Easier Identification of Risks and Uncertainties with Project Risk Constellations

2016 ◽  
pp. 106-127
Author(s):  
Ursula Kopp
Keyword(s):  
Risk Management ◽  
Implicit Knowledge ◽  
Project Managers ◽  
Communication Patterns ◽  
Spatial Representations ◽  
Management Process ◽  
Project Risk ◽  
Risk Management Process ◽  
Project Risks ◽  
Explicit And Implicit Knowledge

Although various tools are available to support the risk management process, difficulties are encountered when project risk management is carried out in practice. It occasionally seems difficult for project managers to grasp the whole complexity of a project, identify the essential risks and react accordingly. The aim of this chapter is to introduce a tool that can help managers identify project risks, learn about their dynamics within the project and, consequently, formulate better ideas of how to address the risks. Project Risk Constellations are the spatial representations of explicit and implicit knowledge of the relationships, orders, hierarchies, dependencies and communication patterns of a project. They provide multi-dimensional and multi-layered information and reveal deeply rooted mechanisms. They quickly enable project managers to better understand the dynamics of their project, the intended and unintended impacts, ambiguities as well as project risks and uncertainties.

Easier Identification of Risks and Uncertainties With Project Risk Constellations

2018 ◽  
pp. 748-770
Author(s):  
Ursula Kopp
Keyword(s):  
Risk Management ◽  
Implicit Knowledge ◽  
Project Managers ◽  
Communication Patterns ◽  
Spatial Representations ◽  
Management Process ◽  
Project Risk ◽  
Risk Management Process ◽  
Project Risks ◽  
Explicit And Implicit Knowledge

Although various tools are available to support the risk management process, difficulties are encountered when project risk management is carried out in practice. It occasionally seems difficult for project managers to grasp the whole complexity of a project, identify the essential risks and react accordingly. The aim of this chapter is to introduce a tool that can help managers identify project risks, learn about their dynamics within the project and, consequently, formulate better ideas of how to address the risks. Project Risk Constellations are the spatial representations of explicit and implicit knowledge of the relationships, orders, hierarchies, dependencies and communication patterns of a project. They provide multi-dimensional and multi-layered information and reveal deeply rooted mechanisms. They quickly enable project managers to better understand the dynamics of their project, the intended and unintended impacts, ambiguities as well as project risks and uncertainties.

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.

A Blended Learning Approach to Project Risk Management: Developing Requirements and Evaluating the Student Learning Experience

2011 ◽  
Vol 11 (3) ◽  
Author(s):  
Bassam A. Hussein.
Keyword(s):  
Risk Management ◽  
Learning Experience ◽  
Real Life ◽  
Project Managers ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Life Project ◽  
Risk Management Process ◽  
Team Assignment

The aim of this research has been to develop a project risk management lesson that is, capable to take into account practical challenges that project managers have to deal with during managing project risks. Interviews were conducted with the project managers experienced in project risk management. The list of challenges and associated tactics to deal with these challenges were mapped into ten requirements representing the intended learning outcome of the lesson. The requirements were then mapped onto the design using the four instructional methods; a briefing lecture, team-based assignment, a computer simulation, and a debriefing lecture. All these methods are linked by a real life project case, and executed in a gaming context in order to improve motivation and engagement. The uniqueness and strength of the design comes from its ability to engage the students actively in the entire risk management process. The design also provides students with ability to simulate some of the risks they have identified themselves during the team-assignment. This gave the students a feeling of ownership to risk management process during simulation.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
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.

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

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.

scholarly journals THE CURRENT STATE OF PROJECT RISK ASSESSMENT AND EDUCATION NEEDS IN PROJECT RISK MANAGEMENT

2019 ◽  
Vol 7 ◽  
Author(s):  
Matej Masár ◽  
Mária Hudáková
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Project Managers ◽  
Project Risk Management ◽  
Project Risk ◽  
Qualitative And Quantitative ◽  
Current State ◽  
The World ◽  
Project Risks ◽  
Project Risk Assessment

Current trends show that education in the field of project risk management is a very actual topic. Long - term projects, which was realized in 2018, was mainly focused on R&D across the world. Short - term projects, was focused on innovation and improve manufacturing processes. Many projects failed because project managers did not manage project risks. Project managers have less knowledge and skills on how to effectively manage project risks, especially risks in the planning phase of projects. The main aim of this article is to analyze the current state of usage project risk assessment across the world, based on own empirical research, which was provided, by authors in 2018 and 2019 (mainly level of usage project risk management methods, experience and level of education). The research focused on analyzing the current state of project risk assessment among continents. The authors focused on the average level of use qualitative and quantitative project risk analysis by project managers, level of project risk management experience by project managers and complexity of learning in using of qualitative and quantitative project risk management methods and tools.  Some recommendation were established to educate project managers in the field of project risk management.

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 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.

Risk Management Metrics

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.

scholarly journals Venturing to the Far Reaches

2005 ◽  
Vol 127 (09) ◽  
pp. 38-40
Author(s):  
Michael Stamatelatos
Keyword(s):  
Risk Management ◽  
Management Process ◽  
The People ◽  
Risk Management Process ◽  
Undesired Event ◽  
Project Risks ◽  
Probabilistic Risk Assessments ◽  
Frequency Probability ◽  
And Control ◽  
Technological Options

This article discusses that it is a testament to the hard work and ingenuity of the engineers working in the space program that such complicated systems get launched successfully. To the people who study it professionally, risk is the probability, or frequency (probability per unit time), and the consequence (severity) of an undesired event, and the uncertainties associated with the estimated probabilities and consequences. NASA has adopted a “continuous risk management” process for all its programs and projects. This process begins with the identification and analysis of program or project risks that impact success criteria. The risk management process continues with risk analysis, planning, tracking, and control. All unacceptable risks are dealt with before a project or program can proceed. Probabilistic risk assessments (PRA) are useful in every phase of a mission life cycle, not just at design or before launch. A PRA performed in the design phase can help identify the risks associated with systems and components and with technological options.

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