scholarly journals THE CURRENT STATE OF PROJECT RISK ASSESSMENT AND EDUCATION NEEDS IN PROJECT RISK MANAGEMENT

2019 ◽  
Vol 7 ◽  
Author(s):  
Matej Masár ◽  
Mária Hudáková
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Managers ◽  
Project Risk Management ◽  
Project Risk ◽  
Qualitative And Quantitative ◽  
Current State ◽  
The World ◽  
Project Risks ◽  
Project Risk Assessment

Current trends show that education in the field of project risk management is a very actual topic. Long - term projects, which was realized in 2018, was mainly focused on R&D across the world. Short - term projects, was focused on innovation and improve manufacturing processes. Many projects failed because project managers did not manage project risks. Project managers have less knowledge and skills on how to effectively manage project risks, especially risks in the planning phase of projects. The main aim of this article is to analyze the current state of usage project risk assessment across the world, based on own empirical research, which was provided, by authors in 2018 and 2019 (mainly level of usage project risk management methods, experience and level of education). The research focused on analyzing the current state of project risk assessment among continents. The authors focused on the average level of use qualitative and quantitative project risk analysis by project managers, level of project risk management experience by project managers and complexity of learning in using of qualitative and quantitative project risk management methods and tools.  Some recommendation were established to educate project managers in the field of project risk management.

Educating Project Managers to Deal With Project Risks

2018 ◽  
pp. 1606-1632
Author(s):  
Radu-Ioan Mogos ◽  
Constanta-Nicoleta Bodea ◽  
Stelian Stancu ◽  
Augustin Purnus ◽  
Maria-Iuliana Dascalu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Education And Training ◽  
Project Managers ◽  
Project Risk Management ◽  
Curriculum Management ◽  
Management Competencies ◽  
Project Risk ◽  
Project Risks ◽  
And Training

During the last years, the development of the project risk management competencies became a ubiquitous objective for education and training in project management due to the increasing constraints which companies face on the implementation of their projects. Alignment to the professional standards and usage of innovative methods in designing and delivery of instruction represent common requirements that education and training providers should consider and fulfill. The authors examine the main challenges in addressing project risk management subject in the education programmes and identify how these challenges could be dealt by using curriculum management systems. In order to implement the identified improvements, the authors propose an innovative architecture for a curriculum management system, which can be adopted by those universities interested in developing competencies-based programmes in project management. Some preliminary results are presented and discussed.

scholarly journals Project Risk Management of Electrical Switchboard Delivery

2016 ◽  
Vol 15 (2) ◽  
pp. 85-103
Author(s):  
Dorota Kuchta ◽  
Ewa Ptaszyńska
Keyword(s):  
Risk Management ◽  
Research Methods ◽  
Project Managers ◽  
Project Risk Management ◽  
Computer Tool ◽  
Project Risk ◽  
Work Breakdown Structure ◽  
Management Procedure ◽  
Management Procedures ◽  
Project Risks

Background. In projects of electrical switchboard delivery we can identify many risks which are usually quite severe in their consequences, because these projects are high-budget projects. Our studies indicate that there are no formalised risk management procedures in many Polish companies that realise such projects. Research aims. Therefore we propose using a traditional risk management procedure adapted for projects of electrical switchboard delivery what was verified on the example of a selected company. Methodology. We use the following research methods: analysis of the documentation relating to completed projects of electrical switchboard delivery, interviews with project managers, and literature studies. Key findings. We obtained the following results: Work Breakdown Structure (WBS), list of identified project risks, list of risk responses, computer tool for managing identified risks in projects of electrical switchboard delivery. Based on the completed studies we can state that risk management is an important element of electrical switchboard delivery and should not be ignored in companies that realise such projects.

Educating Project Managers to Deal with Project Risks

2016 ◽  
pp. 231-257
Author(s):  
Radu-Ioan Mogos ◽  
Constanta-Nicoleta Bodea ◽  
Stelian Stancu ◽  
Augustin Purnus ◽  
Maria-Iuliana Dascalu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Education And Training ◽  
Project Managers ◽  
Project Risk Management ◽  
Curriculum Management ◽  
Management Competencies ◽  
Project Risk ◽  
Project Risks ◽  
And Training

During the last years, the development of the project risk management competencies became a ubiquitous objective for education and training in project management due to the increasing constraints which companies face on the implementation of their projects. Alignment to the professional standards and usage of innovative methods in designing and delivery of instruction represent common requirements that education and training providers should consider and fulfill. The authors examine the main challenges in addressing project risk management subject in the education programmes and identify how these challenges could be dealt by using curriculum management systems. In order to implement the identified improvements, the authors propose an innovative architecture for a curriculum management system, which can be adopted by those universities interested in developing competencies-based programmes in project management. Some preliminary results are presented and discussed.

Fuzzy Rules for Risk Assessment and Contingency Estimation within COCOMO Software Project Planning Model

2014 ◽  
pp. 88-111 ◽  
Author(s):  
Ekananta Manalif ◽  
Luiz Fernando Capretz ◽  
Danny Ho
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Planning ◽  
Project Managers ◽  
Research Data ◽  
Software Project ◽  
Planning Model ◽  
Effort Estimation ◽  
New Approach ◽  
Project Risks

Software development can be considered to be the most uncertain project when compared to other projects due to uncertainty in the customer requirements, the complexity of the process, and the intangible nature of the product. In order to increase the chance of success in managing a software project, the project manager(s) must invest more time and effort in the project planning phase, which involves such primary and integrated activities as effort estimation and risk management, because the accuracy of the effort estimation is highly dependent on the size and number of project risks in a particular software project. However, as is common practice, these two activities are often disconnected from each other and project managers have come to consider such steps to be unreliable due to their lack of accuracy. This chapter introduces the Fuzzy-ExCOM Model, which is used for software project planning and is based on fuzzy technique. It has the capability to not only integrate the effort estimation and risk assessment activities but also to provide information about the estimated effort, the project risks, and the effort contingency allowance necessary to accommodate the identified risk. A validation of this model using the project’s research data shows that this new approach is capable of improving the existing COCOMO estimation performance.

Project Risk Management Process for Professionals

2018 ◽  
pp. 277-299
Author(s):  
Tamas Toth ◽  
Zoltan Sebestyen
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Category ◽  
Project Risk ◽  
Risk Management Process ◽  
Minimum Requirements ◽  
Integrated Project ◽  
Assessment Procedures ◽  
Project Risk Analysis ◽  
Project Risk Assessment

This chapter will provide an instantly applicable integrated project risk analysis method, which tracks the probabilities of the occurrences of harmful events perceived by the owners from the conceptual phase to the end of the project. The chapter follows a threefold structure. First, the paper provides a revised integrated project risk assessment framework that enhances conventional risk category-based methods. Second, the minimum requirements of the owners are clarified to attain the main goal of project risk assessment and to identify the harmful events jeopardizing this goal. Third, the widely known risk assessment procedures are revised, and a methodology for taking and selecting proper risks is provided. Finally, a new valuation approach to the monitoring phase is introduced, which is able to capture the current market value of the project based on the risk management and controlling system's data.

Fuzzy Rules for Risk Assessment and Contingency Estimation Within COCOMO Software Project Planning Model

2018 ◽  
pp. 771-797
Author(s):  
Ekananta Manalif ◽  
Luiz Fernando Capretz ◽  
Danny Ho
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Planning ◽  
Project Managers ◽  
Research Data ◽  
Software Project ◽  
Planning Model ◽  
Effort Estimation ◽  
New Approach ◽  
Project Risks

Software development can be considered to be the most uncertain project when compared to other projects due to uncertainty in the customer requirements, the complexity of the process, and the intangible nature of the product. In order to increase the chance of success in managing a software project, the project manager(s) must invest more time and effort in the project planning phase, which involves such primary and integrated activities as effort estimation and risk management, because the accuracy of the effort estimation is highly dependent on the size and number of project risks in a particular software project. However, as is common practice, these two activities are often disconnected from each other and project managers have come to consider such steps to be unreliable due to their lack of accuracy. This chapter introduces the Fuzzy-ExCOM Model, which is used for software project planning and is based on fuzzy technique. It has the capability to not only integrate the effort estimation and risk assessment activities but also to provide information about the estimated effort, the project risks, and the effort contingency allowance necessary to accommodate the identified risk. A validation of this model using the project's research data shows that this new approach is capable of improving the existing COCOMO estimation performance.

Project Risk Management Process for Professionals

2018 ◽  
pp. 725-747
Author(s):  
Tamas Toth ◽  
Zoltan Sebestyen
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Risk Category ◽  
Project Risk ◽  
Risk Management Process ◽  
Minimum Requirements ◽  
Integrated Project ◽  
Assessment Procedures ◽  
Project Risk Analysis ◽  
Project Risk Assessment

This chapter will provide an instantly applicable integrated project risk analysis method, which tracks the probabilities of the occurrences of harmful events perceived by the owners from the conceptual phase to the end of the project. The chapter follows a threefold structure. First, the paper provides a revised integrated project risk assessment framework that enhances conventional risk category-based methods. Second, the minimum requirements of the owners are clarified to attain the main goal of project risk assessment and to identify the harmful events jeopardizing this goal. Third, the widely known risk assessment procedures are revised, and a methodology for taking and selecting proper risks is provided. Finally, a new valuation approach to the monitoring phase is introduced, which is able to capture the current market value of the project based on the risk management and controlling system's data.

Improving Objectivity in Project Risk Management

2017 ◽  
pp. 248-265
Author(s):  
Kailan Shang
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Expert Knowledge ◽  
Process Mining ◽  
Critical Role ◽  
Project Risk Management ◽  
Project Risk ◽  
Resource Misallocation ◽  
Back Testing ◽  
Subject Matter Expertise

Project risk management requires subject matter expertise to identify and assess relevant and sometimes unique risks. Insufficient experience data and fast evolvement of emerging risks in the field of project risk management make qualitative analysis more prevalent in project risk assessment. Therefore, expert knowledge and experience play a critical role in project risk management. On the other hand, the resulting subjectivity often leads to inconsistent risk assessment. Undesired consequences include cost underestimation, risk underestimation and resource misallocation. This chapter discusses the causes and adverse impact of subjectivity in project risk management and methods to improve objectivity. It covers common human biases in project risk management and introduces measures to improve objectivity in project risk management using expert diversification, risk culture, process mining, fuzzy logic models, and back testing.

scholarly journals The current state of project risk management in the transport sector

2019 ◽  
Vol 40 ◽  
pp. 1119-1126
Author(s):  
Matej Masár ◽  
Mária Hudáková ◽  
Ladislav Šimák ◽  
Daniel Brezina
Keyword(s):  
Risk Management ◽  
Transport Sector ◽  
Project Risk Management ◽  
Project Risk ◽  
Current State
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