SELECTED METHODS FOR IDENTIFYING RISK FACTORS IN COMPARISON WITH PROJECT LIFE CYCLE AND CONSTRUCTION INVESTMENT PROCESS

2011 ◽  
Vol 162 (4) ◽  
pp. 307-324
Author(s):  
Maciej GÓRSKI ◽  
Dariusz SKORUPKA
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Construction Project ◽  
Management Process ◽  
Risk Management Process ◽  
Project Life Cycle ◽  
Investment Process ◽  
Project Life

The article describes the life cycle of a project and a construction investment process. Using the knowledge areas of project management methodologies, the authors focus on the elements of the risk management process. One of the main points of analyses was the selected methods of identifying risk factors. The focus was on the versatility, disadvantages, advantages and results of these methods for their use during a construction project.

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.

Risks, Gaps, and Global Issues of Project Management

2009 ◽  
pp. 758-763
Author(s):  
John Wang ◽  
Ruiliang Yan ◽  
Yanli Zhang
Keyword(s):  
Risk Factors ◽  
Project Management ◽  
Management Practices ◽  
Management Process ◽  
Global Issues ◽  
Use Of Resources ◽  
Parent Organization ◽  
Project Life Cycle ◽  
Component Processes ◽  
Project Life

Project management is the discipline of defining and achieving targets while optimizing (or just allocating) the use of resources, that is, time, money, people, materials, energy, space, and so forth, over the course of a project (a set of activities of finite duration). In contrast to ongoing, functional work, a project is a temporary endeavor undertaken to achieve or create a unique product or service(s). The project management knowledge and practices are best described as component processes of initiating, planning, executing, controlling, and closing. We have taken a closer look at project management by reviewing the types of methodologies and tools that exist in business today. We observed the major existing risk factors facing project management practices. We also evaluated the unique issues in delivering projects brought about by globalization. As we were extracting the information, it became apparent that there should be measures taken related to the project management process that could alleviate some of the major risk factors in some way. Our article illustrates a solution idea for the project management process, which may close the issue gap with regard to many globalization issues and other identified risks. The idea is to include a sub process for project management as it applies to the project life cycle that would benefit an organization internally for a parent organization, and also externally for their clients’ benefit.

scholarly journals Evaluating critical success factors and level of challenges in project life cycle (PLC)

2018 ◽  
Vol 7 (2.29) ◽  
pp. 67
Author(s):  
Sallaudin Hassan ◽  
Natasha Farhana ◽  
Siti Aishah ◽  
Siti Mahirah ◽  
Khairul Firdaus Jimisiah. J
Keyword(s):  
Life Cycle ◽  
Project Management ◽  
Critical Success Factors ◽  
Success Factors ◽  
Team Work ◽  
Success Factor ◽  
Critical Success Factor ◽  
Critical Success ◽  
Project Life Cycle ◽  
Project Life

This research aims to evaluate the Critical Success Factors (CSF) of project management and  to assess the level of challenges at each steps in Project Life Cycle (PLC). Five Independent Variable (IV)  is been selected as Critical Success Factors which is Leadership, Effective Communication, Teamwork,  Organization and Project Nature. There are four main stage in project which is Defining, Planning,  Executing and Closure. The scope of this research is on projects/events   conducted under Student  Development and Campus Life Style (SDCL). Five projects has been selected for assessment in this research.  Survey questionnaire is been used as primary data collection. LIKERT Scale is been used to rank the answer from respondents. 50 respondents are involve in this research. Data is analyzed by using SPSS version 21. Result shows that the most critical success factors in project is Team Work while the least Critical Success Factor is Leadership. Meanwhile, the most challenges stage in project management is Executing, while the least challenges stage is Defining. The finding in this research is considered important discovery. More efforts should be focus on identified Critical Success Factor and the most challenges stage in Project Life Cycle.  It is suggested that the scope of study to be extended to other universities or industries in future research.  

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 Identification and Qualitative Evaluation of Risk Factors in the Construction Projects in Iraq

2021 ◽  
Vol 14 (2) ◽  
pp. 91-101
Author(s):  
Noor Aletby ◽  
Hafeth Ibrahim
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Construction Projects ◽  
Qualitative Evaluation ◽  
Qualitative Assessment ◽  
Management Process ◽  
Risk Management Process ◽  
Questionnaire Method ◽  
High Level ◽  
The Impact

Construction projects in Iraq face many dangers that cause exceeding the estimated cost of the project and not completing the project on time, and since the risk management process in construction projects is of great importance in controlling and reducing the impact of risks in construction projects, so it is necessary to identify these risks and evaluate them correctly in order to increase accuracy and the health of the subsequent stages of the risk management process in construction projects. This paper aims to identify the most important risks in construction projects in Iraq and to conduct a qualitative assessment of the identified risks and arrange them according to their importance. The researcher adopted the questionnaire method as a tool to determine the risks and used the technique of probability and effect matrix to conduct the qualitative assessment of the identified risks. The study found that there are 48 risk factors that constitute the most dangerous factor in construction projects in Iraq, and 10 of the determining factors were within the high level of risk, and at the forefront of which was the inability of the owner to finance the project.

scholarly journals Development of BIM Functions and System for Construction Project Through Project Life Cycle -Focusing on Bridge Construction Project-

2012 ◽  
Vol 13 (2) ◽  
pp. 11-24 ◽  
Author(s):  
Hyeon-Seung Kim ◽  
Hyoun-Seok Moon ◽  
Gwang-Yeol Choi ◽  
Chang-Hak Kim ◽  
Leen-Seok Kang
Keyword(s):  
Life Cycle ◽  
Construction Project ◽  
Bridge Construction ◽  
Project Life Cycle ◽  
Project Life

Risk analysis of construction of administration projects using Bayesian networks

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Osama ◽  
Aly Sherif ◽  
Mohamed Badawy
Keyword(s):  
Risk Factors ◽  
Life Cycle ◽  
Risk Analysis ◽  
Construction Industry ◽  
Construction Projects ◽  
Causal Relationships ◽  
Content Type ◽  
Project Life Cycle ◽  
Project Objectives ◽  
Project Life

Purpose This paper aims to enlighten the importance of the risk management process which is considered as a major procedure to effectively handle the potential inherent risks in the construction industry. However, most traditional risk analysis techniques are based on theories that deal with each risk factor as an independent, which does not take into consideration the causal relationships between risk factors. Design/methodology/approach This study aspires to identify the overall risk of the administrative construction projects in Egypt and to recognize the most influencing risk factors through the project life cycle by using Bayesian belief networks (BBN). Through a review of the literature, 27 risk factors were identified and categorized as the most common risk factors in the construction industry. A structured questionnaire was performed to estimate the probability and severity of these risks. Through site visits and interviews with experts in the construction field, 200 valid questionnaires were collected. A risk analysis model was developed using BBNs, then the applicability of this model was verified using a case study in Egypt. Findings However, the outcome showed that critical risks that manipulate administrative construction projects in Egypt were corruption and bribery, contractor financial difficulties, force majeure, damage to the structure and defective material installation. Practical implications The proposed study presents the possibilities available to the project parties to obtain a better forecast of the project objectives, including the project duration, total project cost and the target quality by examining the causal relationships between project risks and project objectives. Originality/value This study aspires to identify the overall risk of the administrative construction projects in Egypt and to recognize the most influencing risk factors through the project life cycle by using BBNs.

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