Planning the appropriate Risk Response Strategies by Exploring and Prioritizing the Risk Categories in International Projects

Industries are expanding their business into new foreign markets as a result of globalization. Companies need to understand the risks involved with international projects for sustained competitiveness and growth in the global market. The purpose of this paper is to present an overview of research on various risk categories associated with international projects and the barriers to effective risk management through a systematic literature survey. The findings derived from the evaluation of the publications analyzed have led to the identification of 17 different types of risk categories associated with international projects in various sectors of industries and 10 different barriers to effective risk management. The success of risk management in international projects will be based on the proper identification of risks, application of appropriate risk management methodology, and proactive leadership to overcome the barriers to effectively implement risk management. The risk categories were verified and ranked through the feedback from more than 25 Project professionals and the response strategies have been suggested.