Handling Uncertainty in Project Management and Business Development

2020 ◽  
pp. 1219-1244
Author(s):  
Stefan Hartlieb ◽  
Gilbert Silvius
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Potential Application ◽  
Scenario Planning ◽  
Business Development ◽  
Shared Understanding ◽  
Explorative Study ◽  
Planning Processes ◽  
Measurement Of Success ◽  
Management Of Uncertainty

This chapter reports a study into the management of uncertainty in the disciplines of business development and project management. The first part of the chapter analyses the disciplines by looking at the process, the planning, uncertainty and risk and the measurement of success. Based on our analysis of these two disciplines, we conclude that they differ substantially in the perception and handling of uncertainty and how this is included in the overall process. We found that business development uses additional methods, for example scenario planning, to manage the uncertainty that is inherent to the business development process. The second part of the chapter reports an explorative study into the potential application of scenario planning in project management. This study shows that scenario planning may benefit project management in creating a shared understanding of the project as well as the provision and consideration of different information. In the planning processes of the project, this information is considered useful in risk management and milestone planning.

Handling Uncertainty in Project Management and Business Development

2017 ◽  
pp. 337-362
Author(s):  
Stefan Hartlieb ◽  
Gilbert Silvius
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Potential Application ◽  
Scenario Planning ◽  
Business Development ◽  
Shared Understanding ◽  
Explorative Study ◽  
Planning Processes ◽  
Measurement Of Success ◽  
Management Of Uncertainty

This chapter reports a study into the management of uncertainty in the disciplines of business development and project management. The first part of the chapter analyses the disciplines by looking at the process, the planning, uncertainty and risk and the measurement of success. Based on our analysis of these two disciplines, we conclude that they differ substantially in the perception and handling of uncertainty and how this is included in the overall process. We found that business development uses additional methods, for example scenario planning, to manage the uncertainty that is inherent to the business development process. The second part of the chapter reports an explorative study into the potential application of scenario planning in project management. This study shows that scenario planning may benefit project management in creating a shared understanding of the project as well as the provision and consideration of different information. In the planning processes of the project, this information is considered useful in risk management and milestone planning.

The Impact of the Project Manager on Project Management Planning Processes

2002 ◽  
Vol 33 (3) ◽  
pp. 58-64 ◽  
Author(s):  
Shlomo Globerson ◽  
Ofer Zwikael
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Poor Quality ◽  
Project Planning ◽  
Project Managers ◽  
Project Manager ◽  
Risk Management Process ◽  
Planning Processes ◽  
Tools And Techniques ◽  
The Impact

If a project is to be successfully completed, both planning and execution must be properly implemented. Poor planning will not allow appropriate execution and control processes or achievement of the project's targets. The objective of the study reported in this paper is to evaluate the impact of the project manager on the quality of project planning processes within the nine knowledge areas defined by A Guide to the Project Management Body of Knowledge (PMBOK® Guide) and to determine ways of increasing the effectiveness of the manager's intervention. Participants in the study evaluated their use of the 21 processes that relate to planning, out of the 39 processes required for proper project management. The results of the study reveal risk management and communications as the processes with the lowest planning quality. Poor quality in these areas results when project managers lack the formal tools and techniques for dealing with communications and the functional managers are not equipped with the tools and techniques that will allow them to effectively contribute to the risk management process. Improving quality planning processes requires the development of new tools in areas such as communications, as well as organizational training programs designed for the functional managers.

scholarly journals Improving risk assessment by defining consistent and reliable system scenarios

2009 ◽  
Vol 9 (1) ◽  
pp. 145-159 ◽  
Author(s):  
B. Mazzorana ◽  
J. Hübl ◽  
S. Fuchs
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Sediment Transport ◽  
Scenario Analysis ◽  
Scenario Planning ◽  
Control Measures ◽  
Hazard Mapping ◽  
System Response ◽  
Potential System ◽  
Formative Scenario Analysis

Abstract. During the entire procedure of risk assessment for hydrologic hazards, the selection of consistent and reliable scenarios, constructed in a strictly systematic way, is fundamental for the quality and reproducibility of the results. However, subjective assumptions on relevant impact variables such as sediment transport intensity on the system loading side and weak point response mechanisms repeatedly cause biases in the results, and consequently affect transparency and required quality standards. Furthermore, the system response of mitigation measures to extreme event loadings represents another key variable in hazard assessment, as well as the integral risk management including intervention planning. Formative Scenario Analysis, as a supplement to conventional risk assessment methods, is a technique to construct well-defined sets of assumptions to gain insight into a specific case and the potential system behaviour. By two case studies, carried out (1) to analyse sediment transport dynamics in a torrent section equipped with control measures, and (2) to identify hazards induced by woody debris transport at hydraulic weak points, the applicability of the Formative Scenario Analysis technique is presented. It is argued that during scenario planning in general and with respect to integral risk management in particular, Formative Scenario Analysis allows for the development of reliable and reproducible scenarios in order to design more specifically an application framework for the sustainable assessment of natural hazards impact. The overall aim is to optimise the hazard mapping and zoning procedure by methodologically integrating quantitative and qualitative knowledge.

Risks of Using Statistical Analysis Tools in Project Management Environments

2020 ◽  
Vol 7 (2) ◽  
pp. 1-19
Author(s):  
Brian J. Galli
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Statistical Analysis ◽  
Common Type ◽  
Systematic Search ◽  
Statistical Tools ◽  
Early Stages ◽  
Analysis Tools ◽  
The Common ◽  
The Relationship

The purpose of this study is to examine the risks of using statistical tools in a project basis. A systematic search of certain academic databases has been conducted for this study. Statistical tools could be used in a project, and they should be properly planned and designed. Statistical tools include major activities, such as collecting and analyzing data, providing meaningful interpretation, and reporting findings. When dealing with statistical tools, there are several risks that may exist and impact the project either positively or negatively. This study covers a brief outline of the risk management, statistical tools, and the relationship between the two concepts. Finally, a discussion of the common type of risks that are initiated by using statistical analysis tools are provided, which could be planned, identified, and analyzed in the early stages of the project.

BIM-Risk System for Chinese International Contractors

2015 ◽  
Vol 719-720 ◽  
pp. 181-186
Author(s):  
Ya Ting Li
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Industry ◽  
Cost Management ◽  
External Environment ◽  
Project Risk ◽  
Building Information Model ◽  
International Construction ◽  
Potential Problems ◽  
Building Information

As the external environment of the international construction project has become increasingly complex, risk management is emphasized in the project management. BIM(Building Information Model) has bring change to the Construction Industry in China. It has contributed to the schedule and cost management. However, BIM is not widely used to solve the problem of risk management. This thesis cites the possibility about BIM application to risk management and evaluates the progress it may bring to the process of risk management. Furthermore, a BIM-Risk System is proposed for Chinese international contractors to solve some major risks the international contractors may face. By using this system, the level of the project risk management will significantly improve. Then the barriers and the potential problems of applying BIM to risk management in China are analyzed. The BIM application to risk management has great value to be further researched.

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.

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 effectiveness of the project management application analysis in the Kazakhstani defense industrial complex holding

2020 ◽  
Vol 18 (3) ◽  
pp. 141-149
Author(s):  
Alizhan Tulembayev ◽  
Aliya Adilova ◽  
Askhat Serikbekuly ◽  
Dina Seidaliyeva ◽  
Yerlan Shildibekov
Keyword(s):  
Project Management ◽  
Defense Industry ◽  
Project Planning ◽  
Average Score ◽  
Industrial Complex ◽  
Management Planning ◽  
Military Industrial Complex ◽  
Planning Processes ◽  
The Republic ◽  
The Military

Nowadays, leading world companies widely use methodology, standards, and project management tools in many areas of project-oriented activities, including investment, innovation, and information projects. Last years the implementation and functioning of the country’s enterprises’ project management system have been actively discussed in Kazakhstan.This work aims to identify critical processes of project management planning that affect the effectiveness of projects at the enterprise of the military-industrial complex of Kazakhstan. For this purpose, a survey of top managers of defense industry companies was conducted. A total of 28 respondents were interviewed, working at 18 enterprises of the military-industrial complex of the Republic of Kazakhstan and directly participating in the implementation of projects. Data were personally collected by a questionnaire survey conducted during 2019. To verify the formulated model’s assumptions and success, correlation analysis, and other relevant tests were used. Using the model of project management planning quality (PMPQ), process efficiency has been assessed, and critical factors for the effectiveness of defense industry projects have also been identified. The results show that the Republic of Kazakhstan’s defense industry complex projects has a low level of efficiency and an average score for the use of project planning processes. Project efficiency evaluation has also revealed critical knowledge areas for defense projects like human resource management, schedule development, and define scope. The research expands knowledge in PM, revealing the importance of planning processes for the defense industry that need more focus to achieve top-level success and effectiveness of projects. AcknowledgmentThis study is the second part of grant AP05134488 that has been funded by the Ministry of Education and Science of the Republic of Kazakhstan.

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