A Case Study of Risk Management Tools Adoption Within Engineering SMEs

In today’s dynamic commercial environments, project management approaches are becoming ever more critical in supporting organizations to achieve their customer and enterprise goals. An often undervalued element of this important practice may be seen as the deployment of effective risk management techniques and solutions to help managers make appropriate decisions. Neglecting risk management is often cited as one of the main factors that may lead to assumed failure within typical engineering projects. It is widely believed that such failure may be avoided if risk management is effectively addressed during the early phases of the project life cycle. The purpose of this case study has arisen from one of the most important areas in project management, both from a practitioner and a researcher perspective; ‘How to avoid failure and achieve higher rates of project success?’. The outcome of this work is to demonstrate, through a pilot study within an engineering SME, how the adoption of specific risk management tools, such The DecisionTools Suite, can be important enablers in assisting managers to achieve higher levels of success.