The effectiveness of project risk management : a study within the Libyan oil and gas industry

Elhoush, R; Kulatunga, U

Abstract

Oil and gas projects are large, complex and risky, as they involve a considerable number of stakeholders, are technologically difficult and must adhere to tight budgets and schedules. Many of these projects are not delivered on time and within budget. The literature indicates that this failure is a result of improper project risk management practices. The literature also shows that although some scholars doubt the effectiveness of these practices, according to others, a positive relationship exists between applying these practices and project outcomes. This paper aims to explore the effectiveness of project risk management practices within the Libyan oil and gas industry. This paper follows a single case study approach. The data collection method adopted for this study was thirteen semi-structured interviews with experts. Results show that even though there is no written procedure for project risk management practices within the Libyan oil and gas industry, participants believe that applying these practices can increase overall project performance. This paper concludes that establishing an organisational culture to support the creation of a written risk management guideline, project manager leadership and familiarity of the individual with the project risk management concept supports the effectiveness of project risk management within the Libyan oil and gas industry, increasing project performance.

• Presentation Conference Type: Other
• Conference Name: 13th International Postgraduate Research Conference (IPGRC)
• Start Date: Sep 14, 2017
• End Date: Sep 15, 2017
• Publication Date: Sep 14, 2017
• Deposit Date: Oct 2, 2017
• Publicly Available Date: Oct 2, 2017
• Publisher URL: http://conference.org.uk/international-research-week/post-graduates/
• Additional Information: Event Type : Conference