Risk management has become of the utmost importance in the industrial world as it provides a commonground between opportunities and risks by addressing project uncertainties.In addition,inadequate riskquantification and management have a significant impact on the decision-making outcome and the successof the project.The aim of this research is to review existing literature on risk management,evaluate andrank selected resource-related risks,and propose a framework for the Kazakh oil and gas industry.Traditional risk assessment considers risks from two perspectives:the probability of occurrence andpossible consequences of a risk event.These two indicators are further multiplied to estimate the riskindex.This research followed the same method,but took into account the preliminary qualitative step ofcorrectly evaluating likelihood and effect of risks.We designed a questionnaire of 15 factors,divided intoequipment,labor,materials and exogenous categories.The survey was then distributed to project engineersand management professionals working in the local oil and gas industry.Price fluctuations,delays in delivery of materials,change orders,slow mobilization of equipment andits failures are identified as the most serious risks.These factors are also indicated the greatest in separateprobability and impact rankings.Moreover,research findings demonstrate that the likelihood of occurrenceof incompetent labor and equipment shortage is closely correlated with their possible consequences atstatistically significant level using the Pearson test.Change orders and price volatility have once confirmedtheir importance.Finally,respondents described the amount of contingency as an indicator of a riskmitigation strategy.The suggested framework is practical for the industry and increases the chances of success of oil andgas projects in Kazakhstan and the entire region.Complex projects have a high level of technological,organizational,and informational challenges and uncertainties and are heavily resource-dependent.Thecombination of experts,decision-makers,and stakeholders'judgments and statistical interpretation toolsprovides additional insights into the nature of risks.This study sheds light on such an important topic andimproves current risk management practices.
展开▼
