Resource provided by Assylkhan Ziyash
22 August 2016 – Almaty, Kazakhstan – Access to a new resource has been added to the PM World Library related to Project Risk Management and Major Projects. The new resource, a KPMG paper published in 2013, is titled “Avoiding Major Project Failure – Turning Black Swans White”.
Many individuals involved with or responsible for major capital projects probably feel as if black swan events occur, almost predictably, on nearly every major project. In reality, a black swan event usually is a surprise (at least to the observer). It almost always has a major impact and, after the event’s first recorded incident, is rationalized by hindsight.
If a black swan event is a once - or perhaps twice-in-a-lifetime occurrence, what is happening with infrastructure projects and why do so many project participants and stakeholders attribute the cause of major failures to unforeseen events? The key is whether the potential for failure is predictable or foreseeable by the observer or in this case, the project team or project stakeholders. Most stakeholders, even the most experienced, are fortunate to work on very few major capital projects ($500m +) over their entire careers.
To access this new resource, go to the Applications and Hot Topics section of the library at https://pmworldlibrary.net/applications-and-topics/ , click on “Risk Management”, scroll down to find resource. Must be a logged in professional member to access.
