Intangible risk assessment methodology for projects (IRAMP): Assessing behavior-centric intangible risks in capital projects

Abstract

Industrial projects are complex sociotechnical systems (e.g., human agents interacting with technology) where the cause-and-effect implications of human actions do not necessarily occur in time-and-space proximity. The proposed methodology, Intangible Risk Assessment Methodology for Projects (IRAMP), utilizes a behavior-centric risk breakdown structure, risk causal factors, and a risk inducement matrix linking risks to their causal factors. A metanetwork (i.e., a network of networks) matrix is presented consisting of the interactions among intangible risks, causal factors, human agents, and project tasks. We build upon Rasmussen’s dynamic safety model and address the need for a framework to assess causal factors that influence behaviors in the context of energy-sector project management. Looking forward, the evolution of technology (e.g., artificial intelligence, automation, robotics, etc.) will increase the need for enhanced social and emotional skills in the workforce to effectively deliver project objectives. Consequently, the ability to proactively identify and address the associated “softer” risks could become a source of competitive advantage.