Project Risk Management Incorporating Knight, Ellsberg & Kahneman

Prpić, J., (2016). Project Risk Management Incorporating Knight, Ellsberg & Kahneman. Proceedings of the Hawaii International Conference on System Sciences #49. January 2016, Kauai, Hawaii, USA. IEEE Computer Society Press

13 Pages Posted: 16 Sep 2015 Last revised: 11 Apr 2016

Date Written: September 14, 2015

Abstract

This work investigates the Practice Standard for Project Risk Management (PSPRM) in light of the fundamental organizational risk research. As a result of this investigation, the work finds that the PSPRM is lacking some key concepts from the extant organizational risk literature and that other fundamental risk concepts are not applied in a manner consistent with the literature. Building on these findings, the work illustrates how project risk management and project risk research might be effected by these deficiencies and recommends some simple measures that could be implemented to usefully augment the PSPRM and project risk research.

Keywords: Project Risk Management, Frank Knight, Ellsberg, Daniel Kahneman, PMI, PMP, Risk, Uncertainty, Ambiguity, Cognitive Uncertainty, Information Quality

Suggested Citation

Prpić, John, Project Risk Management Incorporating Knight, Ellsberg & Kahneman (September 14, 2015). Prpić, J., (2016). Project Risk Management Incorporating Knight, Ellsberg & Kahneman. Proceedings of the Hawaii International Conference on System Sciences #49. January 2016, Kauai, Hawaii, USA. IEEE Computer Society Press. Available at SSRN: https://ssrn.com/abstract=2660631

John Prpić (Contact Author)

Thompson Rivers University ( email )

900 McGill Road
IB2008
Kamloops, BC V2C 5N3
Canada

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