The impact of sequential thinking in the risk management process

The risk management process that occurs during development and construction activities can have a significant impact on project success. One important aspect of this process is the manner in which project risks are evaluated and the impact that heuristics may have upon the attendant decision making process. In this paper, previous research relating to belief updating mechanisms is reviewed and examined in the context of the risk management workshop to investigate the way in which the order of information presentation may influence the evaluation of identified risks. The paper conjectures that when groups and individuals are asked to evaluate the same sets of risks the outcomes will change when inconsistent information is presented in different order. The impact that this may have upon the risk management process is discussed.