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 Risk Management In Perspective Of Knowledge Management A Brief Survey

2015 ◽  
Vol 67 (1) ◽  
pp. 191-194 ◽  
Author(s):  
Zobia Rehman ◽  
Claudiu V. Kifor
Keyword(s):  
Decision Making ◽  
Information Technology ◽  
Risk Management ◽  
Knowledge Management ◽  
Life Cycle ◽  
Project Risk ◽  
Project Life Cycle ◽  
Complex Decision Making ◽  
Complex Decision ◽  
Project Life

Abstract This article explains the application of knowledge management for project risk management in industry. Combination of knowledge management and risk management is becoming a dire need for industries nowadays, because it has become necessary to make information reach timely to its destined users to achieve the desired goals. Quick decisions are needed throughout a project life cycle to mitigate or avoid a risk, but they are only possible when knowledge about it is in hand and can be inferred for fruitful decisions. Quality engineers make huge effort in analyzing and mitigating the risk and prepare various documents about different risk management stages. But this knowledge resides in documents or underutilized databases without any relation to each other that makes it useless for complex decision making. This article shall explain how knowledge management activities are helpful in risk management and the advantages of their fusion. It will also present a conceptual architecture of an Information Technology based solution for risk management and knowledge management combination.

scholarly journals ROADMAP FOR THE IMPLEMENTARION OF A PROJECT MANAGEMENT MODEL IN A SME OF ENGINEERING AND TURN-KEY SUPPLY OF INDUSTRIAL EQUIPMENT

2016 ◽  
Vol 13 (3) ◽  
pp. 252 ◽  
Author(s):  
David Hermida ◽  
David De la Fuente ◽  
Fernando García
Keyword(s):  
Life Cycle ◽  
Project Management ◽  
Best Practices ◽  
Qualitative Analysis ◽  
Management Model ◽  
Industrial Equipment ◽  
Unique Result ◽  
Project Life Cycle ◽  
Project Life

Project management is focused on planning, executing, monitoring and controlling of all aspects of a project, defined as a temporary effort to carry out a unique result, in order to achieve the targets set under the criteria of time, quality and cost restrictions. In a small or medium-sized organization focused on this type of activity, the integration of the various factors involved in the project life cycle is needed. A roadmap developed as a set of guidelines for effective project management, tailored to this type of organizations but based on the existing sets of best practices and methodological standards (traditionally oriented to huge corporations), is pursued in this work through a comprehensive-qualitative analysis added to an interview approach.

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.

Matrix Method Application on the Civil Engineering Project Management

2014 ◽  
Vol 919-921 ◽  
pp. 1462-1465
Author(s):  
Hong Chang
Keyword(s):  
Risk Management ◽  
Matrix Method ◽  
Project Risk Management ◽  
Risk Matrix ◽  
Engineering Project ◽  
Project Risk ◽  
Engineering Project Management ◽  
Project Life Cycle ◽  
The Matrix ◽  
Project Life

This document introduces and demonstrates the application of the risk matrix method on the engineering project risk management. The engineering project life cycle, risk categories, each risk management and the influence of the risk are considered in the project risk management, risk matrix suitable for the engineering project is established. A case is given to explain the application of the matrix method.

scholarly journals The Role of Top Management as a Moderator on Project Success during Project Life Cycle

2021 ◽  
Vol 5 (1) ◽  
pp. 111-135
Author(s):  
Maqsood Ahmad ◽  
Raheela Habib
Keyword(s):  
Life Cycle ◽  
Project Management ◽  
Project Success ◽  
Project Performance ◽  
Project Manager ◽  
Top Management ◽  
Project Life Cycle ◽  
Performance Project ◽  
Project Life

The paper identifies the role of top management as a moderator during planning, monitoring, controlling, and evaluation phases for the success of a project. This study also discusses the novelties of the coordination between role of top management and legitimate power of project manager as significant impact on project performance and success during project life cycle phases. The instrument is adapted to measure planning, monitoring, controlling, evaluation, the role of project manager, project performance, project success, and the role of top management. Managers are targeted for data collection from the construction sector, education sector, and IT sector for the analysis. The findings show that coordination between variables as well as the role of a project manager is like a bridge between top management and other team members in four phases of project life cycle (planning, monitoring, controlling, and evaluation) for ultimate success. This study has a significant advantage for the organization and industries before implementing any project as it will be helpful for the top management to give authority and responsibility to the project managers while considering the scope of the project. For academia, this study helps to enhance the knowledge area of project management by introducing coordination management while discussing the other knowledge areas of project management. Keywords: project planning, project monitoring, project controlling, project evaluation, role of project manager, project performance, project success. Jell Classification: H43; O22

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.  

Comprehensive Project Risk Management Methodology

2021 ◽  
Vol 8 (1) ◽  
pp. 94-115
Author(s):  
Luis F. Copertari
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Critical Path ◽  
Three Dimensions ◽  
Project Risk Management ◽  
Time Cost ◽  
Due Date ◽  
Project Risk ◽  
Computer Screen ◽  
Optimal Cost

The objective of this paper is to introduce and discuss the basics of a methodology called the Probabilistic Critical Path Method (PCPM) for managing the previously identified risks (uncertainty) of the three project management dimensions: time, cost and return (performance). An interactive Graphic User Interface (GUI) has been designed for visualizing the tradeoffs among these three dimensions as well as their uncertainties on a flat computer screen. The user can choose to visualize the probability of failure (exceeding some user given due date, budget or not exceeding a given Minimally Attractive Rate of Return – MARR) or the probability of success (not exceeding the due date and the budget and exceeding the MARR). PCPM allows for comprehensive project risk management and it constitutes a new integrative project risk management framework. This paper shows that it is possible to integrate all three project management dimensions (time, cost and return) and show their known risks as well as determining the optimal cost and the associated time and return for such optimal cost. Finally, it is possible to interactively show all this multidimensional information on a flat computer screen.

Educating Project Managers to Deal With Project Risks

2018 ◽  
pp. 1606-1632
Author(s):  
Radu-Ioan Mogos ◽  
Constanta-Nicoleta Bodea ◽  
Stelian Stancu ◽  
Augustin Purnus ◽  
Maria-Iuliana Dascalu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Education And Training ◽  
Project Managers ◽  
Project Risk Management ◽  
Curriculum Management ◽  
Management Competencies ◽  
Project Risk ◽  
Project Risks ◽  
And Training

During the last years, the development of the project risk management competencies became a ubiquitous objective for education and training in project management due to the increasing constraints which companies face on the implementation of their projects. Alignment to the professional standards and usage of innovative methods in designing and delivery of instruction represent common requirements that education and training providers should consider and fulfill. The authors examine the main challenges in addressing project risk management subject in the education programmes and identify how these challenges could be dealt by using curriculum management systems. In order to implement the identified improvements, the authors propose an innovative architecture for a curriculum management system, which can be adopted by those universities interested in developing competencies-based programmes in project management. Some preliminary results are presented and discussed.

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