Exploring the upside of risk in project management: A phenomenological inquiry

Abstract

Risk management is used to identify, assess, and respond to uncertainties. In project management, risks can be categorized as either threats (negative events or conditions) or opportunities (positive). This exploratory qualitative study investigates on how practitioners use positive risks in project management practice and identifies areas for further research. Recommendations from this study include further exploration of: (a) opportunity management training (b) developing a catalog of opportunity examples, and (c) developing a template for the business case for opportunity management. Through risk management, the project manager can improve the likelihood of successfully meeting project objectives. Through a focus on both negative and positive risk, the project manager can offset negative results and possibly project objectives to delight the stakeholders. This research provides greater insight to improve the efficacy for current and future project, program, and portfolio managers.