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Raz, T., A. Shenhar and D. Dvir (2002). 'Risk management, project success, and technological uncertainty'. R & D Management 32(2): 101
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In times of increased competition and globalization, project success becomes even more critical to business performance, and yet many projects will suffer delays, overruns, and even failure. Ironically, however, risk management tools and techniques, which have been developed to improve project success, are used too little, and many still wonder how helpful they are. In this paper, the results of an empirical study devoted to this question are presented. Based on data collected on over 100 projects performed in Israel in a variety of industries, the extent of usage of some risk management practices, such as risk identification, probabilistic risk analysis, planning for uncertainty and trade-off analysis, the difference in application across different types of projects, and their impact on various project success dimensions. The findings suggest that risk management practices are still not widely used. When used, risk management practices seem to be working, and appear to be related to project success.