MODELING CONTRACT PRACTICES RESULTING IN RISK MISALLOCATION

2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Chipozya Tembo-Silungwe
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Risk Mitigation ◽  
Project Managers ◽  
Risk Allocation ◽  
Structured Interviews ◽  
Building Sector ◽  
Advance Knowledge ◽  
Selection Of

Risk misallocation has been a topic of discussion in the extent literature for some time now. The literature points out that risk management is the key to ensuring that optimal risk allocation is achieved. While the focus on risk allocation has been about the party best suited to carry a given risk, the issue of how misallocation occurs is rarely dealt with. This paper modeled how risk misallocation can result from contract practice. This was done through a literature review and 15 purposive heterogeneous semi-structured interviews conducted with clients, project managers, architects, engineers and quantity surveyors in the Zambian building sector. The derived model suggests that misallocation could result from inappropriate selection of risk mitigation mechanisms provided for in the contract, poor selection of contracts and use of inappropriate procurement routes. These findings advance knowledge that necessitates the allocation of risk appropriately as the areas of contract practice and risk management are rarely researched with regards to risk misallocation.

scholarly journals Research and development projects fuzzy definition in the university context

2019 ◽  
Author(s):  
Dorota Kuchta
Keyword(s):  
Research Funding ◽  
Fuzzy Theory ◽  
Value Added ◽  
Project Managers ◽  
Structured Interviews ◽  
Innovative Potential ◽  
Definition Of ◽  
The University ◽  
Practical Implications ◽  
Selection Of

Purpose – research on R&D projects implemented at universities shows that many researchers feel that the requirements set on R&D project definition in the process of calls for projects brake the innovativeness and the freedom of research. Thus, the objective of the paper is to propose a soft, fuzzy set based method of R&D project definition, which would allow to evaluate projects in the stage of project calls, but at the same time would not act contrary to the research ideas of the most ingenious and innovative researchers. Research methodology – the proposal is based on the results of over 70 structured interviews with R&D project managers from Polish and French universities. The respondents expressed their critical opinion about the required definition of R&D projects in the application stage of most calls, suggested which elements should be improved and in which way. Most of them criticised the required detail level of projects description and emphasized the uncertainty present in their research. Then we propose to model this uncertainty by means of fuzzy sets. Findings – the result of the research presented in the paper is a new way of R&D project definition, based on the fuzzy theory, adjustable to each R&D project type. The new method of project definition will express the actual uncertainty and innovative potential of each R&D project and thus allow a selection of R&D projects which would maximise their contribution to the university and science development. Research limitations – the proposed approach needs to be validated and verified on the basis of a big sample of a real world R&D project, with the participation of a representative sample of researchers. Another limitation is a highly probable resistance against such an approach among the researchers and research funding institutions, as it requires a deep analysis of the planned research and its context. Practical implications – it is proposed that the method will be used by research funding institutions in project calls. This will increase the efficiency of financial resources spent on research, in terms of value-added per one dollar invested in the research. Originality/Value – the proposed method is the first approach to project definition based on fuzzy numbers and one of very few existing approaches to project definition taking uncertainty into account

scholarly journals Project Managers’ Competences

2018 ◽  
Vol 49 (3) ◽  
pp. 82-97 ◽  
Author(s):  
João Walter Saunders Pacheco do Vale ◽  
Breno Nunes ◽  
Marly Monteiro de Carvalho
Keyword(s):  
Literature Review ◽  
Systematic Literature Review ◽  
Selection Process ◽  
Methodological Approach ◽  
Project Managers ◽  
Job Descriptions ◽  
Second Stage ◽  
Job Advertisements ◽  
The Individual ◽  
Selection Of

This article investigates the individual competences of project managers through a methodological approach that combines a systematic literature review and an analysis of employment opportunities. A comparative analysis of project manager’s competences from the literature and the job advertisements was done. The systematic literature review was the first stage of the research and consisted of adopting methods of bibliometrics and content analysis. The second stage included an analysis of project managers’ competences in the selection process. Thus, five Brazilian recruitment websites and the selection of employees were investigated. Through literature review, it was possible to classify and code competences in four categories (contextual, managerial, technical, and behavioral). The analysis of job advertisements allowed us to identify core competence requirements in the job descriptions and to develop a project manager profile expected by Brazilian organizations.

scholarly journals Managing Risks through Mitigation Strategies: Evidence from Cameroonian Small and Medium Enterprises

2016 ◽  
Vol 12 (1) ◽  
pp. 219
Author(s):  
Mbiki Mamai ◽  
Song Yinghua
Keyword(s):  
Higher Education ◽  
Risk Management ◽  
Small And Medium Enterprises ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Limited Attention ◽  
Perception Of Risk ◽  
Risk Mitigation Strategies ◽  
Medium Enterprises ◽  
Selection Of

While SMEs are widespread and largely influence the economy of nations, its risk management is little known and has received limited attention. With regards to the importance of the managers in these types of companies; the purpose of this paper will be to investigate the relationships that may exist between the profile of the managers of the SMEs and the choice of risk mitigation strategies. By so doing, it turns out that the perception of risk, the managers and their levels of higher education influence the adoption of risk mitigation strategies in SMEs. In addition, the strategies used to manage risk are diversification, cooperation, selection of suppliers and insurance.

scholarly journals Basic Concepts of Engineering Risk Management for Fastenings and Risk Register Based on Industry Survey

CivilEng ◽  
2020 ◽  
Vol 1 (3) ◽  
pp. 275-290
Author(s):  
Rene Kudszus ◽  
Robert Klemencic ◽  
Panagiotis Spyridis
Keyword(s):  
Risk Management ◽  
Risk Mitigation ◽  
Structured Interviews ◽  
Design Standards ◽  
Load Bearing ◽  
Management Procedure ◽  
Precise Knowledge ◽  
Risk Management Process ◽  
Wide Range ◽  
Industry Survey

Fastenings are becoming increasingly important in modern building practice. A wide range of products cover for the great flexibility that they provide in a large variety of applications. In order to ensure the safe and economical use of the fastenings, a combined effort of manufacturing firms, practicing engineers and constructors, research organizations, and public authorities has led to the establishment of interrelated design standards, application guidance, and product approvals. It is however evident that failures, in fact even small defects, of fastenings can lead to disproportionate catastrophic events. In addition to these state-of-the-art documents, which reflect the most precise knowledge possible, a management of possible residual risks and hence causes of failure is also indispensable. Due to the great range of fastening systems with different dimensioning and assembly guidelines, load-bearing behaviour and areas of application, and the overall complexity of the subject, a coherent risk management procedure against structural risks can be very helpful in this respect. This article deals with the technical and load-bearing related risks of fastening technology in construction. The objective of the paper is to introduce fundamental concepts and significant risks met in the fastenings design specification and installation. Moreover, it provides a rating of the identified risks and it transfers recommendations for risk mitigation, based on semi-structured interviews with expert professionals who are active in the field. The results are accumulated in a dedicated risk register as a standard tool of the risk management process in civil engineering, which is the first of its kind in current scientific literature. The aim is to assist future practice and research by providing a basis for risk management considerations for fastenings, which moreover reflects actual risks indicated in the outcome of an industry survey.

scholarly journals CROP DIVERSIFICATION AND ITS RELEVANCE IN RISK MANAGEMENT IN THIRUVARUR DISTRICT OF TAMILNADU, INDIA

2020 ◽  
Vol 21 (supplement 1) ◽  
Author(s):  
Y. Shelton Peter ◽  
C. Prabakar
Keyword(s):  
Risk Management ◽  
Risk Mitigation ◽  
Education Level ◽  
Logit Analysis ◽  
Crop Diversification ◽  
Farm Level ◽  
Factors Influencing ◽  
Ranking Analysis ◽  
The Universe ◽  
Selection Of

Crop diversification at farm level is accepted to be an effective tool in risk mitigation in agriculture. But this concept of crop diversification is not been adopted much by farmers of Thiruvarur for reason unknown. Hence a study was undertaken to analyse the factors influencing the farmers awareness on the relevance of crop diversification in risk management and to rank the reason for non – adoption of crop diversification in Thiruvarur district of Tamilnadu. With regard to selection of study area, Thiruvarur district was considered as the universe of the study. The Mannargudi block of this district was purposively selected since it possesses cultivation area falling under both upstream irrigation as well as tail end irrigation. The Logit analysis revealed that the awareness on crop diversification had been positively and significantly influenced by education level of farmers, size of farm, no of agri – related meetings attended by respondents and labour scarcity. Further, Garrett ranking analysis revealed that the farmer’s attitude of “more reliance on traditional methodologies” was the prime reason for non - adoption of crop diversification in Thiruvarur district. Efforts may be enhanced by the institutional authorities to popularise the concept of crop diversification and its relevance in risk mitigation in agriculture. Village specific crop diversification models have to be identified considering the local features and advocated.

Supply chain risk mitigation in South Africa: a case study of Eskom

2019 ◽  
Vol 27 (3) ◽  
pp. 1105-1125
Author(s):  
Ellsworth Chouncey Jonathan ◽  
Chengedzai Mafini ◽  
Joyendu Bhadury
Keyword(s):  
South Africa ◽  
Risk Management ◽  
Economic Development ◽  
Risk Mitigation ◽  
Sampling Technique ◽  
Social Implications ◽  
Structured Interviews ◽  
Content Type ◽  
Academic Literature ◽  
African Context

Purpose Interferences to supply chains (SC), regardless of whether they are regular, unplanned or intentional, are progressively distorting SC execution. As such, risk mitigation in SCs has received sufficient attention in the academic literature. However, there is scant research done on this topic within the African context, and none on the SC of electrical energy on that continent. In an effort to address this gap, the purpose of this paper is to focus on the SC department of Eskom, the primary utility company of South Africa and one of the largest on the continent. Design/methodology/approach Adopting a non-probability sampling approach utilising the purposive sampling technique to choose the sampling components from the target population, data were collected through semi-structured interviews as well as additional documentation in various forms. Data interpretation and codification thereof were done using ATLAS.ti 8 from which ten themes emerged. Findings The ten themes that emerged from the analysis of data show that SC risks emanate from value streams, information and affiliations, SC activities and external situations. Furthermore, these are brought into relief within the African context through examples and quotes from Eskom managers. Research limitations/implications Based on the findings, the paper makes five major recommendations that would broadly apply not only to SC risk management (SCRM) in Eskom, but also other African utility companies. Practical implications Companies in emerging economies such as South Africa and other Sub-Saharan countries face a unique set of challenges with regards to SCRM. Some of these are identified in this paper and appropriate recommendations have been made. Social implications Being the largest utility provider in Africa, services offered by Eskom are vital for economic development of South Africa as well as neighbouring countries. As such, the findings of this paper as well as the recommendations have social implications for economic development in that country as well as the region. Originality/value While SC risk management has been studied extensively in the academic literature, to the best of the authors’ knowledge, this is the first paper that attempts to study it within the context of South Africa with focal emphasis on one of the largest corporations in that country.

scholarly journals A Framework for Risk Management in Globally Distributed Agile Software Development (Agile GSD)

2009 ◽  
pp. 32-41
Author(s):  
Suprika Vasudeva Shrivastava ◽  
Hema Date
Keyword(s):  
Risk Management ◽  
Software Development ◽  
Risk Mitigation ◽  
Project Managers ◽  
Mitigation Strategies ◽  
Agile Development ◽  
Time Zone ◽  
Risk Mitigation Strategies ◽  
Agile Software ◽  
Globally Distributed

Global Software development (GSD) is gaining popularity as it helps in saving cost and reduces time to market. GSD faces various challenges like communication problems, time-zone differences and cultural differences. Agile principles are used as a means to increase production rate by making processes more responsive to change. Since success of using agile methodologies is dependent on communication and collaboration, combining agile with distributed development (Agile GSD) becomes a risky process. In the current literature, few research papers mention about the risk involved in globally distributed agile development process. This paper contributes by identifying some of the most relevant risk and suggesting risk mitigation strategies in the form of a framework for risk management for globally distributed agile development. The framework is created based on the literature available and the interviews of project managers and developers conducted in three software development organizations in Pune (India). Each component of the framework is discussed in the paper in detail. The research will be relevant for the project managers who are handling distribute agile projects.

scholarly journals Phases and tools for supply chain risk management: a systematic literature review

2020 ◽  
Vol 27 (3) ◽  
Author(s):  
Priscila Gomes Pereira Gaspar ◽  
Paula Santos Ceryno ◽  
Ana Luiza Ferrer ◽  
Antônio Márcio Tavares Thomé
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Literature Review ◽  
Systematic Literature Review ◽  
Management Strategies ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Academic Literature ◽  
Risk Management Strategies ◽  
Selection Of

Abstract Supply chain risk management (SCRM) has been widely discussed in the academic literature and several models have been proposed in recent years, but there is a need for a model encompassing phases and tools for SCRM. This study presents a systematic literature review (SLR) of 254 abstracts and 68 full-text papers. The SLR made it possible to identify and define the main phases for the SCRM, as well as the tools proposed for each phase. There is a concentration of efforts in the phases of identification, assessment, and selection of risk management strategies and a limited number of studies in monitoring and controlling risks. The article offers a global SCRM framework, contributing to the theoretical discussions and a practical guide to implementation related to SCRM.

scholarly journals Risk management in a bulk coal export logistic chain: A stakeholder perspective

2019 ◽  
Vol 13 ◽  
Author(s):  
André Botha ◽  
J. A. Badenhorst-Weiss
Keyword(s):  
Risk Management ◽  
Foreign Exchange ◽  
Management Practices ◽  
Risk Mitigation ◽  
Structured Interviews ◽  
Qualitative Research Design ◽  
Stakeholder Perspective ◽  
Close Cooperation ◽  
Logistic Chain ◽  
High Level

Background: In South Africa, the export of coal is a large contributor to the gross domestic product. Statistics indicate that the export of coal is stagnant or declining, which indicates a risk for coal as a foreign exchange earner. A study into the risks facing the bulk coal export logistics chain is therefore of great importance. Any risk to this logistics chain will directly affect its efficiency and contribution to foreign exchange. The nature of a logistics supply chain is such that risks to one stakeholder (partner or node) affect not only that stakeholder’s own operations but also those of the other partners and the whole supply chain’s efficiency and sustainability.Objectives: The objective of the study was to identify and explore the risks and risk management practices in the bulk coal export logistics chain from a stakeholder theory perspective.Methods: A qualitative research design was used, and in-depth, structured interviews were conducted with different stakeholders in the chain. A total of eight interviews were conducted, audio-recorded, transcribed and analysed by means of a thematic analysis.Results: Many risks were identified in the bulk coal export logistics chain, and of these risks, it was found that the most important ones were infrastructure, the macro-economy and people-related risks. The findings revealed evidence of underlying tensions between different stakeholders with regard to investment to mitigate infrastructure risks. The findings suggest that there is a lack of communication and an aligned vision among the stakeholders in the logistics chain and that they strategise for their risks separately.Conclusion: Close cooperation on a high level between the stakeholders in the logistics chain is needed to strategise for risk mitigation in an integrated, holistic manner.

scholarly journals Design Thinking Applied to Smart Home Projects: A User-Centric and Sustainable Perspective

2020 ◽  
Vol 12 (23) ◽  
pp. 10031
Author(s):  
Flavio Martins ◽  
Maria Fatima Almeida ◽  
Rodrigo Calili ◽  
Agatha Oliveira
Keyword(s):  
Literature Review ◽  
Energy Distribution ◽  
Smart Home ◽  
Design Thinking ◽  
Project Managers ◽  
Decision Makers ◽  
Considerable Research ◽  
Proposed Model ◽  
User Centric ◽  
Selection Of

This paper aims to propose a conceptual model to create and select smart home conceptions from the user-centric and sustainable perspective, using the Design Thinking approach. Although considerable research has been devoted to smart homes in the last two decades, gaps are evident in current research concerning the creation and selection of smart home conceptions from both user-centric and sustainable perspectives. A systematic literature review covering the period 2000–2020 indicated that Design Thinking (DT) has rarely been exploited in smart home projects. The applicability of the proposed model could be demonstrated in the context of a smart home project in Brazil (NO.V.A. Project) conducted by an energy distribution player in this country in cooperation with two local universities and other institutional partners. The replication of this approach in smart home projects will allow decision-makers and project managers to place future residents at the center of the smart home design, creating and selecting the best conceptions that will meet users’ desires, expectations, and needs that can be transformed into reality.

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