project risk management Articles
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Systemic project risk management - the way ahead
Project Risk Management (PRM) has become recognised as an important part of project planning and management. This paper briefly outlines the current state of PRM in design and development projects The development of PRM tools based upon project decompositions has brought significant benefits. For modern highly complex projects, however, this has proved to have significant flaws, particularly ...
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A desirable future for technology risk management
This paper outlines a scenario for the future of Technology Risk Management which the author suggests is internally consistent, linked to current practice, achievable, and desirable. It is a personal view which reflects the concerns and goals of the author. It is offered as a basis for discussion with others of the goals we might seek jointly to facilitate effective progress.Keywords: risk ...
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Risk management in information technology projects
There are several studies on managing risks in information technology (IT) projects. Most of the studies identify and prioritise risks through empirical research in order to suggest mitigating measures. Although they are important to clients for future projects, these studies fail to provide any framework for risk management from IT developers' perspective. Although a few studies introduced a ...
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Project's duration prediction: traditional tools or simulation?
Project schedule development with CPM cannot handle uncertainty, thus PERT and Monte Carlo Simulation (MCS) are the most frequently used methods from best-in-class companies. This study compares the results of the standard MCS with those of PERT and addresses the incorporation of project risk management into the two approaches. It defines the related advantages and disadvantages, found in the ...
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Effective risk management: a goal based approach
The United States Department of Defense (DoD) and National Aeronautics and Space Administration (NASA) have implemented ambitious risk management programmes on top research and development projects. Typically, risk is expressed strictly in terms of cost, schedule or technical performance. This approach can result in the obscuration of other important project objectives. Further, methods for ...
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Estimating the cost of new technology products
Unfortunately, major projects employing new technologies are extremely prone to cost and timescale overruns. It is believed that this is due to two main reasons. The first is the difficulty in preparing accurate estimates. The second is that the long development cycles allow time for market conditions and customer needs to change, and these changes inevitably add to the cost. This paper presents ...
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The evolution and process of risk management at the European space agency ESA
The paper gives an overview of risk management at the European Space Agency, ESA. It illustrates the history of and the current approach to the management of space project risks. The evolution of risk management methods and tools is summarised and some of their features are highlighted. The spectrum of risks on a project and the process of risk management are explained. The basic steps of the ...
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Product life cycle management in engineer-to-order industries
This paper analyses the characteristics of Engineer-To-Order (ETO) companies, their markets, products, internal processes and supply chains. ETO companies design, manufacture and construct plant that is highly customised. The products are complex and supplied in low volume to global markets. Privatisation and deregulation have changed the competitive criteria and the products and services ...
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PROJECT RISK SURVEY
Project risk investigation services include transactional project risk survey, long-term project risk survey, firm risk and market risk in project management. 1. Transactional project risk survey refers to the operation of a major project being conducted by the investigator's intermediaries, helping the company to guard against any risks that the project may confront, and identifying and ...
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Dynamic analysis of project risk
This paper first proposes an approach to risk dynamics analysis during the project's early phase in order to improve the identification and implementation of suitable response actions. Secondly, an approach is proposed to monitor and control the global project risk during the entire project life-cycle by defining a project risk baseline. Both approaches have been applied to a very ambitious ...
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Foundations of integrated risk management
This paper concentrates on broadening the concept of risk management beyond the considerations of cost, schedule and performance. The author uses his experience with NASA to provide both a foundation for an integrated risk management plan and a tentative plan. The plan integrates risk across both the temporal and the hierarchical dimensions.Keywords: integrated risk management, project ...
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A risk mitigation approach for concurrent engineering projects
Generally, risks are encountered and generate negative outcomes in concurrent engineering (CE) projects including project delays, cost overruns and unacceptable quality. These outcomes can be avoided by establishing a systematic risk management process. In this research, a risk management approach used is outlined, according to Australia and New Zealand risk management standard (AS/NZS 4360: ...
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PROJECT RISK SURVEY
Firm risk and market risk in project management services include transactional project risk survey and long-term project risk survey. 1. Transactional project risk survey refers to the operation of a major project being conducted by the investigator's intermediaries, identifying and managing risk in a project that the project may confront. If a company is working on a cooperative development ...
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Risk based decision support system for effective implementation of projects
Conventional project management techniques are not always sufficient to ensure time, cost and quality achievement of large-scale construction projects due to complexity in planning, design and implementation processes. The main reasons for project non-achievement are changes in scope and design, changes in government policies and regulations, unforeseen inflation, underestimation and improper ...
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Development of a risk identification expert system for the international space station project
The monitoring and reporting of program performance variables provide critical input to the function of project risk identification. Conventionally, a series of simple metrics have been used to track cost and schedule status. Personal judgement, intuition, and experience are then applied by project managers and analysts in order to interpret the metrics. Larger and more complicated projects ...
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Risk analysis of urban network planning in China
With the development of the urban social economy in China, the uncertain factors faced by urban network planners and their complexity are continuously increasing. In order to promote the scientific nature of urban network planning in China, the risks of urban network planning need to be identified and analysed systemically. Questionnaires about the risks of urban network planning in China were ...
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Identification of risk factors that have significantly different degrees of impact on the introduction of IS, a project with virtual teams than traditional project teams: a Serbian perspective
Although the introduction of information systems projects is increasingly involving virtual project team members, most of the research are about the risks on projects implemented in projects who use a traditional project teams and which include face-to-face communication. The aim of this study is to identify the set of risk factors which would influence introduction of information systems ...
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Incorporating uncertainty in optimal investment decisions
Investment decisions are now more crucial than ever. The investors are in need of sound arguments, which will be able to shape the investment specifications and appraise their uncertain nature. This paper proposes an innovative approach that merges optimisation and risk analysis in one single method. The two-step investment appraisal approach reaches an optimum through a Genetic Algorithm ...
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Parkes Shire Council $12M Lake Endeavour Dam Security and Safety Upgrade
Procurement Management, Risk Management, Lean Project Management, Environmental Management November 2013 to February 2016. Procurement Support. Full-time (7 days per week) on-site project / principal contractor surveillance. Responsible for development and governance of Site Safety, Construction Management, and Quality Management plans. Development of Early Warning System ...
By Uminex
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Risks in major innovation projects, a multiple case study within a world's leading company in the fast moving consumer goods
This paper investigates which risks characterise radical innovation projects. In-dept case studies were carried out via interviews and a questionnaire. The risk concept applied in this study includes three dimensions: certainty, controllability and impact. Three structural or unambiguous risks were found: new product performance according to specification, reliability of suppliers and new product ...
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