scholarly journals Venturing to the Far Reaches

2005 ◽  
Vol 127 (09) ◽  
pp. 38-40
Author(s):  
Michael Stamatelatos
Keyword(s):  
Risk Management ◽  
Management Process ◽  
The People ◽  
Risk Management Process ◽  
Undesired Event ◽  
Project Risks ◽  
Probabilistic Risk Assessments ◽  
Frequency Probability ◽  
And Control ◽  
Technological Options

This article discusses that it is a testament to the hard work and ingenuity of the engineers working in the space program that such complicated systems get launched successfully. To the people who study it professionally, risk is the probability, or frequency (probability per unit time), and the consequence (severity) of an undesired event, and the uncertainties associated with the estimated probabilities and consequences. NASA has adopted a “continuous risk management” process for all its programs and projects. This process begins with the identification and analysis of program or project risks that impact success criteria. The risk management process continues with risk analysis, planning, tracking, and control. All unacceptable risks are dealt with before a project or program can proceed. Probabilistic risk assessments (PRA) are useful in every phase of a mission life cycle, not just at design or before launch. A PRA performed in the design phase can help identify the risks associated with systems and components and with technological options.

Easier Identification of Risks and Uncertainties With Project Risk Constellations

2018 ◽  
pp. 748-770
Author(s):  
Ursula Kopp
Keyword(s):  
Risk Management ◽  
Implicit Knowledge ◽  
Project Managers ◽  
Communication Patterns ◽  
Spatial Representations ◽  
Management Process ◽  
Project Risk ◽  
Risk Management Process ◽  
Project Risks ◽  
Explicit And Implicit Knowledge

Although various tools are available to support the risk management process, difficulties are encountered when project risk management is carried out in practice. It occasionally seems difficult for project managers to grasp the whole complexity of a project, identify the essential risks and react accordingly. The aim of this chapter is to introduce a tool that can help managers identify project risks, learn about their dynamics within the project and, consequently, formulate better ideas of how to address the risks. Project Risk Constellations are the spatial representations of explicit and implicit knowledge of the relationships, orders, hierarchies, dependencies and communication patterns of a project. They provide multi-dimensional and multi-layered information and reveal deeply rooted mechanisms. They quickly enable project managers to better understand the dynamics of their project, the intended and unintended impacts, ambiguities as well as project risks and uncertainties.

Easier Identification of Risks and Uncertainties with Project Risk Constellations

2016 ◽  
pp. 106-127
Author(s):  
Ursula Kopp
Keyword(s):  
Risk Management ◽  
Implicit Knowledge ◽  
Project Managers ◽  
Communication Patterns ◽  
Spatial Representations ◽  
Management Process ◽  
Project Risk ◽  
Risk Management Process ◽  
Project Risks ◽  
Explicit And Implicit Knowledge

Although various tools are available to support the risk management process, difficulties are encountered when project risk management is carried out in practice. It occasionally seems difficult for project managers to grasp the whole complexity of a project, identify the essential risks and react accordingly. The aim of this chapter is to introduce a tool that can help managers identify project risks, learn about their dynamics within the project and, consequently, formulate better ideas of how to address the risks. Project Risk Constellations are the spatial representations of explicit and implicit knowledge of the relationships, orders, hierarchies, dependencies and communication patterns of a project. They provide multi-dimensional and multi-layered information and reveal deeply rooted mechanisms. They quickly enable project managers to better understand the dynamics of their project, the intended and unintended impacts, ambiguities as well as project risks and uncertainties.

Crowd Risks and Advanced Tools

2019 ◽  
Author(s):  
William O’Toole ◽  
Dr Stephen Luke ◽  
Travis Semmens ◽  
Dr Jason Brown ◽  
Andrew Tatrai
Keyword(s):  
Risk Management ◽  
Management Process ◽  
Operating Environment ◽  
Security Environment ◽  
Risk Management Process ◽  
Strategic Goals ◽  
And Control ◽  
The Impact ◽  
Monitor And Control

The objectives of organisations engaged with crowd situations are subject to serious threats that can disrupt and compromise their integrity and prevent desired outcomes. By employing a risk management process, organisations can identify and assess threats, vulnerabilities and weaknesses and also the likelihood and consequences to the security environment. Risk management involves identifying and assessing threats to the operating environment or strategic goals and prioritizing resources to minimise, monitor and control the impact of events (incidents).

scholarly journals RISK MANAGEMENT AS A PART OF THE INTERNAL SYSTEM OF FINANCIAL CONTROLS – PRACTICE IN THE PUBLIC SECTOR OF SERBIA

2020 ◽  
Vol 20 (2) ◽  
Author(s):  
Milan Stamatović ◽  
Snežana Maksimović ◽  
Azra Sućeska
Keyword(s):  
Risk Management ◽  
Public Administration ◽  
Financial Management ◽  
Management Process ◽  
Business Reporting ◽  
Risk Management Process ◽  
The Republic ◽  
And Control ◽  
Laws And Regulations

The opting for the European integration process, the Republic of Serbia is obliged, through pre-accession negotiations, to ensure the construction of an effective financial management and control system. In this way, public administration reform is supported through an innovative approach to governance that implies efficiency, effectiveness, economy and transparency in the use of public funds, the creation of a management culture based on effective risk relief mechanisms and the prerequisites for achieving the set business goals. The aim of the paper is to look at the interaction of proactive risk management as a component of financial management and control, through the prism of setting goals and assessing risks related to those goals, within the categories related to business, reporting and compliance with laws and regulations. The initial phase of the research is the assessment of the current state of internal control mechanisms and the established risk management system based on the SAI audit reports and the Report on the established financial management and control of the Central Harmonization Unit of the Ministry of Finance of the Republic of Serbia. Research problems in empirical research are expressed by a series of questions to which selected respondents from the RS public administration gave answers, which relate to the component of risk assessment in achieving goals in relation to business, reporting and compliance with laws and regulations. To determine the measure of the connection between the formalization of the risk management process and the quality of goal and risk management, Spearman ‘s rank correlation was used as a measure of connection Result of the analysis provide guidance for overcoming key barriers and recommendations for improving the quality of management, through formalizing the risk management process, in order to achieve the set goals.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

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