Risk Navigation Strategies for Major Capital Projects

Per Willy Hetland is Adjunct Professor and Program Chair in Project Commercial Management at the Norwegian School of Management BI and The University College of Haugesund, Norway. He had a 30 year career with the oil company Statoil where he held project and management positions including Project Director, Finance and Procurement, and Director of Professional Development assigned to the European Institute for Advanced Project and Contract Management, EPCI. Most recently, he was Director of Competence Development and Integration for the Statoil Project Academy in cooperation with the University of California at Berkeley. George Farage Jergeas is Professor of Project Management at the University of Calgary where he also was the Director of the Project Management Program. His current research interests are focused on construction productivity, team dynamics, and the drivers of cost overruns on mega-projects. Prior to taking this university position in 1994, Dr. Jergeas had extensive experience in the construction industry including construction management and claims dispute resolution. Asbjørn Rolstadås is Vice Dean for research at the Faculty of Engineering Science and Technology and a Professor of Production and Quality Engineering at the Norwegian University of Science and Technology. He is the author of 12 books and over 260 papers. He has over 30 years of experience in education, research and consulting in project management and project risk management for major international projects. Richard E. Westney founded Westney Consulting Group in 1978, a Houston-based consulting firm serving energy industry executives with strategic risk management, and improving the performance of project organizations. Prior to the formation of Westney Consulting Group, he was engaged in managing major international projects for Exxon. He is the author of 5 books and numerous articles on project management and project riskmanagement.

1. Introduction.- 2. Exposing the Myth of Predictability.- 3. Rethinking Project Risk Management.- 4. A New Approach to Project Risk Navigation.- 5. Jaywalking With George.- 6. Expanding the Project Risk Concept.- 7. The Change Process.- 8. Reshaping the Governance System.- 9. Improving the Decision Process.- 10. A New Strategic Planning Model.- 11. Redefining the Project Execution Strategy.- 12. Allocating Risk at the Contract Level.- 13. Enhancing the Effectiveness of Project Teams.- 14. Closing Remarks.