ABSTRACT
Technical failure is a risk that can occur in building highly complex products. There are twelve ‘macro-trends’ which increase the risks that projects must face. These include: Building highly complex products, relying on multiple data sources, taking a cross-functional approach, aligning project management with strategic planning, accelerating product lead time, from concept to market, customizing the product to satisfy customer requirements, internationalizing the market place. These also include: contracting and outsourcing services, encouraging greater partnership and ownership by participants, decentralizing operations, applying greater technical expertise and relying on more sophisticated tools. These macro-trends are already greatly impacting projects, highlighting the importance of risk management to an unprecedented level. Project goals and objectives are aligned with those of the company, thanks to project managers understanding the ‘big picture’ and also to senior management recognizing well-managed projects as a means to gain strategic advantage in the market-place.
