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
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
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