Journal of Engineering, Project, and Production Management, 2014, 4(2), 81-98
Risk Management Capability Maturity and Performance of Complex Product and System (CoPS) Projects with an Asian Perspective
1Research Scientist, Manhattan Associates, Inc., 2300 Windy Ridge Parkway Southeast, Atlanta, GA 30339, USA. Email: renyingtao98@gmail.com (corresponding author)
2Associate Professor, School of Mechanical and Aerospace Engineering, Nanyang Technological University, 50 Nanyang Avenue, Singapore, 639798. Email: mktyeo@ntu.edu.sg
3Research Engineer, The Institute of Nuclear and New Energy Technology, Tsinghua University, Beijing 102201, China. Email: renyingju@hotmail.com
Project Management
Received June 6, 2013; received revisions July 12, 2013; September 26, 2013; accepted October 16, 2013
Available online April 24, 2014
Abstract: Complex Products and Systems (CoPS) are high value, technology and engineering-intensive capital goods. The motivation of this study is the persistent high failure rate of CoPS projects, Asian CoPS provider’s weak capability and lack of specific research on CoPS risk management. This paper evaluates risk management maturity level of CoPS projects against a general CoPS risk management capability maturity model (RM-CMM) developed by the authors. An Asian based survey was conducted to investigate the value of RM to project performance, and Asian (non-Japanese) CoPS implementers’ perceived application of RM practices, their strengths and weaknesses. The survey result shows that higher RM maturity level leads to higher CoPS project performance. It also shows project complexity and uncertainty moderates the relationship between some RM practices and project performance, which implies that a contingency approach should be adopted to manage CoPS risks effectively. In addition, it shows that Asian CoPS implementers are weak in RM process and there are also rooms for improvement in the softer aspects of organizational capabilities and robustness.
Keywords: Complex Products and Systems (CoPS), capability maturity model (CMM), complexity, project risk management (PRM), Asian perspective.
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Citation: Ren, Y., Yeo, K. T., and Ren, Y. (2014). Risk Management Capability Maturity and Performance of Complex Product and System (CoPS) Projects with an Asian Perspective. Journal of Engineering, Project, and Production Management, 4(2), 81-98.
DOI:
10.32738/JEPPM.201407.0004
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