scholarly journals Towards the Integration of Risk and Value Management

2013 ◽  
Vol 1 (2) ◽  
pp. 43 ◽  
Author(s):  
A Ranesh ◽  
G Zillante ◽  
N Chileshe
Keyword(s):  
Risk Management ◽  
Best Practice ◽  
Success Factors ◽  
Management Practice ◽  
Value Management ◽  
Infrastructure Development ◽  
Value For Money ◽  
Structured Interviews ◽  
Critical Success ◽  
Project Outcomes

Governments are increasingly faced with the challenge of delivering infrastructure developments under difficult budget constraints. Public Private Partnerships (PPPs) are being used widely as a means of meeting public infrastructure demands through private finance. The aim is to achieve value for money (VfM) through the allocation of risks to the party who can manage them more effectively. If project risks are not well managed, the project will face cost, quality and time overruns thereby affecting the viability of the project. Both Risk Management (RM) and Value Management (VM) are considered to be best practice in project management and enable organisations to define objectives when delivering complex projects whilst reducing risk and maximising value. Over the years researchers and practitioners have argued that the integration of RM and VM in a single study would avoid duplication of work and deliver better value for money thereby leading to better project outcomes. As part of an on-going doctoral study into the integration of risk management and value management in PPP projects, this paper attempts to examine the application of risk and value management practice in infrastructure development projects, predominantly in PPP projects, through semi-structured interviews conducted as a qualitative research methodology with ten industry practitioners. To achieve this aim, this paper attempts to identify the similarities between the two processes along with the benefits and critical success factors for the integration of RM and VM in PPP projects. The results suggest that, although risk and value management activities are said to be used in projects; “formal” RM and VM studies are rarely undertaken. The observations to date suggest that, although there are barriers against the integration of VM and RM, there is a need for the development of a systematic process to enable the integration of risk and value management to occur.

scholarly journals Engineering Procurement Construction in the Context of Belt and Road Infrastructure Projects in West Asia: A SWOT Analysis

2021 ◽  
Vol 14 (3) ◽  
pp. 92
Author(s):  
Mohammad Ajmal Nikjow ◽  
Li Liang ◽  
Xijing Qi ◽  
Samad Sepasgozar
Keyword(s):  
Swot Analysis ◽  
Management Practice ◽  
Current Status ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
Information Communication ◽  
Complex Environments ◽  
Structured Interviews ◽  
Normative Practice ◽  
Belt And Road

Engineering procurement and construction (EPC) is a normative practice globally approved since China has been engaging in international cooperation under the Belt and Road Initiative (BRI) infrastructure development. EPC has been adopted in the delivery of BRI infrastructure projects in other countries. Compared to the domestic method of contract, EPC remains at a low level in management practice, such as a lack of coordinating diverse project stakeholders, high cost of information communication, and risk in complex environments in West Asia (WA). However, no research has conducted a strategic analysis of the current situation of EPC for BRI infrastructure projects in West Asian countries. This study aims to understand the current status quo of EPC for BRI projects in WA by performing a strength, weakness, opportunity, and threats (SWOT) analysis and with the support of data collected from the literature review and semi-structured interviews with EPC stakeholders. The study brings awareness along which internally and externally circumstances of the EPC for BRI infrastructure projects can be perceived by major stakeholders participating. The four critical strategies presented based on the SWOTs identified could help EPC firms develop and promote EPC to implement BRI infrastructure projects in WA at the strategic level.

Collaborative design in public services: a wicked problem-reframing case

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Patrícia Moura e Sá ◽  
Catarina Frade ◽  
Fernanda Jesus ◽  
Mónica Lopes ◽  
Teresa Maneca Lima ◽  
...  
Keyword(s):  
Collaborative Design ◽  
Success Factors ◽  
Central Government ◽  
Wicked Problem ◽  
Low Density ◽  
Structured Interviews ◽  
Content Type ◽  
Critical Success ◽  
Definition Of ◽  
The Right

PurposeWicked problems require collaborative innovation approaches. Understanding the problem from the users' perspective is essential. Based on a complex and ill-defined case, the purpose of the current paper is to identify some critical success factors in defining the “right problem” to be addressed.Design/methodology/approachAn empirical research study was carried out in a low-density municipality (case study). Extensive data were collected from official databases, individual semi-structured interviews and a focus group involving citizens, local authorities, civil servants and other relevant stakeholders.FindingsAs defined by the central government, the problem to be addressed by the research team was to identify which justice services should be made available locally to a small- and low-density community. The problem was initially formulated using top-down reasoning. In-depth contact with citizens and key local players revealed that the lack of justice services was not “the issue” for that community. Mobility constraints and the shortage of economic opportunities had a considerable impact on the lack of demand for justice services. By using a bottom-up perspective, it was possible to reframe the problem to be addressed and suggest a new concept to be tested at later stages.Social implicationsThe approach followed called attention to the importance of listening to citizens and local organisations with a profound knowledge of the territory to effectively identify and circumscribe a local problem in the justice field.Originality/valueThe paper highlights the limitations of traditional rational problem-solving approaches and contributes to expanding the voice-of-the-customer principle showing how it can lead to a substantially new definition of the problem to be addressed.

The Influence of Critical Success Factors on Value for Money Viability Analysis in Public–Private Partnership Projects

2017 ◽  
Vol 48 (4) ◽  
pp. 93-106 ◽  
Author(s):  
Khalid Almarri ◽  
Halim Boussabaine
Keyword(s):  
Critical Success Factors ◽  
Success Factors ◽  
Public Private Partnership ◽  
Value For Money ◽  
Public And Private ◽  
Private Partnership ◽  
The Public ◽  
Public Projects ◽  
Viability Analysis ◽  
Critical Success

Governments are increasingly entering partnerships with the private sector through the public–private partnership (PPP) model for the development of public projects. Value for money analysis is used to assess the viability of these ventures. This research aims to investigate the contribution of the PPP critical success factors to value for money viability analysis. Relevant data were collected through a questionnaire to establish the PPP critical success factors and value for money success criteria. Data were collected from 92 participants. The data obtained were analyzed using mean score, t-test, and regression analysis. The research found that government guarantees, macroeconomic conditions, shared authority between the public and private sectors, social support, and transparent procurement process contributed positively to value for money viability analysis. The results imply that practitioners should consider these key indicators for improving the value for money viability of PPP projects.

Best Practices

2011 ◽  
pp. 142-149 ◽  
Author(s):  
Wesley C. Vestal ◽  
Kimberly Lopez
Keyword(s):  
Knowledge Management ◽  
Best Practices ◽  
Communities Of Practice ◽  
Best Practice ◽  
Success Factors ◽  
Knowledge Exchange ◽  
Bottom Line ◽  
Critical Success ◽  
Ongoing Work ◽  
The Rich

Organizations continually look for ways to do more with less. One of the most important methods today for helping improve the company bottom line involves linking experts in Communities of Practice to find, share and validate best practices, ideas and solutions. This chapter examines how several best-practice organizations select Communities of Practice, provide support for their ongoing work, develop specialized roles to sustain their efforts, and use technology to bolster the rich tacit knowledge exchange offered by these entities. APQC has also developed a list of critical success factors for Communities of Practice and questions to help organizations develop those factors from its research on Knowledge Management over the last eight years.

Building Enterprise Network Infrastructure for a Supermarket Store Chain

2011 ◽  
pp. 1398-1411
Author(s):  
Beomjin Choi ◽  
Nancy Tsai ◽  
Tom Jones
Keyword(s):  
Success Factors ◽  
Growth Strategy ◽  
Successful Implementation ◽  
Infrastructure Development ◽  
Network Infrastructure ◽  
Current Case ◽  
Enterprise Network ◽  
Critical Success ◽  
Technical Details

Enterprise network infrastructure has served as a vehicle on which data and information can be transferred between functional units regardless of their location. Creating the network infrastructure that enables firms and organizations to adapt to rapidly changing business needs has never been more important than now. Building the enterprise network infrastructure requires careful planning, effective design, and appropriate strategies for successful implementation. The current case study examines how a regional supermarket store chain in the retail food industry develops its enterprise network infrastructure to outperform its larger competitors. A detailed description of the evolution of the company’s enterprise network infrastructure is presented to show how the strategy of network infrastructure development has aligned with the organization’s growth strategy for the past two decades. The current case study highlights critical success factors for firms to build an effective enterprise network infrastructure that include IS planning firmly tied to critical business goals, strategic collaboration with technology vendors, and careful evaluation and selection of network services and technical details.

Israel

2010 ◽  
pp. 272-280
Author(s):  
Edna Pasher ◽  
Sigal Shachar
Keyword(s):  
Intellectual Capital ◽  
Best Practice ◽  
Success Factors ◽  
Innovation System ◽  
Innovation Systems ◽  
Regional Innovation Systems ◽  
Information Communication ◽  
Regional Innovation ◽  
Knowledge Based ◽  
Critical Success

This chapter focuses on knowledge based development in regions, based on Israel’s experience. Israel, a small country in the Middle East, is a very unique case of a knowledge based region. The authors have extensively studied Israel as an innovative region in different contexts. Since 1998 they published three Israel Intellectual Capital Reports for the Israeli Government. During 2007 the authors led a study for the European Commission focused on regional innovation systems. This study has aimed to measure the effectiveness of participation in ICT (Information Communication Technology) EU projects on the EU innovation system at the regional level. Israel was selected as a regional best practice though it is a nation state and not a region since it is as small as a region, and since the authors had good relevant data from the previous IC reports and since Israel is consistently recognized as one of the most innovative countries in the world. The authors discovered that an Intellectual Capital audit is a powerful and useful framework to understand the effectiveness of regional innovation systems, offering the possibility for evidence-based future policies rather than retrospective performance analyses. This chapter demonstrates the case of Israel as a knowledge-based region, as well as critical success factors for regional innovation systems.

scholarly journals Enhancing Risk Management by Partnering in International EPC Projects: Perspective from Evolutionary Game in Chinese Construction Companies

2019 ◽  
Vol 11 (19) ◽  
pp. 5332 ◽  
Author(s):  
Yujing Yang ◽  
Wenzhe Tang ◽  
Wenxin Shen ◽  
Tengfei Wang
Keyword(s):  
Risk Management ◽  
Positive Impact ◽  
Evolutionary Game ◽  
Evolutionary Games ◽  
Infrastructure Development ◽  
Interface Management ◽  
Construction Companies ◽  
Project Outcomes ◽  
Risk Management Process

Research on risk management in Engineering–Procurement–Construction (EPC) projects has received increasing attention. It is essential to integrate the resources of all participants into the risk management process optimally from the perspective of evolutionary games. The conceptual risk management model in the delivery of international EPC projects is developed in the study. Based on the data from an industry survey, the model has been validated. The path analysis shows that partnering not only directly contributes to interface management and risk management, thereby improving project outcomes, but also has a positive impact on risk management through enhanced interface management. The case study illustrates how partnering has a close linkage with interface management and risk management to achieve superior project performance, confirming the analysis of evolutionary game. The results suggest that contractors’ success in applying partnership can play an exemplary role for other contractors, and governments can create a favorable environment to stimulate participants using win–win philosophy for better infrastructure development.

Developing a Standardization Best Practice by Cooperation Between Multinationals

2008 ◽  
pp. 183-194
Author(s):  
Henk J. de Vries
Keyword(s):  
Knowledge Sharing ◽  
Best Practice ◽  
Critical Success Factors ◽  
Success Factors ◽  
Multinational Companies ◽  
Critical Success

This Chapter presents a case of knowledge sharing between multinational companies. The companies cooperated to develop a common best practice for the development of company standards through sharing their practices. The Chapter describes how this best practice was developed and tested. Experiences in this successful project may help other multinationals to also profit from knowledge sharing. Critical success factors are the willingness to be open, the culture of cooperation and the involvement of academia.

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