Title: Evaluating project risk: an exploratory study of UK and Czech Republic practices

Authors: Josef Hynek; Václav Janeček; Frank Lefley; Kateřina Půžová

Addresses: Faculty of Informatics and Management, University of Hradec Kralove, Rokitanskeho 62,500 03 Hradec Kralove, Czech Republic ' Faculty of Informatics and Management, University of Hradec Kralove, Rokitanskeho 62,500 03 Hradec Kralove, Czech Republic ' Faculty of Informatics and Management, University of Hradec Kralove, Rokitanskeho 62,500 03 Hradec Kralove, Czech Republic ' Faculty of Informatics and Management, University of Hradec Kralove, Rokitanskeho 62,500 03 Hradec Kralove, Czech Republic

Abstract: Project specific risk is an important factor when appraising capital projects, for to ignore it can result in high-risk projects being accepted with catastrophic consequences. The literature shows that this is possibly more important with regard to new technology projects, such as information communication technology (ICT), than the more traditional capital projects. The purpose of this paper is to explore these issues and present the results of research into the risk assessment practices of both the UK and Czech Republic organisations that have recently undertaken an appraisal of both ICT and non-ICT capital projects. We believe that this is the first investigation simultaneously to study such practices in these two countries. This research provides valuable insights into the way both the UK and Czech Republic organisations deal with project specific risk in respect of ICT and non-ICT capital projects, and presents data and practitioners' views, which are lacking in the literature.

Keywords: information and communications technology; ICT projects; information technology; project appraisal; business culture; risk assessment; risk models; probability analysis; option theory; project risk; UK; United Kingdom; Czech Republic; capital projects; practitioner viewpoint.

DOI: 10.1504/IJSCC.2014.064201

International Journal of Systems, Control and Communications, 2014 Vol.6 No.2, pp.167 - 179

Received: 11 Apr 2014
Accepted: 15 Apr 2014
Published online: 30 Aug 2014 *

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