scholarly journals A Supplier Selection Model Emphasizing the Project Risk Management in Drug Production in Pharmaceutical Industry

2020 ◽  
Vol 14 (2) ◽  
pp. 111-120
Author(s):  
Malek Mohammad Sabbaghi ◽  
Ahmad Allahyari
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Communication Systems ◽  
Supplier Selection ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Drug Production ◽  
Information And Communication ◽  
The One ◽  
Topsis Technique

Risk management is considered to be one of the main phases of project management and one of the eight main areas of the “project management body of knowledge”. The complexities involved in the drug production projects on the one hand, and the need for risk assessment and management in such projects on the other hand, make this issue completely clear. According to the risk mitigation strategies in project management and using the academic professors and experts in the field of drug production and pharmaceutical projects, the present study aimed to provide a checklist for selecting supplier in the drug production projects. This was done using the main eight and 30 secondary indicators related to the top supplier selection and four main and nine secondary indicators related to influencing environmental risks. Finally, after reviewing the statistical results obtained from the questionnaires and utilizing the TOPSIS technique, seven main indicators including “quality, flexibility, delivery, technology, information and communication systems, cost and experience” along with 24 secondary indicators were obtained relating to the top supplier selection. Also, the delivery factors group was identified as the most important group based on the Friedman test results.

A Comprehensive and Practical Framework for Reliable Scheduling in Project Management

2014 ◽  
Vol 903 ◽  
pp. 378-383 ◽  
Author(s):  
Shiva Mansoorzadeh ◽  
Sha’ri Mohd Yusof ◽  
Shahriar Mansoorzadeh ◽  
Hossein Zeynal
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Risk Mitigation ◽  
Electrical Power ◽  
Mitigation Strategies ◽  
Management Technique ◽  
Event Tree ◽  
Project Schedule ◽  
Event Tree Analysis ◽  
Project Objectives

Schedule reliability is essential to successfully achieve EPC (engineering, procurement and constriction) project objectives. Several studies in the past were based on traditional risk management technique which has its own limitations that lack one to obtain a reliable project schedule. To overcome these limitations a comprehensive framework is developed based on the integration of risk management and Critical Chain Project Management (CCPM) that can give a much reliable project scheduling. In the proposed framework, risk analysis is first determined through fuzzy FMEA technique to provide identification of critical risk events (CRE). The effect of CRE on project schedule is then defined and total project time which considers risk factors is calculated. To support risk mitigation, fault tree and event tree analysis are combined which allows the root causes of the risk event be defined and also mitigation strategies determined to control each identified CRE. Eventually, CCPM is distributed which enable implementation of the project based on initial plan and to obtain reasonable Feeding Buffer time on risky tasks. This paper presents the proposed framework using a real case study on construction phases of EPC projects in an electrical power industry.

scholarly journals Analyse, Enhance and Reiterate Risk management strategies, implemented in Information Technology Project Management, amidst COVID-19

2021 ◽  
Vol 8 (S1-Feb) ◽  
pp. 49-57
Author(s):  
Remya Nair ◽  
J Meenakumari
Keyword(s):  
Information Technology ◽  
Risk Management ◽  
Project Management ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Global Perspective ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

The global perspective of human life drastically changed after the spread of COVID-19. The world reduced itself, to a digital cocoon. Education, work, commerce, shopping, industry, sales - all walks of life, transformed mostly into a digital mode. The IT (Information Technology) and ITES (IT Enabled services) saw a tremendous transformation in the operational aspects. ‘WFH (Work from Home)’ enabled the resources to work from their preferred locations. These factors increased the risk of data management and data security. The security of the network and the personal devices used to handle the sensitive and confidential data aggregated the risk factors in project management. The significant challenges faced by the IT sector project management were (1)Global Travel restrictions (2) Forecast of Global Recession in near future and resultant minimization of budget allocated to new projects (3)Negative growth Impact from multiple domains, resulting in reduction of new projects and reducing the scope for existing ones (4)Initial adaptation glitches due to the quantum leap in the digital channels (5)Manage constant fluctuating attitudes and anxieties of employees on personal aspects, job security, drastic change in work environment(6) Unprecedented and unpredictable exorbitant influence of macro environment in the routine enterprise activities. The chances of non-availability of critical resource due to health issues, the network issues faced in the remote locations, the unpredictable exposure of data - all these were contributing elements that increased the risk management complexity. In future, many IT companies have decided to operate mainly in the WFH mode as the operational expenses are drastically reduced. The implementation of efficient and effective risk management strategies become crucial considering the long-term implementation of ‘not from office’ operating model. The trust of the multinational clients, commitment of meeting the deadlines, maintaining the confidentiality and sensitivity of data, protecting the unintended intrusion from the digital malicious practices - all are the additional significant risks and challenges, as the probability for the occurrence of these events have increased exponentially due to the latest work arrangements. This paper attempts to evaluate the current risk mitigation strategies and analyse the gaps in the current system. The aim is to effectively manage the upcoming threats and risks in the long-term implementation of the current working (WFH) scenarios. The overall objective of the paper is to (1) analyse the present-day risks (2) evaluate the contemporary ideas that could be modified into solid framework for better risk mitigation strategies in long-term (3) what to anticipate in the future risk analysis and management processes related to IT Project Management.

Risk Management Strategies for Project Success

2018 ◽  
pp. 250-267
Author(s):  
Vittal S. Anantatmula ◽  
Yang Fan
Keyword(s):  
Risk Management ◽  
Project Success ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Management Plan ◽  
Mitigation Strategies ◽  
Risk Management Plan ◽  
Industrial Sectors ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

As projects are associated with risks due to the presence of uncertainties and unknowns, risk management assumes importance in project success. This chapter is an attempt to examine various risk mitigation strategies that are commonly employed if different industrial sectors. The chosen risk strategy would also largely depend either on individual's or organization's propensity to take risks. The authors summarize the findings of a research study in this chapter. The research results show that effort and details of a risk management for a project are governed by risks associated with cost and time and not necessarily with the project scope. Also, many organizations prefer a contingency budget to the project plan to developing a detailed risk management plan.

E-Learning Business Risk Management with Real Options

2011 ◽  
pp. 187-212
Author(s):  
Georgios N. Angelou
Keyword(s):  
Risk Management ◽  
Real Options ◽  
Information And Communication Technologies ◽  
Risk Mitigation ◽  
A Priori ◽  
Senior Managers ◽  
Investment Performance ◽  
Multiple Risks ◽  
Information And Communication ◽  
E Learning

E-learning markets have been expanding very rapidly. As a result, the involved senior managers are increasingly being confronted with the need to make significant investment decisions related to the elearning business activities. Real options applications to risk management and investment evaluation of Information and Communication Technologies (ICT) have mainly focused on a single and a-priori known option. However, these options are not inherent in any ICT investment. Actually, they must be carefully planned and intentionally embedded in the ICT investment in order to mitigate its risks and increase its return. Moreover, when an ICT investment involves multiple risks, by adopting different series of cascading options we may achieve risk mitigation and enhance investment performance. In this paper, we apply real options to the e-learning investments evaluation. Given the investment’s requirements, assumptions and risks, the goal is to maximize the investment’s value by identifying a good way to structure it using carefully chosen real options.

Research Ethics in the Social Sciences

2022 ◽  
pp. 54-64
Author(s):  
Gianluca Attademo ◽  
Alessia Maccaro
Keyword(s):  
Risk Management ◽  
Research Ethics ◽  
Information And Communication Technologies ◽  
Codes Of Conduct ◽  
Communication Technologies ◽  
The Other ◽  
The Social ◽  
Information And Communication ◽  
The One ◽  
The Relationship

The formulation of Charts for research ethics and Codes of conduct has been growing in the last few decades, on the one hand due to a renewed awareness of the ethical dimensions of research governance and the relationship between regulators and researchers, and on the other hand for the expansion of possibilities achieved by innovation in information and communication technologies. The voluntary involvement of research participants, risk management and prevention, data protection, community engagement, reflexivity of researchers are some of the centres of gravity of a debate that involves researchers, institutions, and citizens.

scholarly journals Reverse logistics risk management: identification, clustering and risk mitigation strategies

2020 ◽  
Vol 58 (7) ◽  
pp. 1449-1474 ◽  
Author(s):  
Hamidreza Panjehfouladgaran ◽  
Stanley Frederick W.T. Lim
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Supply Chain ◽  
Reverse Logistics ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Content Type ◽  
Risk Mitigation Strategies

PurposeReverse logistics (RL), an inseparable aspect of supply chain management, returns used products to recovery processes with the aim of reducing waste generation. Enterprises, however, seem reluctant to apply RL due to various types of risks which are perceived as posing an economic threat to businesses. This paper draws on a synthesis of supply chain and risk management literature to identify and cluster RL risk factors and to recommend risk mitigation strategies for reducing the negative impact of risks on RL implementation.Design/methodology/approachThe authors identify and cluster risk factors in RL by using risk management theory. Experts in RL and supply chain risk management validated the risk factors via a questionnaire. An unsupervised data mining method, self-organising map, is utilised to cluster RL risk factors into homogeneous categories.FindingsA total of 41 risk factors in the context of RL were identified and clustered into three different groups: strategic, tactical and operational. Risk mitigation strategies are recommended to mitigate the RL risk factors by drawing on supply chain risk management approaches.Originality/valueThis paper studies risks in RL and recommends risk management strategies to control and mitigate risk factors to implement RL successfully.

scholarly journals ЛІДЕРСТВО В ЗАСТОСУВАННІ ГНУЧКИХ МЕТОДОЛОГІЙ СТВОРЕННЯ ІНФОРМАЦІЙНИХ ТЕХНОЛОГІЙ

2019 ◽  
Vol 70 (2) ◽  
pp. 1
Author(s):  
Serhii D. Bushuiev ◽  
Denys A. Bushuiev ◽  
Victoriia B. Bushuieva ◽  
Borys Yu. Kozyr
Keyword(s):  
Decision Making ◽  
Project Management ◽  
Portfolio Management ◽  
Communication Systems ◽  
International Association ◽  
Personal Communication ◽  
Project Managers ◽  
Information And Communication ◽  
Patterns Of Behavior ◽  
Behavioral Competencies

The development of project, project and portfolio management systems supports the global acceleration of innovation. Significant changes in the environment require additional research on the effectiveness of the use of existing flexible methodologies, knowledge systems, the competency of project managers and their leadership. The foundation of environmental change lies in changing the decision-making paradigm to flexible project management and innovation development programs. The article examines modern approaches to leadership formation in the application of flexible methodologies, their specificity in terms of decision-making processes in project management. The problems of formation and maintenance of leadership in application of flexible methodologies of project management of creation and introduction of information and communication systems are considered. The research was conducted on the basis of the application of a competency approach under the model of the International Association for Project Management. The patterns of behavior of flexible leaders and leaders are formed in the system of behavioral competencies in project management based on Agile technology methods and tools. These competencies were: Self-reflation and self-government, Personal integrity and reliability, Personal communication, Relationships and interaction, Leadership, Teamwork, Conflicts and crises, Inventiveness, Harmonization, and Orientation to the result. The content model of competency of the leader, which applies flexible control, is given. The patterns of behavior of project managers as flexible leaders in project product creation and flexible project management were studied. Differences in patterns of behavior of managers and flexible leaders on elements of behavioral competencies within certain key competency indicators are studied. Such patterns allowed the authors to identify bottlenecks in applying flexible project management methodologies in the context of the dynamics of the development of innovative products and information and communication systems.

scholarly journals Juridical Activities in the Digital Age: A Concept, Content, Forms

2021 ◽  
Vol 16 (6) ◽  
pp. 21-30
Author(s):  
A. V. Kornev
Keyword(s):  
Communication Systems ◽  
Human Life ◽  
Human Interaction ◽  
Legal Practice ◽  
Dual Nature ◽  
Information And Communication ◽  
Legal Forms ◽  
The One ◽  
Definition Of ◽  
The Impact

The paper examines activity as the most important component of human life. The author elucidates the features of activity from the standpoint of various fields of knowledge: philosophy, psychology, sociology. The preference is given to the activity approach, which is based on the category of “substantive activity.” It is substantive in nature and does not simply define the activity as human interaction with the outside world, but reflects the changes that constitute the result of human activity. Various aspects of theoretical and practical activity are touched upon on the example of legal activity, which is of a complex intellectual nature. Legal activity is often characterized through legal practice — one of the varieties of social practices. Some similarities of these categories are reflected, as well as differences between them. The paper gives the author’s definition of legal activity focused on professional legal activity. The definition cannot claim to be universal due to various types of professional legal activity. Nevertheless, it is specified that professional legal activity is always an activity carried out on the basis of law, in legal forms; it is aimed at achieving the goals determined by law. The author demonstrates the impact of digital technologies on various types of legal activities. Especially in the conditions of the pandemic when traditional forms of communication have given way to virtual ones. It is noted that this influence is of a dual nature, that is, on the one hand, it increases the efficiency of communications, and, on the other hand, it leads to some risks and problems, in particular, against the background of the fact that a significant part of our population still does not have access to modern information and communication systems.

Identification of critical risks in international engineering procurement construction projects of Chinese contractors from the network perspective

2020 ◽  
Vol 47 (12) ◽  
pp. 1359-1371
Author(s):  
Tsenguun Ganbat ◽  
Heap-yih Chong ◽  
Pin-Chao Liao ◽  
Jeremy Leroy
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Risk Transfer ◽  
International Construction ◽  
Managerial Strategies ◽  
Risk Mitigation Strategies ◽  
Network Metrics ◽  
Theoretical Risk

International engineering procurement construction (IEPC) is a complex subject interconnected with risk transfer. In-depth understanding of risks in IEPC projects is essential for effective risk management and managerial strategies. Most related studies focus on the critical risks based on the perceptions of stakeholders or their direct “contribution” to the project loss. This study aims to investigate risk interconnection in IEPC projects through social network analysis, with a focus on the critical risks, risk interactions, and risk mitigation strategies. Three approaches were employed. First, the risk register and interconnection between IEPC projects were identified through a literature review. Second, the risk register and interrelationships were investigated using a questionnaire to formulate theoretical risk-interdependent networks. Third, practical IEPC projects were analyzed using network metrics to identify mitigation strategies for the associated critical risks. From the obtained results, we concluded that controlling security and contract risks in project management can reduce the occurrence or impact of other risks. Moreover, environmental issues related to contractors are also critical in international construction projects. Investigating relationships between risks has uncovered different risk-propagation mechanics within IEPC projects, thus extending the theoretical knowledge for international construction and risk management.

Supply Chain Risk Management

2011 ◽  
pp. 176-204 ◽  
Author(s):  
Ehsan Nikbakhsh
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Supply Chain Management ◽  
Risk Mitigation ◽  
Mitigation Strategies ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Negative Effects ◽  
Chain Management ◽  
Risk Mitigation Strategies

During the past two decades, environments surrounding supply chains (SC) have faced many changes, which require SC managers to deal proactively with unknown situations and new risks. Therefore, one of the most important issues in supply chain management is managing uncertainties of a SC and mitigating negative effects of SC risks. In this chapter, an overview of supply chain risk management (SCRM) is given. First, fundamental concepts in SCRM are introduced. Next, sources of SC risks, SCRM and its process, and some robust SC risk mitigation strategies are introduced. Finally, an introduction to several mathematical models for SCRM is given.

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