Improving project risk management in project oriented business

Abstract

The aim of this thesis is to find a method for enhancing the project risk management for one of the Company X’s strategic business units, Y (referred in the text as SBU Y), whilst describing the project process that is currently utilized for carrying out projects in the SBU Y. This thesis will research the current process of project risk management within the SBU Y, and how the SBU Y’s project organisation is experiencing the projects’ challenges and opportunities. The framework of this thesis holds the research question, the known risks and pitfalls of the projects, what is the existing knowledge for enhancing projects’ risk management and what can be done for improving the way the future projects’ risks can be minimized and mitigated. The method for finding answers to the research question was qualitative and included interviews and meetings with the SBU Y’s project organisation. The outcome of the thesis was a tool for better control over projects’ risks: a stage gate model built specifically per the needs of the SBU Y. The conclusion was that there is a need for a better projects’ risk management, the thesis was able to answer to the research question and the set objectives of the thesis were reached.