Identifying Project Opportunity Gaps Using a Descriptive Literature Review: 2010-2019
Keywords:
risk management, opportunity management, positive risk, project management, qualitative, descriptive literature reviewAbstract
The purpose of this paper is to identify gaps in the opportunity management literature (as a subset of overall risk management) and to identify future research in opportunity management. The methodology is non-experimental using a descriptive literature review content analysis of opportunity management articles published between 2010 and 2019. The identified strengths and weaknesses establish a future research agenda including process steps and tailoring, risk exposure, and balanced risk. The research resulted in a repeatable methodology that can be applied to other research domains in addition to the opportunity management research agenda.
References
Adler, T. R., Pittz, T. G., & Meredith, J. (2016). An analysis of risk sharing in strategic R&D and new product development projects. International Journal of Project Management, 34(6), 914-922.
Al Nahyan, M. T., Hawas, Y. E., Raza, M., Aljassmi, H., Maraqa, M. A., Basheerudeen, B., & Mohammad, M. S. (2018). A fuzzy-based decision support system for ranking the delivery methods of mega projects. International Journal of Managing Projects in Business, 11(1), 122-143.
Al Nahyan, M. T., Hawas, Y. E., Sherif, M. & Basheerudeen, B. (2019). A fuzzy-based decision support system for the analysis of suitability of megaproject delivery methods. Journal of Modern Project Management, 7(1), 120-137. doi: 10.19255/JMPM01907
Andersen, B., Samset, K., & Welde, M. (2016). Low estimates – high stakes: Underestimation of costs at the front-end of projects. International Journal of Managing Projects in Business, 9(1), 171-193.
Andersen, S. S., & Vidar Hanstad, D. (2013). Knowledge development and transfer in a mindful project-organization, International Journal of Managing Projects in Business. 6(2), 236-250.
Artto, K., Martinsuo, M., Gemünden, H. G., & Murtoaro, J., (2009). Foundations of program management: A bibliometric view. International Journal of Project Management, 27(1), 1–18. doi: 10.1016/j.ijproman.2007.10.007
Association for Project Management [APM]. (2014). Project Risk Analysis and Management Guide (PRAM), 2nd ed. Princes Risborough: APM.
Association for Project Management [APM]. (2017). Introduction to Risk Management, retrieved from http://www.apm.org.uk/body-of-knowledge/delivery/risk-management
Atkinson, R., Crawford, L. & Ward, S. (2006). Fundamental uncertainties in projects and the scope of project management. International Journal of Project Management, 24(8), 687-698. doi: 10.1016/j.ijproman.2006.09.11
Becker, K., & Smidt, M. (2015). Workforce-related risks in projects with a contingent workforce. International Journal of Project Management, 33(4), 889-900.
Biesenthal, C., & Wilden, R. (2014). Multi-level project governance: Trends and opportunities. International Journal of Project Management, 32(8), 1291-1308.
Bordens, K. & Abbott, B., (2018). Research Design and Methods: A Process Approach, 10th ed. McGraw Hill, Boston, MA.
Bradly, T. & Hobday, M. (2011), Projects and innovation: innovation and projects. In W. G. Morris, J. K. Pinto & J. Soderlund (Eds.), The Oxford Handbook of Project Management (pp. 273-294). Oxford University Press, Oxford.
Browning, T. R. (2019). Planning, tracking, and reducing a complex project's value at risk. Project Management Journal, 50(1), 71-85.
Chambliss, D. & Schutt, R. (2019). Making Sense of the Social World: Methods of Investigation, 6th ed. Los Angeles, CA: Sage.
Cooper, H. M., (1998). Synthesizing Research: A Guide for Literature Reviews. Thousand Oaks, CA: Sage.
Corbin, J. & Strauss, A. (2015). Basics of Qualitative Research: Techniques and Procedures for Developing Grounded Theory, 4th ed. Thousand Oaks, CA: Sage.
Crawford, L., Pollack, J., & England, D., (2006). Uncovering the trends in project management: journal emphases over the last 10 years. International Journal of Project Management, 2, 175–184. doi: 10.1016/j.ijproman.2005.10.005
Creswell, J. W. & Creswell, J. D. (2018). Research design: Qualitative, Quantitative and Mixed Methods Approaches, 5th ed. Thousand Oaks, CA: Sage.
Crozby, P. & Bates, S. (2018). Methods in Behavioral Research, 13th ed. Boston, MA: Sage.
Cuppen, E., Bosch-Rekveldt, M. G. C., Pikaar, E., & Mehos, D. C. (2016). Stakeholder engagement in large-scale energy infrastructure projects: Revealing perspectives using Q methodology. International Journal of Project Management, 34(7), 1347-1359.
Dandage, R., Mantha, S. S., & Rane, S. B. (2018). Ranking the risk categories in international projects using the TOPSIS method. International Journal of Managing Projects in Business, 11(2), 317-331.
Denney, V. (in press). Exploring the upside of risk in project management: a phenomenological inquiry. Journal of Modern Project Management.
Department of Defense [DOD]. (2015). Risk, Issue, and Opportunity Management Guide for Defense Acquisition Programs. Washington, DC: Office of the Deputy Secretary of Defense for Systems Engineering.
Di Muro, P., & Turner, J. R. (2018). Entrepreneurial opportunity pursuit through business model transformation: A project perspective. International Journal of Project Management, 36(7), 968-979.
Entacher, M. & Sander, P. (2018, May/August). Improving risk matrix design using heatmaps and accessible colors. Journal of Modern Project Management, 6(1), 30-37. doi: 10.19255/JMPO1603
Eskerod, P., Ang, K., & Andersen, E. S. (2018). Increasing project benefits by project opportunity exploitation. International Journal of Managing Projects in Business, 11(1), 35-52.
Esteves, A. M., & Barclay, M. (2011). Enhancing the benefits of local content: Integrating social and economic impact assessment into procurement strategies. Impact Assessment and Project Appraisal, 29(3), 205-215.
Farooq, M. U., Thaheem, M. J., & Arshad, H. (2018). Improving the risk quantification under behavioural tendencies: A tale of construction projects. International Journal of Project Management, 36(3), 414-428.
Glaser, B. G. & Strauss, A. L. (1967). The Discovery of Grounded Theory: Strategies for Qualitative Research. Chicago IL: Aldine Publishing Company.
Haq, S. U., Gui, D., Liang, C., & Abdullah, I. (2019). Project governance mechanisms and the performance of software development projects: Moderating role of requirements risk. International Journal of Project Management, 37(4), 533-548.
Hällgren, M., & Wilson, T. L. (2011). Opportunities for learning from crises in projects. International Journal of Managing Projects in Business, 4(2), 196-217.
Hart, C. (2018). Doing a Literature Review, 2nd ed. Thousand Oaks, CA: Sage.
Hartono, B. (2018). From project risk to complexity analysis: A systematic classification. International Journal of Managing Projects in Business, 11(3), 734-760.
Hillson, D. (2004). Effective Opportunity Management for Projects: Exploiting Positive Risk. Boca Raton, FL: Taylor & Francis.
Hillson, D. (2016). The Risk Management Handbook. London: Kogan Page.
Hoezen, M., Voordijk, H., & Dewulf, G. (2012). Contracting dynamics in the competitive dialogue procedure. Built Environment Project and Asset Management, 2(1), 6-24.
Hollands, R., & Palframan, L. (2014). EIA and EMS integration: Not wasting the opportunity. Impact Assessment and Project Appraisal, 32(1), 43-54.
Holm, D., Ritchie, L., Snyman, K., & Sunderland, C. (2013). Social impact management: A review of current practice in Queensland Australia. Impact Assessment and Project Appraisal, 31(3), 214-219.
Hsieh, H.F. & Shannon, S.E. (2005). Three approaches to qualitative content analysis. Qualitative Health Research, 15(9), 1277-1288.
Huemann, M., & Martinsuo, M. (2016). In project management, uncertainty is a great opportunity. International Journal of Project Management, 34(6), 1026-1027.
Institute of Risk Management, the Public Risk Management Association, and Association of Insurance and Risk Managers [IRM/ALARM/AIRMIC] (2002). A Risk Management Standard. London, England IRM/ALARM/AIRMIC.
Institution of Civil Engineers, Institute of Faculty of Actuaries [ICE/IFA] (2014). Risk Analysis and Management for Projects (RAMP), 3rd ed. London, England: ICE Publishing.
International Electrotechnical Commissions [IEC] (2013). Managing Risk in Projects: Application Guidelines (IEC 62198:2013). Geneva, Switzerland: IEC.
International Organization for Standardization [ISO] (2009). Risk management: Principles and Guidelines. Geneva, Switzerland: ISO.
Jang, W., Lee, D., & Choi, J. (2014). Identifying the strengths, weaknesses, opportunities, threats to TOT, and divestiture business models in China's water market. International Journal of Project Management, 32(2), 298-314.
Jaidka, K., Khoo, C.S.G. & Na, J. (2013). Literature review origin: how information is selected and transformed. Aslib Proceedings: New Information Perspectives, 65(3), 303-325. doi: 10.1108/00012531311330665
Kabra, A. (2016). Assessing economic impacts of forced land acquisition and displacement: A qualitative rapid research framework. Impact Assessment and Project Appraisal, 34(1), 24-32.
Keegan, A., Ringhofer, C., & Huemann, M. (2018). Human resource management and project based organizing: Fertile ground, missed opportunities and prospects for closer connections. International Journal of Project Management, 36(1), 121-133.
Kendrick, T. (2015). Identifying and Managing Project Risk, 3rd ed. New York: American Management Association.
King, W.R. &, He J. (2005). Understanding the role and methods of meta-analysis in IS research. Communications for the Association for Information Systems. 16(32), 665-686. doi:10.17705/ICAIS.01632
Kloppenborg, T.J., & Opfer, W. A. (2002). The current state of project management research: trends, interpretations, and prediction. Project Management Journal, 33(2), 5–18. doi: 10.1177/875697280203300203
Kwak, Y. H., & Anbari, F. T. (2009). Analyzing project management research: perspectives from top management journals. International Journal of Project Management, 27(5), 435–446. doi: 10.1016/j.ijproman.2008.08.004
Laan, A., Voordijk, H., & Dewulf, G. (2011). Reducing opportunistic behaviour through a project alliance. International Journal of Managing Projects in Business, 4(4), 660-679.
Lechler, T. G., Edington, B. H., & Gao, T. (2012). Challenging classic project management: Turning project uncertainties into business opportunities. Project Management Journal, 43(6), 59-69.
Lehtiranta, L. (2014). Risk perceptions and approaches in multi-organizations: A research review 2000–2012. International Journal of Project Management, 32(4), 640-653.
Liinamaa, J., & Gustafsson, M. (2010). Integrating the customer as part of systems integration. International Journal of Managing Projects in Business, 3(2), 197-215.
Liu, J., Gao, R., Cheah, C. Y. J., & Luo, J. (2016). Incentive mechanism for inhibiting investors' opportunistic behavior in PPP projects. International Journal of Project Management, 34(7), 1102-1111.
Liu, L., Han, C., & Xu, W. (2015). Evolutionary analysis of the collaboration networks within national quality award projects of China. International Journal of Project Management, 33(3), 599-609.
Loosemore, M. (2010). Using multimedia to effectively engage stakeholders in risk management. International Journal of Managing Projects in Business, 3(2), 307-327.
Miles, M., Huberman, A.M. & Saldana, J. (2020). Qualitative Data Analysis a Methods Sourcebook, 4th ed. Thousand Oaks, CA: Sage.
Mohamed, K. A., Khoury, S. S., & Hafez, S. M. (2011). Contractor’s decision for bid profit reduction within opportunistic bidding behavior of claims recovery. International Journal of Project Management, 29(1), 93-107.
Morrison-Saunders, A., McHenry, M. P., Rita Sequeira, A., Gorey, P., Mtegha, H., & Doepel, D. (2016). Integrating mine closure planning with environmental impact assessment: Challenges and opportunities drawn from African and Australian practice. Impact Assessment and Project Appraisal, 34(2), 117-128.
Nguyen, T. P., & Chileshe, N. (2015). Revisiting the construction project failure factors in Vietnam. Built Environment Project and Asset Management, 5(4), 398-416.
Nielsen, L. K., Akanmu, A., & Anumba, C. J. (2015). Comparative analysis of back-to-back subcontracts in the construction and telecommunications industries. Built Environment Project and Asset Management, 5(4), 446-460.
Ning, Y. (2018). Impact of quality performance ambiguity on contractor's opportunistic behaviors in person-to-organization projects: The mediating roles of contract design and application. International Journal of Project Management, 36(4), 640-649.
Office of Government Commerce [OGC] (2010). Management of Risk: Guidance for Practitioners, 3rd ed., London, England: The Stationery Office OGC.
Olsson, R. (2007). In search of opportunity management: Is the risk management process enough? International Journal of Project Management, 25, 745-752. doi: 10.1016/j.ijproman.2007.03.005
Padalkar, M., & Gopinath, S. (2016). Six decades of project management research: Thematic trends and future opportunities. International Journal of Project Management, 34(7), 1305-1321.
Patil, N. A., & Laishram, B. S. (2016). Sustainability of Indian PPP procurement process. Built Environment Project and Asset Management, 6(5), 491-507.
Pellegrino, R., Vajdic, N., & Carbonara, N. (2013). Real option theory for risk mitigation in transport PPPs. Built Environment Project and Asset Management, 3(2), 199-213. doi: 10.1108/BEPAM-05-2012-0027
Perminova, O., Gustafsson, M. & Wikström, K. (2008). Defining uncertainty in projects – a new perspective. International Journal of Project Management, 26(1), 73-79. doi: 10.1016/j.ijproman.2007.08.005
Pollack, J., & Adler, D. (2015). Emergent trends and passing fads in project management research: a scientometric analysis of changes in the field. International Journal of Project Management, 33(1), 236–248. doi: 10.1016/j.ijproman.2014.04.011
Project Management Institute [PMI]. (2017). A Guide to the Project Management Body of Knowledge (PMBOK Guide), 6th ed. Newtown Square, PA: PMI.
Project Management Institute [PMI] (2017). PMI Lexicon of Project Management Terms (version 3.2). Newtown Square, PA: PMI.
Project Management Institute [PMI] (2018). About the PMI. Retrieved from https://www.pmi.org/about/learn-about-pmi
Project Management Institute [PMI] (2018). Standard for Risk Management in Portfolios, Programs and Projects, 2nd ed. Newtown Square, PA: PMI.
Robinson, P. & Lowe, J. (2015). Literature reviews vs. systematic reviews. Australian and New Zealand Journal of Public Health, 39(2), p. 103.
Rowan, M., & Streather, T. (2011). Converting project risks to development opportunities through SIA enhancement measures: A practitioner perspective. Impact Assessment and Project Appraisal, 29(3), 217-230.
Saldana, J. (2015). The Coding Manual for Qualitative Researchers, 3rd ed. Thousand Oaks, CA: Sage.
Samset, K., Andersen, B., & Austeng, K. (2014). To which extent do projects explore the opportunity space? International Journal of Managing Projects in Business, 7(3), 473-492.
Sanchez, H., & Robert, B. (2010). Measuring portfolio strategic performance using key performance indicators. Project Management Journal, 41(5), 64-73.
Sarmento, J. M., & Renneboog, L. (2016). Anatomy of public-private partnerships: Their creation, financing and renegotiations. International Journal of Managing Projects in Business, 9(1), 94-122.
Sense, A. J., Owen, J., & Watt, C. (2011). Profiling the context and opportunities for Australian project management research. International Journal of Managing Projects in Business, 4(1), 105-117.
Trochim, W., Donnelly, J. & Arora, K. (2016). The Research Methods Knowledge Base, 2nd ed., Mason, OH: Cengage Learning.
Turner, N., Kutsch, E., & Leybourne, S. A. (2016). Rethinking project reliability using the ambidexterity and mindfulness perspectives. International Journal of Managing Projects in Business, 9(4), 845-864.
Um, K., & Kim, S. (2018). Collaboration and opportunism as mediators of the relationship between NPD project uncertainty and NPD project performance. International Journal of Project Management, 36(4), 659-672.
Vanclay, F. (2017). Project-induced displacement and resettlement: From impoverishment risks to an opportunity for development? Impact Assessment and Project Appraisal, 35(1), 3-21.
Vose, D. (2008). Risk Analysis: A Quantitative Guide. New York, NY: John Wiley & Sons.
Wang, C., Wood, L. C., Abdul-Rahman, H., & Lee, Y. T. (2016). When traditional information technology project managers encounter the cloud: Opportunities and dilemmas in the transition to cloud services. International Journal of Project Management, 34(3), 371-388.
Xiang, P., Huo, X., & Shen, L. (2015). Research on the phenomenon of asymmetric information in construction projects — the case of China. International Journal of Project Management, 33(3), 589-598.
Xiong, B., Skitmore, M., Xia, B., Masrom, M. A., Ye, K., & Bridge, A. (2014). Examining the influence of participant performance factors on contractor satisfaction: A Structural equation model. International Journal of Project Management, 32(3), 482-491.
You, J., Chen, Y., Wang, W., & Shi, C. (2018). Uncertainty, opportunistic behavior, and governance in construction projects: The efficacy of contracts. International Journal of Project Management, 36(5), 795-807.
Zaman, A. (2016). Reputational risk. In D. Hillson, (Ed.), The Risk Management Handbook (pp. 109-122). London: Kegan Page.
Zhou, Z., & Mi, C. (2017). Social responsibility research within the context of megaproject management: Trends, gaps and opportunities. International Journal of Project Management, 35(7), 1378-1390.
Zhang, L., & Qian, Q. (2017). How mediated power affects opportunism in owner–contractor relationships: The role of risk perceptions. International Journal of Project Management, 35(3), 516-529.
Downloads
Published
Issue
Section
License
Copyright (c) 2022 Valerie P Denney, Siana T. Powell
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.