Risk and Crisis Management in Engineering Projects: Role of Project Management Frameworks and Emerging Technologies

Abstract

Engineering projects are increasingly exposed to diverse risks and crisis events arising from technical, financial, environmental, organizational, and external uncertainties. This study synthesizes a structured perspective on risk identification, classification, and management in engineering project environments, emphasizing the role of both qualitative methods (e.g., expert judgment, Delphi technique, and risk breakdown structures) and quantitative approaches (e.g., probabilistic risk assessment and Monte Carlo simulation). Risks are categorized into internal and external sources and further differentiated as predictable risks versus unexpected crises to support targeted mitigation and response planning. The discussion demonstrates that unmanaged risks can escalate into crises that degrade key project performance indicators, including cost, schedule, quality, safety, and stakeholder confidence, potentially resulting in rework, delays, cost overruns, contractual disputes, reputational damage, and project termination. To address these challenges, the paper highlights structured risk assessment and mitigation strategies, risk avoidance, reduction, transfer, and acceptance, supported by contingency planning, emergency response protocols, and governance-integrated decision frameworks. Furthermore, it underscores the value of established project management standards (PMBOK, PRINCE2, ISO 31000) and emerging technologies (BIM, artificial intelligence, digital twins, predictive analytics) in enabling early warning, real-time monitoring, and data-driven decision support. Overall, the study concludes that integrating systematic methodologies with advanced digital tools strengthens project resilience and improves the likelihood of successful and sustainable engineering project delivery under uncertainty.