Bloch, potential threats impeding process of developing infrastructure for

Bloch,
Blumberg, and Laartz  (2012) stated that major source of project risk is
inaccurate allocation of all resources and weak planning. Authors claimed that
most of existing literature had focused mostly on technical aspects of planning
and excluding other factors. Moreover, two common perceptions that have had
greater impact on success of projects were optimism bias as well as strategic
misrepresentation. To overcome two phenomena the new approach of “reference
class forecasting” was suggested. New method is based on assessing actual
progress made and comparing it with other set of comparable projects. In order
to apply this approaches the following requirements to be met:

1.      Selection of similar project class, which were
implemented before. Moreover, project class has to be broad enough to be
statistically important simultaneously specific enough to be applied in
particular project case.

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2.      Calculation of probability and its distribution, which
is solely based on good quality data on sufficient amount of projects being
included into analysis. Data should be statistically significant in order to
make relevant and good quality conclusions.

3.      Comparing specific project with reference class of
projects in order to identify mostly probable outcome of the project.

Krane
and Rolsadas (2010) had focused on risks in seven large projects. The authors
have analysed the risks based on categorization of risks into major groups:
operational, short-term and long-term. Study was based on the analysis of 1450
risk elements, which were taken from the risk registers of seven large
projects. The analysis results revealed that long-term strategic risks were not
so often occurring compared with other risks. Indeed, strategic risks tend to
be more uncertain in nature. Indeed, data set analysis indicated that
operational risks were dominating in all seven projects chosen for study. Even
though strategic risks are not considered to be project’s responsibility,
identifying them and managing them lies on organization itself. All in all, operational
risks can impose significant impediments for further development of projects.

According
to Ameh, Soyingbe and Odusami (2010), potential threats impeding process of
developing infrastructure for the platform of ICT have been causing serious
issues in all projects. The study based on questionnaire identified 42 factors,
affecting cost overruns in 53 telecommunication projects being analysed. All of
telecommunication projects were undertaken in Nigerian regions. The survey
results have shown that the most likely cost overruns can be in the case of
construction related telecommunication projects. Furthermore, the survey
results were organized in ranking style in order to illustrate the most
significant factors. According to authors, the following list of risk factors
have been identified and ordered based on level of importance:

1.      Lack of experience of a partner in specifics of
telecommunication projects

2.      High price levels of imported goods

3.      Price fluctuations

These
three risks were identified as major ones that can serious negative influence
and increase the completion costs (Ameh, Soyingbe and Odusami, 2010). All in
all, authors concluded that other systematic changes concerning the design of
project, constant fraudulent actions of involved parties, inefficient
management of contracts, and ineffective supply of required labour.

Zwikael
and Ahn (2010) studied risk management techniques and methods used in Korean
shipbuilding projects through conducting a survey and expert interviews with
252 experts from 11 major Korean shipbuilding companies. As a result, authors
have identified 26 different risks, which have had serious influence on large
engineering and construction projects. According to research results, internal
risks were changes in design, changes in raw material supplies. On the other
hand, external risks included foreign exchange rates. Moreover, the results
justified the existence of differences in types of risks for large-scale and
medium-scale projects. While large shipbuilding companies were more focused on
failures in time deadlines and specifications of project, large and medium
shipbuilding companies paid more attention to cost overruns and overscheduling.