Study on the Risk Management Framework of International EPC Cement Engineering Project

2012 ◽  
Vol 446-449 ◽  
pp. 3842-3851 ◽  
Author(s):  
Yi Bin Wang ◽  
Hai Jun Lou
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Risk Identification ◽  
Assessment Model ◽  
Monitoring And Control ◽  
Project Schedule ◽  
Total Risk ◽  
Engineering Project ◽  
Building Engineering ◽  
Engineering Projects

In view of of the numerous risk events negatively affecting the project schedule, expenses, performances and other expected projectresults in China’s practice in the international EPC cement engineering projects, and their respective causes，this paper conducts a systematic study of the key risk factors existing in construction environment, market operations, and implementation process of projects and proposes the Enginerring Risk Management Information System (ERMIS) of the international EPC engineering projects, together with its construction model, basic procedures, practical functions and applications, and in particular, the risk database to collect and process information about major risk factors, risk events and countermeasure in the cement engineering projects while the expert system will utilize the Risk Database, Integrated Assessment Software and expert intelligence to collect and process dynamic data related to the risk identification, assessment, decision-making and monitoring and control of an intended building engineering projects. The risk assessment model set up in this paper is to consider the implementation of the software in ERMIS to adopt the upgraded AHP-MFCE technology to solve problems related to the total risk evaluation in the engineering project based on multi-empowerment.

Application of HHM in Risk Identification of Tunnel Project

2011 ◽  
Vol 130-134 ◽  
pp. 3447-3450
Author(s):  
Ti Song ◽  
Lian Yu Wei ◽  
Wen Xia Sun ◽  
Wen Feng Sun
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Risk Identification ◽  
Project Risk ◽  
Identification Methods ◽  
Identification Method ◽  
Sufficient Knowledge ◽  
Tunneling Engineering ◽  
And Control ◽  
Engineering Projects

Tunnel project contains complex and diverse risk factors. Risk management has an important role on tunneling engineering projects. Risk management is based on risk identification. Only with sufficient knowledge of risk can we analyze,evaluate and control the risk .Traditional risk identification methods are generally targeted at a certain stage of the tunnel project or a particular content of the tunnel project. It can not consider all factors of the tunnel projects. This paper presents a new risk identification method - hierarchical holographic modeling. The method provides a multi-angle decomposition to the perspective of the tunnel features and in order to find the tunnel project risk source. It can provide a basis for risk management.

The Effects of Decision Aid Orientation on Risk Factor Identification and Audit Test Planning

2002 ◽  
Vol 21 (2) ◽  
pp. 39-56 ◽  
Author(s):  
Jean C. Bedard ◽  
Lynford E. Graham
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Decision Aid ◽  
Decision Aids ◽  
Management Strategies ◽  
Risk Identification ◽  
Matched Pair ◽  
Audit Planning ◽  
Audit Firms ◽  
Risk Management Strategies

In auditing, risk management involves identifying client facts or issues that may affect engagement risk, and planning evidence-gathering strategies accordingly. The purpose of this paper is to examine whether auditors' identification of risk factors and planning of audit tests is affected by decision aid orientation, i.e., a “negative” focus wherein client risk and its consequences are emphasized, or a “positive” focus where such factors are not emphasized. Specifically, we expect that auditors will identify more risk factors using a negatively oriented risk identification decision aid, but only when engagement risk is relatively high. We address this issue in the context of auditors' knowledge of actual clients, manipulating decision aid orientation as negative or positive in a matched-pair design. Results show that auditors using the negative decision aid orientation identify more risk factors than do those using a positive orientation, for their higher-risk clients. We also find that decisions to apply substantive tests are more directly linked to specific risk factors identified than to direct risk assessments. Further, our results show that auditors with repeat engagement experience with the client identify more risk factors. The findings of this study imply that audit firms may improve their risk management strategies through simple changes in the design of decision aids used to support audit planning.

scholarly journals Risk management system in the enterprises of agrarian sphere

2019 ◽  
Vol 16 (5) ◽  
pp. 10-21
Author(s):  
V. G. Zakrzewski ◽  
O. G. Charykova ◽  
Yu. Yu. Golubyatnikova
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Economic Activity ◽  
Management System ◽  
Risk Identification ◽  
Assessment Development ◽  
Agrarian Sector ◽  
Risk Management System ◽  
Management Measures ◽  
Definition Of

The article deals with risk management systems at enterprises of the agrarian sector, which represents an organization of economic activity, the purpose of which is to minimize losses and find sources of income. The research organization of the risk management system in the enterprises of agrarian sphere great attention should be paid to the integration of their specific activities. The process of risk management in enterprises consists of the following phases: definition of objectives and parameters for solving the problem of risk; identification of external and internal risk factors; identification of risk factors, risk identification; risk analysis; risk assessment; development and implementation of risk management measures; synthesis of the results of measures taken and preparing proposals. In addition, the risk management system is submitted to us through the introduction of a passport of risk, to enable the formulation and adjustment of economic activity at any stage of its implementation. Under the risk passport of the economic risk refers to a collection of information about risk, risk criteria, as well as guidance on the application of the necessary methods to manage or mitigate the risks. As well as the information in the article was considered in the context of a risk management system. 

Research on Integrated Risk Management Framework of Manufacturing Engineering Project

2011 ◽  
Vol 323 ◽  
pp. 217-221 ◽  
Author(s):  
Yun Li Gao ◽  
Qing Chun Wang
Keyword(s):  
Information System ◽  
Risk Management ◽  
Life Cycle ◽  
Risk Identification ◽  
Engineering Project ◽  
Management Framework ◽  
Risk Management Framework ◽  
Integrated Risk ◽  
Integrated Risk Management ◽  
Total Life

As the scale of investment on projects increases, manufacturing project integrated risk management becomes more important. The content and relationship of the integrated risk manufacturing management framework are discussed in the paper. The framework is composed of five parts which are the integration of risk management targets, total life cycle, processes and methods, organization and information system. In the different phase of total life cycle, depending on the risk management information system, project risk management organization who is in the form of virtue team promotes the risk management loop which is composed of the risk identification, risk evaluation, risk handling and risk monitoring (IEHM), to achieve the project targets. The integrated risk management framework is presented by the systematic method. The framework provides the basis for further development of integrated 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>

scholarly journals Construction Schedule Risk Assessment and Management Strategy for Foreign General Contractors Working in the Ethiopian Construction Industry

2021 ◽  
Vol 13 (14) ◽  
pp. 7830
Author(s):  
Min-Yuan Cheng ◽  
Mohammadzen Hasan Darsa
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Construction Industry ◽  
Management Strategy ◽  
Assessment Model ◽  
Project Schedule ◽  
Schedule Delay ◽  
General Contractors ◽  
Schedule Risk ◽  
Construction Schedule

Construction project schedule delay is a worldwide concern and especially severe in the Ethiopian construction industry. This study developed a Construction Schedule Risk Assessment Model (CSRAM) and a management strategy for foreign general contractors (FGCs). 94 construction projects with schedule delay were collected and a questionnaire survey of 75 domain experts was conducted to systematically select 22 risk factors. In CSRAM, the artificial neural network (ANN) inference model was developed to predict the project schedule delay. Integrating it with the Garson algorithm (GA), the relative weights of risk factors with rankings were calculated and identified. For comparison, the Relative Importance Index (RII) method was also applied to rank the risk factors. Management strategies were developed to improve the three highest-ranked factors identified using the GA (change order, corruption/bribery, and delay in payment), and the RII (poor resource management, corruption/bribery, and delay in material delivery). Moreover, the improvement results were used as inputs for the trained ANN to conduct a sensitivity analysis. The findings of this study indicate that improvements in the factors that considerably affect the construction schedule can significantly reduce construction schedule delays. This study acts as an important reference for FGCs who plan to enter or work in the Ethiopian construction industry.

scholarly journals ANALISIS MANAJEMEN RISIKO KREDIT SEBGAI ALAT UNTUK MEMINIMALISIR RISKO KREDIT PADA BANK NAGARI CABANG PEMBANTU SIMPANG HARU

2020 ◽  
Author(s):  
jhon fernos ◽  
Oriza Satifa
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Credit Risk ◽  
Risk Measurement ◽  
Monitoring And Control ◽  
Credit Risk Management ◽  
Measurement Monitoring ◽  
Special Concern ◽  
Credit Risk Measurement ◽  
And Control

This study aims to determine the application of credit risk management and criteria as well as efforts to minimize credit risk in Bank Nagari Simpang Haru Sub-Branch. In implementing credit risk management at Bank Nagari Simpang Haru Sub-Branch, it includes the identification, measurement, monitoring and control of credit risk. Credit risk is the risk of non-performing loans where the debtor must be under special surveillance while the credit measurement must be in accordance with the NPL, Non-perfoming loan (NPL) is very important for credit risk measurement at Bank Nagari Simpang Haru Sub-Branch, because it must be in accordance with the applicable provisions of the Bank Indonesia (BI), by using a non perfoming loan, it will be easy for the Bank to find out the criteria in analyzing credit risk where the Indonesian bank sets a maximum Npl of 5%. Credit collectability is the basis in calculating the level of NPL. Credit Risk Issues that appear at Bank Nagari Simpang Haru Sub-Branch, namely Problem Loans. In this case there are credit risk factors including internal banks, debtors and others. Thus the debtor becomes a factor that often arises and is of special concern.

Research on the Risk Evaluation of Construction Stage Base on Analytical Hierarchy Process for Building Engineering Projects

2014 ◽  
Vol 1046 ◽  
pp. 135-138
Author(s):  
Chang Hong Jin
Keyword(s):  
Risk Factors ◽  
Analytical Hierarchy Process ◽  
Risk Evaluation ◽  
Risk Level ◽  
Construction Stage ◽  
Building Engineering ◽  
Hierarchy Process ◽  
Engineering Projects

The thinking way of Analytical Hierarchy Process (AHP) is to decompound a complicated risk problem according to layers, and to carry through judgment and calculation among the risk factors of the same layer to get the risk level of different schemes, and to provide decision basis for the choice of schemes. The paper discusses the risk evaluation of construction stage for building engineering projects based on Analytical Hierarchy Process (AHP), which would be beneficial to perfect the practice of the risk evaluation of construction stage for building engineering projects.

scholarly journals Risk Identification, Assessments, and Prediction for Mega Construction Projects: A Risk Prediction Paradigm Based on Cross Analytical-Machine Learning Model

Buildings ◽  
2021 ◽  
Vol 11 (4) ◽  
pp. 172
Author(s):  
Debalina Banerjee Chattapadhyay ◽  
Jagadeesh Putta ◽  
Rama Mohan Rao P
Keyword(s):  
Machine Learning ◽  
Risk Factors ◽  
Risk Management ◽  
High Risk ◽  
Risk Prediction ◽  
Learning Model ◽  
Risk Identification ◽  
Large Set ◽  
High Risk Factors ◽  
Machine Learning Model

Risk identification and management are the two most important parts of construction project management. Better risk management can help in determining the future consequences, but identifying possible risk factors has a direct and indirect impact on the risk management process. In this paper, a risk prediction system based on a cross analytical-machine learning model was developed for construction megaprojects. A total of 63 risk factors pertaining to the cost, time, quality, and scope of the megaproject and primary data were collected from industry experts on a five-point Likert scale. The obtained sample was further processed statistically to generate a significantly large set of features to perform K-means clustering based on high-risk factor and allied sub-risk component identification. Descriptive analysis, followed by the synthetic minority over-sampling technique (SMOTE) and the Wilcoxon rank-sum test was performed to retain the most significant features pertaining to cost, time, quality, and scope. Eventually, unlike classical K-means clustering, a genetic-algorithm-based K-means clustering algorithm (GA–K-means) was applied with dual-objective functions to segment high-risk factors and allied sub-risk components. The proposed model identified different high-risk factors and sub-risk factors, which cumulatively can impact overall performance. Thus, identifying these high-risk factors and corresponding sub-risk components can help stakeholders in achieving project success.

scholarly journals Stratified Assessment and Warning Regimen for Comprehensive Risk Management and Improved Iodinated Contrast Media Safety

2021 ◽  
Author(s):  
Xue Li ◽  
Heng Liu ◽  
Haiyan Qiu ◽  
Lingru Wang ◽  
Junling Liu ◽  
...  
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Contrast Media ◽  
Risk Identification ◽  
Assessment Process ◽  
Iodinated Contrast Media ◽  
Chi Square ◽  
Risk Levels ◽  
Iodinated Contrast ◽  
Assessment Period

Abstract Objectives: To determine the relationship between stratified assessment and warning (SAW) regimen for risk factors to iodinated contrast media (ICM) and adverse drug reactions (ADR) occurrence.Methods: This retrospective study included patients who underwent enhanced CT examinations in our hospital between January 2014 and March 2016 (conventional assessment group) and between April 2017 and December 2019 (SAW group). Initial risk assessment was performed by clinicians when ordering examinations in both periods. The risk re-assessment was performed by simple question-and-answer onsite just before examination in the conventional assessment period, according to the risk factors that deserve special attention in ICM guidelines. In the SAW period, the re-assessment process prior to examination was moved forward as early as possible post-appointment, and a whole-process comprehensive management integrating risk identification, stratification, early warning and prevention was performed according different risk levels. Chi-square test was performed for comparisons of rates.Results: A total of 120822 cases in the conventional assessment group and 150343 cases in the SAW group were enrolled. The total ADR incidence in the SAW period (414/150343, 0.275%) was lower than that in the conventional assessment period (506/120822, 0.419%, P<0.001), in which the proportion of patients who developed ADR decreased by about 34%. It mainly presented as decrease in mild/moderate reactions (P<0.001) and increase in the proportion of mild ADR patients (P=0.001) in the SAW period. Subgroup analysis showed lower mild/moderate ADR incidence in patients with different risk levels and with different ICM injection parameters (P<0.05) following SAW regimen.Conclusions: SAW regimen was associated with lower mild/moderate ADR incidence and alleviated ADR severity in at-risk patients, which held potential for improved risk management and ICM safety.

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