Project review — do you really know where you are?

1994 ◽  
Vol 98 (973) ◽  
pp. 91-96 ◽  
Author(s):  
L. R. Balthazor
Keyword(s):  
Risk Management ◽  
Trend Analysis ◽  
High Technology ◽  
Project Manager ◽  
Rapid Response ◽  
Earned Value ◽  
Systems Perspective ◽  
The Right ◽  
Project Objectives ◽  
Engineering Projects

Abstract Project reviews are carried out to enable the right decisions to be taken to achieve project objectives. However, these decisions are often taken on incomplete, optimistic, inaccurate, misleading or simply wrong information. Whilst incompleteness is inevitable with the complex and rapidly changing nature of high technology engineering projects, it is important that the project manager has a good appreciation of the extent to which these other factors may affect the progress information upon which judgements are made. This paper explores a few of the traps the author has come across, and suggests possible approaches to avoid some of them. A systems perspective is recommended, with a focus on risk management, resolving ambiguity, rapid response, trend analysis, earned value principles and taking account of the effects of organisational changes.

scholarly journals PROJECT MANAGER SKILLS, RISK MANAGEMENT TOOLS

2013 ◽  
Author(s):  
Vladut Iacob
Keyword(s):  
Risk Management ◽  
Project Manager ◽  
Technical Knowledge ◽  
Management Tools ◽  
Know How ◽  
Project Objectives ◽  
Peter Drucker ◽  
Stock Of Knowledge ◽  
Difficult Situations

Although the projects are different from each other there are many common things that contribute to their success. Looked overall, the success of a project is the result of a multitude of factors. This person is considered the "engine" of the project. The man who makes the action set for the achievement of project objectives to be brought to an end. The project manager must have the technical knowledge and economic diverse. He should be able to choose a team and lead. You must be tenacious, combative, to know how to communicate both within the team and beyond. In a word, the project manager must have an impressive stock of knowledge, skills and abilities and appreciate as Peter Drucker, to "exist for the organization. To be its servant. Any management who forget this will only cause damage to the organization. "This study will focus on highlighting the skills of the project manager and their role in managing difficult situations or risk.

scholarly journals Komparácia vybraných metód využiteľných v manažmente rizík projektov

2020 ◽  
Vol 19 (2) ◽  
pp. 53-59
Author(s):  
Michal Brutovský ◽  
◽  
Jana Šimíčková
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Managers ◽  
Project Manager ◽  
Project Risk ◽  
Project Activity ◽  
Project Idea ◽  
Defined Benefits ◽  
The Right ◽  
Risk Assessment And Management

The project Is effective if the goals and defined benefits of the project are appropriately set, the risks are assessed in detail with the subsequent implementation of measures to minimize them and the correction of project activities. Effective risk assessment and management requires the interaction of several factors and functions that will keep the implementation of the project in the right direction regardless of the problem addressed. During the project activity, project managers must follow appropriate methods and procedures in the field of risk assessment and management. The choice of an appropriate method depends on the nature of the project as well as the knowledge of the project manager, but it is essential that risk management is implemented in project management from the very beginning of the project idea and purpose to its implementation and sustainability. The aim of the article is to provide managers with an overview of the methods and procedures used in project risk management that will help prevent the difficulty of meeting the set project boundaries and objectives.

Design Thinking as a Tool for the Analysis of Project Risks

2019 ◽  
Vol 16 (6) ◽  
pp. 60-77
Author(s):  
E. V. Vasilieva ◽  
T. V. Gaibova
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Design Thinking ◽  
Management Tools ◽  
Project Risk ◽  
Team Members ◽  
Investment Projects ◽  
Risk Management Process ◽  
Project Objectives ◽  
Project Risk Analysis

This paper describes the method of project risk analysis based on design thinking and explores the possibility of its application for industrial investment projects. Traditional and suggested approaches to project risk management have been compared. Several risk analysis artifacts have been added to the standard list of artifacts. An iterative procedure for the formation of risk analysis artifacts has been developed, with the purpose of integrating the risk management process into strategic and prompt decision-making during project management. A list of tools at each stage of design thinking for risk management within the framework of real investment projects has been proposed. The suggested technology helps to determine project objectives and content and adapt them in regards to possible; as well as to implement measures aimed at reducing these risks, to increase productivity of the existing risk assessment and risk management tools, to organize effective cooperation between project team members, and to promote accumulation of knowledge about the project during its development and implementation.The authors declare no conflict of interest.

A Hazard and Risk Management System for Large Rock Slope Hazards Affecting Pipelines in Mountainous Terrain

2002 ◽  
Author(s):  
Michael Porter ◽  
Alex Baumgard ◽  
K. Wayne Savigny
Keyword(s):  
Risk Management ◽  
Rock Slope ◽  
Management Program ◽  
South American ◽  
Mountainous Terrain ◽  
Hazard Exposure ◽  
Access Road ◽  
Hazard And Risk ◽  
The Right ◽  
Hazard Rating

Pipelines and other linear facilities that traverse mountainous terrain may be subject to rock fall and rock slide hazards. A system is required to determine which sites pose the greatest hazard to the facility. Once sites are ranked according to hazard exposure, a risk management program involving inspection, monitoring, contingency planning and/or mitigation can be implemented in a systematic and defensible manner. A hazard rating methodology was developed to identify and characterize rock slope hazards above a South American Concentrate Pipeline, and to provide a relative ranking of hazard exposure for the pipeline, an access road and operational personnel. The rating methodology incorporates the geometry of the right-of-way, estimated pipe depth, staff and vehicle occupancy time, failure mechanism and magnitude, and the annual probability of hazard occurrence. This information is used in a risk-based framework to assign relative hazard ratings within rock slope sections of relatively uniform hazard exposure. This paper outlines a general framework for natural hazard and risk management along linear facilities, describes the rock slope hazard rating methodology, and illustrates how the system was applied along a South American Concentrate Pipeline.

Risk management in the design of engineering projects as sociotechnical systems

2016 ◽  
Vol 4 (1-2) ◽  
pp. 85-99
Author(s):  
Bryan R. Moser ◽  
Ralph T. Wood ◽  
Kazuo Hiekata
Keyword(s):  
Risk Management ◽  
Sociotechnical Systems ◽  
Engineering Projects

scholarly journals Warranty of Misinforming as an Option in Product Utilization Process

10.28945/3501 ◽  
2016 ◽  
Author(s):  
Dimitar Grozdanov Christozov ◽  
Stefanka Chukova ◽  
Plamen S. Mateev
Keyword(s):  
Risk Management ◽  
Smart Phones ◽  
Fixed Cost ◽  
Strike Price ◽  
Underlying Asset ◽  
Learning Function ◽  
Time To Learn ◽  
Definition Of ◽  
The Right

The following definition of “option” is given in Wikipedia - “In finance, an option is a contract which gives the buyer (the owner or holder) the right, but not the obligation, to buy or sell an underlying asset or instrument at a specified strike price on or before a specified date, depending on the form of the option.”. Option as a risk management (mitigation) tool is broadly used in finance and trades. At the same time it introduces asymmetry in the sense that, probabilistically, it limits the level of loses (i.e., the price of option) and allows for unlimited gains. In the market of sophisticate devices (as smart phones, tablets, etc.), where technologies are rapidly advancing, customers usually do not have the experience to use all features of the device at the time of purchasing. Due to the lack of appropriate expertise, the risk of misinforming leading to not purchasing the "right" device is high, but given enough time to learn the capabilities of the device and map them to the problems faced could provide the client with substantial long term benefits. Warranty of misinforming is the mechanism to provide the client with the opportunity to explore the device and master its features with a limited risk of loses. Thus, the warranty of misinforming could be considered as an option - the customers buys it (at a fixed cost) and may gain (theoretically) unlimited benefit by realizing (within the warranty) that the device can be used to solve variety of problems not considered at the purchase time. The paper investigates the learning function of warranty of misinforming, when used as an option.

scholarly journals PROJECT RISK MANAGEMENT BASED ON A SET OF BEST PRACTICES

2021 ◽  
Vol 26 (3) ◽  
pp. 79-86
Author(s):  
Agnieszka JĘDRUSIK
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Best Practices ◽  
Project Manager ◽  
Project Risk Management ◽  
Project Risk ◽  
Golden Triangle ◽  
Project Life Cycle ◽  
Project Life

The purpose of this article is to present the process of risk management in project management. The analysis was based on a comparison of two best practices of IPMA and PRINCE. Risk management differs significantly between the two approaches, but it is up to the organization to choose its own management, monitoring and methodology tailored to the specific industry or sector. Risk management is an important aspect of the entire project life cycle and must be monitored throughout the project life cycle to protect not only the budget but all areas of the so-called "golden triangle". A very important aspect is the organization's awareness that risk management is everyone's responsibility, not just the project manager. This paper presents two different approaches to project risk management in two different methodologies.

scholarly journals Establishing Core Factors of Risk Management Influencing Performance Outcome of Small and Medium Firm's Construction Projects in Gauteng

2020 ◽  
Vol 25 (2) ◽  
pp. 93-127
Author(s):  
Berenger Yembi Renault ◽  
Justus Ngala Agumba ◽  
Nazeem Ansary
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
South African ◽  
Construction Projects ◽  
Geographical Area ◽  
Risk Identification ◽  
Influential Factors ◽  
Performance Outcome ◽  
Management Factors ◽  
Project Objectives

The quest for delivering successful construction projects has urged South African small and medium enterprises (SMEs) to adopt risk management in their projects. However, it has been evinced that SMEs projects in South Africa especially in the Gauteng province have encountered poor performances. Thus, this article determines core risk management factors influencing project outcome of SMEs. A deductive approach was embraced using a questionnaire. The data were collected from 181 conveniently sampled respondents in Gauteng, graded from Grade 1 to 6 of the CIDB (Construction Industry Development Board) grading system. The Statistical Package for the Social Science (SPSS) version 23 was used to analyse the data by computing exploratory factor analysis and multiple regression analysis. It was revealed that SMEs performance outcome is influenced by eight risk management factors. The influential factors are organisational environment, defining project objectives, resource requirements, risk measurement, risk identification, risk assessment, risk response and action planning and monitoring, review and continuous improvement. The risk management factors established in this article are reliable and valid in projects undertaken by SMEs in the South African construction industry and the findings can serve as a guideline for contractors to achieve success in this context. The study may be repeated in other countries globally, however, it cannot be generalised due to the restrictions pertaining to the geographical area.

scholarly journals Complexity to downplay complexity: Implications of ERM logics for the Italian NHS

2020 ◽  
Vol 17 (4, Special Issue) ◽  
pp. 369-376
Author(s):  
Raffaela Casciello ◽  
Fiorenza Meucci
Keyword(s):  
Risk Management ◽  
Healthcare System ◽  
Ad Hoc ◽  
Healthcare Organizations ◽  
Top Down ◽  
Welfare Services ◽  
Holistic Analysis ◽  
The Right

The aim of the paper is to investigate COVID-19-related issues currently affecting the Italian Healthcare System and offer causes for reflection on how to deal efficiently with risk management criticalities. Through the lenses of the Quality in Extreme Adversity (QEA) action framework, such reflections benefit from a greater depth of holistic analysis on risk management opportunities and threats towards both renewing and protecting the welfare services of the Italian Healthcare System. The complexity and urgency to overcome the multitude of risks require healthcare organizations to intervene immediately with integrated top-down enterprise-wide approaches of risk management. In such conditions, the adoption of ad hoc shaped ERM models could be the right solution for facing adequately the inefficiencies in pandemic management.

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