How project managers use risk data to make decisions

In today’s uncertain environment it is widely recognised that project risk management is an important skill set in the project management portfolio. This paper is an outcome of an ongoing research project within a large Aerospace organisation, exploring the effectiveness of risk management within the project context. Interviews and a questionnaire survey were the main tools of the research methodology. This paper’s aim is to explore the opportunities for using risk data for more effective decision-making. In most cases, holistic use of the data is preferred rather than treating individual risks. This allows participants to take better decisions on a cost effective management of risk. Initial survey data identified that a top down approach to risk management was necessary to ensure more significant impact on the project outcome and that projects that have more focus and support from senior management on the risk management process are shown to make more effective use of the risk management data.