Luise HildebrandEvaluating Risks and Response Measures for International Projects

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Owed to market globalization, international mergers and the integration of processes, international project management increasingly gains in importance. International project management, especially of large-scale projects, faces a multitude of risks. Therefore, risk management is vital for international project management. Risk management aims to provide a comprehensive picture of the risks and possible risk response measures. Prior literature has mainly focused on the general risk management process as well as its first step, risk analysis. Although many methods have been developed for risk analysis, literature is dominated by an isolated view on risks. Thereby, direct and indirect relationships between the risks are not taken into account and no adequate basis for effective risk management is provided. Hence, the assessment of risks and their interrelations has gained in interest by both academia and practice. Nonetheless, the integrative evaluation of risk response measures is often neglected, although the assessment and selection of effective and efficient risk response measures requires a systemic analysis.

The work at hand investigates systemic interrelations of risks and response measures conceptually and empirically, using the example of international large-scale infrastructure projects. A methodological approach is developed to evaluate risks and response measures comprehensively. The method is applied in empirical analyses. It is a comprehensive approach to risk and response measure evaluation as the impact of the response measures on the risks´ likelihood to occur, impact on project performance and the risks´ interrelations are assessed and compared to the measures´ costs. The studies show that risk interrelations cannot be neglected. Furthermore, they demonstrated that all components of the response measure´s impact have to be quantified monetarily to fully and realistically determine their effect and efficiency. Overall, the method developed and the empirical results address seven research gaps of literature on risk management of international large-scale infrastructure projects.

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