HK1349_ Dissertation work 3593 - Introduction.edited

Project management and attitude towards risks: an analysis of UK oil and gas sector

Chapter1: Introduction ............................................................................................................... 3 1.1 Research Background ....................................................................................................... 3 1.2 Research Problem ............................................................................................................. 3 1.3 Research Rationale ........................................................................................................... 4 1.4 Problem Statement ............................................................................................................ 5 1.5 Research Aims and Objectives ......................................................................................... 5 1.6 Research Questions .......................................................................................................... 5 1.7 Research Scope ................................................................................................................. 6 Chapter 2: Literature review ...................................................................................................... 6 2.1 Introduction ...................................................................................................................... 6 2.2 Project management in the Uk Oil and Gas sector ........................................................... 7 2.3 Impact of Risk Management on Project Success ............................................................. 9 2.4 Project Manager's Attitudes Towards Risk ..................................................................... 10 2.5 Integration Of Project Management and Risk Management .......................................... 12 Chapter 3: Research Methodology ........................................................................................... 15 3.1 Introduction .................................................................................................................... 15 3.2 Research Philosophy ...................................................................................................... 15 3.3 Research Approach ......................................................................................................... 16 3.4 Research Design ............................................................................................................. 16 3.5 Research Strategy ........................................................................................................... 17 3.6 Inclusion and Exclusion ................................................................................................. 17 3.7 Data Collection Method ................................................................................................. 18 3.8 Data Analysis .................................................................................................................. 19 3.9 Research Ethics .............................................................................................................. 19 Summary ............................................................................................................................... 20 References ................................................................................................................................ 20

organisations hold substantial project budgets but neglect the implementation of necessary systems or strategies to eliminate or minimise different kinds of risks. Such instances affect the operations as well as diminish the organisational value and lead to major financial losses. Ineffective governance, informational gaps, and miscommunication typically lead to such scenarios. The oil and gas sectors are susceptible to various hazards and risks. Effective use of risk management tools and methodologies can help the firms in this sector to navigate such challenges proficiently, which enhances safety for both employees and the organisation ( Nkrumah et al. 2021). Although proper risk management is essential in the oil and gas sector, management often ignores the importance of risk management. An ineffective or insufficient budget, and poor or minimal knowledge of risks and risk management frameworks, as well as various other factors can affect risk management practices. Such scenarios and the absence of formal guidelines often affect risk management outcomes, which could decrease employee safety as well as trigger major disasters. These scenarios and evidence highlight the repercussions of inadequate monitoring and minute negligence. Therefore, the integration of multiple precautionary measures and robust risk management strategies is imperative for the oil and gas sector ( Urbański et al. 2019). In this context, effective project management emerges as a crucial tool to improve risk management practices by alleviating potential risks across the project's entire lifecycle. Besides, enhanced risk mitigation strategies ensure superior quality of project outcomes, which improves overall project performance. Thus, such practices can contribute to the sustainable growth of the UK's oil and gas industry. 1.3 Research Rationale The oil and gas industry is known for its complex and high-risk characteristics, which involve sophisticated projects with substantial financial implications. Besides, the repercussions of poorly managed projects and inadequate risk mitigation strategies can affect financial performance as well as organisation's value and reputation in the market ( Devie et al. 2020). Thus, an in-depth investigation of the interconnection between project management and attitudes toward risks within this sector can offer valuable perspectives to drive projects. Regardless of the undeniable significance of both project and risk management practices within the UK's oil and gas industry, there is limited research on this topic ( Urbański et al. 2019). Thus, there is a significant research gap, which restricts comprehension of the critical dimensions of risk management. These scenarios motivated the researcher to select the

research topic. Such research can help to develop strong decisions, amplify the rates of project success, and make meaningful contributions to the overall progression of the United Kingdom's oil and gas industry. 1.4 Problem Statement There is a complex relationship between the implementation of project management techniques or practices and the prevailing attitudes towards risks within the UK oil and gas domain. Despite the sector's considerable significance and the potential implications of inadequate project management, there is a significant research gap. Existing researchers have not (or rarely) investigated the interrelationship of risk-consciousness attitude and project management practices and their influence on the outcomes of projects. The studies on the UK oil and gas sector are very limited, especially regarding risk management and project management methodologies. The diverse challenges and intricacies related to this sector emphasise the necessity for a profound understanding of how project management strategies impact the attitude to risk management, and vice versa. The study intends to address these research gaps and offer deeper insights into project management approaches within the UK's oil and gas industry. 1.5 Research Aims and Objectives The study aims to analyse the relation between project management and the project manager’s attitude in managing risks by focusing on the UK’s oil and gas sector. Various objectives are defined based on this aim.  To evaluate the existing condition of project management methodologies within the UK's oil and gas industry.  To recognise and examine the prevalent risks and challenges encountered by the UK oil and gas sector, along with their influence on project management.  To explore the attitudes and viewpoints of project managers and strategies employed by them in the UK oil and gas industry about risk management.  To determine and recommend best project management practices to mitigate risks and ensure the successful completion of oil and gas projects in the UK.

assessment, and intricate interplay project managers' attitudes strategies deployed risk management to UK oil and gas sector. The UK oil and gas sector makes project management Canvas adorned with a diverse array of methodologies and tools tailored to streamline operations, eliminate inefficiencies and amplify with prospect methodologies (Urbański et al. 2019). 1. Agile Methodology: Paradigm epitomizes flexibility and adaptability on real-time response evolving to project needs that enhance responsiveness to changes in the project environment. 2. Waterfall Methodology: Structured approach characterized by sequential progression phases. It helps in trajectory project advancement ( Khalidov et al. 2021). This methodology enables efficient project management that influences the manner that risks are managed to shape the sector stance uncertainties. The intrinsic association makes risk management with project success in the UK oil and gas sector (Turner and Cochrane, 2019). The sector's complex projects harbor an ensemble risk arising technologies and intricacies of risk management to project success are palpable within the UK oil and gas sector. The sector's complex projects harbor ensemble risk arising and technological intricacies regulatory capricious ebbs flows to market dynamics. Mastery of risk management serves as a bulwark against adversities acting as shields that safeguard the projects from the turbulence of uncertainties. This Prowess lies in strategies steeped in proactivity identification to potential impacts that crafts plan and mitigation. Project management software function vanguards against unpredictability (Pinto and Covin, 2019). The interplay between risk and project management is a linchpin that determines the effectiveness to mitigate risk strategies. The attitude helps project managers towards risk to play a pivotal role that shapes risk management practices. Project managers are molded by the contours of cultures and manifold expectations. A proactive stance as a beacon can fervor potential risk to engineer strategies. This underscores relationships between realm project management to tapestry risk management (Hillson and Murray-Webster, 2020). The Crux navigates the terrain of the UK oil gas sector upon synergy achieved through project management. This industry emerges to success with seamless integration paradigms. Project management hinges upon a profound understanding of risk and opportunities to thrive in uncertainty. The project management methodologies within the vibrant tapestry of the UK oil and gas sector confluence effective project management that stops stands with indomitable force. The project management methodologies like agile and waterfall stroke to the risk management table. The seamless

weavering, attitudes and practices forge a resilience path that is poised to navigate legacy sustained prosperity. 2.2 Project management in the Uk Oil and Gas sector The UK oil and gas sector is the energy and prosperity supplier that operates many projects and financial investments on underlying risk. Marriage effective project management adapts risk management that navigates multifaceted landscapes to successful outcomes (Aaltonen, 2021). The literature review develops current project management practices between project managers' attitudes and strategies in the UK oil and gas sector that align with questions and objectives to guide exploration. Project management is a mosaic of methodology that optimizes operations and amplifies trajectory outcomes using two different methodologies casting risk management strategies to influence the sector (Chapman, 2021). 1. Agile Methodology is a paradigm of a testament to flexibility and adaptability that serves real-time responses to evolving project requirements and the main essence lies in responsiveness to make an ever-shifting landscape. 2. Waterfall Methodology: It embodies sequential approaches that unfolded predictability and coherence in project progression. The current state of project management practices reflects dynamic landscapes that shape industry challenges and global trends (Chapman, 2021). Critical industry underpins supply and economic growth. The UK oil and Gas sector makes effective project management in the sector. The UK oil and gas sector makes a gradual shift to integrated and holistic approaches in the well-establish sector and methodologies like a waterfall that is characterized by phases and structure progression. This offers stability and predictability that embraced complexities. Agile methodologies gain traction to change project needs and foster multidisciplinary teams that enhance responsiveness to market fluctuation. The dynamic nature of the oil and gas industry addresses challenges with the concerns of regulatory changes that seek flexibility in management (Jin et al. 2019). Project management within the UK oil and gas sector is influenced by technological advances. The integration enables managers to identify potential issues to implement adjustments to ensure the success of the project. The current state underscores stakeholder engagement with effective communication

risk management in the UK oil and gas sector. This also sheds light on strategies and mitigates risk and ensures the attainment of project objectives. Risk management with strategic imperatives to the oil and gas sector makes a multifaceted nature to operations (Shenhar et al. 2021). This sector with substantial investments and technologies compliance to regulations and implications leads to risk management with s proactive shield that allows identifying assessment and mitigating vulnerabilities to critical issues. Effective risk management within UK's oils and gas sector comprises key components like risk identification that involves cataloging risk to impact project outcomes. This phase draws historical data and best practices of the industry to compile potential risk and comprehensive assessment evaluates consequences and helps project teams to prioritize severity and occurrence. Crafting blueprints at the heart of risk strategies and blueprints outlines mitigation processes that can impact the identified risk (Norrman and Jansson, 2020). Delineate actions and responsibilities assigned to different stakeholders to trigger indicated strategies. These strategies will help in UK oil and gas sector ensures challenges to meet proactive responses to the escalating crisis. The risk management arsenal registers to management software. Risk registration serves description of potential impacts that are assigned to project teams to monitor risk and track progress to mitigation action and update strategies to evolve with projects. Project management software enhances risk management efficiency with real-time data that facilitates collaboration with team members and enables quick processes for decision-making and emerging risk. The effective risk management impact can make the project successful (Abdel-Hamid and Everett, 2019). Anticipating and addressing potential challenges to the UK oil and gas sector helps in anticipating timelines and making proactive investments. Risk management instills stakeholders to communities affected by projects of successful risk management a comprehensive understanding of cost implications to identify risks to financial planning and make resource allocation. The impact can access project success in the sector and forms the bedrock of projects to navigate technologies and market-related challenges. Risk identification and comprehensive assessment. Meticulous mitigation planning (Hillson, 2023). The sector boosts resilience and ensures achievement. Risk registers and project management software stand as sentinels that guard against any kind of decision-making of unpredictability. The UK oil and gas sector evolves from risk management to indispensable strategies to turn uncertain things into opportunities and make sustainable projects successful. Understanding technologies and emerging with linchpins can work against adversities and help to create mitigation blueprints to make risk registered and assume pivotal roles against unpredictability (Smith and Merna,

2023). This analysis develops attitudes to risk and aligns with objectives to make economic growth in the sector. The integration with data analytics and AI empowers project managers to detect potential risks with patterns and offers the possibility for project managers to detect risks and patterns. The technology enables harmony between project management and risk mitigation reshaping the sector for safeguards with its endeavors. 2.4 Project Manager's Attitudes Towards Risk The dynamic realm of UK oil and gas sector project managers emerge with implements to navigators to wield a profound influences course to strategies to manage risk. These attitudes risk defining many factors This develops an intricate interplay of managers' attitudes to risk and make a broader landscape of risk management within the UK. Project managers risk and attitudes are interlinked with many factors. They are not only isolated but shaped by organizational culture, values, priorities, and practices to respective companies' impact on managers that perceived approaches risk. Cultural priorities calculated risk-taking to project managers that inclined to risk opportunities to the growth rather than threats. Conversely averse to organizational culture might foster caution and a conservative stance to risk (Zwikael and Ahn, 2020). Many complexities are inherent in oil and gas projects intricate technologies with an extensive regulatory framework with a supply chain that amplifies significant project managers' attitudes to risk. Many projects unfold diverse operational landscapes to project managers and attitudes to risk influenced by interactions and understanding of webs and dependencies. The technological proficiency and expertise possessed to project managers shapes the ability to foresee pitfalls and dive into effective mitigation strategies. Stakeholder expectations influence facts and guide attitudes to risk (Bakker and Drogendijk, 2020). The UK oils and gas sector operates an ecosystem of multifaced stakeholders with government bodies and encompasses local communities, environmental groups, and investors. Project managers navigate web expectations even juggling demands and ensure project success (Toor and Ogunlana, 2020). Their attitudes inevitably are influenced by stakeholders' concerns and priorities. The proactive approaches assumed by project managers in the UK oil and gas sector. A different proactive approach by project managers in the UK oil and gas sector speaks about dedication to steering projects toward success. A relentless commitment that identifies potential risks in the early stage. This involves systematic process risk assessment that gauges project managers that impact on the likelihood to risk materializing armed with insights of architect strategies of risk mitigation. It

These methodologies wield a profound impact on risk management and molding to sector responses and challenges. Agile methodologies with adaptability and flexibility infuse dynamic vigor into the project management landscapes and provide team agility to swiftly adjust to changes and needs and emerge with marketing dynamics that enable identifying and responding to evoking risk (Zoufa and Ochieng, 2019). The interactive nature and agile methodologies allow risk assessment and recalibration ensuring potential pitfalls to mitigate arise. This flexibility makes invaluable marked by industry volatile market conditions that evolve technologies. Waterfall methodologies bring structures with predictability with management practices. The sequential waterfalls also make a roadmap that guides projects to completion with meticulous precision. Structured approaches boost risk assessment at management. Potential risk-assessed mitigation strategies that crafted alignment to project establish a framework. The predictability offered by waterfall methodologies enhances the capacity that anticipates challenges in devices' premeditated responses (Ochieng et al. 2019) . The structured approach makes beneficial projects' well-defined scope management seamless into each phase. The interplay of project management risk management strategies hinges on project managers' attitudes to risk. The proactive outlook influences rigor risk identified in- depth impacts assessed. The project manager's attitudes reflected the proactive crafting of mitigation plans and agility in adapting plans to circumstances that evolve. This alignment between attitudes and strategies epitomizes dynamic interplay project management within the UK oil and gas sector. The interplay between project management practices with risk assessment strategies forms a cornerstone to the success within the UK oil and gas sector (Lambrechts and Blomquist, 2019). The choice of methodologies like agile and waterfall reverberates across the risk management strategies landscapes that shape challenges. The interplay extends beyond methodologies with project execution. The project managers infuse attitudes to risk and alignment to methodologies that crystallize dance between project methodologies with strategy crystallizes risk management. In this sector marked by volatility regular demands and compass guiding projects triumphant outcomes. The UK oil and gas sector confronts a spectrum of risks of technological challenges and market fluctuations with regulatory complexities with environmental concerns (Kassem, 2022). Some risks derail projects, making identification, assessment, and mitigation to make paramount concern. Effective management strategies serve as a policy against the project resilience and confidence of stakeholders. Identifying risk assessing the potential impact on devising mitigation plans will ensure projects and remain on course even face adversities. The project manager's guardians make the project successful through an attitude to risk (Muralidhar,

2020). These attitudes are influenced by organizational culture and practices with project complexities and expectations of the stakeholders to mold the risk management landscape. Proactive approaches characterize the determination to identify assess and mitigate risk that underscores the intricate connection to project management and risk management. The tapestry of the UK oils and gas sector with project management practices serves to weave successful outcomes (Imran et al. 2021). The fusion methodologies with stakeholder engagement offer a robust foundation to flourish projects. The symbiotic relationships make risk management and project management navigate the sector with challenges and guided by project managers to proactive attitudes The sector continuously evolves to carry the fourth legacy of effective project management and resilient risk management with determination to harness sustainability and prosperity. The journey landscapes and project management methodologies like agile and waterfalls drive current infuse adaptability and structure section endeavors. Agile methodologies breathe life into projects make flexibility enables nimble evolving needs with marketing dynamics. Waterfall methodologies craft meticulous roadmaps that navigate projects to structured phases with offering predictability and coherence. The choice methodology ripples to landscapes that influence risk management strategies that shape sector responses to challenges. Risk management emerges as the sentinel standing guard against tempest uncertainties. Its also strength lies in proactive measures from risk identification to crafting mitigation blueprints. The proactive measures stances fortified tools like risk registers and projects management software enables continuous vigilance and timely adjustments. Risk management impact to project success that extends beyond stakeholders to pave ways for efficient resource allocation that ensures projects remain aligned with objectives. The interplay between project management practices and risk management forms seamless choreography that guides the sector's methodologies. Orchestrate risk identification and assessment with mitigation. Agile methodologies allow real-time adaptability and ensure risk. It also promotes responsive strategies. Waterfall methodologies make structured phases to anticipate risk and craft premeditated responses. These intricacies project managers' attitudes toward risk. It also shapes organizational culture and project intricacies and dynamics of stakeholders. These attitudes mold sector approach to risk management and characterize project managers that help to determine architect strategies to navigate challenges culminating in a resilient risk management framework. The UK oil and gas sector echoes the harmony of methodologies and practices. Each note contributes to overarching sustainability

two industries that use project management the most, followed by construction and aerospace. Upstream exploration and production projects are a good example of how these two industries are inextricably linked. In this chapter, this research has used qualitative research methodology to gather the data that has helped the researcher to meet the aims and objectives of the research. 3.2 Research Philosophy The goal of the research is to understand the beginnings, nature, and progression of knowledge. It aids the researcher in gathering, processing, and applying the opinion from the information gathered to reach the goals and objectives of the research. In terms of research, there are four main research philosophies that are used in a research study depending on the requirements like pragmatism, positivism, realism, and interpretivism (Alharahsheh and Pius, 2020). The researcher has used interpretivism research philosophy to evaluate the data that was gathered from the qualitative data. Justification: The research study aims in assessing the project management practices in the UK oil and gas industry in its current state. The interpretivism research philosophy has helped in analysing in depth the research problem through real-life projects. This research philosophy has helped the researcher to gather qualitative data that asserts the understanding of the research objectives. It focuses on the individual’s beliefs, motivations and reasoning over the data collected to gain social interactions (HR and Aithal, 2022). This research philosophy has helped to underline that throughout a project, project management is an essential part that assists in identifying and mitigating potential risks. The study has highlighted that risk management is also an essential part of project management. Despite the significance of risk and project management in the UK oil and gas industry. 3.3 Research Approach The research approach is the organised strategy that is used to conduct the research investigation and gather the data accordingly. The research approach helps the researcher to make a correct choice in preparing a strategy that helps in attaining the research aims and objectives. There are two kinds of research approach that the researcher uses to execute a particular research study, which are deductive and inductive approach. In deductive approach,

the data are analysed using theory, hypothesis and testing through observations and data collection methods (Sileyew 2019). Inductive research, on the other hand, is a method for developing hypotheses or generalisations based on specific observations or facts. In order to develop new theories or hypotheses, data collecting and pattern identification are necessary first stages. In this research study, the researcher has applied a deductive research approach to evaluate the collected data. Justification : In order to assist generalise the research study's conclusions, the researcher used a deductive research methodology strategy. (Jaakkola, 2020). The researcher has gathered data that suggested that the different project management methodologies such as Agile and Waterfall can largely impact risk management in the oil and gas sector of UK. These two sectors are the most common sector where project management techniques are required intensively. The project managers need to coordinate with their team members so that the goals and objectives of the project could be met. 3.4 Research Design For the research study to be valid, reliable, and produce meaningful results, a certain framework of research procedures is applied in the research study which is known as research design. Applying the research design is an essential part of the research. The researcher applies the research design depending on the research study such as the exploratory, explanatory, descriptive, and experimental. The researcher has applied a thematic analysis technique that has helped the researcher to systematically obtain the collected data and evaluate the data that help in attaining the research objectives (Bloomfield nd Fisher, 2019). Justification : The researcher has applied thematic analysis techniques that are prepared by looking into the pattern of the research objectives. The thematic analysis techniques help the researcher to emphasise identifying, analysing and interpreting the qualitative data in certain patterns that help the researcher to attain the research aim (Rogers and Revesz, 2019). The researcher has collected the data from a group of books and website links that have common themes, repeated ideas, and topics about project management techniques in the UK oil and gas industry.

aims and objectives that focus on project management techniques in the UK oil and gas sectors Table 1: Inclusion and Exclusion of data (Source: Self created) 3.7 Data Collection Method To create a hypothesis or react to a research question, researchers employ the proactive technique of data collection to obtain information from various sources. The quality of the data is significantly impacted by the research study's conclusion. The two typical methods for gathering data: primary and secondary data collection. In primary data, a survey or an interview is conducted to get information directly from the sources (Mavhandu et al. , 2022). However, in the secondary data collection method, data are collected from the past using both internal and external organizational data. In the secondary data collection method, the researcher collects the data from various sources such as books, articles, journals, websites, and articles. The authenticity of the data that are collected from secondary data sources can only be verified by using correct techniques. Justification The researcher has collected data from websites, articles, journals, and books that are related to the research topic. The researcher has collected the data only from authentic sources and has analyzed the data using the thematic analysis technique. This technique has helped the researcher to get accurate results and has helped in attaining the research aims and objectives. The qualitative data that are collected has helped the researcher to investigate the perceptions and approaches of project managers in the UK oil and gas sector towards risk management. 3.8 Data Analysis To answer the research questions or hypotheses of the study, data must be transformed into knowledge through the process of data analysis (Swedberg, 2020). It helps the researcher to evaluate the collected data in an accurate, trustworthy and persistent manner that helps to attain the research aims and objectives properly. The researcher applies research analysis

techniques depending on the sources through which the data are collected. In primary data collection methods, data can be analysed using graphs and charts using statistical tools and in secondary sources that data are mainly qualitative data and those are analysed using thematic analysing techniques. Justification The researcher has collected qualitative data which includes the process of organising, analysing and interpreting the collected data in the right manner so that research questions can be answered. The researcher here has applied the thematic analysis techniques that have been done by creating themes and patterns related to the research study. The researcher has gathered information from a range of books, journals, and websites that are relevant to the topic. . Based on the data collected, the researcher has analysed the information using themes to answer the research questions. 3.9 Research Ethics Every researcher needs to adhere to research ethics while conducting the research study. Depending upon the research methods, the researcher has to follow some ethics. In this research study, the researcher has collected data with utmost responsibility and have chosen only authentic books and journal to collect the data (Brittain et al., 2020). The researcher has also taken the consent of the writers for the articles that are chosen for the research study. The websites that are taken into consideration to collect the data are authentic. Furthermore, books that have been considered to answer the research objectives have proper title names and editions. Summary From the above discussion, it is concluded that thematic analysis techniques have helped the researcher to analyse the qualitative data. The research study has concentrated on project management and risk-taking behaviour in the UK oil and gas industry. The study has narrated that these two sectors are the most critical industry and supervision of the management level is very much necessary. This industry is characterised by high-risk operations that make risk management techniques important to analyse the success of the project.