The Role of Strategic Risk Assessment in Enhancing Long-Term Project Outcomes : Evidence from Project-Based Organizations in Finland
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The thesis investigates how strategic risk assessment practices result in better project outcomes
for Finnish project-based organizations. The Finnish organizations need to adapt their
operations because their environment undergoes continual changes that affect both regulatory
requirements and technological advancements and stakeholder demands. Finnish organizations
maintain robust project management systems yet they treat risk assessment as a task to be
completed during the project's initial phase instead of an ongoing requirement that extends
through all project stages. Value of the projects decreased due to the fact that key risks that
arose on later dates were not identified, even though the projects had been completed
successfully according to schedule and within cost constraints.
This thesis employed qualitative research methodology in the collection and analysis of data.
The authors conducted semi-structured interviews with seven project managers from India
working in project-oriented companies based in Finland. All these project managers have an
experience of managing strategic projects for at least five years in Finland’s technology and
infrastructure sectors. In this study, thematic analysis was employed to analyze the interview
data.
The study shows that assessing strategic risks will result in increased project performance if it is
introduced as a systematic process tied to organizational strategy. Participants explained that
risk evaluation should occur at regular intervals while scenario planning and digital monitoring
tools assist project managers to enhance their work through active participation from leaders.
The research identified multiple major obstacles which include time constraints and compliance
culture and project knowledge loss and digital tool deficiencies.
The study recommends that Finnish project organizations implement national risk assessment
standards, establish digital monitoring systems, require projects to document knowledge at
their conclusion, and enhance development programs for project managers and executives.