The Politics of Risk: Trials and Tribulations of the Taurus Project

1996 ◽  
Vol 11 (4) ◽  
pp. 347-357 ◽  
Author(s):  
Helga Drummond
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Risk Analysis ◽  
Balance Of Power ◽  
Decision Makers ◽  
Illusion Of Control ◽  
Complex Projects ◽  
Risk Acceptance ◽  
The Relationship

The term ‘risk management’ implies that risk is something which can be quantified, predicted and controlled. This paper seeks to demonstrate the limits of this assumption where complex projects are involved. The argument is based upon a case study of a failed £80 million IT venture known as Taurus. Analysis focuses upon the relationship between politics and the assumption of risk. Acceptance of risk, it is argued, is ultimately determined by the balance of power between decision makers. Moreover, risk analysis and other techniques of management may actually compound the difficulties by fostering an illusion of control and escalation. The implications for project management are discussed.

Risks of Using Statistical Analysis Tools in Project Management Environments

2020 ◽  
Vol 7 (2) ◽  
pp. 1-19
Author(s):  
Brian J. Galli
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Statistical Analysis ◽  
Common Type ◽  
Systematic Search ◽  
Statistical Tools ◽  
Early Stages ◽  
Analysis Tools ◽  
The Common ◽  
The Relationship

The purpose of this study is to examine the risks of using statistical tools in a project basis. A systematic search of certain academic databases has been conducted for this study. Statistical tools could be used in a project, and they should be properly planned and designed. Statistical tools include major activities, such as collecting and analyzing data, providing meaningful interpretation, and reporting findings. When dealing with statistical tools, there are several risks that may exist and impact the project either positively or negatively. This study covers a brief outline of the risk management, statistical tools, and the relationship between the two concepts. Finally, a discussion of the common type of risks that are initiated by using statistical analysis tools are provided, which could be planned, identified, and analyzed in the early stages of the project.

General Approach to Risk Analysis

2014 ◽  
pp. 1-22
Author(s):  
Davorin Matanovic
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Qualitative Methods ◽  
Iterative Process ◽  
Quantitative Methods ◽  
Hybrid Methods ◽  
Petroleum Industry ◽  
Acceptance Criteria ◽  
Risk Acceptance ◽  
The Impact

Broadly accepted methodology that is implemented in the oil industry when dealing with risks includes as the first step the identification of possible hazards. That is done by gathering information about degree of risk according to working procedures, processes, and individuals involved in the operation of the process. That is the first step in risk management, an iterative process that must lead to the use of proper measurements in the way of protecting people, facilities and environment. The analysis is done based on the combination of probability and severity of undesirable events, and the final consequences. Explanation of basic terms, their interdependence, dilemmas, and methods of risk analysis are introduced. Each method is shortly described with main anteriority and shortcomings. Differences between quantitative methods, qualitative methods, and hybrid methods (the combination of qualitative-quantitative or semi-quantitative methods) are elaborated. The impact, occurrence, and the consequences are at the end compared to risk acceptance criteria concept. The ALARP (As Low as Reasonably Practicable) framework is explained with some observation on the quality and acceptance in petroleum industry. Finally, the human impact on the risk and consequences is analyzed.

General Approach to Risk Analysis

2015 ◽  
pp. 1217-1236
Author(s):  
Davorin Matanovic
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Qualitative Methods ◽  
Iterative Process ◽  
Quantitative Methods ◽  
Hybrid Methods ◽  
Petroleum Industry ◽  
Acceptance Criteria ◽  
Risk Acceptance ◽  
The Impact

Broadly accepted methodology that is implemented in the oil industry when dealing with risks includes as the first step the identification of possible hazards. That is done by gathering information about degree of risk according to working procedures, processes, and individuals involved in the operation of the process. That is the first step in risk management, an iterative process that must lead to the use of proper measurements in the way of protecting people, facilities and environment. The analysis is done based on the combination of probability and severity of undesirable events, and the final consequences. Explanation of basic terms, their interdependence, dilemmas, and methods of risk analysis are introduced. Each method is shortly described with main anteriority and shortcomings. Differences between quantitative methods, qualitative methods, and hybrid methods (the combination of qualitative-quantitative or semi-quantitative methods) are elaborated. The impact, occurrence, and the consequences are at the end compared to risk acceptance criteria concept. The ALARP (As Low as Reasonably Practicable) framework is explained with some observation on the quality and acceptance in petroleum industry. Finally, the human impact on the risk and consequences is analyzed.

scholarly journals Digital technology and changing roles: a management accountant’s dream or nightmare?

2020 ◽  
Vol 31 (3) ◽  
pp. 209-238
Author(s):  
Roy-Ivar Andreassen
Keyword(s):  
Digital Technology ◽  
Expert Knowledge ◽  
Identity Work ◽  
Decision Makers ◽  
Group Level ◽  
Management Accountants ◽  
Recent Developments ◽  
Changing Roles ◽  
The Relationship

Abstract Recent developments in digital technology have revitalized interest in the relationship between technology and management accounting. Yet, few empirical in-depth studies have assessed how digital technologies influence the roles of management accountants. This paper builds on the concept of jurisdiction to illuminate the relationship between management accountants, expert knowledge and digital technology. The study identifies and describes competition over jurisdiction between management accountants and other groups of employees. The study describes a shift for divisional management accountants towards narrower roles in their tasks and expectations, while business-oriented roles at group level are found to entail expanding tasks and expectations. In doing so, management accountants are divided into two divergent categories facing different expectations: divisional and group level management accountants. Through a case study in the technology-oriented finance sector, the paper contributes to the debate on the roles of management accountants in a number of ways. First, it describes how digital technology can contribute to narrower and more specialized roles. Second, it describes how digital technology can contribute to competition between professions. Third, it elucidates how digital technology contributes to changes in the behaviour of decision makers, and in their expectations toward, and the involvement of, management accountants. Fourth, it details how the changes contributed by digital technology in the roles of management accountants can act as mediators in the identity-work of management accountants. Finally, it empirically describes the relationships between digital technology and management accountants’ roles.

scholarly journals An interactive web-GIS tool for risk analysis: a case study in the Fella River basin, Italy

2016 ◽  
Vol 16 (1) ◽  
pp. 85-101 ◽  
Author(s):  
Z. C. Aye ◽  
M. Jaboyedoff ◽  
M. H. Derron ◽  
C. J. van Westen ◽  
H. Y. Hussin ◽  
...  
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Management Strategies ◽  
Web Gis ◽  
Data Set ◽  
Prototype Development ◽  
Risk Management Strategies ◽  
Northeastern Italy ◽  
Study Sites

Abstract. This paper presents a prototype of an interactive web-GIS tool for risk analysis of natural hazards, in particular for floods and landslides, based on open-source geospatial software and technologies. The aim of the presented tool is to assist the experts (risk managers) in analysing the impacts and consequences of a certain hazard event in a considered region, providing an essential input to the decision-making process in the selection of risk management strategies by responsible authorities and decision makers. This tool is based on the Boundless (OpenGeo Suite) framework and its client-side environment for prototype development, and it is one of the main modules of a web-based collaborative decision support platform in risk management. Within this platform, the users can import necessary maps and information to analyse areas at risk. Based on provided information and parameters, loss scenarios (amount of damages and number of fatalities) of a hazard event are generated on the fly and visualized interactively within the web-GIS interface of the platform. The annualized risk is calculated based on the combination of resultant loss scenarios with different return periods of the hazard event. The application of this developed prototype is demonstrated using a regional data set from one of the case study sites, Fella River of northeastern Italy, of the Marie Curie ITN CHANGES project.

Fuzzy Analytic Hierarchy in Project Risk Management - New Stadium Construction Project in Weifang City

2011 ◽  
Vol 243-249 ◽  
pp. 6362-6368
Author(s):  
Yan Zhang ◽  
Chang Jiang Liu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Large Scale ◽  
Construction Project ◽  
Construction Project Management ◽  
Analytic Hierarchy ◽  
Project Risk ◽  
Management Case Study

In the field of engineering and construction, unqualified construction quality, time delays, cost more than expected phenomena to occur. Because of these characteristics such as its large-scale construction projects, long cycle, the production of single and complex, there is greater risk than the production of general products, the risk increases the difficulty of construction project management, operating costs and the possibility of potential losses, therefore, risk management emerged and become an increasingly important integral part of project management. In this paper, fuzzy analytic hierarchy be used to construction project risk assessment, and to order the sort of each risk in order to prevent significant risks. On an actual project - the new stadium construction in Weifang City risk management case study, the reduction of risk of project failure is expected, but also the project is hoped for other industries to provide some reference for risk management.

scholarly journals APLICABILIDADE DE UM MAPA ESTRATÉGICO SOB A PERSPECTIVA DOS FATORES CRÍTICOS PARA A MATURIDADE EM GESTÃO DE PROJETOS EM UMA INSTITUIÇÃO FINANCEIRA DE GRANDE PORTE DOI:10.7444/fsrj.v3i2.81

2012 ◽  
Vol 3 (2) ◽  
pp. 88-120
Author(s):  
Sady Darcy Da Silva Junior ◽  
Edimara Mezzomo Luciano ◽  
Maurício Gregianin Testa
Keyword(s):  
Project Management ◽  
Graphical Representation ◽  
Financial Institution ◽  
Project Managers ◽  
Critical Factors ◽  
Strategy Formulation ◽  
Strategic Objectives ◽  
Exploratory Approach ◽  
The Relationship

Project Management and Strategic Management are two subjects of major relevance within the corporate environment, despite usually being treated separately, at organizations. However, for Westphal et al. (2008) one of the ways to link project management and strategy is through project management maturity, and to this effect, a series of actions that can be characterized as critical factors (Rabechini Jr. & Pessoa, 2005) are required. Another way of seeking this connection is by means of the strategic map concept which, according to Kaplan and Norton (2004, p.10), “represents the lost link between strategy formulation and the execution of the strategy”. In this study the purpose is to evaluate the applicability of a strategic map, from a critical factors perspective, on project management maturity, as proposed by Silva Jr. and Luciano (2010). Thus a qualitative and exploratory approach case study was conducted at a large financial institution, where three interview scripts were applied on nine professionals, whereby three were leaders, three were project managers and three, functional managers. Furthermore, a graphical representation standard was designed picturing possible situations concerning the applicability of strategic objectives of the map proposed in the case under study. As a result, an important academic contribution to the vague and scarce literature on the relationship between project management and organizational strategy was verified, in addition to mapping possibilities of improvements for the organization, which otherwise might have been impossible to identify.

scholarly journals Dealing with unpredictable risk - The influence of external factors on information systems development and implementations

2021 ◽  
Author(s):  
◽  
Ettiene Esterhuizen
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Project Management ◽  
Information Systems ◽  
Systems Development ◽  
Information Systems Development ◽  
Management Processes ◽  
Huge Impact ◽  
Risk Processes

<p>Organisations and especially Government departments develop information systems for their own specific needs, due to this Government departments invests a great deal in information systems development and implementation projects. The intention is to save on cost and develop information systems according to their needs and requirements. Unfortunately such projects are vulnerable and subject to a range of risks.  This case study identifies the risk factors involved in information systems development and implementation projects and the risk processes that are in place to mitigate against those risk factors. Furthermore the case study investigates an information systems development and implementation project where four legacy systems were to be merged into one newly developed system. The project was interrupted when an organisational merger resulted in the loss of key members of the governance board and the project team, either through redundancy or being allocated other responsibilities within the organisation. This exposed the project to unpredictable risk which caused the project to head down the path of possible failure.  The case study outlines the project plan, what actually happened and what according to the interviewed participants happened during the project. It is clear that the risk management processes wasn't followed and that wrongful decisions were made during the organisational merger. Unpredictable risks as a result of the merger and the decision to continue the project required a strong governance board, proper project management, proper risk management and the execution of the risk management processes. The lack of governance and project management had a huge impact on the project while the loss of expertise and knowledge added to the risk profile which resulted in further complications to the project. It’s during these situation that a strong governance board and proper project management is needed to make those critical decisions and steer the project towards success.</p>

scholarly journals The Foreign Exchange Exposures and Enterprise Risk Management: Evidence from Hospitality Industry in Taiwan

2017 ◽  
Vol 9 (1) ◽  
pp. 274
Author(s):  
Chiu Ming Hsiao
Keyword(s):  
Risk Management ◽  
Exchange Rate ◽  
Foreign Exchange ◽  
Business Performance ◽  
Optimal Allocation ◽  
Arima Model ◽  
Enterprise Risk Management ◽  
Decision Makers ◽  
Enterprise Risk ◽  
The Relationship

This paper adopts ARIMA model to explore the relationship between business performance and the fluctuation of exchange rate. The empirical results show that the impacts of the fluctuation of foreign exchange rate on the business performance of hotels are significant and different across currencies and the size of a hotel.  Furthermore, based on the framework of Kim (2013), a modern portfolio theory proposed by Markowitz (1952) gives an optimal allocation of foreign exchange for a hotel’s decision-makers, who would avoid exchange rate risk exposure and complete the construction of enterprise risk management system (ERM) to reduce losses.

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