Exploring the Critical Success Factors for Project Management and Project Risk Management

Exploring the factors for successful project management and risk management

Abstract

Project Management has gained a significant importance in the recent years. Due to industrial revolution and competition, companies are undertaking projects for increasing their profitability, sustainability and product diversity. Surveys conducted at international level indicate that only 30-40 % of the total projects are successful whereas the remaining 60-70 % projects fail to complete within estimated time and cost. Risk management is one of the most important knowledge areas in the project management process. Effective implementation of risk management is of paramount importance for the project to be successful. This paper aims to explore the various critical factors for successful project management and also for effective risk management in projects through literature survey. The findings derived from evaluation of the publications led to the identification of twenty two different types of critical success factors associated with project management and fifteen different types of critical success factors associated with project risk management. This research work provides the awareness related to various critical success factors for project management as well as project risk management which can assist in developing appropriate strategies.