scholarly journals Project risk management: A review of an institutional project life cycle

2017 ◽  
Vol 7 (4-1) ◽  
pp. 163-173
Author(s):  
Wanjiru Gachie
Keyword(s):  
Risk Management ◽  
Project Management ◽  
New Technology ◽  
Risk Process ◽  
Project Risk Management ◽  
Monitoring And Control ◽  
Project Risk ◽  
Management Procedures ◽  
Management Project ◽  
Managing Risk

This article is a desktop analysis of project risk management involving a project management institutional restructuring. The pragmatic nature of this research allows for the literature review and the document analysis to be integrated and presented as both a descriptive and analytical research. The analysis demonstrates that the project committee did not proactively manage project risk. The restructuring was a change management project, entailing the implementation of many organisational changes, such as restructuring, lay-off of some part of the administrative workforce, adoption of new technology, provision of new approaches to well-established procedures, and implementation of new performance initiative, the process which should have been managed with an effective integrated risk strategy and plan. Analysis of the restructuring project risk management exhibits little evidence of a systematic (computer based or manual) record that should have provided policies, procedures, and structures for managing risk. The article concludes that the restructuring risk process was inadequate and it could not have ensured a successful project. An analysis of the restructuring project risk monitoring and control exhibits a reactive rather than proactive application of risk management procedures. The analysis further indicates that the committee failed to make use of the various project risk management processes, standards, and guidelines. Based on the conclusions, the article recommends that project risk planning, strategy, control, and monitoring should be put in place for future institutional projects. The project management team should also put in place procedures for primary stakeholders engagements, identify and address their nature of interest and power in future risk management projects.

scholarly journals PROJECT RISK MANAGEMENT BASED ON A SET OF BEST PRACTICES

2021 ◽  
Vol 26 (3) ◽  
pp. 79-86
Author(s):  
Agnieszka JĘDRUSIK
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Best Practices ◽  
Project Manager ◽  
Project Risk Management ◽  
Project Risk ◽  
Golden Triangle ◽  
Project Life Cycle ◽  
Project Life

The purpose of this article is to present the process of risk management in project management. The analysis was based on a comparison of two best practices of IPMA and PRINCE. Risk management differs significantly between the two approaches, but it is up to the organization to choose its own management, monitoring and methodology tailored to the specific industry or sector. Risk management is an important aspect of the entire project life cycle and must be monitored throughout the project life cycle to protect not only the budget but all areas of the so-called "golden triangle". A very important aspect is the organization's awareness that risk management is everyone's responsibility, not just the project manager. This paper presents two different approaches to project risk management in two different methodologies.

Comprehensive Project Risk Management Methodology

2021 ◽  
Vol 8 (1) ◽  
pp. 94-115
Author(s):  
Luis F. Copertari
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Critical Path ◽  
Three Dimensions ◽  
Project Risk Management ◽  
Time Cost ◽  
Due Date ◽  
Project Risk ◽  
Computer Screen ◽  
Optimal Cost

The objective of this paper is to introduce and discuss the basics of a methodology called the Probabilistic Critical Path Method (PCPM) for managing the previously identified risks (uncertainty) of the three project management dimensions: time, cost and return (performance). An interactive Graphic User Interface (GUI) has been designed for visualizing the tradeoffs among these three dimensions as well as their uncertainties on a flat computer screen. The user can choose to visualize the probability of failure (exceeding some user given due date, budget or not exceeding a given Minimally Attractive Rate of Return – MARR) or the probability of success (not exceeding the due date and the budget and exceeding the MARR). PCPM allows for comprehensive project risk management and it constitutes a new integrative project risk management framework. This paper shows that it is possible to integrate all three project management dimensions (time, cost and return) and show their known risks as well as determining the optimal cost and the associated time and return for such optimal cost. Finally, it is possible to interactively show all this multidimensional information on a flat computer screen.

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 An Assistance to Project Risk Management Based on Complex Systems Theory and Agile Project Management

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-20
Author(s):  
Franck Marle
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Complex Systems ◽  
Systems Theory ◽  
Project Risk Management ◽  
Project Risk ◽  
Complex Systems Theory ◽  
Agile Project Management ◽  
First Results ◽  
Complex Project

Project Risk Management is crucial in determining the future performance of a complex project. Increasing project complexity makes it more and more difficult to anticipate potential events that could affect the project and to make effective decisions to reduce project risk exposure. To tackle these conceptual and managerial issues, the proposed approach introduces Complex Systems Theory-based improvements into some PRM subprocesses and runs the global PRM process using Agile Project Management principles. We argue that these advanced techniques for managing project risk complexity, notably risk interdependencies, are coherent with the distributed, self-organized nature of agile teams. This new way of structuring and executing Project Risk Management offers the possibility to make decisions more frequently, when needed, with a more distributed authority, and with richer information about anticipation of events and consequences of actions. First results show an appropriation of this combined approach by project members due to agile principles that allows for getting the more reliable information promised by Complex Systems Theory.

scholarly journals Network Theory-Based Analysis of Construction Project Risks

2016 ◽  
Vol 5 (2) ◽  
pp. 24
Author(s):  
Hafida Lmoussaoui ◽  
Hicham Jamouli
Keyword(s):  
Risk Management ◽  
Network Theory ◽  
Construction Projects ◽  
Construction Project ◽  
Risk Identification ◽  
Project Risk Management ◽  
Monitoring And Control ◽  
Project Risk ◽  
Novel Approach ◽  
Project Risks

<p>Because of their specific and complex characteristics, construction projects are exposed to numerous risks of various natures, which make their management more difficult. In this setting, Project Risk Management is an indispensable activity for their successful delivery. It consists in the risk identification, assessment, prioritization, treatment, monitoring and control. This paper presents a novel approach for the identification of construction project risks and a network theory-based methodology for their modelling and analysis. These models serve as a powerful tools comparing to classical methods and provide a support for decision-making regarding Project Risk Management. A case study of a real construction project is used to illustrate these findings.</p>

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.

A Project Risk Management Methodology Developed for an Electrical Portuguese Organization

2016 ◽  
pp. 845-864
Author(s):  
Joana Peixoto ◽  
Anabela Tereso ◽  
Gabriela Fernandes ◽  
Rui Almeida
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Action Research ◽  
Management Practices ◽  
Electric Energy ◽  
Project Risk Management ◽  
Process Standardization ◽  
Project Risk ◽  
Risk Management Methodology ◽  
Ongoing Project

This chapter resulted from an action-research undertaken on a Portuguese electric energy organization – EDP Distribution. The research aimed to develop, propose and implement a risk management methodology to integrate in the project management (PM) practices of an ongoing project. The methodology implemented allowed the project team to initiate systematized risk management practices through a simple structure, easy to apply, and with a degree of complexity compatible with the effort that the PM team could initially engage. It is expected that the proposed methodology signaled the initiation of the project risk management (PRM) process standardization in the EDP Distribution organization.

The Rational Choice of Not Applying Project Risk Management in Information Technology Projects

2009 ◽  
Vol 40 (3) ◽  
pp. 72-81 ◽  
Author(s):  
Elmar Kutsch ◽  
Mark Hall
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Project Management ◽  
Project Managers ◽  
Project Risk Management ◽  
Management Process ◽  
Information Technology Projects ◽  
Project Risk ◽  
Risk Management Process ◽  
Project Management Institute

The management of risk is considered a key discipline by the Project Management Institute and the Association for Project Management. However, knowledge of what needs to be done frequently fails to result in action consistent with that knowledge. The reasons for this seem to have received little attention. This study researched the degree of use of project risk management and barriers that prevent IT project managers from using risk management. Interviews and a survey were carried out. The results show that, in one-third of cases, because of the problem of cost justification, no formal project risk management process was applied.

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