How to Manage Project Opportunity and Risk – Why Uncertainty Management can be a Much Better Approach than Risk Management 3e

Stephen Ward is Professor of Management and Deputy Head in the School of Management, University of Southampton. For more than thirty years his teaching, research and consulting activities has focussed on risk and uncertainty management. He was founding Director of Southampton's MSc Programme in Risk Management. Stephen has served on the British Standards Institute Risk Management Committee, and is a Fellow of the UK Institute of Risk Management. Recent research funded by the UK Institution of Civil Engineers addressed operational risk in major infrastructure projects and businesses. Stephen has published widely, including authorship of Risk Management Organisation and Context (Witherby, 2005), and jointly with Chris, Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making (Wiley, 2002) and Project Risk Management: Processes, Techniques and Insights (Wiley, 1997 and 2003). Chris Chapman is Emeritus Professor of Management Science in the School of Management, University of Southampton. He is a former Director of the School. He was the founding chair of the Association for Project Management Specific Interest Group on Project Risk Management. He is a Past President of the Operational Research Society, and an Honorary Fellow of the Institute of Actuaries. For more than 35 years his research has focused on risk and uncertainty management. Like Stephen, his research is grounded on extensive experience. He has worked for a number of consulting firms as an international consultant for many different industries. Chris writes from a practical but conceptually rigorous perspective. He has published extensively, including joint authorship of Management for Engineers (Wiley, 1987), Risk Analysis for Large Projects: Models, Methods and Cases (Wiley, 1987), Managing Project Risk and Uncertainty: A Constructively Simple Approach to Decision Making (Wiley, 2002) and Project Risk Management: Processes, Techniques and Insights (Wiley, 1997 and 2003).

Foreword to this edition by Mike Nichols ix Foreword to the second edition with an update by Tony Ridley xi Foreword to the fi rst edition by Peter Wakeling xiii Preface and overview by the authors xv Acknowledgements xxv PART I Setting the scene 1 1 Uncertainty in and around projects 3 2 Uncertainty, risk and opportunity 43 3 Key motives for uncertainty management 73 4 An overview of generic process frameworks 101 PART II The generic process in one key lifecycle stage 131 5 Define the project 133 6 Focus the process 153 7 Identify all the relevant sources of uncertainty, response options and conditions 171 8 Structure all uncertainty 215 9 Clarify ownership 235 10 Quantify some uncertainty 251 11 Evaluate all the relevant implications 289 PART III The generic process in all lifecycle stages 325 12 Fully integrating the strategy shaping stages 327 13 Fully integrating the strategy implementation stages 365 PART IV Key corporate implications 389 14 Developing PUMP capability as a project 391 15 Contracts and governance as frameworks for enlightened relationship management 411 16 A corporate capability perspective 435 References 463 Glossary 473 Index 479