scholarly journals Standard Project Risk Analysis Approach

2020 ◽  
Vol 11 (2) ◽  
pp. 149-158
Author(s):  
Tena Žužek ◽  
Lidija Rihar ◽  
Tomaž Berlec ◽  
Janez Kušar
Keyword(s):  
Risk Analysis ◽  
Risk Model ◽  
Development Project ◽  
Analysis Approach ◽  
Tool Development ◽  
Die Cast ◽  
Project Risks ◽  
Project Risk Analysis ◽  
Standard Risk ◽  
Subsequent Risk

AbstractBackground: To stay competitive in a highly unpredictable market of today, companies must be able to manage project risks effectively. The basis for an effective risk management is a thorough risk analysis. Despite the availability of many different risk analysis approaches, companies can be reluctant to use them, since the models are usually complex and very time consuming.Objectives: The main objective is to present a simple, yet effective risk analysis approach that can also serve as a useful basis for resolving project risks.Methods/Approach: The proposed standard risk analysis approach is based on a standard risk model that deals with risk events and impacts separately and therefore allows for a separate planning of preventive and corrective measures. To classify risks and to represent them graphically, a risk map is used.Results: The use of the proposed approach is illustrated on a die-cast tool development project. The approach proved to be very simple to use and it served as a useful basis for resolving the identified risks.Conclusions: The main advantage of the proposed approach is its simplicity and clarity. It can also be used as a quick decision-making tool in a subsequent risk resolving process.

Design Thinking as a Tool for the Analysis of Project Risks

2019 ◽  
Vol 16 (6) ◽  
pp. 60-77
Author(s):  
E. V. Vasilieva ◽  
T. V. Gaibova
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Design Thinking ◽  
Management Tools ◽  
Project Risk ◽  
Team Members ◽  
Investment Projects ◽  
Risk Management Process ◽  
Project Objectives ◽  
Project Risk Analysis

This paper describes the method of project risk analysis based on design thinking and explores the possibility of its application for industrial investment projects. Traditional and suggested approaches to project risk management have been compared. Several risk analysis artifacts have been added to the standard list of artifacts. An iterative procedure for the formation of risk analysis artifacts has been developed, with the purpose of integrating the risk management process into strategic and prompt decision-making during project management. A list of tools at each stage of design thinking for risk management within the framework of real investment projects has been proposed. The suggested technology helps to determine project objectives and content and adapt them in regards to possible; as well as to implement measures aimed at reducing these risks, to increase productivity of the existing risk assessment and risk management tools, to organize effective cooperation between project team members, and to promote accumulation of knowledge about the project during its development and implementation.The authors declare no conflict of interest.

Information Approach to Project Risk Analysis and Management

2000 ◽  
Vol 32 (11) ◽  
pp. 58-64
Author(s):  
Mikhail Z. Zgurowsky ◽  
Igor I. Kovalenko ◽  
Kuteiba Kondrak ◽  
Elias Kondrak
Keyword(s):  
Risk Analysis ◽  
Project Risk ◽  
Information Approach ◽  
Project Risk Analysis ◽  
Risk Analysis And Management

Scenario based evaluation of a cost risk model through sensitivity analysis

2015 ◽  
Vol 22 (4) ◽  
pp. 403-423 ◽  
Author(s):  
Önder Ökmen ◽  
Ahmet Öztaş
Keyword(s):  
Risk Factors ◽  
Risk Analysis ◽  
Risk Model ◽  
Practical Method ◽  
Cost Evaluation ◽  
Sensitivity Analyses ◽  
Analysis Model ◽  
Content Type ◽  
Detailed Evaluation ◽  
Cost Risk

Purpose – Actual costs frequently deviate from the estimated costs in either favorable or adverse direction in construction projects. Conventional cost evaluation methods do not take the uncertainty and correlation effects into account. In this regard, a simulation-based cost risk analysis model, the Correlated Cost Risk Analysis Model, previously has been proposed to evaluate the uncertainty effect on construction costs in case of correlated costs and correlated risk-factors. The purpose of this paper is to introduce the detailed evaluation of the Cost Risk Analysis Model through scenario and sensitivity analyses. Design/methodology/approach – The evaluation process consists of three scenarios with three sensitivity analyses in each and 28 simulations in total. During applications, the model’s important parameter called the mean proportion coefficient is modified and the user-dependent variables like the risk-factor influence degrees are changed to observe the response of the model to these modifications and to examine the indirect, two-sided and qualitative correlation capturing algorithm of the model. Monte Carlo Simulation is also applied on the same data to compare the results. Findings – The findings have shown that the Correlated Cost Risk Analysis Model is capable of capturing the correlation between the costs and between the risk-factors, and operates in accordance with the theoretical expectancies. Originality/value – Correlated Cost Risk Analysis Model can be preferred as a reliable and practical method by the professionals of the construction sector thanks to its detailed evaluation introduced in this paper.

Analysis of risk concept for technical systems using digital twins

2020 ◽  
pp. 99-113
Author(s):  
Анатолий Михайлович Лепихин ◽  
Николай Андреевич Махутов ◽  
Юрий Иванович Шокин ◽  
Андрей Васильевич Юрченко
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Risk Model ◽  
Computer Modelling ◽  
Product Lifecycle Management ◽  
Operating Conditions ◽  
Digital Twins ◽  
Real Objects ◽  
Technical Systems ◽  
Active Research

Рассмотрены основные методологические аспекты анализа рисков технических систем с использованием цифровых двойников. Сформулирована концепция рисканализа и предложена базовая модель для ее реализации. Рассмотрены информационные аспекты анализа неопределенностей модели риска. Показано, что технологии цифровых двойников позволяют эффективно сочетать результаты компьютерного моделирования с данными мониторинга реальных объектов, обеспечивая более глубокий анализ объектов, с учетом множества вариантов конструкции, технологий и условий эксплуатации Development of technology and technical systems significantly increases in the volume of information. Traditional methods for designing, manufacturing and operating of technical systems do not allow processing such volumes of information. In this regard, the modern strategy for creating technical systems is based on the use of digital twins. Solving the problems of risk analysis and risk management for technical systems at all stages of the life cycle appears to be one of the promising areas for application of the digital twins technology. Despite of active research, using digital twins in risk analysis currently do not have appropriate methodological justifications and technical solutions in a number of key aspects. In particular, effective reductions of the order of risk models and quantifying uncertainty factors of various types have not been solved. The concept of the risk-informed decision making in product lifecycle management has not been implemented. In fact, there are very few publications on the risk analysis and risk management methodology using digital twins. The article discusses the main methodological aspects of risk analysis of technical systems using digital twins. The concept of risk analysis is formulated and a basic model for its implementation is proposed. The informational aspects of the analysis of uncertainties of the risk model are considered. It is shown that digital twin technologies allow effective combination of the results of computer modelling with the data monitoring of real objects, providing a deeper analysis of objects, taking into account a variety of design options, technologies and operating conditions.

scholarly journals A combined risk analysis approach for complex dam–levee systems

2017 ◽  
Vol 13 (12) ◽  
pp. 1624-1638 ◽  
Author(s):  
Jesica Tamara Castillo-Rodríguez ◽  
Jason T. Needham ◽  
Adrián Morales-Torres ◽  
Ignacio Escuder-Bueno
Keyword(s):  
Risk Analysis ◽  
Analysis Approach
Sign in / Sign up

Export Citation Format

Share Document