INTERNATIONAL STRATEGIC PROJECT MANAGEMENT

International Strategic Project Management

Executive Summary

In this study, we try to explore the concept of “International Strategic Project Management” in a holistic context. The main focus of the research is on London 2012 Olympics building programme. It will investigate a designated sporting arena, which has been designed and developed for the 2012 Olympics, entitled “The Velodrome” and its relation with their Project Management.

International Strategic Project Management

Role of PRM in actualizing Project Goals

Risk and worries management existing in, and interfering with, project management and constrains. As risk changes and evolves during different stages of the projects, this should reflect in development of PM Plan. Risk identification is indeed an iterative process. In addition, Carter et al. (1994) distinguishes risks into variability and impact risks for a clear PRM assessment. They suggest that Issues management is part of PM process and is different to PRM process, so RM could maintain a focus PRM, e.g. not bogging risk register with issues and worries altogether and blurred the views.

Many critical decisions are made by teams rather than by individuals, because group decisions are more consistent with rationality than individual ones. In this study, the concept of the project risk management team will be also examined. This concept incorporates many diverse roles, such as the compilation and evaluation of the required project risk information and its sharing with the project risk manager, and also requires a detailed understanding of the current project risk management methodology being used. However, nowadays, most risk analysis projects are unsuccessful since the internal experts and subject matter experts are excluded from the process, or there is not sufficient information about their personal characteristics, abilities and attitude to-wards risk.

This insufficiency has however been underlined and attempted to trace and theoretically analyze the most significant characteristics of the project participants who have taken on the difficult task of risk management. These characteristics include the Capability and Experience of the participants, their Motivation for accepting to undertake initiatives and the Perceived Responsibilities in risk management. Despite the thorough and analytical theoretic foundation of the project risk management team concept, Ward did not provide a research instrument for the measurement of this construct. In order to operationalize this construct, a deductive scale development approach will be utilized, while the development of the items will be based on the theoretical definition of the construct.

PRM Standards

As we have discussed regarding project risk management at depth, we shall now be covering those benchmark standards that shall help us understand and comprehend all those intervening institutions and governing bodies, who have recognized the ebbs and flows of project management and the associated risk involved and at the same time have greatly contributed towards the evaluation and understanding of the risks involved during the procession of project management. The most important institutions that have been highlighted are (i) Association of Project Management (AMP); ii) Project Management Institute (PMI); and iii) The Institution of Risk Management ...