Big Data as a Project Risk Management Tool

Abstract

Risk management plays a key role in project management methodology. Nowadays, it is quite common to manage projects with the use of digitally collected data. The Big Data (BD) analysis can enhance the quality of information taken from these records and be used for project management. Moreover, it can be a project risk management tool. Some examples of BD application can be found in the investment and construction projects which use both physical and virtual data derived from controlling, bids for tender, schedules from sub-contractors or some other specific information. An accurate analysis of all that data (BD) makes it possible to discover new phenomena characteristic for the project. Getting to know them can be helpful in reducing the risk of accomplishing the project objective. The chapter is intended to arouse the readers’ interest in this new source of valuable information, required to improve a course of projects. An awareness of utility of Big Data was presented on the basis of the recent anonymous survey among Polish construction entrepreneurs at the turn of years 2016 and 2017. The research has been the first step towards the broad analysis of the propensity of construction companies for using BD in project risk management. Moreover, it points out some capabilities in this matter.