The Analysis of Risk Management Influence on Achievement of Project Objectives

This study investigates the impact of risk management on the achievement of project objectives. This work consists of three main parts: literature analysis on the topic under study, a practical study as well as development of RMS for large and small companies and recommendations for their implementation. As a part of the literature review the author analyzed the main standards for risk management, the key part of the theoretical review was the analysis of studies that investigated impact of risk management on the achievement of project objectives. The author examined various works considering this topic and made certain conclusions. The literature review showed that the research conducted by the author has a scientific novelty. Further in the work the author made a practical study on the basis of a literary review. The aim of the practical part of this work was to identify how different elements of the risk management system affect the achievement of the project objectives by timing, cost and quality, and whether this influence differs in companies of different size. To achieve the goal the author used a questionnaire as a method for gathering information for the research, as well as one-way ANOVA and multi-factor analysis of variance for the processing of results and verification of the hypotheses. Based on the research conducted, in the final chapter the author carried out a number of goals. A general plan for implementing RMS was developed for small companies, risk management processes were defined for large companies (up to 1000 people) and small companies (from 50 to 500 people), and general risk management schemes for large and small companies were developed. Also, recommendations for RMS implementation in large and small companies were given.