
Solution Preview
Executive Summary
Project risk management is a necessity for all organisation as it works to assess the probability of risks and their outcomes in a bid to protect an organisation and the project process, especially the various objectives. Risk management is a process that should be followed meticulously so that the organisation is in good hands and ready to handle crises when they represent themselves. With the right mannerisms to conduct a risk management process,
(4,168 words)