The Role of Strategic Risk Assessment in Enhancing Long-Term Project Outcomes : Evidence from Project-Based Organizations in Finland

Abstract

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.