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Successful implementation of Project risk

management in
project risk management in small SMEs

and medium enterprises:

a cross-case analysis 1023

jo Lima
Priscila Ferreira de Arau Received 29 June 2020
Revised 16 November 2020
Management and Engineering, School of Engineering, University of Padova, Accepted 25 January 2021
Padova, Italy
Sara Marcelino-Sadaba
Projects and Rural Engineering, Public University of Navarre, Pamplona, Spain, and
Chiara Verbano
Management and Engineering, School of Engineering, University of Padova,
Padova, Italy

Abstract
Purpose – Despite the emergence and strategic importance of project risk management (PRM), its diffusion is
limited mainly to large companies, leaving a lack of empirical evidence addressing SMEs. Given the socio-
economic importance of SMEs and their need to manage risks to ensure the success of their strategic and
innovative projects, this research aims to investigate how to adopt PRM in SMEs with a positive cost–benefit ratio.
Design/methodology/approach – This study presents an exploratory and explanatory research conducted
through multiple-case studies involving 10 projects performed in Spanish and Italian small and medium-sized
enterprises (SMEs).
Findings – The results obtained highlight how project features (commitment type, innovativeness, strategic
relevance and managerial complexity) and firms’ characteristics (sector of activity, production system and
access to public incentives) influence PRM adoption, leading to different levels and types of benefits.
Originality/value – The paper offers practical indications about PRM phases, activities, tools and
organizational aspects to be considered in different contexts to ensure the project’s success and, ultimately, the
company’s growth and sustainability. Such indications could not be found in the literature.
Keywords Project risk management, Project management, SMEs, Case study, Successful implementation
Paper type Research paper

1. Introduction
Risk Management (RM) is a very relevant process that can be related to many companies’
survival. The strategic plan of the enterprises is frequently implemented by tackling projects,
so project risk management (PRM) has arisen as a very important approach. Taking into
account that SMEs make a very relevant contribution to the economy (Turner et al., 2010); the
analysis and the understanding of the key processes of PRM in SMEs is a relevant and
pressing question, and the guidelines and tools used by large firms are usually too expensive
or too complex to be suitable for SMEs (Pereira et al., 2015).
Although the relationship between the utilization of a project management (PM)
methodology and project success has been well established (Joslin and M€ uller, 2015), a review

© Priscila Ferreira de Ara
ujo Lima, Sara Marcelino-Sadaba and Chiara Verbano. Published by Emerald
Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. International Journal of Managing
Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial Projects in Business
Vol. 14 No. 4, 2021
and non-commercial purposes), subject to full attribution to the original publication and authors. The full pp. 1023-1045
terms of this licence may be seen at http://creativecommons.org/licences/by/4.0/legalcode Emerald Publishing Limited
1753-8378
This work was supported by the University of Padova under Grant VERB_SID19_01. DOI 10.1108/IJMPB-06-2020-0203
IJMPB of the literature shows that there is not enough deep case analysis about how SMEs have
14,4 implemented an RM methodology and how the project and the company benefit from it.
Therefore, this study aims to understand how PRM can be adopted by SMEs with a positive
cost–benefits ratio, considering the managerial and organizational aspects.
Experiences of empirical investigations about RM in other areas, such as portfolio
management, project control, multicultural environments, stakeholders management or
value creation, have been analysed, but they have not taken into account the RM and the
1024 specific characteristics of SMEs (Teller and Kock, 2013; Lin et al., 2019; Liu et al., 2015;
Xia et al., 2018; Willumsen et al., 2019). Rodney et al. (2015) have developed an integrated
model that simultaneously represents RM and all the PM processes, including the
environmental factors, but requires the project manager’s effort in establishing different
scenarios and identifying and analysing different risks. Nevertheless, the resources that are
needed to support the application of this model, in terms of time, costs and knowledge, are
usually beyond the capability and affordability of SMEs. These resource-related constraints
increase the SMEs’ vulnerability and lead them to an additional need of PRM adoption
(Blanc Alquier and Lagasse Tignol, 2006; Dallago and Guglielmetti, 2012).
However, the literature on RM has focused mainly on large companies, leaving a gap of
empirical evidence addressing small companies (Kim and Vonortas, 2014). A recent literature
review conducted on the development paths of RM in SMEs identified the PRM stream as an
emerging and relevant field of application only slightly studied (de Ara
ujo Lima et al., 2020).
Given this gap of knowledge, the current study aims at contributing meaningfully to
understand how PRM processes have been implemented in SMEs. Based on the analysis of 10
cases, the benefits of efficiently conducting PRM along the project lifecycle have been
identified. Moreover, this paper depicts the enabling and hindering factors for SMEs to
successfully adopt PRM with a positive cost–benefit ratio, to projects with different features
and in different types of industries.
Additionally, these findings have allowed the researchers to obtain different clusters with
specific procedures to follow in order to obtain different levels of benefits in the project. They
also provide SME’s project managers indications about RM-specific tools that are appropriate
for particular innovation levels or specific economic sectors.
In the following section, the result of an in-depth search for previous publications related
to PRM and, more specifically, related to PRM in SMEs, has been conducted. As it is described
in Section 3, the main aim of this paper is to identify how to implement a PRM in SMEs
reaching high benefits without many resources. This research has been performed through a
deep multiple-case study involving 10 projects conducted in Spanish and Italian SMEs. The
objectives and methodology applied in the investigation are also detailed in the referred
Section. The results obtained are included in Section 4, organized in within-case analysis and
cross-cases analysis. The implications of these results are discussed in the following section,
where the different clusters that have been identified – according to the level of benefits
obtained through the implementation of PRM – are explained.

2. Literature review
2.1 Project risk management
The specific characteristics of the projects, such as novelty, uniqueness, high number of
stakeholders and temporality, indicate that RM is useful to successfully achieve the project’s
objectives (PMI, 2017). PRM is an integral part of PM, a process in which methods, knowledge,
tools and techniques are applied to a project, integrating the various phases of a project’s
lifecycle in order to achieve its goal (ISO 21500, 2012; PMI, 2017).
According to the Project Management Book of Knowledge (PMBoK), all projects involve
associated risks, the positive side of which facilitates achieving certain benefits (PMI, 2017).
Some of the overall qualitative definitions of risk are the possibility of an unfortunate Project risk
occurrence, the consequences of the activity and associated uncertainties and the deviation management in
from a reference value (Aven, 2016). A common definition of risk related to PM is an uncertain
event or condition that, if takes place, has both negative and positive effects on the project’s
SMEs
objectives (PMI, 2017; ISO 31000, 2018; Pritchard and PMP, 2014; A Project risk management
in SMEs PM, 2004; TSO, 2009). Therefore, organizations must achieve, through PRM, a
balance between the risk assumed and the expected benefit.
RM is considered one of the most relevant areas in the training of project managers 1025
(Nguyen et al., 2017); even the project stakeholders expect them to analyse the different risks
that can affect projects.
The way risk is understood and described strongly influences the way risk is analysed,
and hence it may have serious implications for RM and decision-making (Aven, 2016).
It is also important to consider risk as systemic as it allows the investigation of the
interactions between risks and encourages the management of the causality of
relationships between them, thus forcing a more holistic appreciation of the project risks
(Ackermann et al., 2007).
The main project risk types are (Dey, 2012; Qazi et al., 2016; de Camprieu et al., 2007):
(1) Technical-operative risks: technology selection, risks related to materials and
equipment, risks related to change requests and its implementation, design risks
(2) Organizational risks related to human factors (organizational, individual, project
team): risks derived from regulations, policies, behaviour (lack of coordination/
integration, human mistakes related to lack of knowledge)
(3) Contract risks: risks of the contract related to the project
(4) Financial/economic risks: inflation, interest rates fluctuation, exchange rate
fluctuation
(5) Political risk: environmental authorizations, governmental authorizations
The RM process defined in ISO 31000:2018 is composed of the following phases: initiate
(context analysis); identify (risk identification); analyse (qualification and quantification);
treatment (plan and implement) and risk monitor and control (monitoring and re-evaluation).
The process must be continuous throughout the project lifecycle to increase the chances of the
project’s success (Raz and Michael, 2001).
Within these processes, communication acquires great importance within RM and is a key
element in its success, but only Portman (2009) specifically analyses it. Communication is the
basis that allows the entire project team (including the main stakeholders) to understand the
context of the project to develop the PRM approach. It is also necessary to define the support
structure to address the risks that materialize and to monitor them by periodically
communicating the status of defined indicators.
RM helps to achieve project objectives in a much more efficient way as it facilitates the
proactive management of problems and the maximization of benefits if opportunities
materialize (Elkington and Smallman, 2002; Borge, 2002). Teams work with greater
confidence and a lower level of stress, which increases their effectiveness (APM, 2004).
However, it is clear that a large number of project managers still believe that RM involves a
great deal of work, for which they do not have time, and this is particularly common in
projects addressed by SMEs (Marcelino-S
adaba et al., 2014).
One of the biggest issues in performing RM is the lack of systematic risk identification
methods that provide characteristic taxonomies for specific project types based on lessons
learned from similar projects (Pellerin and Perrier, 2019).
IJMPB 2.2 Project risk management in SMES
14,4 The importance of PRM carried out in SMEs has been analysed and highlighted in the literature
(Blanc Alquier and Lagasse Tignol, 2006; Naude and Chiweshe, 2017). For SMEs, PRM should
be carried out at an early stage in the strategic selection of projects to be implemented because
their success has a great influence on its survival. However, as Vacik et al. (2018) indicate in their
study, only 4% of the companies studied in their research have used risk measurement
methodologies in their decision-making, carrying out the process in a qualitative way.
1026 Some studies are available to assist SMEs in identifying and managing risks in specific
business sectors; for example in ICT, where software projects are characterized by a high
level of uncertainty in the definition of requirements, RM acquires great importance for SMEs
project management (Neves et al., 2014). There are other studies about risk identification and
their management in this area, including the one of Sharif et al. (2013), Lam et al. (2017), and
Taherdoost et al. (2016).
Despite the fact that different web tools have been developed for SMEs to solve their
biggest difficulties in RM (Sharif and Rozan, 2010; Pereira et al., 2015), RM is generally carried
out in person by the project manager due to the high cost of a tool and the need for qualified
staff to use it.
Many sectors, such as IT, construction and design, usually work by projects and therefore
have information on the specific risks associated to them. In the construction sector, for
instance, different analyses, methodologies and tools for RM could be identified (Tang et al.,
2009; Rostami et al., 2015; Oduoza et al., 2017; Hwang et al., 2014). The main problems – lack of
time and budget – arise when implementing RM among SMEs in this sector.
Tupa et al. (2017) and Moeuf et al. (2020) have analysed the risks and opportunities
inherent to SMEs in the new paradigm brought by the Industry 4.0, in which relationships
between people and systems are characterized by high connectivity and a significant
quantity of data and information to manage. As a result, a new information security risk has
emerged. In addition, due to the new connection systems, it will be possible to establish new
information flows that update the indicators established for RM. Due to the great importance
of decision-making in project success, the training of project managers in these disciplines is
one of the key factors that will affect the PRM in the future.
Sanchez-Cazorla et al. (2016) concluded in their study of PRM, “Risk Identification in
Megaprojects”, that further empirical studies are required to provide process information
over the project lifecycle. The literature review also shows that there are not enough studies
on how PRM could be adapted to SMEs.
Although Marcelino et al. (2014) established a methodology related to the project lifecycle
and Lima and Verbano (2019) analysed how to implement a PRM methodology with a
positive cost–benefit ratio, more studies are needed about the real practice RM in SMEs, best
practices in this area and how to adapt them to different economic sectors, company sizes or
types of projects addressed.
From the literature review, it could be concluded that specific methodologies are needed
for SMEs in order to tackle PRM in an effective way. Nevertheless, not many methodologies in
the literature are suitable for SMEs and their specific characteristics since these
methodologies require a great amount of resources or the availability of specific tools and
software that SMEs usually do not have.
This paper presents a more detailed analysis of the process developed to obtain good
practice patterns according to the different economic sectors and types of projects.

3. Objective and methodology

Based on the motivation presented in the previous sections, the main research objective is to
understand how to adopt PRM in SMEs with a positive cost–benefit ratio considering RM phases,
activities, tools and organizational aspects that enable the effective implementation of PRM in Project risk
SMEs. In order to reach this goal, the following specific research questions were formulated: management in
RQ1. What are the main RM phases, activities, tools and organizational aspects adopted SMEs
by SMEs in the PRM process?
RQ2. What are the evidences and outcomes of PRM adoption in SMEs?
RQ3. What are the enabling and hindering factors to perform PRM in SMEs? 1027
In particular, RQ1 and RQ3 are formulated to understand how to adopt PRM in SMEs, and RQ2
is defined to identify the evidences and outcomes deriving from a successful PRM adoption.
To achieve the research objective and answer the research questions, an exploratory and
explanatory research through multiple case studies was conducted as it is the most suitable
methodology for this type of research (Voss et al., 2002; Eisenhardt and Graebner, 2007; Yin, 2009).
To this extent, a specific empirical framework proposed by Lima and Verbano (2019) for
analysing multiple cases of PRM adoption in SMEs was used since it is the only one available
in literature in order to analyse cases with objectives similar to the ones in this study. In
Figure 1 the process followed to build the framework and the main constructs and variables
investigated with the questionnaire can be observed.
The final questionnaire is structured in nine sections reflecting the framework:
(1) Company and respondents profile;
(2) Project overview (i.e. objectives, type of commitment, innovativeness, strategic
relevance and managerial complexity of the project);
(3) PRM organization (people involved, training, procedures)
(4) PRM plan, risks and opportunities considered;
(5-8) regarding each PRM phases (risk identification, analysis, treatment, monitoring
and control), activities, tools and difficulties faced; finally, PRM hindering and
enabling factors were analysed for the whole process;

Consider all steps to Collect the fundamental

AIM

build a robust research dimensions to insert in Create the first version Create the
protocol for a multiple the framework of of the questionnaire final questionnaire
case study analysis

Analyse consolidated manuals Summarize the Test the questionnaire in

Consultation of books
STEP

about PM and PRM and information collected a pilot case to improve

and articles about
empirical papers about PRM in and adapt to SMEs it and increase its
research methodologies
SMEs and in large companies context validity
Alquier and Tignol, 2006; Leopoulos et al.,
SOURCE

Eisenhardt, 1989; Yin, 1994; Yin, 2009; Pruzan, 2016

Tellis, 1997; Scholz and 2006, Tang et al., 2010; Neves et al., 2014,
Tietje, 2002; Voss, 2002; Marcelino-Sadaba et al., 2014; Pereira et al.,
Creswell, 2007 2015; Gue et al., 2013; Liu et al., 2015;
PMI, 2017

CONSTRUCTS AND VARIABLES OF THE FRAMEWORK

FIRM CHARACTERISTICS PROJECT CHARACTERISTICS PROJECT RISK MANAGEMENT EVIDENCES AND
Sector of activity Dimension (cost, duration, team Organization; people involved, OUTCOMES
Production system size) training, procedures Perceived benefits
(project/process) Commitment (external/internal) PRM plan Time devoted to PRM
Dimension (employees, Innovativeness (technology Type of risks and opportunities and cost
turnover) and/or market) considered Perceived cost/benefit
External factors (ex. Country, Strategic relevance Phases, activities, tools ratio Figure 1.
public policy) Managerial complexity Enabling and hindering factors Construction of the
framework
Note(s): Adapted from Lima and Verbano (2019)
IJMPB (9) Evidences and outcomes of the PRM adoption (i.e. the benefits, time and costs of PRM
14,4 implementation).
The questionnaire included close-ended questions (i.e. number of employees, total cost of the
project, etc.), perception questions on a 5-point Likert scale (regarding for example the level of
technology innovativeness of the project and the benefits obtained from PRM) and open-
ended questions (concerning, for example, the activities and tools adopted and the difficulties
1028 faced in each PRM phase, the enabling and hindering factors for PRM adoption). The choice
of the type of questions depends on:
(1) the qualitative or quantitative nature of the specific object investigated,
(2) its degree of novelty (i.e. there is a gap in the literature regarding the measurement of
PRM benefits; therefore they have been investigated mostly with perception
questions),
(3) the interrelation among the specific object with other variables, leading to more
significant comprehension with an open-ended question.
The semi-structured interviews, using this questionnaire, were the primary source of data
collection, supplemented with documents related to the project.
A pilot case belonging to service industry in the ICT has been selected in order to test the
questionnaire. In particular, this project has been chosen considering the large experience of
the project manager and his willingness to collaborate to the study; therefore, this pilot case
was very useful to verify comprehensibility and validity of the questionnaire and to improve
it. Notwithstanding, this study was then excluded from the cases analysed because the
company was expanding beyond the limits set for SMEs. Once verified the questionnaire, the
sampling of the cases has started.
The project was the unit of analysis of the research, and three characteristics were
necessary to fit the selection criteria: a project with PRM implementation; a cost–benefit ratio
of PRM adoption higher than 1 and a project developed in an SME.
In order to obtain a broad sample and gain a deeper understanding of the topic of interest
in different scenarios, heterogeneity among the cases was necessary. Therefore, in addition to
the requested project’s features, the researchers selected projects from different industrial
sectors and with different end users (external or internal), in order to guarantee the external
validity of the research (Yin, 2009). An overview of the 10 selected cases with the main
characteristics of the project is displayed in Table 1.
All interviews were conducted on-site and, to avoid bias and ensure the construct’s
validity (Voss et al., 2002), at least two people who were highly involved in the project (project
manager, technical leader, project management consultant) responded to the questions
individually. The interviews were about 90 min in length and were conducted in the
respondents’ native languages, which incentivized them to give more information about the
project since they felt more comfortable during the process; for this reason, the questionnaire
was translated in Italian and in Spanish. After a preliminary analysis of the collected data,
integrative information was often requested by phone or email, and a final verification with
the respondents of the resulting project report was conducted. The last column of Table 1
displays the number of interviews and the number of interviewees respectively. The
researchers have also analysed documents related to the project in order to increase data
reliability and to ensure the project’s internal validity through triangulation (Voss et al., 2002).
The interviews were recorded and transcribed for the data analysis. To analyse the
collected data, the directed approach to content analysis, the goal of which is to validate or
extend conceptually a theoretical framework or theory (Hsieh and Shannon, 2005), was
initially used. This approach consists of coding data before and during its analysis. After the
 Company Project Interviews
Production Length Total cost Team Total number (number of
Case Country Size* Industrial sector system Client [months] [V] [number] respondents)

1 Italy Small IT consultancy Project External 7 60.000 7 5 (3)

2 Italy Medium Engineering Process External 18 100.000 10 3 (2)
3 Italy Medium IT consultancy Project External 3 33.500 6 3 (2)
4 Spain Micro Manufacturing Project Internal 24 300.000 5 3 (2)
(automotive)
5 Spain Small Manufacturing (machining) Process Internal 18 240.000 5 3 (2)
6 Spain Medium Manufacturing (truck Process Internal 12 330.000 6 3 (2)
bodies)
7 Spain Micro Manufacturing (long Process External 12 40.000 5 3 (3)
boards)
8 Spain Small Manufacturing (cellulose Process Internal 11 95.000 4 2 (2)
insulation)
9 Spain Medium Management consulting Project Internal 24 500.000 3 3 (2)
10 Spain Medium Manufacturing (tower Process Internal 25 NA 15 4 (3)
cranes)
Note(s): *The company’s size classification follows the indications of OECD (2012): micro (less than 10 employees), small (10–49 employees) and medium
(50–250 employees)
1029
SMEs
management in
Project risk

Table 1.

selected projects
Overview of the
IJMPB initial coding through the semi-structured questionnaires, in order to refine the results,
14,4 especially those that emerged from the open-ended questions, it was necessary to complete
the coding process through a careful analysis of the interviews. As was indicated by Hsieh
and Shannon (2005), since the goal of the research was to identify and categorize all instances
of a particular phenomenon, the recorded interviews were transcribed and inductively coded
with descriptive coding (using a word or a specific phrase to aggregate the basic topics of the
interview transcript) and in vivo coding methods (i.e. assigning a label corresponding to word
1030 or short phrase taken from the interview transcript). For example, one interviewee said that
they “did not know well the risks”, while another one, in another case, said they needed
“to understand well the risk”. Both these expressions were labelled as “lack of knowledge”
regarding the possible impact of the risk. The resulting categories were important variables
in the inter-cases comparisons.
The entirety of the coding process was done manually. Segments of data were initially
summarized, and then pattern coding was applied independently by two research team
members; any coding disagreements were discussed until agreement was reached on all
coded portions of the interview, in order to overcome the reliability tests (Tong et al., 2007).
Once this process was done, the within-case analysis was conducted. The aforementioned
directed approach analysis and the coding process are part of the within-case data analysis.
The main goal of a within-case analysis is to describe, understand and explain what has
happened in the single case (Miles et al., 1994). After understanding each case individually,
the cross-case analysis was performed, and, as supported by Myers (2000), partial
generalizations to similar populations were made.
The following cross-case analysis allows the researcher to strengthen a theory, built
through examination of similarities and differences across cases. Eisenhardt (1989) states that
analysing similarities and differences between pairs of cases is a powerful method to better
understand the cases and obtain meaningful findings (Eisenhardt, 1989; Voss et al., 2002).
Replication strategy has been used during the cross-case analysis. In this strategy, a
theoretical framework is applied to study one case in depth, and the successive cases are
examined to see whether the identified pattern matches the pattern in previous cases
(creating a cluster) (Yin, 2009). Therefore, both within-case and cross-case analysis of the data
were conducted as they are suitable for multiple-case studies (Eisenhardt, 1989; Voss et al.,
2002; Yin, 2009).

4. Findings
4.1 Results from within-case analysis
The within-case analyses allowed the researchers to answer the research questions proposed
in Section 3. For each case, the results obtained from the questionnaire were carefully
analysed. All information collected was organized into tables for the next phase of the data
analysis. In addition, a figure with the PRM phases, the activities conducted, the tools used,
the difficulties faced in each phase, the gaps in the process and the PRM results was created.
Through these analyses, the enabling and hindering factors were identified and the PRM
benefits were evaluated and graphically displayed. As an example of the information
collected and the analyses conducted, Figure 2 displays the results of the within-case analysis
for the first case study.
The same process was conducted in every case. Based on the analysis of the outcomes of
all the within-case analyses and following the same structure of phases, the main activities
performed and the main tools used in each phase of the PRM process were individuated as it
follows:
 Project risk
management in
SMEs

1031

Figure 2.
Within-case analysis
results from the first
case study
IJMPB (1) Phase 1 (risk identification): the main activities are context analysis, risk
14,4 identification (both activities were conducted in 9 of the 10 cases), stakeholder
analysis and opportunity identification; and the main tools are brainstorming (80%),
checklist (70%), risk register (50%). It has been emerged that in only 40% of cases
interviews with experts were conducted and in 20% of the projects SWOT analysis,
FMEA, 5 Whys and root-cause analysis tools were used.
1032 (2) Phase 2 (risk analysis): the main activities are meetings (both formal and informal).
Design-related activities and tests have been found in 40% of cases. The main tools
are risk matrix, risk register, risk ranking. Nevertheless, 5 Why and expected money
value (EMV).
(3) Phase 3 (risk treatment): all the activities identified have the same relevance (between
20 and 40%) being communication/meetings, design/specification changes the most
important ones. Other activities are outsourcing decisions, prototype testing, team
monitoring and analysis on the job. In all the cases, the main tools were risk
mitigation. risk transfer, risk avoidance and risk retention.
(4) Phase 4 (monitor and control): the main activities are risk revaluation and periodic
monitoring meeting. Action monitoring plan, meetings and problem replication have
been executed in a less relevant way. A main tool does not arise in this phase, being
change request monitoring, risk trigger monitoring and risk audit are the ones used.
These results are summarized in Figure 3.
As for the organizational aspects related to PRM adoption, the following descriptive
variables were analysed:
(1) Responsible for PRM implementation (who)
(2) People involved in the PRM process (which roles)
(3) Roles in PRM clearly assigned (yes/no)
(4) Internal PRM procedures adopted in the project (yes/no)
(5) PRM training plan for the people involved in the project (yes/no)
In all cases, the project manager was responsible for the PRM implementation process. In
some of the cases, members of the team or a PM consultant or function manager was involved.
In eight cases, the roles in the PRM process were clearly assigned, and in seven cases, the
internal PRM procedures were followed, while PRM training was conducted in only
two cases.
The innovation, complexity and relevance of the projects were also assessed. Using a
5-point Likert scale, the interviewees were questioned about the project’s technologic
innovativeness, innovativeness for the market, project management complexity and strategic
relevance. On average, the innovativeness for the market and the PM complexity were
medium-high, while the project technologic innovativeness was high and the strategic
relevance of the projects was even higher.
In the final section of the interview, the main outcomes and evidence of the PRM process
were discussed. A list of benefits than can be obtained through the implementation of PRM
was created by the researchers. Using a 5-point Likert scale once again, the interviewees were
asked about their perception regarding the achievement of these seven benefits (eight in the
cases with an external end-user) through PRM adoption, which was very satisfactory.
In addition to the benefits obtained through PRM, other important evidence emerged from
the results. In all cases, PRM was considered useful, and the time/cost spent on its
 Project risk
90% 90%
80%
70%
management in
80%
70%
SMEs
50%
40%
30%
20%

1033
brainstorming checklist risk register interview with SWOT others (FMEA,
context analysis risk stakeholder opportunity experts 5 Whys,
identification analysis identification root-cause
analysis)

80% 80%

50% 50%
40%

20%

risk matrix risk register risk ranking others (5 Whys,

meetings (formal and informal) others (design related, tests) EMV)

100%
40% 40%

30%

20% 20%
60% 60%

40%
gs

,
s

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rc
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ot
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am
un

risk mitigation risk transfer risk avoidance risk retention

sig

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ts
m

(te
pr
ou
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m
co

100%
90% 40% 40%
90%
80%
80%
70% 30%
60%
60%
50%
40%
30%
30%
20%
10%
10% Figure 3.
0% PRM phases, activities
risk revaluation periodic action meetings problem
monitoring monitoring plan replication
change request
monitoring
risk trigger monitoring risk audit
and tools
meeting

implementation was justified by the benefits, as required by the selection criteria. The
interviewees of six projects believe that PRM should be adopted in all of the company’s
projects. In another two interviews, the respondents stated that PRM should be implemented
in all innovative projects, while in the other two cases, the interviewees affirmed that the PRM
process should be carried on in the strategic projects.
The last research question concerned the enabling and hindering factors for companies to
adopt PRM. The respondents have pointed out the following as the enabling factors: previous
PRM experience; support of a PM consultant with PRM experience; having a strategic/
innovative project (which stimulates PRM adoption); a PRM report requested by the
government/project financer and stakeholder support. In terms of the hindering factors, it has
emerged that difficulties in the communication with the external client, lack of support from
IJMPB CEO/stakeholders (i.e. no recognition of PRM importance for the project’s success) and PRM
14,4 being seen as a “waste of time” by some of the people involved in the project are the most
significant issues. The proof of the benefits obtained through PRM can be used by project
managers to convince the CEO, the external clients and all the stakeholders to adopt PRM in
the future projects; moreover, they could explain that those benefits could be achieved only
with the cooperation of all actors involved in the projects.
Table 2 summarizes the findings obtained: the PRM organizational aspects in the projects,
1034 the level of innovativeness and complexity of the projects, the main evidences and the main
benefits obtained through PRM implementation.

4.2 Results from cross-case analysis: pattern identification

After performing the within-case analysis for each of the selected cases, the cross-case
analysis was conducted. Considering the level of benefits that the projects have achieved
through the PRM implementation and the project characteristics, the projects were clustered
into three different groups identifying different patterns:
(1) Group 1: very high level of benefits (cases 4, 7 and 10)
(2) Group 2a: high level of benefits – manufacturing (cases 1, 2 and 9)
(3) Group 2b: high level of benefits – services (cases 5, 6 and 8)
Case 3 had a medium-high innovativeness level and lacked of PRM organization (Table 2).
Moreover, some of the PRM phases were poorly implemented, indicating that in this case the
lack of structure in the PRM process had a negative impact on the benefits, which were all
rated as medium. Given its specific characteristics and the poor results obtained, case 3 was
excluded from the clusters.
In group 1 (very high benefits achieved), similarities in the project context (all Spanish
manufacturing companies implementing projects with very high strategic relevance) and in
the PRM organization (PRM roles assigned, internal procedures adopted and identification of
the risk owner) were acknowledged. All companies have identified the same project risk types
(i.e. technical-operative risks) and have used two specific tools and performed the same
activities to manage these risks. The risks were constantly measured during the projects, and
the project manager was responsible for PRM. A consultant with PRM experience in the
micro and small company and a project manager with significant PRM experience were
crucial for achieving very high benefits.
Six other cases have reached a high level of benefits and, based on the project context
characteristics, were split into two groups: manufacturing (group 2a) and services (group 2b).
In the first group, composed of the manufacturing cases, projects have a very high level of
innovation and complexity, and the contexts in which they exist are extremely similar. The
roles involved in the projects were the same (project manager and project manager
consultant), and the same project risks were identified. Several common activities were
conducted, and common tools were used in the first three PRM phases.
The project manager’s knowledge and experience in implementing PRM enabled the team
to adopt process, notwithstanding the fact that in all cases difficulties were faced due to the
lack of knowledge and competences about some technical project details (such as material’s
specific characteristics, client’s ERP system that could generate problems in the project).
Interesting evidence has emerged in these cases, with opportunities considered and pursued
and the risk register being constantly updated as the most significant pieces of evidence.
The third group is formed by three services companies with a very high standard of PRM
organization. In contrast to the previous groups, more project risk types were considered in
these cases (three in total), which led to the individuation of specific risks in all projects.
Similarities are identified in the PRM process, which was slightly adapted in each of the cases.
 Case 1 Case 2 Case 3 Case 4 Case 5 Case 6 Case 7 Case 8 Case 9 Case 10

Organizational Responsible PM PM PM PM PM PM PM PM PM PM
aspects for PRM
People PM and PM and PM, CEO and CEO and technical team and CEO and PM and PM
involved in his area project PM PM director PM PM innovation
the PRM assistant managers architect consultant consultant and PM consultant consultant manager
process in all and PM consultant
phases, consultant
and the
sales rep.
in phases
1,2 and 4
also
Roles in Yes Yes No Yes Yes Yes Yes No Yes Yes
PRM clearly
assigned
Internal Yes No No Yes Yes Yes Yes No Yes Yes
PRM
procedures
adopted in
the project
PRM Yes No No No No No Yes No No No
training
plan for the
people
involved in
the project

(continued )
1035
SMEs
management in

organization and
Project risk

Table 2.

evidences
innovativeness, PRM
regarding project
Main findings
 14,4

1036

Table 2.
IJMPB

Case 1 Case 2 Case 3 Case 4 Case 5 Case 6 Case 7 Case 8 Case 9 Case 10
Avg
Innovativeness Project technologic innovativeness 5 2 4 5 4 4 5 4 5 3 4.1
level Innovativeness for the market 2 2 2 5 4 4 5 4 5 3 3.6
Project management complexity 3 5 4 4 4 3 3 3 4 2 3.5
Strategic relevance 5 5 5 5 5 4 5 3 5 4 4.6
Average (avg) 3.8 3.5 3.8 4.8 4.3 3.8 4.5 3.5 4.8 3.0 4.0
Perceived Greater probability of project success 5 5 3 5 4 4 5 5 4 5 4.5
benefits Increased external client’s trust 5 5 3 – – – 5 – – – 4.5
Better decision-making process 3 4 – 5 3 4 5 4 4 5 4.1
Lower risk impact 4 4 3 5 4 4 4 3 5 5 4.1
Better project planning 5 3 3 4 4 4 5 4 4 4 4.0
Better budget control 2 4 3 5 4 4 4 4 5 – 3.9
Better project performance 4 5 3 5 4 4 4 2 3 4 3.8
Better evaluation of budget reserve 2 4 – 3 3 3 4 4 – 3.3
Average (avg) 3.8 4.3 3.0 4.6 3.7 3.9 4.5 3.7 4.1 4.6 4.0

Case 1 Case 2 Case 3 Case 4 Case 5 Case 6 Case 7 Case 8 Case 9 Case 10

PRM PRM V 3.000 V 4.000 V 3.000 V 10.000 V 19.000 V 9.000 V 2.000 V 3.000 V 7.000 25 man-
evidences implementation days
time/cost
Time/cost Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
justified by the
benefits
PRM useful in the Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes
project
Types of projects All All New client; The ones that All the All that All All All; if not All
to adopt PRM high visibility may generate innovative involve a possible, at
projects ; strategic ones new product least the
projects with risks for the design and strategic
innovative company the ones ones
with a
Opportunities Yes Yes Yes Yes No Yes Yes No Yes No
considered
 Project risk
management in
SMEs

1037

Figure 4.
Profile of the clusters
obtained

Their strategic relevance has triggered the project managers to adopt PRM, regardless of
their lack of knowledge about the difficulties to be faced. While identifying the risks, the
opportunities were also considered in all cases.
IJMPB The project studied in case 3 reached a mid-range level of benefits. Regardless of the project’s
14,4 high level of innovativeness and medium-high level of project management complexity, no PRM
roles were assigned, no internal procedures were followed and no PRM training was conducted,
indicating a poor level of organization in both cases. The risk analysis was performed sketchily,
and there were issues during the “go-live” phase of the project. According to the project manager,
“PRM has to be well implemented, otherwise the time dedicated to it will be a waste”. Therefore, in
this case, PRM was adopted, and the results were positive, but it is likely that with a better PRM
1038 approach, the project would have obtained higher benefits. Given the specific characteristics of
the case and the impossibility of replicating the results, this project was not clustered.
Figure 4 summarizes the characteristics of the clusters obtained.
Comparing the benefits graphs in Figure 4, it could be concluded that the main difference
between group 1 (very high level of benefits) and groups 2a and 2b (high level of benefits) is a
better decision-making process in the first group. This feature, together with the PRM
knowledge of the people involved in the project, led to a better project control (budget, project
performance and lower risk impact). On the other hand, the evaluation of budget reserve does
not seem to be significantly impacted by PRM, being the lowest perceived benefit in all the
groups. A deeper analysis of these differences is discussed in the next section.

5. Discussion
From the analysis of the cases, it can be noted that some common features of PRM adoption are
aligned with the results of previous literature. Firstly, in the study of Vac
ık et al. (2018), 96% of
the analysed companies carried out the RM process in a qualitative way, which indicates that
usually no quantitative methods are used. This tendency was confirmed in this research since
in all the studied cases the risk analysis was only qualitative. Secondly, many studies about
PRM in SMEs, as the ones of Sharif and Rozan (2010) and of Pereira et al. (2015), state that RM is
generally carried out in person by the project manager due to the high cost of the tool and the
need for qualified staff to operate it. Also, this statement was confirmed, as in all 10 cases, the
project manager was responsible for the PRM implementation and simple tools were used.
Moreover, according to Pellerin and Perrier (2019), one of the biggest issues in performing PRM
is the lack of systematic risk identification methods for specific project types based on lessons
learned from similar projects. In most of the cases considered in this study, no meetings to
discuss the lessons learned were held, and therefore no methods for systematic risk analysis
were created. Nevertheless, it is expected that the indications that emerged from this study –
about tools and activities to be performed during the risk identification phase and the following
PRM phases – can be relevant to developing structured and efficient PRM adoption in SMEs.
Besides the findings confirmed by literature, other common characteristics emerged from
the analysis of the 10 cases:
(1) only technical-operative risks were considered and identified in all projects;
(2) all PRM phases were followed, but in two cases the risk analysis phase was not fully
implemented;
(3) the risk matrix and risk mitigation tools were used in the risk analysis and in the risk
treatment phases, respectively, and the risk revaluation activity was performed
during the risk monitor and control phase and
(4) when analysing the context in which the projects were developed, it has emerged that
all of them had either a very high strategic relevance or a high level of innovation.
As for the PRM organization, the combination of assigning roles in the PRM process, adopting
internal procedures and identifying the risk owner is a distinctive feature of the first cluster, in
which all projects have achieved very high benefits. In cluster 2a, the roles were not assigned,
and no internal procedures were adopted, but there was a consultant with PRM experience, Project risk
which led these projects to obtain a high level of benefits. Therefore, the identification of the risk management in
owner and the identification of internal PRM procedures, or the involvement of a PM consultant
with PRM experience, seem to be necessary aspects to ensuring PRM adoption. In the cases in
SMEs
which there was not a minimum level of knowledge about PRM, the project managers have
asked for external support. However, the best option is still to have the knowledge inside the
1039

Figure 5.
Comparison of PRM
implementation among
the clusters
IJMPB company: in cluster 1, the PRM knowledge was internal; in cluster 2a, it was external and in
14,4 cluster 2b, it was internal but less consolidated that in the cases of the first cluster.
Regarding the project risks, in cluster 2b, the collaboration of other functional areas with
the PRM team led to the consideration of more project risk types. In particular, three types of
risk were considered in these projects, indicating a more comprehensive approach of the
project context since more functional areas were involved in the PRM team in these cases.
It can also be assumed that the service industry, in which all projects of this cluster exist, is
1040 more aware of the context of the project than the manufacturing industries, due to the higher
involvement of the project stakeholders.
In manufacturing projects in which the strategic relevance was not very high (cluster 2a),
only technical-operative risks were considered, while in cluster 1 (manufacturing cases with
very high strategic relevance), the organizational risk types, which include lack of
competence of the people involved in the process, were also taken into consideration.
Therefore, in manufacturing projects, technical operative risks are the primary risks, but if
they are strategically relevant, organizational risks must also be considered.
Another positive result from the PRM process is that in clusters 2a and 2b, the opportunities
are also being considered, indicating a more comprehensive approach towards risks.
Several differences were identified among the clusters also when analysing the PRM
process phases. The studied literature indicates that PRM must be continuous throughout the
project’s lifecycle in order to be successful, which is confirmed in the cases.
During the risk identification phase of the Spanish projects’ implementation (clusters 1
and 2a), many meetings were held, and the risks were constantly measured. In most of these
cases, PRM was stimulated by the government, which has facilitated its adoption since the
project managers had to deliver to the government a report about the project evolution every
six months. During this phase, cluster 2a was the one in which the projects had more activities
in common among them (context analysis, risk identification and stakeholder analysis).
Meetings and measurement of risk probability of occurrence, as well as effects based on
feelings, were adopted by the manufacturing clusters (1 and 2a) during the risk analysis
phase. Risk prioritization and the constant measurement of risks were important to achieving
the highest level of benefits (cluster 1). The risk matrix was used in this phase in all cases and
served as a basis for risk prioritization in cluster 1.
During the risk treatment phase, two tools were used in the manufacturing clusters: risk
mitigation and risk avoidance. In some cases, instead of risk avoidance, the risk retention tool
was used. In cluster 2b, only the risk mitigation tool was adopted. Except for the risk
revaluation activity in the risk monitor and control phase, in the projects of clusters 2a and 2b,
additional activities common to all projects inside the cluster were followed.
The interviewees reported they intend to adopt PRM in the future projects of the company; in
cluster 2a in particular, project innovativeness will be the trigger for PRM adoption in future
projects.
Regarding the hindering and enabling factors for PRM adoption, the support inside the
company to conduct the PRM process and the client cooperation – when needed – are

Figure 6.
Framework resulting
from the analysis of
the cases
 Project risk
management in
SMEs

1041

Figure 7.
Enabling and
hindering factors for
PRM implementation

considered crucial factors for successful PRM implementation. In the projects of cluster 1, the
company’s higher-level management did not interfere in the project managers’ decisions
about PRM, so the interviewees have not felt any hindering factors during the PRM adoption.
Significant hindering factors include the lack of information about the service to be provided
or about the technical specifications of the process that are needed to develop a product.
The indications about activities, tools and organizational aspects that enable the effective
implementation of PRM in SMEs in different industries represent a significant contribution to
the literature of PRM in SMEs since none of the previously published papers have provided
this result.
This paper also contributes to informing SMEs that by adopting PRM, they can achieve a
positive balance between the risks assumed and the expected benefits, as demonstrated by
the 10 cases analysed. As is stated in the PMI (2017), all projects involve associated risks, the
positive side of which allows them to achieve specific benefits. The adoption of PRM has
always contributed to the project success of the cases considered, confirming that PRM is
positively related to PM performance, as is indicated by Fernando et al. (2018).
Figure 5 displays a comparison among the clusters according to the variables related to
PRM and the benefits obtained.

6. Conclusions
Given the socio-economic importance of SMEs and their need to manage risks to assure
project success, this research aims to investigate how to adopt PRM in SMEs with a positive
cost–benefit ratio, considering RM phases, activities, tools and organizational aspects that
enable the effective implementation of PRM in SMEs.
In order to pursue this objective, a multiple-case study was conducted, analysing 10 cases
in Italy and Spain. Three clusters were eventually identified, revealing information about how
to implement PRM in SMEs to achieve a high or very high level of benefits, considering
different project characteristics and contexts.
The average complexity and innovation of the cases adopting PRM were high since higher
project complexity implies higher risks, regardless of the type of industry.
The results obtained through the case studies confirm the literature indicating that SMEs
need PM models that are less bureaucratic, with different versions of PRM depending on the
characteristics of the project to facilitate its implementation.
IJMPB From a managerial point of view, the findings offer practical information about PRM
14,4 phases, activities, tools and organizational aspects to be considered in different types of
industries and project complexities for its successful implementation.
Additionally, national and local governments can benefit from this research, taking advantage
of the experience of the Spanish government that holds a prominent role in the adoption of PRM in
SME projects, requiring periodical reports to financially support the projects.
Thanks to these results, it is possible to increase the diffusion of PRM in SMEs since they
1042 can be useful in other projects, thereby promoting the knowledge about and adoption of PRM.
From an academic point of view, this research confirmed the validity of an empirical
framework specifically developed by Lima and Verbano (2019) to analyse PRM in SMEs and
offers ten new cases to the scant literature devoted to SMEs. In addition, the findings obtained
from the cases studied allow to outline the framework displayed in Figure 6, highlighting the
relations among the main constructs. In particular, project features (technology and market
innovativeness, strategic relevance, managerial complexity and commitment type) and firm
characteristics (sector, production system and public incentives available) have an influence
on the adoption of PRM, referring to the following main components (organization, risks and
opportunities considered, planning, activities, tools, enabling and hindering factors).
Furthermore, PRM adopted led to different type and level of outcomes and benefits, as
emerged in the three clusters analysed. Project dimension and firm dimension, on the
contrary, seem not to influence PRM adoption and its benefits.
Finally, as reported in Figure 7, experience, PM and RM knowledge emerged as enabling
factors for a successful PRM implementation; on the other side short time for PRM, lack of
technical knowledge and information are the hindering factors.
These findings could support further research in PRM in SMEs, confirming and exploiting
the knowledge of this emerging topic and its diffusion. Particularly, this study was not
focussed specifically on the relations among the main constructs of the framework that could
be examined considering the impact of every single dimension on the others, giving a deeper
and specific knowledge on how to implement successfully PRM in SMEs.
Other future studies could be conducted from the starting point of the other limitations of
this research: the data collection could be conducted with more than two respondents for each
project (if feasible), the sample could be increased to also consider other industrial contexts,
other countries and specific project characteristics, so as to expand the validity of this research
and the information obtained so far. In addition, a large sample could allow statistical analysis
to be performed with a greater possibility of generalization of the obtained results.
Moreover, further research is required to measure the benefits achieved from PRM in a
more objective way. It is assumed in the PMBoK that PRM creates value for project outcomes,
thereby increasing the probability of project success and strategic benefits (Willumsen et al.,
2019). However, at the moment, there is a very scant literature considering the value of PRM,
and no objective measures are available, except the ones regarding the costs, time and quality
of the projects. This study offers the identification of the dimensions of PRM benefits, but
future studies are needed to refine their measurement.
In conclusion, this research offers an academic and managerial contribution to the
emerging topic of PRM in SMEs, which influences the development and sustainability of
SME projects and, consequently, the economic growth of many countries’ economies.

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Corresponding author
Chiara Verbano can be contacted at: chiara.verbano@unipd.it

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