Abstract:
This research project is aimed at analysing the application and effectiveness of project risk management in SMEs in the field of electronics design and manufacturing. This report presents research done on formal theoretical risk management models, risk models and risk tools and techniques. The risk management functionality and perceived effectiveness of formal risk management models, risk models and risk tools and techniques within the sample/participating organisations were tested by a research questionnaire. The gathered data was analysed and it was found that the success of organisations does reflect the effectiveness of risk management model and tools. The data implied that risk models and tools are not formally utilized but adapted and combined to suit the needs of the organisations. It was found that the risk management process is mainly designed and utilized by top and middle management and that a culture of Total Risk Management (TRM) is weak. A culture of TRM will promote ownership of risks and risk related issues.
