When prudence is reckless : rethinking the role of project risk management : a 152.785 (25 point) research report presented in partial fulfilment of the requirements for the degree of Master of Management at Massey University

Abstract

Despite the widespread use of project risk management, the results of such efforts are often underwhelming. Do project risk management practices somehow miss the point? To explore this idea I use a critical management studies framework to study project risk management. The approach prescribed in the Project Management Institute's Project Management Body of Knowledge is compared to the very different approach of a professional project manager. A theorised analysis of the difference between these approaches finds that they employ the logic of different knowledge-constitutive interests thereby making them suitable for different purposes. The study concludes with a discussion of how the results of this analysis can be presented to practitioners in a way consistent with the emancipatory agenda of critical management studies.