Identification of Factors Affecting Risk Appetite of Organizations in Selection of Mega Construction Projects

Risk appetite is a crucial component that plays a key role in the decision-making process of project risk management. Despite rising scholarly interest in project risk management, risk appetite has received little attention thus far. A well-defined risk appetite ensures that all decisions taken throughout the course of a project are consistent with an organization’s ultimate strategic aim. This research aims to identify the factors affecting the risk appetite of megaproject selection in the construction sector. The study adds to the knowledge of risk appetite in mega construction project selection and qualitatively examines the factors affecting risk appetite. Exploratory research design is used to identify these factors. The factors are identified using semi-structured interviews of 30 practitioners from the top and middle management working on mega construction projects. Thematic analysis was performed using NVIVO academic software. The most highlighted factors are financial attributes, board of directors’ agility, political factors, project location and demographics. The proposed conceptual framework identifies the factors affecting the risk appetite of mega construction project selection. These factors may be utilized as a starting point by construction project organizations to evaluate the risk appetite of a mega construction project. Risk appetite-based project selection will decrease chances of failures, delays, and cost overruns in mega-projects. These factors can be used by researchers as a rationale for developing predictive or descriptive models of project selection based on risk appetite.

Project risk assessment of higher education online learning project during the Covid-19 crisis

This research aims to identify and assess the project risks of online teaching in Indonesian higher education institutions during the COVID-19 crisis. Two analyses have been conducted using the project risk management approach. First, a triangulation analysis based on interviews with 35 online teaching stakeholders was implemented in order to construct a risk breakdown structure to identify major registered risks. Second, a risk assessment calculating the severity score of each registered risk was conducted using an online survey with 125 online teaching participants. The results of these analyses concluded that there were 11 registered risks, with the highest risk exposure in the technological area. In terms of risk criticality, inadequate Internet connection and an inconducive learning environment were selected as the most critical risks with the highest severity scores. These results imply the importance of focussing on the technological risk mitigation and strategy policies to prepare for future online learning projects after the COVID-19 crisis in Indonesia. Keywords: distance learning, online teaching, project risk management, risk breakdown, structure.

PROJECT RISK MANAGEMENT BASED ON A SET OF BEST PRACTICES

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.

Complexity, Maturity and Competency in the Project Risk Management Environment: A Relational Framework involving the Triple Helix Role Players

The growth in project activity and rise in project failures emphasises the importance of project management as a discipline in which employee perceptions, knowledge, decision-making and communication play a central role. This is even more apparent when projects affect not only one facet of society, but have far reaching consequences for government, industry and training providers. This paper aims to ascertain whether there is a relationship between complexity, maturity and competence with respect to projects. A multi-method research approach was employed, whereby interviews and a web-based survey were used to collect data from Eskom management and project risk management practitioners. The data and information were used to develop a sense-making framework and propose recommendations to enhance project risk management, where-after, the organization (Eskom) developed a competency framework for project managers.

THE USE OF PROJECT MANAGEMENT METHODOLOGIES AND PROJECT RISK MANAGEMENT IN THE LIGHT OF EMPIRICAL RESEARCH

The main purpose of the paper is to examine, on the basis of empirical research, the perceived manner of project management in organizations, as well as to determine the frequency of application of selected project management methodologies, in addition to the assessment of their usefulness for project risk management. The first part of the paper presents - identified on the basis of literature studies - types and examples of project management methodologies along with basic assumptions of the project risk management process, and in the second part - the results of empirical research conducted by recourse to a questionnaire among the participants of projects implemented in various types of organizations. The study showed that in organizations employing respondents, the methodical manner of project management is most often used, while the most popular project management methodologies were PMBoK, Agile and PRINCE2, wherein respondents highly rated the usefulness of selected methodologies for effective project risk management.

IMPROVEMENT OF THE PROJECT RISK MANAGEMENT SYSTEM IN IT COMPANIES OF UKRAINE

У статті запропоновано удосконалення системи управління проектними ризиками в ІТ-компаніях України у сучасних економічних умовах. Зазначено, що в умовах сьогодення всі розвинуті країни світу та країни, що прагнуть до розвитку, орієнтовані на інновації та розвиток ІТ-технологій як найбільш перспективних напрямів економічного зростання. Відзначено, що практично у всіх ІТ-компаніях основним процесом загальної системи управління організацією є «управліня проектами», а система «управління ризиками» вважається допоміжним, незважаючи на те, що проектні ризики мають величезний вплив на досягнення основних цілей проекту та рентабельність проекту загалом. Зроблено висновок про необхідність удосконалення існуючої системи управління проектними ризиками в ІТ-компаніях України на основі удосконалення оцінки проектних ризиків та визначення послідовності управлінських дій у разі виникнення ризикових ситуацій по проектах.