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MANAGING PROJECT RISK IN A PERIOD OF ECONOMIC RECESSION IN NIGERIA
It is trite knowledge that organizations exist for a purpose; either to deliver service or achieve particular outcomes to enhance the welfare its stakeholders. In order to realize their planned objectives, the organizations embark on several projects. Sometimes some of these projects suffer some setbacks due to unforeseen circumstances. Some of these unforeseen may impact project outcomes by interfering with the scope, completion time schedules, planned project costs and quality delivery. It is these unforeseen in a project that constitutes the projects” risks; which according to Heinz (2010) refers to the uncertainty that surrounds future events and outcomes.
Environmental conditions and constraints within which business organisations operate are the major sources of the risks which not only create negative outcomes but positive ones as well.. it therefore stands to reason that the state of the economy within a business organization operates would certainly have significant impact on its project risks profile, nonetheless, in a recessionary economy.
An economy in recession is characterized by; sluggish demand, stagnant output, Business failures and increased unemployment – Chambers (1994). The challenge which an economy in recession poses to project risk management and how to weather the storm is the objective of this paper. Thus; are there risks that have become more critical as a result of recession in the economy, that require new skills and more attention to mitigate their impacts on project realization; or
has recession created more opportunities that need to be exploited by project risk managers
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