Risk Management in a Petroleum Refinery Project – A Critical Analysis from Practitioners’ Perspective

M.P. Mahesha and Dr.A. Martin Jayaraj

In today’s global energy scenario, organisations executing petroleum refinery projects face a plethora of uncertainties and risks, resulting in execution of projects increasingly complex. Further, to make matter worse, refinery projects are inherently complex as they involve new technologies, multiple stakeholders, huge costs and a high level of uncertainty, and are plagued by myriads of present and potential risks. Hence, risk analysis and its management is an important part of project execution in order to deal effectually with uncertainty and successfully accomplish project objectives. A pilot study was taken up in an Indian public sector enterprise for the analysis of risk management from the perspective of practitioners involved in the execution of projects. The study reveals that the risk management is critical for successful planning and execution of petroleum refinery projects. The results of this study show the difference in perceptions of practitioners with respect to risks and their management, and most of them believe that an effective risk management could enhance project performance.

Volume 11 | 10-Special Issue

Pages: 1272-1278

DOI: 10.5373/JARDCS/V11SP10/20192972