Risk management (RM) is a dynamic process with an increasing demand for flexibility to adapt, and static approaches will continue to evolve. Due to the dynamic project environment, we can notice a fusion of old and new, traditional and innovative risk management processes, all coming together in new mixes. Multiple methodologies are often incorporated into custom blends within the scope of project management and risk management approaches will be more tailored to specific project contexts. In light of this, we aim to develop a hybrid risk management methodology, adapted to project characteristics, project environment, complexity, project life-cycle, stakeholders’ objectives, project team, and corporate strategies.
Many RM methods are more focused on a specific area: identification of risk factors, qualitative or quantitative evaluation, and proposition of action plans. Traditional methods can present a limited and unstructured risk management vision. Knowing that each project is unique and may have specific factors, a systematic analysis of the project characteristics and environmental factors is necessary for an objective and reliable risk management model. Risk management methods must also be adapted to the project management strategy such as Agile or Waterfall. Therefore, the development of a hybrid risk management methodology can be revealed, which is not only based on one risk management method but combines several of them, and is adaptable to determine the most convenient RM method (or combination of methods) for the project at hand. For example, in the overall project life-cycle or at a high level, the risk management process and tools may be traditional with milestones, but at lower levels (e.g., task level), they can be more agile. The hybrid RM methodology can offer a general risk management approach or model but can be flexible depending on project dynamics and business context.
Taking into account the features mentioned above, the Hybrid RM methodology aims to develop a risk management strategy that: (a) is adapted to project characteristics, life-cycle, complexity, environmental conditions, and business context, (b) covers the entire project life-cycle, (c) proposes a dynamic risk management approach, adapted to the evolving nature of the project, (d) is designed and developed in partnership with the end-users (project practitioners) to favor its use in real operating conditions. You can find the details in the PMI Training Program: Formalized and Systematic Risk Management Process for Complex Projects.
Dr. Esra Tepeli