Risk Management as a Project Management Challenge

In general, project success is usually measured in terms of scope, time, cost, and quality. In addition, critical risks factors are also related to scope, time, cost, and quality, as well as the risk strategies. Projects in industrial sectors in Peru are not exceptions. The stable Peruvian economy has attracted important public and private investments such that the number of industrial projects has increased considerably during the last decade. Despite this attractive context, industrial projects are failing to achieve their objectives due to schedule delays and cost overrun problems. The objective of this research is to identify and evaluate the critical risk factors that cause these schedule delays and cost overrun problems, as well as determine effective strategies for the avoidance of risks. The perception of Peruvian project participants in this research regarding risk management is quite fundamental for our assessment. A comparison with the perception of project participants from other countries is also a contribution to this research.