Book Review: The Project Risk Maturity Model: Measuring and Improving Risk Management Capability

2012 ◽  
Vol 43 (5) ◽  
pp. 101-101 ◽  
Author(s):  
Risto Gladden
2018 ◽  
Vol 7 (3) ◽  
pp. 53-72 ◽  
Author(s):  
Jose Irizar ◽  
Martin George Wynn

The purpose of this article is to present a new maturity model for the assessment and ongoing management of project risk management capability in the automotive industry. The research design is based on a multi-project case study analysis in a major German automotive company. The approach is qualitative and inductive, using 12 in-depth interviews with major stakeholders in the project management function in the company to provide data for the construction of the initial maturity model. This model is then verified and refined via an on-line survey and three follow-up interviews.The findings provide material for the construction of a new maturity model that can be used for the assessment of project risk management capability and as a tool for on-going monitoring and improvement. The model is structured around four dimensions of risk management – identification, assessment, allocation and appetite – and has four maturity stages – rudimentary, intermediate, standardised and corporate. The model is based on a detailed analysis of in-depth interview material in a specific industry sector. It can be used as a basis for similar research in other industries. The model adds to existing risk management maturity models and is unique in being specific to the automotive industry. It can be used by risk and project managers, and can also be adapted to other industry sectors.


2020 ◽  
pp. 611-633
Author(s):  
Jose Irizar ◽  
Martin George Wynn

The purpose of this article is to present a new maturity model for the assessment and ongoing management of project risk management capability in the automotive industry. The research design is based on a multi-project case study analysis in a major German automotive company. The approach is qualitative and inductive, using 12 in-depth interviews with major stakeholders in the project management function in the company to provide data for the construction of the initial maturity model. This model is then verified and refined via an on-line survey and three follow-up interviews.The findings provide material for the construction of a new maturity model that can be used for the assessment of project risk management capability and as a tool for on-going monitoring and improvement. The model is structured around four dimensions of risk management – identification, assessment, allocation and appetite – and has four maturity stages – rudimentary, intermediate, standardised and corporate. The model is based on a detailed analysis of in-depth interview material in a specific industry sector. It can be used as a basis for similar research in other industries. The model adds to existing risk management maturity models and is unique in being specific to the automotive industry. It can be used by risk and project managers, and can also be adapted to other industry sectors.


2014 ◽  
Vol 7 (2) ◽  
pp. 263-284 ◽  
Author(s):  
Budi Hartono ◽  
Deo F.N. Wijaya ◽  
Hilya M. Arini

Purpose – The purpose of this paper is to develop and to empirically verify a model of project risk management maturity (PRMM). Design/methodology/approach – Theoretical work to develop the initial model of risk maturity. Empirical study by a cross-sectional survey to the Indonesian construction industry. Findings – A new model of PRMM is developed and empirically tested. The model is valid (face validity, content validity, discriminant validity, convergent validity, and criterion validity) and reliable. Research limitations/implications – A more comprehensive, follow-up study is required to gain more insights on the actual maturity level of Indonesian construction industry. Practical implications – The model is applicable to assess the organizational maturity level which in turn could be used for improving organization performance. Originality/value – The work demonstrates a novel approach in developing models by emphasizing on the empirical verification.


2021 ◽  
Vol 13 (2) ◽  
pp. 659
Author(s):  
Agnieszka A. Tubis ◽  
Sylwia Werbińska-Wojciechowska

Recently, the maturity models for risk management are attracting growing attention. The obtained maturity level defines an assessment of an organization’s management competence. Therefore, as a set of various tools and practices, the maturity model is critical for a company’s overall risk maintenance strategy development and implementation. Thus, the purpose of this article is to present a model for risk management maturity for logistic processes. We investigated the main defined assessment areas for risk maturity model implementation in logistic systems. Based on research findings, we introduced a new risk maturity assessment area based on participation in the supply chain—cooperation at risk. The proposed model constitutes the base for a two-stage assessment method implementation, where the global maturity index is introduced. Finally, we implement the proposed two-stage assessment method to verify the proposed model’s diagnostic function and determine its labor intensity. The study confirmed that the five defined maturity areas (knowledge, risk assessment, process risk management, cooperation at risk, and risk monitoring) provide a complex diagnostic tool for risk maturity level identification and, based on the obtained results, allows to define an appropriate development strategy for a given decision-making environment.


Algorithms ◽  
2020 ◽  
Vol 13 (5) ◽  
pp. 115
Author(s):  
Mohammadjavad Arabpour Roghabadi ◽  
Osama Moselhi

Risk maturity evaluation is an efficient tool which can assist construction organizations in the identification of their strengths and weaknesses in risk management processes and in taking necessary actions for the improvement of these processes. The accuracy of its results relies heavily on the quality of responses provided by participants specialized in these processes across the organization. Risk maturity models reported in the literature gave equal importance to participants’ responses during the model development, neglecting their level of authority in the organization as well as their level of expertise in risk management processes. Unlike the existing models, this paper presents a new risk maturity model that considers the relative importance of the responses provided by the participants in the model development. It considered their authority in the organization and their level of involvement in the risk management processes for calculating the relative weights associated with the risk maturity attributes. It employed an analytic network process (ANP) to model the interdependencies among the risk maturity attributes and utilizes the fuzzy set theory to incorporate the uncertainty associated with the ambiguity of the responses used in the model development. The developed model allows the construction organizations to have a more accurate and realistic view of their current performance in risk management processes. The application of the developed model was investigated by measuring the risk maturity level of an industrial partner working on civil infrastructure projects in Canada.


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