Commercial and Legal Implications, Project Management, and Risk Mitigation

2022 ◽  
pp. 225-234
Author(s):  
Samuel H. Russ
Keyword(s):  
Project Management ◽  
Risk Mitigation ◽  
Legal Implications

A Comprehensive and Practical Framework for Reliable Scheduling in Project Management

2014 ◽  
Vol 903 ◽  
pp. 378-383 ◽  
Author(s):  
Shiva Mansoorzadeh ◽  
Sha’ri Mohd Yusof ◽  
Shahriar Mansoorzadeh ◽  
Hossein Zeynal
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Risk Mitigation ◽  
Electrical Power ◽  
Mitigation Strategies ◽  
Management Technique ◽  
Event Tree ◽  
Project Schedule ◽  
Event Tree Analysis ◽  
Project Objectives

Schedule reliability is essential to successfully achieve EPC (engineering, procurement and constriction) project objectives. Several studies in the past were based on traditional risk management technique which has its own limitations that lack one to obtain a reliable project schedule. To overcome these limitations a comprehensive framework is developed based on the integration of risk management and Critical Chain Project Management (CCPM) that can give a much reliable project scheduling. In the proposed framework, risk analysis is first determined through fuzzy FMEA technique to provide identification of critical risk events (CRE). The effect of CRE on project schedule is then defined and total project time which considers risk factors is calculated. To support risk mitigation, fault tree and event tree analysis are combined which allows the root causes of the risk event be defined and also mitigation strategies determined to control each identified CRE. Eventually, CCPM is distributed which enable implementation of the project based on initial plan and to obtain reasonable Feeding Buffer time on risky tasks. This paper presents the proposed framework using a real case study on construction phases of EPC projects in an electrical power industry.

scholarly journals The Principle of Architecture First in Software Project Management Minimizes the Cost of Software Development Process: A Review

2020 ◽  
Vol 10 (1) ◽  
pp. 177-179
Keyword(s):  
Project Management ◽  
Software Development ◽  
Software Architecture ◽  
Development Process ◽  
Risk Mitigation ◽  
System Level ◽  
Software Project ◽  
Software Development Process ◽  
Software Project Management ◽  
The Cost

Software architecture involves the structure and organization by which modern system components and subsystems interact to form system and the properties of systems that can best be designed and analyzed at the system level. This paper provides a review of the principles of architecture first approach in software project management and its effect on cost of software development process. This paper reviews the literature and practitioners’ experiences relating to architecture first approach, and advantages of architecture first approach in cost of software development process. This paper also reviews related works about factors that may reduce the cost of software development process. Weobserved parameters related to software architecture that may affect the cost of software development process.The parameters are software (product) delivery time, defect prevention, risk mitigation, and change management. After this, the parameters show that they have their own effect on the software development process. Finally, the paper concludes by describing how those parameters affect the cost of software development process.

Addressing basis risk in agricultural margin insurances

2018 ◽  
Vol 78 (2) ◽  
pp. 233-245 ◽  
Author(s):  
Thomas Url ◽  
Franz Sinabell ◽  
Karin Heinschink
Keyword(s):  
Risk Mitigation ◽  
Income Risk ◽  
Basis Risk ◽  
Content Type ◽  
Wheat Production ◽  
Legal Implications ◽  
The Usa ◽  
Margin Insurance ◽  
The Eu

Purpose After several reforms of the common agricultural policy, domestic product prices and farm incomes have become more volatile in the EU. Risk-averse farmers are therefore seeking income stabilizing measures. Margin insurance is among the feasible options but is not yet established in the EU. The purpose of this paper is to explore such an insurance under EU conditions for a major crop. Design/methodology/approach The paper explores conditions for a viable margin insurance. It presents a modeled-loss trigger for a margin insurance scheme using wheat production in Austria as the case study. Findings While margin insurance products are widely used in the USA, such products are not available in the EU. Basis risk seems to be an important reason. An exploration of wheat production in Austria shows that heterogeneity among farms is relevant. The authors demonstrate an approach aiming to lower basis risks. Research limitations/implications This paper presents a technically feasible approach to handle the basis risk of a margin insurance under EU conditions. Before such a product can be placed on the market, further research on systemic risk is needed. Market research is necessary to fine-tune the details of the product to meet the actual demand of farmers. Further empirical validation of the modeled losses is needed. Legal implications are not explored in this paper. Practical implications The insurance product presented here demonstrates a concept that is established in the USA under EU conditions. It is motivated by several shortcomings of income risk mitigation approaches in the EU. Social implications Income risk may be seen as a problem of social policy. The approach shows that it can be addressed by market-oriented instruments. Originality/value To the authors’ knowledge, this paper is the first to propose a tool to handle basis risk for margin insurance products in agriculture in the EU. A special feature of the proposed approach is that it is not limited to a single product such as wheat.

ESTIMASI RESIKO PENGEMBANGAN SISTEM INFORMASI MENGGUNAKAN PENDEKATAN EXPECTED MONETARY VALUE (EVM)

2017 ◽  
Vol 3 (3) ◽  
Author(s):  
Yenie Syukriyah ◽  
Falahah Suprapto
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Information Systems ◽  
Risk Mitigation ◽  
Cost Calculation ◽  
Monetary Value ◽  
Management Project ◽  
The Cost ◽  
Good Risk ◽  
Expected Monetary Value

[Id]Manajemen resiko merupakan bidang penting pada manajemen proyek secara keseluruhan, dan manajemen proyek sistem informasi secara khusus. Melalui manajemen resiko yang baik, pimpinan dan stakeholder proyek berharap bahwa resiko terhadap kegagalan proyek dapat diminimalisir dengan usaha yang rasional. Manajemen resiko sendiri meliputi banyak kegiatan, salah satunya adalah analisis dan perencanaan mitigasi resiko. Aspek penting pada analisis dan perencanaan mitigasi resiko yaitu melakukan penilaian atau estimasi atas resiko untuk menentukan prioritas serta dampak setiap mitigasi yang diambil. Pada umumnya, hal yang paling mudah diterima stakeholder dalam menyajikan resiko adalah menghitung biaya akibat resiko tersebut. Untuk melakukan perhitungan biaya untuk memitigasi resiko, dapat digunakan salah satu pendekatan yaitu Expected Monetary Value (EVM). Melalui pendekatan EVM, dapat ditentukan pilihan tindakan mitigasi yang paling optimal, dengan estimasi biaya paling minimal[En] Risk management is an important area of overall project management, and information systems project management in particular. Through good risk management, project leaders and stakeholders expect that the risks to project failure can be minimized by rational efforts. Risk management itself includes many activities, one of which is risk mitigation analysis and planning. An important aspect of risk mitigation analysis and planning is to assess or estimate the risks to determine the priorities and impacts of each mitigation. In general, the easiest thing a stakeholder receives in presenting risk is to calculate the cost of the risk. To perform cost calculation to mitigate risk, one of the approaches is Expected Monetary Value (EVM). Through the EVM approach, the most optimal mitigation options can be determined, with the least cost estimate

scholarly journals A Supplier Selection Model Emphasizing the Project Risk Management in Drug Production in Pharmaceutical Industry

2020 ◽  
Vol 14 (2) ◽  
pp. 111-120
Author(s):  
Malek Mohammad Sabbaghi ◽  
Ahmad Allahyari
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Communication Systems ◽  
Supplier Selection ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Drug Production ◽  
Information And Communication ◽  
The One ◽  
Topsis Technique

Risk management is considered to be one of the main phases of project management and one of the eight main areas of the “project management body of knowledge”. The complexities involved in the drug production projects on the one hand, and the need for risk assessment and management in such projects on the other hand, make this issue completely clear. According to the risk mitigation strategies in project management and using the academic professors and experts in the field of drug production and pharmaceutical projects, the present study aimed to provide a checklist for selecting supplier in the drug production projects. This was done using the main eight and 30 secondary indicators related to the top supplier selection and four main and nine secondary indicators related to influencing environmental risks. Finally, after reviewing the statistical results obtained from the questionnaires and utilizing the TOPSIS technique, seven main indicators including “quality, flexibility, delivery, technology, information and communication systems, cost and experience” along with 24 secondary indicators were obtained relating to the top supplier selection. Also, the delivery factors group was identified as the most important group based on the Friedman test results.

scholarly journals Analyse, Enhance and Reiterate Risk management strategies, implemented in Information Technology Project Management, amidst COVID-19

2021 ◽  
Vol 8 (S1-Feb) ◽  
pp. 49-57
Author(s):  
Remya Nair ◽  
J Meenakumari
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Project Management ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Global Perspective ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

The global perspective of human life drastically changed after the spread of COVID-19. The world reduced itself, to a digital cocoon. Education, work, commerce, shopping, industry, sales - all walks of life, transformed mostly into a digital mode. The IT (Information Technology) and ITES (IT Enabled services) saw a tremendous transformation in the operational aspects. ‘WFH (Work from Home)’ enabled the resources to work from their preferred locations. These factors increased the risk of data management and data security. The security of the network and the personal devices used to handle the sensitive and confidential data aggregated the risk factors in project management. The significant challenges faced by the IT sector project management were (1)Global Travel restrictions (2) Forecast of Global Recession in near future and resultant minimization of budget allocated to new projects (3)Negative growth Impact from multiple domains, resulting in reduction of new projects and reducing the scope for existing ones (4)Initial adaptation glitches due to the quantum leap in the digital channels (5)Manage constant fluctuating attitudes and anxieties of employees on personal aspects, job security, drastic change in work environment(6) Unprecedented and unpredictable exorbitant influence of macro environment in the routine enterprise activities. The chances of non-availability of critical resource due to health issues, the network issues faced in the remote locations, the unpredictable exposure of data - all these were contributing elements that increased the risk management complexity. In future, many IT companies have decided to operate mainly in the WFH mode as the operational expenses are drastically reduced. The implementation of efficient and effective risk management strategies become crucial considering the long-term implementation of ‘not from office’ operating model. The trust of the multinational clients, commitment of meeting the deadlines, maintaining the confidentiality and sensitivity of data, protecting the unintended intrusion from the digital malicious practices - all are the additional significant risks and challenges, as the probability for the occurrence of these events have increased exponentially due to the latest work arrangements. This paper attempts to evaluate the current risk mitigation strategies and analyse the gaps in the current system. The aim is to effectively manage the upcoming threats and risks in the long-term implementation of the current working (WFH) scenarios. The overall objective of the paper is to (1) analyse the present-day risks (2) evaluate the contemporary ideas that could be modified into solid framework for better risk mitigation strategies in long-term (3) what to anticipate in the future risk analysis and management processes related to IT Project Management.

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