Practical Use and Effects of Scope Reductions in the Form of Reduction Lists

Scope management in the form of reduction lists was integrated in the quality assurance scheme for Norwegian public projects in 2001. This article presents findings on the actual use of reduction lists for major public construction projects Project representatives were contacted to obtain information about the actual use of pre-defined potential scope reductions. Eight of the 14 studied projects did not implement any of the predefined reductions. Six projects implemented some of the reductions. The scope reductions on the reduction lists are very specific and detailed, unlike general theory on scope management and cost control. However, the findings from the study are in line with the general theory; it was the most general scope and cost reductions that where used in practice. The study subsequently looked into the relationship between scope reductions and sustainability. Although the most frequently observed reduction was of the category “reduced quality or functionality”, sustainability was rarely affected with the notable exception of the railway infrastructure projects.

Risk Management Strategies for Project Success

As projects are associated with risks due to the presence of uncertainties and unknowns, risk management assumes importance in project success. This chapter is an attempt to examine various risk mitigation strategies that are commonly employed if different industrial sectors. The chosen risk strategy would also largely depend either on individual's or organization's propensity to take risks. The authors summarize the findings of a research study in this chapter. The research results show that effort and details of a risk management for a project are governed by risks associated with cost and time and not necessarily with the project scope. Also, many organizations prefer a contingency budget to the project plan to developing a detailed risk management plan.

Perils of Lending Rare Book and Archival Materials for Exhibition

As an outreach strategy, libraries and archives lend rare book and primary source materials to cultural heritage institutions for exhibitions, making significant holdings and collection materials available more widely to new audiences for viewing, research, and study. These texts, manuscripts, and archival documents are often highly valuable, historically significant, and irreplaceable. By identifying, evaluating, and addressing risks present during loans, lenders minimize exposure and potential losses of these valuable cultural heritage materials. This chapter examines specific ways lenders can recognize and assess risks presented during an exhibition loan and helps institutions better protect their important holdings and prevent detrimental losses to culturally significant materials.

W. Edwards Deming as a Guide for Reducing Risk in Project Management

There is a major difference between completing a project and completing a project that is judged as a project completed in a quality manner, it is not enough to just get something done!!! What is much more important is to complete a project what is judged as to be a work of quality. If one aims at quality at the onset one can maximize the probability of completing the project while reducing the risk of failure. One of the earliest pioneers in the field of QUALITY is W. Edwards Deming. Some consider Japan's post World War 2 economic recovery as truly miraculous and the person given much of the credit for guiding Japan to this recovery was an American named W. Edwards Deming. Deming did this by reinforcing the importance of applying principles of Total Quality Management through the recovery, The Prime Minister of Japan awarded Dr. Deming with one of the most prestigious awards that can be earned in Japan when he awarded Deming Japan's Order of the Sacred Treasure, Second Class. This article will detail the importance of these principles for reducing risk.

Impact of Risk Assessment Models on Risk Factors

World is vicinity full of opportunities given the amount of economic and non-economic transactions taking place every moment. With ubiquitous opportunities all around, businesses can assume inherent risk everywhere in one or the other way. In this chapter, the authors have deliberated the general business scenario to prove the given inferences. The readers will come across why the risk management is gaining so much gravity and across risk strategy of top business players. The chapter will bring into light the various risk factors in business and study the various risk assessment models present to fortify the negativity of these risk factors. Simultaneously, the authors will draw empirical evidence on the effectiveness, qualitative and quantitative risk models have on risk factors in public and private business organisations.

Complex Interdependency of IT Security Risk in B2B Supply Chain

Managers often decide to integrate supply chains of collaborating firms. Whether such decisions are for competitive posture, cost saving or operational efficiencies, it is important to understand that supply chains integrate not only the flow of goods but also the information processes and assets and more often than not, the IT networks of the firms. Thus two developments occur. First, IT security losses of one firm collocate at the other firm's servers as information assets like demand forecasts are shared. Second, the Intranets of both firms get connected with the help of VPN or similar technologies, making it possible that a breach can travel from one firm to the other. This in turn makes IT security risks of SC firms strategically interdependent. This chapter analyzes such interdependent IT security risks and provides insights for SC and IT managers who are poised to collaborate with other downstream or upstream partner firms.

Comprehensive Risk Abatement

Conventional Analytical and Maintenance procedures are assimilated into a Comprehensive Risk Abatement Strategy comprising Process, Objectives, Balanced Progress Methodology and Lines of Communication between process and objectives. This Comprehensive Risk Abatement Strategy (Enterprise Wellness Way) is applicable to all types of enterprise (manufacturing, service and medical). This includes the various commercial products and customer support aspects of the enterprise as well as the production assets used to generate products and services. The modern wind turbine is used to illustrate the shortcomings of contemporary risk abatement strategies. The long-term viability of wind energy for the American power grid hinges on a substantial improvement in risk abatement.

Risk Inherent in Matching Unreliability With Uncertainty

Solar and wind are unreliable sources of energy. Several years ago, there was an eclipse over Europe during calm weather reducing renewable (wind and solar) power to nil – without 100% backup, the lights would have gone out. Electricity demand is uncertain, but its uncertainty can be bracketed within known parameters based on an analysis of past demand. Meeting uncertain demand with reliable supply (fossil fuel, nuclear, hydro except in dry seasons) is the normal course of business for an operating utility. Matching up unreliable supply with uncertain demand is a newly emerging trend with the advent of renewables. At first, when solar and wind made minute contributions to satisfying electricity demand, the challenge was manageable. The challenge is becoming more prominent with the growth in the contribution of solar and wind to electricity supply. This chapter describes the risk of matching unreliability with uncertainty via a simulation of a utility with a notable commitment to renewables. Upon measuring risk, means to mitigate that risk will be covered.

Emergent Issues in the World War Against Global Terrorism

The chapter examines the impact of global terrorism on the top most-impacted nations. Global terrorism continues to impact many nations. There are two impacts – actual attacks causing deaths injuries and/or property damage as well as the emerging culture of fear where human rights have regressed – both impact the risk and contingency management community of practice. The critical analysis method is integrated with a meta-analysis of selected studies. Retrospective and inductive analysis techniques are applied. The risk of global terrorism is reviewed and calculated for the most-impacted nations. The recommendations address the emergent risks for contingency planning specialists, practitioners and researchers to consider. Additionally, future research directions are provided.

Socio-Political Risk-Contingency-Management Framework for Practitioners and Researchers

In this chapter, a new risk and contingency model is developed to articulate emerging global paradigm factors that were not prevalent in the community of practice 5-6 years ago. The generally accepted definitions of risk and uncertainty are clarified and the literature is reviewed to reveal four new categories of global uncertainty that impact risk and contingency planning in the microenvironment, task environment and internal to organizations. Some of the emerging factors include the big data paradigm, fear of global terrorism, economic instability, climate change, international trade agreement changes, along with domestic and workplace violence. After a detailed literature review, the factors are summarized and presented in a visual model. The implications on current and future practice are discussed, closing with recommendations for future research.