THE USE OF PROJECT MANAGEMENT METHODOLOGIES AND PROJECT RISK MANAGEMENT IN THE LIGHT OF EMPIRICAL RESEARCH

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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Research on the Project Risk Management Process Based on the Process Method

Advanced Materials Research ◽

10.4028/www.scientific.net/amr.187.23 ◽

2011 ◽

Vol 187 ◽

pp. 23-28 ◽

Cited By ~ 1

Author(s):

Xiao Qin Liang ◽

Shi Cong Hong

Keyword(s):

Risk Management ◽

Project Management ◽

Project Risk Management ◽

Management Process ◽

Project Development ◽

Complex Environment ◽

Project Risk ◽

The Core ◽

Risk Management Process ◽

Process Method

The project carrying on in the complex environment was affected by many factors. Project risk management is to manage the uncertainty elements in the process of project development to realize the smoothly running of the project. This paper provided the process method carried on the control to each type of resources in risk management investment in the project risk management process, built up process method in controlling project risk to reduce the threat that risk brings to the project, and attained the lowest damage of the project. Consecutively, risk management can be made to become one of the core parts in project management by excavating the project potential opportunities.

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Customisable framework for project risk management

Construction Innovation ◽

10.1108/ci-04-2015-0022 ◽

2017 ◽

Vol 17 (1) ◽

pp. 68-89 ◽

Cited By ~ 4

Author(s):

Jennifer Firmenich

Keyword(s):

Risk Management ◽

Management Practices ◽

New Institutional Economics ◽

Future Research ◽

Project Risk Management ◽

Management Process ◽

Project Risk ◽

Content Type ◽

Risk Management Process ◽

Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

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Exploring the Project Risk Management: Highlighting the Soft Side of Project Management

Concepts, Applications and Emerging Opportunities in Industrial Engineering ◽

10.5772/intechopen.93501 ◽

2021 ◽

Author(s):

Muhammad T. Hatamleh

Keyword(s):

Risk Management ◽

Project Management ◽

Leadership Style ◽

Risk Attitude ◽

Management Process ◽

Participative Leadership ◽

Project Risk ◽

Analytical Skills ◽

Risk Management Process ◽

Process Groups

The majority of the approaches to managing project risk follow the logic of process groups. Project Management Institute (PMI) has 29 tools and techniques related to risk management process groups. Consequently, engineering and business schools have been accused of educating managers with sharp analytical skills but little understanding of social problems. The literature suggests that too much attention is focused on learning the techniques and formalities of risk management but not enough on the advanced issues of management. Also, the literature argues that there are two approaches to project management (hard and soft). The hard side only covers part of the managerial aspects which helps to manage foreseeable uncertainties. However, unforeseeable uncertainties need skills that related to soft side approaches such as emotional intelligence, navigating the organization’s culture, risk attitude, participative leadership style, and managing the relationship with stakeholders. This study provides an intensive review of the literature to discuss the need for integrating the hard and soft sides of management to achieve an effective risk management process. In addition, it proposes a conceptual framework that provides guidelines to enhance overall risk management efficiency.

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Risk Management Metrics

10.4018/978-1-6684-3702-5.ch004 ◽

2022 ◽

pp. 56-66

Author(s):

Rimsy Dua ◽

Samiksha Sharma ◽

Rohit Kumar

Keyword(s):

Risk Management ◽

Project Management ◽

Software Project ◽

Management Process ◽

Project Risk ◽

Proactive Approach ◽

Uncertainty Factor ◽

The Past ◽

Risk Management Process ◽

Future Events

This chapter describes how risk management deals with the detection, the evaluation and the precedence of the risks in the process of project management. There is always an uncertainty factor related to the decisions of an investment while managing a project. Risk management is a proactive approach to deal with such future events that can lead to slow performance of the software project management. For successful risk management; there are different metrics that have been used in the past and are being getting used in the present for inspecting the progress of a project at specific points in a timeline that help in reducing the amount of risk. For the adoption of effective metrics for risk management, data is required. All of the metrics can be applied to the different domains of project, process and product. The chapter also covers strategies to advance, distinguish, estimate, and forecast the risk management process. A review of the key point indicators (KPIs) are also integrated along with the project metrics to signify the future and the present renderings.

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Risk Management Metrics

Analyzing the Role of Risk Mitigation and Monitoring in Software Development - Advances in Systems Analysis, Software Engineering, and High Performance Computing ◽

10.4018/978-1-5225-6029-6.ch002 ◽

2018 ◽

pp. 21-33

Author(s):

Rimsy Dua ◽

Samiksha Sharma ◽

Rohit Kumar

Keyword(s):

Risk Management ◽

Project Management ◽

Software Project ◽

Management Process ◽

Project Risk ◽

Proactive Approach ◽

Uncertainty Factor ◽

The Past ◽

Risk Management Process ◽

Future Events

This chapter describes how risk management deals with the detection, the evaluation and the precedence of the risks in the process of project management. There is always an uncertainty factor related to the decisions of an investment while managing a project. Risk management is a proactive approach to deal with such future events that can lead to slow performance of the software project management. For successful risk management; there are different metrics that have been used in the past and are being getting used in the present for inspecting the progress of a project at specific points in a timeline that help in reducing the amount of risk. For the adoption of effective metrics for risk management, data is required. All of the metrics can be applied to the different domains of project, process and product. The chapter also covers strategies to advance, distinguish, estimate, and forecast the risk management process. A review of the key point indicators (KPIs) are also integrated along with the project metrics to signify the future and the present renderings.

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Analysis and Visualization of Project Structure Using Linkography: Focussing Project Risk Management

Volume 8: 14th Design for Manufacturing and the Life Cycle Conference; 6th Symposium on International Design and Design Education; 21st International Conference on Design Theory and Methodology, Parts A and B ◽

10.1115/detc2009-86460 ◽

2009 ◽

Author(s):

Kilian Gericke ◽

Bjo¨rn Kleinod ◽

Lucienne Blessing

Keyword(s):

Risk Management ◽

Original Method ◽

Project Risk Management ◽

Management Process ◽

Cost Information ◽

Project Risk ◽

Real Time Scale ◽

Risk Management Process ◽

Management Method ◽

Project Structure

Product development projects are difficult to plan due to complexity, dynamics, lack of transparency and polytely. Risk Management is often used to cope with this situation. Linkography (originally proposed by Goldschmidt) is adapted with the aim to ease the effort of the Risk Management process. The elements of the original method are transferred to the area of Project Risk Management, complemented by a real time scale, and cost information of elements. Linkography is used to focus all Risk Management activities on those work packages, which might affect the project the most in the case of failing the expected outcome. The number of links to other work packages, its duration and its costs defines the criticality of a work package. By applying Linkography as a Risk Management method, a prioritized list of work packages can be generated which pass consecutively through the usual Risk Management process. Unlike other methods, Linkography supports the user in a visual manner. Hence, Linkography can easily be used for communication with unskilled stakeholders.

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Measuring project risk management process for construction contractors with statement indicators linked to numerical scores

Engineering Construction & Architectural Management ◽

10.1108/09699981011056556 ◽

2010 ◽

Vol 17 (4) ◽

pp. 336-351 ◽

Cited By ~ 17

Author(s):

Grant Kululanga ◽

Witness Kuotcha

Keyword(s):

Risk Management ◽

Construction Industry ◽

Management Practices ◽

Project Risk Management ◽

Management Process ◽

Project Risk ◽

Content Type ◽

Management Processes ◽

Risk Management Process ◽

Sub Saharan

PurposeThere is relatively low implementation of formal project risk management methods in practice, leading to the construction industry consistently suffering from poor project performance. This study aims to ascertain the extent to which current project risk management practices are used by construction contractors in one of the countries of the sub‐Saharan region – Malawi.Design/methodology/approachA management process tool with statement indicators linked to numerical scores was conceived that characterised a series of steps of project risk management process. To ascertain the degree to which project risk management processes were used, a questionnaire survey was employed. Data were elicited from registered Malawian construction contractors on the elements underlining a series of steps of project risk management process as espoused by the literature. Out of 84 sampled construction contractors, 51 completed questionnaires were received.FindingsApart from large‐sized and more experienced construction contractors, all the small and medium‐sized construction contractors – which constitute the largest proportion of the construction industry – were characterised by a low implementation of the various required steps for the project risk management process. The application of project risk management processes was significantly influenced by the various categories of size and experience of the surveyed construction contractors at p<0.01. Furthermore, contingence planning within the series of steps of project risk management process featured highly among the surveyed construction contractors. The majority of the variables under the series of steps of project risk management process were positively and significantly linked to progression in size and experience of construction contractors at p<0.01.Research limitations/implicationsThe study forms the basis for further research; replication of this study to other parts of world about how the actual implementation of the series of steps of project risk management process is undertaken could yield rich lessons for the construction industry.Practical implicationsThe intentional move by industry towards measuring management processes as a precursor to uncovering the root causes that underlie project success or failure to provide quick feedback for remedial action is supported by an approach such as this.Originality/valueThe originality of this paper lies in its uniqueness for a systematic approach to quantifying the project risk management processes with the view to understanding the implementation behaviours of construction contractors in one country in the sub‐Saharan region.

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