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IQBAL, Shahid, Rafiq M. CHOUDHRY, Klaus HOLSCHEMACHER, Ahsan ALI, and Jolanta TAMOŠAITIENĖ. "RISK MANAGEMENT IN CONSTRUCTION PROJECTS." Technological and Economic Development of Economy 21, no. 1 (January 29, 2015): 65–78. http://dx.doi.org/10.3846/20294913.2014.994582.
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Risk management is an important field of construction industry and has gained more importance internationally due to the latest researches carried out on a large scale. However, this relatively new field requires more attention to bring some benefit. Construction projects are facing a number of risks which have negative effects on project objects such as time, cost and quality. This study is based on findings of a questionnaire-based survey on risk management in construction projects in Pakistan, reporting the significance of different type of risk, ultimate responsibility for them and the effectiveness of some most common risk management techniques practiced in the industry. Two types of risk management techniques were considered: preventive techniques which can be used before the start of a project to manage risks that are anticipated during the project execution; and remedial techniques that are used during the execution phase once a risk has already occurred. The study revealed that financial issues for projects, accidents on site and defective design are the most significant risks affecting most of construction projects. As further reported, the contractor is responsible for management of most risks occurring at sites during the implementation phase, such as issues related to subcontractors, labour, machinery, availability of materials and quality, while the client is responsible for the risks such as financial issues, issues related to design documents, changes in codes and regulations, and scope of work. Further reported results of the analysis demonstrate that the production of proper schedule by getting updated data of the project and guidance from previous similar projects are the most effective preventive risk management techniques while close supervision and coordination within projects are the most effective remedial risk management techniques. It may be concluded that the most significant risks must be managed with greater effort to reduce/eliminate their effects on the project. As the study concludes, preparation of a proper schedule and good coordination during the implementation stage are very important as they may help project managers to focus on critical areas for better management of projects in Pakistan.
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Schieg, Martin. "RISK MANAGEMENT IN CONSTRUCTION PROJECT MANAGEMENT." Journal of Business Economics and Management 7, no. 2 (June 30, 2006): 77–83. http://dx.doi.org/10.3846/16111699.2006.9636126.
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By adopting risk management, savings potentials can be realized in construction projects. For this reason, for project managers as well as real estate developers, a consideration of the risk management process is worthwhile. The risk management process comprises 6 process steps, which will be discussed in greater detail below. The integration of a risk management system in construction projects must be oriented to the progress of the project and permeate all areas, functions and processes of the project. In this, particular importance is attached to the risks in the personnel area, for, particularly for enterprises providing highly qualified services, specialized employees are essential for market success.
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Sudirman, Weddy Bernadi, and Sarwono Hardjomuljadi. "Project Risk Management in Hydropower Plant Projects." Journal of Infrastructure Development 3, no. 2 (December 2011): 171–86. http://dx.doi.org/10.1177/097493061100300205.
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The development of hydroelectric power plant is one of the efforts in utilising water resources for people’s welfare by generating the energy for electricity purpose. Nowadays, the installed capacity of hydro electric power plants is 3,529 MW from the total installed capacity 24,846 MW from various power plants owned by PT PLN (Persero) and the hydropower potential 75,000 MW all over Indonesia. Hydroelectric power plant has complex structures and involves large amounts of capital with a long-running construction period. This situation imposes uncertainty factors with considerably high risks. The construction phase is identified as a critical phase in hydropower projects where many unforeseen factors occur. Failure to manage project risks leads to significant problems for the client such as completion time delays and cost overruns. In order to prevent time delays and cost overruns in hydropower construction in PT PLN (Persero), the study on project risk management in the construction stage of hydropower plant projects had been conducted. The purpose of this study was to identify and measure the importance of construction risks and to determine the level of agreement or disagreement between the client, consultants and contractors on the ranking of construction risk in hydropower projects. The author selected the respondents from the clients, consultants and contractors’ personnel who had work experience in hydropower construction projects in PT PLN (Persero). JEL Classification: L74—Construction
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Deshmukh, G. K., Hory Sankar Mukerjee, and U. Devi Prasad. "Risk Management in Global CRM IT Projects." Business Perspectives and Research 8, no. 2 (February 2, 2020): 156–72. http://dx.doi.org/10.1177/2278533719887005.
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Global information technology projects are risky with failure rates for customer relationship management information technology (CRM IT) projects estimated to 70 percent. These failures are often due to multiplicity of factors including poor risk management. The project management literature points out four broad types of risks: technical, external, organizational, and other risk factors. Project manager’s basic job, therefore, becomes to manage the risks and ensure that an IT project is steered to completion while meeting the objectives. Unmanaged risks run into chances of failure and ultimately impacting the CRM project and the reputation of the consultant. Payne and Frow’s (2005) advocates the need for a structured study on the information technology implementations of these projects. The objectives of the study are to investigate: how project risks in CRM- IT implementations impact the final outcome and how the risk management process adopted by the IT project manager impacts the final outcome of the project. The research was conducted administering questionnaire to 135 project managers. It was found that project risk impact cost, time, and technical performance and risk management process impacts planning, support of customers as well as top management.
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Mahmoud al-Mukahal, Amer Abdullatef. "Risk Management of Construction Projects." Engineering Management Research 9, no. 1 (May 15, 2020): 15. http://dx.doi.org/10.5539/emr.v9n1p15.
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This study aims to Analyzing the nature of Construction Projects, Analyzing the Nature of Construction Projects Risk, and Analyzing The mechanism of Risk Management. This Study adopted The Quantitative Method. The Summary Concluded From The Study Lies in the Theoretical Study of construction Project`s Risk. The Construction Project Contains Many Risk Which Related to Different Factors:
Legal, Organizational, Technical, Zoning, Financial, Social and Political Factors. The Process of Management of Construction Projects includes:
Planning of Risk Management, Risk Identification By (Checklist Analysis, Questionnaire, Personal Interview, Brainstorming Technique, Delphi Technique), Risk Analysis By Qualitative Analysis By (Probability and Impact Assessment, Cause and Effect Diagram, Probability and Impact Matrix) and Quantitative Analysis By (Probability Distributions, interviews , Sensitivity Analysis, Fault tree, Events tree, Munte Carlo Simulation), Planning the Response to Risk By (Strategies for Response to Negative Risk , and Strategies to Positive Risks), and Risk Control and Cheek. Depending on The Conclusions, The Study Recommends the Following:
Process of Assessing The Efficiency of Construction Companies.
Use Qualitative Analysis and Quantitative Analysis in The Process of diagnosis, and Categorization of Risk in the Process of Risk Management.
Studying Types of Contracts of Construction Projects.
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Afshari, Ali, Vladimir Brtka, and Melita Ćoćkalo-Hronjec. "Project risk management in Iranian software projects." Journal of Engineering Management and Competitiveness 8, no. 2 (2018): 81–88. http://dx.doi.org/10.5937/jemc1802081a.
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Kuchta, Dorota, and Ewa Ptaszyńska. "Project Risk Management of Electrical Switchboard Delivery." International Journal of Contemporary Management 15, no. 2 (2016): 85–103. http://dx.doi.org/10.4467/24498939ijcm.16.012.5552.
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Background. In projects of electrical switchboard delivery we can identify many risks which are usually quite severe in their consequences, because these projects are high-budget projects. Our studies indicate that there are no formalised risk management procedures in many Polish companies that realise such projects. Research aims. Therefore we propose using a traditional risk management procedure adapted for projects of electrical switchboard delivery what was verified on the example of a selected company. Methodology. We use the following research methods: analysis of the documentation relating to completed projects of electrical switchboard delivery, interviews with project managers, and literature studies. Key findings. We obtained the following results: Work Breakdown Structure (WBS), list of identified project risks, list of risk responses, computer tool for managing identified risks in projects of electrical switchboard delivery. Based on the completed studies we can state that risk management is an important element of electrical switchboard delivery and should not be ignored in companies that realise such projects.
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Mirboroon, Leili, and Hamideh Razavi. "A Case Study of Risk Management of Automotive Industry Projects Using RFMEA Method." Mapta Journal of Mechanical and Industrial Engineering (MJMIE) 4, no. 1 (October 28, 2020): 42–50. http://dx.doi.org/10.33544/mjmie.v4i1.132.
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Considering the market need and customer attraction, automakers are always trying to define new projects and present products with new capabilities in the market. That is why a significant part of car companies’ development research is focused on the definition of new projects. Principally, project risk management in car companies is essential and thus given special attention. There are different theories and methods of project risk control. However, since there is complete awareness of FMEA-related issues (Failure Mode and Effects Analysis) in automotive companies due to the establishment of the quality management system, the project's risk analysis using FMEA method to control the risk of automotive industry projects is presented in this paper by a real example. For this purpose, FMEA indicators tables are designed and presented proportionally to project risk management. Results of this research show that using failure mode and effects analysis for project risk management ensures the detection of project's weaknesses and provides a practical model for identification and reduction of project risks.
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Burtonshaw-Gunn, S. A. "Management of Risk in private funded international infrastructure projects." International Conference on Business & Technology Transfer 2004.2 (2005): 24–29. http://dx.doi.org/10.1299/jsmeicbtt.2004.2.0_24.
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Oğuzhan Yavuz Bayraktar. "Risk management in construction sector." World Journal of Advanced Research and Reviews 8, no. 2 (November 30, 2020): 237–43. http://dx.doi.org/10.30574/wjarr.2020.5.2.0433.
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The major requirement of every construction project is meeting client’s need of cost, quality and time. However, the construction industry is overwhelmed with risks more than any other industry due to the fact that they are present in every activity from design to completion. These risks need to be controlled early or face the possibility of cost overruns, time delays and poor quality work leading to displeasure of client and public. Although risk management in construction projects is a very important issue in terms of the firms operating in the construction sector, it has not yet gained clarity and prevalence in our country. Within the scope of this research, the aim of this research is to introduce the risk management system as a concept and to classify the risk in construction projects and to demonstrate the risk management techniques. Risk management system is a cyclic process. In the monitoring and control phase of applied risk responding strategies, some of the risks will be eliminated or reduced, some of unforeseen risks will appear and analysis steps will be realized again. At the end of the project, determination of to what degree project aims and targets have been reached and documentation of risk management system after evaluation regarding to the project will enable the company to use project risk management system more effectively and usefully in the projects undertaken later. Due to construction activities, processes, environment and organization’s structures, construction industry and the clients are broadly in relation with high risk degrees. Therefore, it is highly important for our country’s firms in construction industry to give necessary significance to project risk management idea and system and to consider them as a basic function of the projects for permanence of their enterprise existence.
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Oğuzhan Yavuz Bayraktar. "Risk management in construction sector." World Journal of Advanced Research and Reviews 8, no. 2 (November 30, 2020): 237–43. http://dx.doi.org/10.30574/wjarr.2020.8.2.0433.
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The major requirement of every construction project is meeting client’s need of cost, quality and time. However, the construction industry is overwhelmed with risks more than any other industry due to the fact that they are present in every activity from design to completion. These risks need to be controlled early or face the possibility of cost overruns, time delays and poor quality work leading to displeasure of client and public. Although risk management in construction projects is a very important issue in terms of the firms operating in the construction sector, it has not yet gained clarity and prevalence in our country. Within the scope of this research, the aim of this research is to introduce the risk management system as a concept and to classify the risk in construction projects and to demonstrate the risk management techniques. Risk management system is a cyclic process. In the monitoring and control phase of applied risk responding strategies, some of the risks will be eliminated or reduced, some of unforeseen risks will appear and analysis steps will be realized again. At the end of the project, determination of to what degree project aims and targets have been reached and documentation of risk management system after evaluation regarding to the project will enable the company to use project risk management system more effectively and usefully in the projects undertaken later. Due to construction activities, processes, environment and organization’s structures, construction industry and the clients are broadly in relation with high risk degrees. Therefore, it is highly important for our country’s firms in construction industry to give necessary significance to project risk management idea and system and to consider them as a basic function of the projects for permanence of their enterprise existence.
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Моргунова, Елена, Yelyena Morgunova, М. Моргунова, and M. Morgunova. "Risk Management of the Investment Project." Scientific Research and Development. Economics of the Firm 6, no. 4 (January 30, 2018): 17–24. http://dx.doi.org/10.12737/article_5a572de19d81c8.44406598.
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The article presents the results of a study on risk management of an investment project, using the example of projects in the coal mining sector. Issues of identification and evaluation of project risks are considered. An integrated and holistic mechanism for understanding problems related to risk management of investment projects has been formed.
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Jibril, Abdirahman, and Belal A. Shaban. "Risk management in construction projects in Somalia." International Journal of Advanced Engineering, Sciences and Applications 2, no. 2 (July 31, 2021): 38–41. http://dx.doi.org/10.47346/ijaesa.v2i2.70.
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These days, risk management and analysis are serious issues in the effective management of construction projects, because construction projects are likely to be very dynamic, productive, diverse and increasingly competitive. Risk management helps project parties such as clients, contractors and vendors/suppliers to meet their obligations to reduce negative impacts on their works. The outcomes of the risk management method include the analysis and detection of risks, the creation of building project management systems and the efficient use of resources. The aim of this article is to find out how the Somalian construction companies see the value of construction project risks and how to manage it by dispatching a questionnaire. The total questions of the questionnaire are seventeen questions and were distributed by various participants such as clients, contractors and designers. The findings show that in the implementation of risk management techniques, the Somalian construction industry varies greatly from building companies in foreign countries. The contractor needs to consider risk obligations, dynamics of risk incidents, risk tolerance and risk control skills to handle the risks effectively and efficiently. Due to the insufficiency of experience in the attitude of Somalian entrepreneurs towards risk management is very hard to change. However, as a component of their project management, the construction companies must include risk analysis in projects. The application of risk management in Somalian construction companies is small to moderate, with little difference between organizations' types, sizes and risk tolerances and individual respondents' experience.
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Silao, Jerald F., Ralph Lery Guerrero, Carlito Pantalunan, Christine Renomeron, and Salvador Loria Jr. "Pandemic Risk Management in Construction Projects." International Journal of Recent Technology and Engineering (IJRTE) 10, no. 2 (July 30, 2021): 1–4. http://dx.doi.org/10.35940/ijrte.a5958.0710221.
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Construction projects undergo critical stages resulting to circumstances with high uncertainty and risk, which has been escalated by the pandemic. As the pandemic continues to overwhelm the world, its negative effects to construction industry are clearly manifested. Health and safety risks in previous studies and researchers are not risk factors that has great impact to construction industry. However, the COVID-19 pandemic significantly increases the risks that needs intensive risk management techniques to continue construction operations. This study seeks to identify emerging risks and explored risk management techniques applied by construction companies in the Philippines in light of covid-19 pandemic. Findings of the study were based from a questionnaire survey on pandemic risk management in construction projects. Questionnaires were administered based on purposive sampling. Respondents were civil engineers and architects who are directly involved in management and administration of construction projects. The data obtained were analyzed and presented through frequency table and charts. As concluded, health and safety risk are the main risks factors that has effects on cost, time and quality of construction projects. Furthermore, these risks must be managed with great effort and coordination with the government to minimize its effects. In addition, the study is essential to construction industry to mitigate and control new emerging risk to ensure successful project completion.
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J. Perrenoud, Anthony, Brian C. Lines, and Kenneth T. Sullivan. "Measuring risk management performance within a capital program." Journal of Facilities Management 12, no. 2 (April 29, 2014): 158–71. http://dx.doi.org/10.1108/jfm-03-2013-0018.
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Purpose – The purpose of this study is to describe how the University of Minnesota's capital program implemented risk management metrics on 266 construction projects and to present the results of the risk metrics. Design/methodology/approach – The implementation of Weekly Risk Reports (WRR) on the university construction projects captured information on the internal and external efforts related to minimizing project risks. The report implemented captured project risks, management plans, cost changes and schedule delays. Findings – Findings reveal that the university was able to effectively capture project risk metrics through the WRR. The risk metrics identified the risks categories that impacted the 266 project costs and schedules. Through these findings, the university has a better understanding of how their internal stakeholders create the greatest risk to impacting the project cost and schedule. This paper presents the risk impacts collected from the 266 projects. Research limitations/implications – A complete analysis of the risk metrics was limited in this research due to the extensive measurements collected. Future analysis will provide additional findings from the risk information. Originality/value – The paper presents both the implementation and the risk management measurements used within a capital program of a major university to provide understanding of the common risks that are involved with capital projects.
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Aleksic, Aleksandar, Hrvoje Puskaric, Danijela Tadic, and Miladin Stefanovic. "Project management issues: vulnerability management assessment." Kybernetes 46, no. 7 (August 7, 2017): 1171–88. http://dx.doi.org/10.1108/k-08-2016-0218.
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Purpose The purpose of this paper is to investigate the vulnerability of projects implemented in enterprises. The paper focuses on the issue of vulnerability assessment in the planning stages of a project, before its realization. Design/methodology/approach In this paper, the realization of the project has been analyzed through the phases of delivery, and the fuzzy approach has been deployed for mathematical modeling of uncertainties. An appropriate expert and management team has assessed the variables of the project’s vulnerability by using linguistic expressions, as this way of assessment is close to the human way of thinking. The model of project’s vulnerability assessment has been verified on real life data by means of an illustrative example. Findings A very significant part of business operations in enterprises all over the world is realized through the practice of project management. In daily business practice, project activities may be exposed to different risk sources. These risks may be studied from different perspectives, but without reevaluation, risk sources increase the vulnerability of projects as well as of the whole enterprise. Originality/value The results of the analysis of the obtained data gives good direction to future research in the scope of vulnerability management in the enterprises oriented to long-term sustainability.
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Titarenko, Boris, Sergey Titov, and Roman Titarenko. "Risk Management in Innovation Projects." Applied Mechanics and Materials 638-640 (September 2014): 2338–41. http://dx.doi.org/10.4028/www.scientific.net/amm.638-640.2338.
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The report deals with projects risk management approaches and methods. The methods are based upon the main provisions of the following standards: International Competence Baseline, published by International Project Management Association – IPMA and National Competence Baseline published by Russian Project Management Association – SOVNET. It is known two types of risk management methods: qualitative and quantitative. Qualitative methods deal with procedures that reduce the risk of risk situations and the quantitative methods allow to produce quantitative estimates of the proposed activities using SOVNET system methodology.
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Ali, M. S. M., and O. M. Ahmed. "Risk Management of Construction in Sudan." FES Journal of Engineering Sciences 9, no. 3 (February 22, 2021): 45–51. http://dx.doi.org/10.52981/fjes.v9i3.695.
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This paper aims to study the humanitarian risks in construction projects that affect the objectives of the project from time, cost and quality, and to identify, analyze and develop the appropriate strategy, monitor and control and specifically the risk of factors affecting construction projects. A questionnaire was designed to collect data and identify risks in construction projects and then distributed to several public and private sector companies registered with the Organizing Council for engineering works contractors in Sudan, and after the risks facing the construction projects were identified through the questionnaire and telephone interviews with The engineers and managers of these companies, these risks were analyzed by Google Form. The results of the questionnaire showed that inflation, increased prices of materials in the market, weak site management, delayed payments from the contractor and awarding the design to unqualified designers, that is the most important factors affecting the objectives of construction projects in Sudan, and the contractor is the most vulnerable among the parties to the project.
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Mahdavi, Mehdi, and Mehrdad Kangani. "A Study on Effects of Risk Management in Urban Tunnel Constructing Projects." Modern Applied Science 10, no. 12 (July 11, 2016): 34. http://dx.doi.org/10.5539/mas.v10n12p34.
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Although many studies have been conducted on project management and risk management until now, tunnel constructing projects are not under risk management studies. The focus of this study is to define the risks which are effective on tunnel constructing projects and also the method of configuration, relationships and amount of such risks. Then, the responses of the project and the methods of risk management in tunnel constructing projects will be discussed in this study; in order to get favorite results of project through conducting risk management routines.Tunneling projects consist of complicated events and sophisticated technical systems. So, the risk management must of high importance for managers and engineers involved in such projects. In order to understand the involved risks, some questionings were conducted on tunnel constructing companies. At the end of these questionings, some solutions were proposed to solve the risk problem. In this study, the projects involved in Tehran subway system’s construction were studied.Based on the Standish Group’s report, 40 percent of construction projects don’t come to end and 50 percent of construction projects consume more budget than estimated. Furthermore, about 50 percent of finished projects don’t have the enough functionality. Since covering the most aims and missions of organizations are depicted in operational projects, management and risk control play a vital role in success of projects.
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Porananond, D., and N. Thawesaengskulthai. "Risk Management for New Product Development Projects in Food Industry." Journal of Engineering, Project, and Production Management 4, no. 2 (July 31, 2014): 99–113. http://dx.doi.org/10.32738/jeppm.201407.0005.
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Elbaruni, Jalal, Olena Bielova, and Viktor Melenchuk. "ANALYSIS AND PRIORITIZING RISK MINIMIZING TECHNIQUES OF IT PROJECTS." Management of Development of Complex Systems, no. 45 (March 1, 2021): 6–12. http://dx.doi.org/10.32347/2412-9933.2021.45.6-12.
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This article is devoted to the risk analysis of IT projects. The article defines the risks of IT projects, classifies the key risks of IT projects and identifies the main sources of risks of IT projects. The analysis of risks of IT projects at introduction of information management system in realization of projects of the company is also presented. The possibility of risks of IT projects during the implementation of the management information system in the implementation of the company's projects is analyzed. And also the ways of minimization of occurrence of risks of IT projects at introduction of information management system in realization of projects of the company are offered. Under ideal circumstances, in modern organizations, project implementation reduces risks to zero. At the same time, in modern realities, it remains necessary to take into account risks and manage them as part of the organization when implementing projects. Nevertheless, risk minimization is effective for the dynamic growth of an organization or institution when implementing projects. The current trends in information projects in today's competitive world are fundamental and necessary for any project-oriented organization to manage risks in information outsourcing projects in an ideally complex task. Thus, this article examines the main factors that lead to the emergence of risks, based on modern scientific sources from leading researchers in the field of project management, taking into account the peculiarities of developing an optimal risk management system in an organization when implementing projects, as well as the implementation of such a system under various scenarios of projects’ implementation in organizations. A structure aimed at improving the risk management system in organizations during project implementation is also proposed. The study found that prioritization in the consideration of project risks, as well as risk factors, helps to correlate the risk of the project and the risk of the company itself. Prioritizing the response to risk factors and their strength of influence, considering the time, volume and quality of risks are of paramount importance for the dynamic growth of the organization and allow to conduct a matrix analysis of risks, and then propose ways to minimize risk.
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Irfandhi, Kornelius. "Risk Management in Information Technology Project: An Empirical Study." ComTech: Computer, Mathematics and Engineering Applications 7, no. 3 (September 30, 2016): 191. http://dx.doi.org/10.21512/comtech.v7i3.2498.
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The companies are facing some risks due to changes in a dynamic environment. If risks are not managed properly, it will have some negative impacts on the companies at the present and the future. One important function of the Information Technology (IT) governance is risk management. Risk management in IT project aims to provide a safe environment for IT projects undertaken. Risk management becomes an important process for the success of IT projects. This article discussed the risk of IT project and whether there was a relationship between risk management and the success of the project. The method used was performing a literature review of several scientific articles which published between 2010 and 2014. The results of this study are the presence of risk management and risk manager influence the success of the project. Risk analysis and risk monitoring and control also have a relationship with the subjective performance of IT projects. If risk management is applied properly, the chance of the success of the projects undertaken can be increased.
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BASHYNSKA, Iryna, Laura PETROVA, and Kateryna POPOVYCH. "Risk management in the implementation of innovative projects." Economics. Finances. Law, no. 2 (February 21, 2020): 11–13. http://dx.doi.org/10.37634/efp.2020.2.2.
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Introduction. Nowadays, the development of the international economic system is mainly due to the innovation processes associated with the creation and initiation of advanced sciences and technologies, which is why the sphere of innovation becomes the most important resource of the nation, and its effectiveness determines the dynamics and progressive development of the national economy. The purpose of the paper is to investigate the theoretical issues of the essence of risk management of innovative projects. Results. Innovative modifications at the enterprise are developed and implemented through design. The project is an independent system with innovative content, presented in a document format, limited in time, characterized by risks and high levels of uncertainty due to external environmental factors. The key features of an innovation project are uncertainty, exclusivity, the specific purpose of the project, clearly defined conditions and risks. A large number of threatening and dangerous situations exist in the external and internal environment of companies developing and implementing innovative projects, so the question arises of effective risk management at all stages of project operation and implementation. The study found that integrated risk analysis and the development of a quality innovative project risk management system will maximize opportunities to achieve project goals and minimize costs or adverse events. Conclusion. The process of development and implementation of innovative projects is associated not only with large investments, but also with risks at all stages of design. In this regard, there is always the question of the effectiveness of the formation of project risk management mechanisms that will improve the profitability of the enterprise and its functioning in the direction of innovative development. The methodology of project risk management clearly proved to be a successful form of management activity. A consistent course of action should be developed to determine the risk for each project that meets the requirements of the particular enterprise. Implementation of risk management of an innovative project into the practice of the enterprise will lead to significant savings of the budget of realization of projects, time of their realization and will improve quality of execution.
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Trzeciak, Mateusz. "Sustainable Risk Management in IT Enterprises." Risks 9, no. 7 (July 15, 2021): 135. http://dx.doi.org/10.3390/risks9070135.
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A synthesis of literature studies covering the determinants of agile project management methods, risk management processes as well as factors influencing the shaping of project success and failure clearly indicates that in most publications on risk in agile managed projects, the human factor is heavily underestimated at the expense of often excessive favoring of procedures. Meanwhile, after analyzing the risk factors that arise in agile-managed IT projects, it became apparent that in addition to aspects such as technology, hardware, system, or even project schedule and cost, the project team is highlighted, which is also the second concept with the GPM P5 Standard for Sustainability in Project Management. Thus, the purpose of this article is to develop a model for risk management in IT projects. As a result of the empirical research carried out by means of an expert interview (108 experts) and a questionnaire survey (123 respondents), a risk management model was developed and six original risk management areas were identified, describing 73.92% of all risk factors that may occur during the implementation of an IT project. Furthermore, empirical studies confirm that basic processes such as risk factor identification, impact assessment, and key risk factor management are used by managers and/or team leaders during the implementation of IT projects.
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Agarwal, Ruchi, and Lev Virine. "Integration Stages of Project Risk Management (PRM) into Enterprise Risk Management (ERM)." International Journal of Risk and Contingency Management 8, no. 1 (January 2019): 13–33. http://dx.doi.org/10.4018/ijrcm.2019010102.
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Enterprise risk management (ERM) is a relatively new concept for a project-based organization than for a functional organization. A project-based organization, in general, faces several difficulties in the implementation of ERM due to the diversity of risk associated with several projects. From a system thinking perspective, a project-based organization needs an integrated approach to interrelate the isolated processes of diverse projects. The issues are related to fuzzy picture of integration, such as, the difference between ERM and PRM processes, how to integrate the two concepts, what happens if integration process goes wrong, as well as issues with risk technologies and change in risk culture. The article provides informal and formal approaches to integration of ERM and PRM. Successful integration requires not only an understanding the value of integration, improvement in risk culture, but needs a learning-based approach to improve risk expertise, interaction, team building, and decision making.
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Wang, Jin, Lu Wang, Yang Xu, Xiao Yu Wang, and Zong Yun Song. "Financial Management Risk Identification and Measurement in UHV Project." Applied Mechanics and Materials 740 (March 2015): 972–76. http://dx.doi.org/10.4028/www.scientific.net/amm.740.972.
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Compared with the general power engineering projects, UHV projects have characteristics of large construction scale, wide radius of management, long management chain and many units involved. Therefore, UHV projects have many financial risks which are different from general power projects. Identifying and measuring risks of financial management in the UHV project is of great significance to avoid important financial risks and improve the efficiency of project financial management. After combing the present situation and characteristics of the UHV project financial management, we use the “three whole” to identify UHV project financial risks from an all-around point of view. Then each importance score of the risk is obtained by expert scoring method so as to divide all the risks into 3 groups, significant risks, important risks and commonly risks by clustering analysis, which can provide the basis for optimizing UHV project financial management mode in the future.
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Bhaumik, Pradip K. "An appropriate risk addendum for risky projects." Managerial Finance 42, no. 6 (June 13, 2016): 604–16. http://dx.doi.org/10.1108/mf-06-2015-0176.
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Purpose – Despite many troublesome aspects in its use, the risk-adjusted discount rate has survived and continues to be extensively used by practitioners. While the appropriate discount rate for projects as risky as the current business operations of the firm can be estimated relatively easily as the firm’s cost of capital, no clear guideline is available for projects with a higher risk profile. The purpose of this paper is to evaluate an appropriate risk addendum for such risky projects. Design/methodology/approach – Extending the framework developed by Davies et al. (2012), the perceived risk in a project is captured by focussing on a downside case scenario and estimating its probability and severity. An expression is then developed for the risk addendum (as an addendum to the firm’s cost of capital) that can be used to find the value of a risky project. Findings – The risk addendum is found to depend only on the product of the probability (p) and the severity (d) of the downside case scenario and not on either of them individually It was also found that the risk addendum rises fast for projects with shorter lives and so is the highest for risky projects with short lives. Practical implications – Managers can use the expression derived to evaluate an appropriate risk addendum for risky projects. Originality/value – The paper suggests a simple framework to quantify the risk involved in a project and to evaluate an appropriate risk addendum.
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Zhu, Rong Jie, Ying Peng, and Yang Sun. "The Research of Risk Management in Project Contracts." Applied Mechanics and Materials 357-360 (August 2013): 2546–49. http://dx.doi.org/10.4028/www.scientific.net/amm.357-360.2546.
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The risk of project contracts is the uncertainty that exists alongside a contract. It is the pressing issue for contractors to prevent and control risks as the peculiarity of building projects brings about series of uncertain risks. By going through the management process of contracts for construction projects, this thesis analyzes the sources of risks and gives ideas and suggestions for designing effective measures to avoid project contracts risks.
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Ranesh, A., G. Zillante, and N. Chileshe. "Towards the Integration of Risk and Value Management." Australasian Journal of Construction Economics and Building - Conference Series 1, no. 2 (February 5, 2013): 43. http://dx.doi.org/10.5130/ajceb-cs.v1i2.3165.
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Governments are increasingly faced with the challenge of delivering infrastructure developments under difficult budget constraints. Public Private Partnerships (PPPs) are being used widely as a means of meeting public infrastructure demands through private finance. The aim is to achieve value for money (VfM) through the allocation of risks to the party who can manage them more effectively. If project risks are not well managed, the project will face cost, quality and time overruns thereby affecting the viability of the project. Both Risk Management (RM) and Value Management (VM) are considered to be best practice in project management and enable organisations to define objectives when delivering complex projects whilst reducing risk and maximising value. Over the years researchers and practitioners have argued that the integration of RM and VM in a single study would avoid duplication of work and deliver better value for money thereby leading to better project outcomes. As part of an on-going doctoral study into the integration of risk management and value management in PPP projects, this paper attempts to examine the application of risk and value management practice in infrastructure development projects, predominantly in PPP projects, through semi-structured interviews conducted as a qualitative research methodology with ten industry practitioners. To achieve this aim, this paper attempts to identify the similarities between the two processes along with the benefits and critical success factors for the integration of RM and VM in PPP projects. The results suggest that, although risk and value management activities are said to be used in projects; “formal” RM and VM studies are rarely undertaken. The observations to date suggest that, although there are barriers against the integration of VM and RM, there is a need for the development of a systematic process to enable the integration of risk and value management to occur.
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Dandage, Rahul Vishwanath, Shankar S. Mantha, and Santosh B. Rane. "Strategy development using TOWS matrix for international project risk management based on prioritization of risk categories." International Journal of Managing Projects in Business 12, no. 4 (December 2, 2019): 1003–29. http://dx.doi.org/10.1108/ijmpb-07-2018-0128.
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Purpose International projects very commonly experience failure due to various factors at the global level. Especially, large projects at the international level virtually have no chance of meeting scope, time, cost and quality. This fact has been underlined by most of the international surveys and published literature. Effective risk management plays a vital role in preventing projects from failure by implementing appropriate risk response strategies. The success of risk management will be based on the understanding of various risk categories which specifically affect international projects, analysis of their interdependence, prioritize them according to their importance and develop strategies for risk management based on the prioritization. The paper aims to discuss these issues. Design/methodology/approach This paper represents typical eight risk categories frequently observed in the international projects through literature survey and feedback from project professionals. Interpretive structural modeling (ISM) and Matrice d’Impacts croises-multiplication applique´ an classment (MICMAC) analysis have been used to analyze the interactions among the risk categories and prioritize them. The strategy management tool threats, opportunities, weaknesses and strengths (TOWS) matrix has been used to develop the strategies for effective project risk management. Findings The analysis represents political risks, contractual and legal risks, cultural risks, and financial and economic risks as the highest priority risk categories, the mitigation of which should be paid the highest attention. The strengths-threats strategy has been applied to develop the strategies by identifying the various internal strengths of project organization to overcome the various threats caused by the eight risk categories observed in international projects. Research limitations/implications This paper tries to represent the prioritization of international project risk categories which are generic in nature. For any specific international project, the risk categories as well as their prioritization may be slightly varying. The tool used for prioritization; Interpretive structural modeling (ISM) is more suitable for few numbers of variables as it becomes complex as the number of variables increases. The strengths and threats considered for developing strategies using TOWS matrix are based on the feedback from project professionals and may vary according to the nature of project. Originality/value This paper uses ISM and MICMAC for risk prioritization in international projects and TOWS matrix for developing risk management strategies. This may trigger new opportunities for in-depth research in the risk management strategy development for international projects.
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Breault, Michael R., and Simon Cleveland. "Toward Enterprise Approach for Project Portfolio Risk Management." International Journal of Information Technology Project Management 11, no. 2 (April 2020): 90–104. http://dx.doi.org/10.4018/ijitpm.2020040106.
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Extant literature suggests that organizations struggle with risk evaluation as part of their project portfolio selection. The lack of intentional intervention on the part of portfolio leadership, risk management processes, and practices executed by individual projects may not support optimal risk management at the portfolio level. As a result, portfolio managers are tasked with the identification of common risks and opportunities across projects and are required to respond with strategies that are beyond the scope of a project manager's authority. To address the problem, this study identifies the gaps in the extant literature in portfolio approaches to project risk management, recommends techniques for managing common project risks collectively at the portfolio level, and emphasizes the role of the organization in fostering effective risk management at the project level, particularly in the realm of data governance.
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Ferreira, Filipe, Miguel E. Coimbra, Raquel Bairrão, Ricardo Viera, Ana T. Freitas, Luís M. S. Russo, and José Borbinha. "Data Management in Metagenomics: A Risk Management Approach." International Journal of Digital Curation 9, no. 1 (May 29, 2014): 41–56. http://dx.doi.org/10.2218/ijdc.v9i1.299.
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In eScience, where vast data collections are processed in scientific workflows, new risks and challenges are emerging. Those challenges are changing the eScience paradigm, mainly regarding digital preservation and scientific workflows. To address specific concerns with data management in these scenarios, the concept of the Data Management Plan was established, serving as a tool for enabling digital preservation in eScience research projects. We claim risk management can be jointly used with a Data Management Plan, so new risks and challenges can be easily tackled. Therefore, we propose an analysis process for eScience projects using a Data Management Plan and ISO 31000 in order to create a Risk Management Plan that can complement the Data Management Plan. The motivation, requirements and validation of this proposal are explored in the MetaGen-FRAME project, focused in Metagenomics.
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Varajão, João, and António Amaral. "Risk Management in Information Systems Projects." International Journal of Project Management and Productivity Assessment 9, no. 1 (January 2021): 58–67. http://dx.doi.org/10.4018/ijpmpa.20210101.oa.
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Information technologies (IT) and information systems (IS) are the backbone of any developed business, and organizations without them cannot compete. In recent decades, many best practices standards, and guides have been made available to project managers and organizations aimed to improve project management. Unfortunately, IS projects continue to show a poor track record, and problems related to project management performance persists. Risk management has a vital role in this context since it can increase the likelihood and impact of positive events, and decrease the likelihood and impact of adverse events in the project. This article presents the results of an international web-based survey, studying if risk management processes are being implemented consistently in IS project management. The obtained results show low levels of risk management processes implementation and reinforce the idea that “it can be risky not to do risk management,” demanding more research in this area.
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Siewiera, Agnieszka. "Risk management in investment projects." Zeszyty Naukowe Uniwersytetu Szczecińskiego Finanse, Rynki Finansowe, Ubezpieczenia 2015, no. 74/1 (April 30, 2015): 545–33. http://dx.doi.org/10.18276/frfu.2015.74/1-47.
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Sokolovа, A. P., and D. V. Bondareva. "RISK MANAGEMENT OF INNOVATION PROJECTS." Вестник Алтайской академии экономики и права 3, no. 5 2019 (2019): 148–57. http://dx.doi.org/10.17513/vaael.576.
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Szymański, Paweł. "Risk management in construction projects." Procedia Engineering 208 (2017): 174–82. http://dx.doi.org/10.1016/j.proeng.2017.11.036.
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Prav, Yu H. "RISK MANAGEMENT INVESTMENT-BUILDING PROJECTS." "Scientific Notes of Taurida V.I. Vernadsky University", series "Public Administration", no. 3 (2020): 175–80. http://dx.doi.org/10.32838/tnu-2663-6468/2020.3/30.
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Sharma, Satyendra Kumar, and Niranjan Swain. "Risk Management in Construction Projects." Asia Pacific Business Review 7, no. 3 (July 2011): 107–20. http://dx.doi.org/10.1177/097324701100700310.
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Kalkhoran, Seyed Hossein Abedian, Gholamali Liravi, and Fereshte Rezagholi. "Risk Management in Construction Projects." International Journal of Engineering Trends and Technology 10, no. 3 (April 25, 2014): 133–39. http://dx.doi.org/10.14445/22315381/ijett-v10p226.
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Bhuta, Chandra J. "Management of Risk in Projects." Engineering Management Journal 4, no. 1 (March 1992): 15–21. http://dx.doi.org/10.1080/10429247.1992.11414655.
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Fairley, R. "Risk management for software projects." IEEE Software 11, no. 3 (May 1994): 57–67. http://dx.doi.org/10.1109/52.281716.
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Roshchin, І., S. Petrovska, and N. Tymchenko. "RISK MANAGEMENT OF COMMERCIAL PROJECTS." Ekonomika ta derzhava, no. 6 (June 30, 2021): 40. http://dx.doi.org/10.32702/2306-6806.2021.6.40.
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Bril, Aleksandr, Olga Kalinina, Alina Kankovskaya, and Viktoria Vilken. "Operational risk management in financing environmental activities and personnel management projects." E3S Web of Conferences 110 (2019): 02018. http://dx.doi.org/10.1051/e3sconf/201911002018.
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Projects on environmental protection and personnel management have a significant impact on the level of fixed costs and changes in operational risks of industrial enterprises. The most effective implementation of these projects is possible at the stages of production growth and expansion of sales of companies. At the stages of recession, this work requires strict control over the level of operational risk and changes in the share of fixed costs in the cost of production. Improving the efficiency of environmental and personnel management projects requires maintaining an optimal level of operational risk. It is proposed to retain project risks at the planned level by controlling and regulating the amount of fixed costs at the enterprises. Various regulatory systems are proposed for periods of recovery and recession of economic activity of enterprises.
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Cui, Wei, Jia Ye, Yan Lin, Si Yu Qian, Yang Liu, Hai Feng Yang, and Ya Jun Li. "Japan Software Project Risk Management." Advanced Materials Research 267 (June 2011): 175–78. http://dx.doi.org/10.4028/www.scientific.net/amr.267.175.
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With the current domestic software outsourcing business with Japan's rise of a large number of outsourcing projects from Japan such as NEC, Hitachi, Toshiba and other large Japanese companies over billing, not only promoted the growth of the domestic economy, but also led to domestic software improve the overall business. In Dalian, the Dalian City party committee and government attach great importance to the development of the software industry, software industry has become the revitalization of old industrial bases to accelerate the economic development of Dalian's one of the important strategies. However, orders easier to do a single hard, if we really want Japan to do a good job outsourcing, is not so simple. How to make the project successful? In the process of the project will encounter those problems? What is the project's impact? These issues will be troubled by the development of each project managers. These are the risks of the project, how to effectively manage the risks, the success of the project is to explore the theme of this article.
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Klegová, Jaroslava, and Ivana Rábová. "Enterprise Content Management Implementation and Risk." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 5 (2015): 1687–95. http://dx.doi.org/10.11118/actaun201563051687.
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Enterprise Content Management (ECM) solutions are commonly used in many areas such as document management, record management, digital asset management, etc. Key features of ECM systems are capturing, indexing, preserving and retrieving of digital information. The state-of-the- art ECM solution can help revolutionize document management and further automated business processes which can lead to better decisions and competitive advantage. Risk management can reduce project failure and that is why controlling risk in ECM implementation projects is considered to be a major contributor to project success. To manage software risk, the first step is to identify a list of ECM projects’ risks. The present paper provides an overview of ECM implementation risks and contains findings from a small survey on experience of ECM implementation and risk in Czech enterprises. Risk of implementation in the public sector is discussed more deeply with case study examples.
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Boiarko, Iryna, Oleksandra Tverezovska, Jan Polcyn, and Radoslaw Miskiewicz. "Risk-management of public-private partnership innovation projects." Marketing and Management of Innovations 5, no. 2 (2021): 155–65. http://dx.doi.org/10.21272/mmi.2021.2-13.
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This paper recapitulates the argumentations from various scientific discussion concerning the issue of projects` risk management. The article mainly is aimed to analyze the process of risk-management of the innovation projects in the form of public-private partnership, to describe a methodologies of Failure mode, effects and criticality analysis and Fuzzy comprehensive evaluation model, to use above mentioned models in the evaluation of the stability risk of public-private partnership innovation projects. Previous research studies on the topic of public-private partnership defined the efficiency of state sector and business cooperation in a form of public-private partnership, demonstrated that it will allow making investments in the production capacity development, broaden the scope of domestic and foreign markets, accelerate industrial growth, refine the quality of goods, services and works, business activity and investment attractiveness. Especially it can be achieved through innovation project implementation. Moreover, systematization the results in the overview process of literary sources and approaches in the issue of innovation public-private projects` risk-management problem-solving specifies that a huge number of theoretical and practical problems, especially of risk evaluation is urgent, remain unsolved and still studied not enough nowadays. An underdevelopment of innovation projects’ risk-management system, especially in our country, is conditioned the relevance of that scientific problem additionally existing in the circumstances of complex public-private partnership innovation projects` risks evaluation. Investigation of the topic «Risk management of public-private partnership innovation projects» in the article is fulfilled in the following logical sequence: defining the problems while literature review, focusing on project risk-management issue, describing the methodology of the research, demonstrating the results, and making conclusions. The object of research is the chosen by creating a prototype of innovation project in the infrastructure field, suggested that it will be implemented in the form of public-private partnership.
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Shahid Iqbal, Nabeel Ehtisham, Syed Farqaleet K. Bukhari, and Shahid Mahmood. "The Assessment of Risk Management & Engineering Management Practices at Project Planning Phase on Performance of Construction Projects." Journal of Business and Social Review in Emerging Economies 6, no. 4 (December 4, 2020): 1365–75. http://dx.doi.org/10.26710/jbsee.v6i4.1446.
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Project Risk management is known as an important workout for the achievement of desired objectives for the construction projects. Success in construction project is quantified by attaining its enactment in terms of project quality, project cost, project time, project safety. Construction projects in Pakistan, typically in the whole world have a high risk of being pointedly late and over budget. However, a bit of schedule and cost related risks are unavoidable in any construction project around the world.
It was found out that the engineers were generally nominated earlier the design phase of any project. Due to this reason maximum projects did not get the advantage from SMEs at the planning stage of the project. This study also supports that project managers who are engineers be involved in construction projects site selection, in preliminary budget and schedule development by using good Engineering Management Practices.
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Król, Konrad. "THE ORETICAL AND METHODOLOGICAL FUNDAMENTALS OF RESEARCH OF ANTI-RISK STAKEHOLDERS OF PROJECT MANAGEMENT." Bulletin of NTU "KhPI". Series: Strategic management, portfolio, program and project management, no. 1(3) (April 17, 2021): 32–38. http://dx.doi.org/10.20998/2413-3000.2021.3.5.
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Projects of the agro-industrial complex are implemented in conditions of high uncertainty and risk. Agricultural products provide variety and quality of food to the population. To reduce production losses and the quality of crop and livestock products, and as a consequence of reducing the economic efficiency of production, it is necessary to take measures to prevent and reduce the risks of agro-industrial projects. Given that the risks associated with stakeholders can have devastating consequences for the project, anti-risk stakeholders of projects management is critical. In connection with the widespread use of international teams for project implementation, the author proposes to take into account when managing stakeholders of projects their mentality, which can be a cause of misunderstandings and conflicts. The author also emphasizes the importance of identifying and managing the expectations of project stakeholders. The article presents the principles of stakeholders of projects management and analyzes the stakeholders of projects management processes in international project management standards, in particular P2M, ICB IPMA, PMBoK PMI and ISO 21500. The author also provides principles of project risk management in accordance with international project management standards, in particular P2M, ICB IPMA, PMBoK PMI and ISO 21500. It was found that the identification and analysis of stakeholders is the basis for understanding what risks associated with each stakeholder may arise during the project. The author emphasizes that it is impossible to analyze the risks associated with them without conducting a detailed analysis of stakeholders. And developing a stakeholder risk response plan depends largely on the characteristics of each particular stakeholder and understanding which leverage can be effective in a given stakeholder. For more effective anti-risk stakeholders of agro-industrial projects management, which would take into account the specific risks of such projects, the author recommends to develop and use tools that would take into account the characteristics of stakeholders involved in agro-industrial projects.
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Jiang, Gong Liang. "Study on the Model of Integrated Risk Management for BOT Projects." Applied Mechanics and Materials 174-177 (May 2012): 3374–77. http://dx.doi.org/10.4028/www.scientific.net/amm.174-177.3374.
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Build-Operate-Transfer (BOT) contracts have been increasingly adopting for large infrastructure projects. However, BOT contracts have been a very important model for the investing and building the basic establishment. In order to improve management level and risk management ability for BOT projects, the model of integrated risk management for BOT projects is discussed in this paper. The risk involved in each phase of the project is analyzed. This paper suggests methods to mitigate these risks and put forward the correlative management flow and risk management process system as well as support technology. The method and technique put forward by this paper would be used for risk management of BOT projects. And it is effective for improve risk management ability and reduce the risk in BOT projects.
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Coetzee, Jos, Frederik J. Mostert, and Jan Hendrik Mostert. "The management process of project risk in South Africa." Corporate Ownership and Control 8, no. 2 (2011): 285–95. http://dx.doi.org/10.22495/cocv8i2c2p5.
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As enterprises need to remain financially viable and competitive in a business environment which changes continuously, projects are of prime importance to assist the transformation process. Executive managers should therefore play a proactive role by handling project risks during the project life cycle to ensure the successful completion of projects. The objective of this research embodies the improvement of financial decision-making concerning the management of project risk. To achieve this objective, attention is paid, amongst others, to the project life cycle, the importance, duration and re-evaluation of the phases of the management process of project risk, the techniques used to identify, as well as analyse project risks, and alternative response strategies used when handling project risk. The various aspects mentioned will be addressed by means of a literature study and an empirical survey.