Comparative Review on the Tools and Techniques for Assessment and Selection of the Project Risk Response Actions (RRA)

2012 ◽  
Vol 3 (3) ◽  
pp. 60-78 ◽  
Author(s):  
Mohammad Ali Hatefi ◽  
Seyed Mohammad Seyedhoseini
Keyword(s):  
Risk Management ◽  
Risk Identification ◽  
Project Risk Management ◽  
Project Risk ◽  
Risk Response ◽  
Comparative Review ◽  
Tools And Techniques ◽  
Identification Analysis ◽  
Insight Into ◽  
Selection Of

Project risk management is the process of risk identification, analysis, and response. Risk response includes assessment and selection of the efficient Risk Response Actions (RRA) in order to reduce/enhance the likelihood of the occurrence of threats/opportunities and/or the magnitude of threats/opportunities impact. There is wide agreement that development of RRA plans is an important phase of project risk management, while there are few widely accepted processes, models or tools to support the proper selection of RRAs. The present paper reviews and compares the efforts, which have been made to assess and select RRAs and address the mentioned deficiency found in the published literature. The investigations provide an insight into the need to provide the risk analysts with effective tools and techniques for assessing and selecting RRAs in the area of project risk management.

scholarly journals Network Theory-Based Analysis of Construction Project Risks

2016 ◽  
Vol 5 (2) ◽  
pp. 24
Author(s):  
Hafida Lmoussaoui ◽  
Hicham Jamouli
Keyword(s):  
Risk Management ◽  
Network Theory ◽  
Construction Projects ◽  
Construction Project ◽  
Risk Identification ◽  
Project Risk Management ◽  
Monitoring And Control ◽  
Project Risk ◽  
Novel Approach ◽  
Project Risks

<p>Because of their specific and complex characteristics, construction projects are exposed to numerous risks of various natures, which make their management more difficult. In this setting, Project Risk Management is an indispensable activity for their successful delivery. It consists in the risk identification, assessment, prioritization, treatment, monitoring and control. This paper presents a novel approach for the identification of construction project risks and a network theory-based methodology for their modelling and analysis. These models serve as a powerful tools comparing to classical methods and provide a support for decision-making regarding Project Risk Management. A case study of a real construction project is used to illustrate these findings.</p>

Consistent Application of Risk Management for Selection of Engineering Design Options in Mega-Projects

2012 ◽  
Vol 1 (4) ◽  
pp. 44-55 ◽  
Author(s):  
Yuri Raydugin
Keyword(s):  
Risk Management ◽  
Engineering Design ◽  
Project Risk Management ◽  
Project Risk ◽  
Engineering Change ◽  
Engineering Change Management ◽  
Project Risks ◽  
Design Options ◽  
Selection Of

Traditional application of project risk management is limited to identifying and addressing project risks and then developing cost along with schedule contingencies. This paper proposes a method to consistently utilize the project risk management methods during Front End Engineering Design (FEED) phase of project development to select engineering design options. This method was called for recently to make several key engineering design decisions in a mega-project (case study). It allows significantly accelerate decision making and successfully manage various types of bias through leveraging the structure and visualization it provides. The proposed method is also applicable for engineering change management in any phase including operations.

High-level Overview of Project Risk Management (PRM)

2020 ◽  
pp. 11-34
Author(s):  
Yuri G. Raydugin
Keyword(s):  
Risk Management ◽  
Monte Carlo ◽  
Deep Understanding ◽  
Risk Assessments ◽  
Biased Sampling ◽  
Project Risk Management ◽  
Parametric Methods ◽  
Project Risk ◽  
High Level ◽  
Selection Of

Selection of adequate project risk management (PRM) methodologies should be based on deep understanding of PRM context of a project to avoid PRM context—PRM method mismatch. Various realizations of bias can impede the selection. All PRM methodologies can be grouped as either conventional (they follow traditional PRM process steps to identify, evaluate, address, monitor, etc.) and unconventional (they are focused mostly at risk assessments). All PRM methodologies—deterministic (scoring), probabilistic (Monte Carlo), parametric, etc—have limitations. Deterministic (scoring) methods can help with development of risk addressing although they are useless for development of project contingencies. Monte Carlo methods can be used for development of project contingencies only if they take into account all relevant components of project risk exposure consistently. Parametric methods suffer from using biased sampling—convenience and judgement sampling—that undermine their accuracy. Two emerging methodologies—system dynamics and artificial neural networks (ANN)—can be considered unconventional.

scholarly journals R&D project risk management research

2021 ◽  
Vol 251 ◽  
pp. 01100
Author(s):  
Pang Yu
Keyword(s):  
Risk Management ◽  
Target Identification ◽  
Risk Identification ◽  
Project Risk Management ◽  
Competitive Situation ◽  
Project Risk ◽  
Risk Monitoring ◽  
Risk Characteristics ◽  
National Congress ◽  
National Infrastructure

after the 19th National Congress of the Party, with the acceleration of the construction of the new national infrastructure and the changing competitive situation of the market environment, the enterprises are challenged, which forces them to improve the R&D project management and improve the process effect and benefit. Among them, as an important part of controlling R&D project activities, project risk management has become a key concern. Therefore, risk management for R&D projects needs to be addressed through a series of measures to control risks, such as risk identification, risk evaluation, risk response and risk monitoring. Therefore, it is necessary to master its risk characteristics and target identification management points before studying R&D project risk management. In order to better identify and respond to the various risks in the project process.

Sign in / Sign up

Export Citation Format

Share Document