Project Risk Management Research Articles

An MCDM Approach for Evaluating Construction-Related Risks using a Combined Fuzzy Grey DEMATEL Method

There is a need for more research into prioritizing project risks based on a sound technique due to the complicated and disorganized character of this stage. The project risk management process typically begins with the identification of critical hazards. This study presents a Grey Fuzzy Decision-Making Trial and Evaluation Laboratory (FGDEMATEL) approach to prioritize potential causes of project risks within Multi-Criteria Decision-Making (MCDM). This framework organizes the numerous risks using the Risk Breakdown Structure (RBS) of the Project Management Institute (PMI). The risk information used in this analysis comes mostly from the views and choices of project experts. Grey theory, which takes language phrases for preference collections and translates them into numerical intervals, is responsible for controlling uncertainty and variance in experts' preferences. As each expert has unique skills and experiences, it evaluates the significance of their opinions using a fuzzy number system that incorporates three dimensions. In the end, the FGDEMATEL approach devised a method to rank various project risks.

Disaster Education in Elementary School Curriculum: Basis for Framework Designing

This research aimed to develop a school curriculum framework for disaster education in elementary schools. This is a qualitative-phenomenological study that examines how elementary school teachers teach disaster education to their students. Data was gathered through the use of guided interview questions, and the conduct of in-depth interviews. Based on the result of the study, the researchers captured the key experiences of the teachers and the most common approaches being utilized to disaster education in elementary schools, which include the integration of disaster-related themes and topics into specific school subjects, particularly in Science, Health, Araling Panlipunan, and Edukasyon sa Pagpapakatao, disaster advocacy campaign through the use of various digital and online platforms, and social media, training and seminars to pupils on how to respond to disasters through the conduct of drills, utilization of safety equipment, evacuation and rescue procedure, first-aid training and the like, and instilling pro-active attitude and discipline of the learners in responding to disasters. Moreover, with reference to this study, a school curriculum framework on disaster education was developed, which will serve as the guiding tool for all disaster education efforts at the school level, congruent with DepEd's education targets in the context of elementary schools’ safety and disaster resilience, as well as school disaster risk reduction and management (DRRM) programs, projects, and activities.

Developing a multidimensional risk assessment model for sustainable construction projects

PurposeSustainable construction re-engineers the conventional project lifecycle to integrate sustainability solutions. The additional sustainability requirements introduce new layers of complexity, challenges and risks that if unaddressed, can derail the gains in sustainable construction projects. This study developed a multidimensional risk assessment model for sustainable construction projects in the United Arab Emirates (UAE).Design/methodology/approachThe research activities a comprised comprehensive literature review to shortlist relevant risks, an analysis of the probability – impact rating of the shortlisted risks – and the development of a risk assessment model for SC projects in the UAE. The model is developed based on the multicriteria framework and mathematical formulation of the fuzzy synthetic evaluation approach.FindingsThe developed model quantified the overall risk level in sustainable construction projects to be 3.71 on a 5-point Likert scale, indicating that investment in SC projects in the UAE is risky and should be carefully managed. The developed model further revealed that each of the risk groups, comprising management (3.82), technical (3.78), stakeholder (3.68), regulatory (3.66), material (3.53) and economic risks (3.502), presents a significant threat to realizing outcomes typical of SC projects.Originality/valueThis study developed a multidimensional risk assessment model capable of objectively quantifying the overall risk level and provides decision support to project teams to improve risk management in sustainable construction projects.

Theoretical and methodological principles of risk management in trade organisations

Traders play a key role in meeting the country's household demand for goods and services. Given that these organizations operate in a competitive environment, the success of their business depends on their ability to respond quickly and effectively to changes in the market situation. The increase in competitiveness is an incentive for business organizations to search for and implement innovative methods of organizational management. The challenges of managing a trading organization can vary significantly depending on the type of business, the specifics of the products, and the company's position in the market. The main characteristics of the training organizations have been identified and have been classified according to the type of activity. The peculiarities of the activities carried out by commercial organizations have been identified and a classification of the typical risks faced by these companies has been presented. In order to increase the efficiency of the business of such organizations, it is considered advisable to apply a project approach. The issues of project management and implementation in trading companies have been analyzed and outlined. The basic principles of managing project risks according to international project management standards, in particular P2M, ICB IPMA, PMBoK PMI, PRINCE2, ISO 21500 and AGILE, have been presented. The main project risks faced by the trade organizations have been identified. It was found that the same risks can accompany both projects and the organization’s operational activities. Thus, the operational risks of the organization overlap with the project risks. To reduce the time and increase the efficiency of resource management, it is deemed reasonable to develop and apply tools for the integrated management of project and operational risks of trading companies.

ASSESSMENT OF PROJECT RISK MANAGEMENT IN SELECTED MINING COMPANIES IN ETHIOPIA

Purpose: This study uses qualitative research to assess the project risk management practices of selected mining companies in Ethiopia. Methodology: The study was qualitative, and data was obtained using purposive sampling methods; the study's sample size was based on 41 respondents working actively on mining projects in Ethiopia. The questionnaires covered the main aspects of risk management, including overall project risk management, risk planning, risk identification, risk analysis, and risk monitoring and controlling practices. Findings: The study's findings indicated the absence of systematic risk management policy or guidelines and no organized standard risk management processes. Moreover, project managers primarily manage risk with their team's support. It was found that with risk identification, risk analysis, monitoring, and controlling processes, mitigation of project risks could have been conducted more proactively. Instead, risks are managed upon occurrence by relying primarily on the subjective judgment of the mining specialists, often project managers. Originality/Value: This research assesses the risk management practices of mining companies in Ethiopia for the first time. Recommendations have also been made for companies to develop their risk management knowledge through training and exposure to international practices. This approach will slowly build a systematic approach to risk management practices in the Ethiopian setting. The findings of this article also indicated the need for more research as few papers have been published on mining risks globally, and none have been published in Ethiopia’s context.

Integrating Artificial Intelligence in Construction Management: Improving Project Efficiency and Cost-effectiveness

The construction industry faces challenges such as project complexity, delays, and communication issues. Leveraging AI, particularly through data analysis, predictive analytics, and machine learning, addresses these challenges by optimizing project planning, scheduling, and risk management. This paper outlines strategies for AI integration, including data collection, machine learning algorithms, and cloud computing. Case studies highlight successful implementations, showcasing benefits such as increased efficiency, cost savings, and improved safety. However, challenges like data security and workforce acceptance must be considered. The abstract concludes by discussing future trends and encouraging the construction industry to embrace AI for enhanced project outcomes.

Development of Green Disaster Management Toolkit to Achieve Carbon Neutrality Goals in Flood Risk Management

Current flood risk management projects have been criticized for their high carbon emissions, raising the need for carbon emission reduction and carbon absorption efforts to mitigate environmental impacts and achieve carbon neutrality goals. The research develops a comprehensive green disaster risk management toolkit to calculate the carbon emissions and absorption quantitatively based on the unit volume of materials and processes employed in a flood risk management project. As a result of applying the developed toolkit to a about 22,300 small stream restoration projects in Korea, the total carbon emissions were estimated to be 1,158,840.7 tons of CO2, of which 89.4% of the total carbon emissions originated from concrete-related construction activities, such as cement and ready-mixed concrete pouring. As a result of evaluating the nationwide carbon absorption results of all small stream restoration projects, total absorption by 2030 is expected to be 3.0 to 10.2 times higher than carbon emissions. The comprehensive toolkits are expected to support the selection of customized processes, materials, and methods by providing a systematic approach to calculate and minimize carbon emissions, ultimately contributing to the achievement of carbon neutrality goals in flood risk management projects.

Risky Business: Data-At-Risk in a Dynamic and Evolving Multidisciplinary Research Environment

At-risk data is an unfortunate research reality and can be present in all data formats in a range of research disciplines. This is defined as data that are at risk of loss due to various factors, including deterioration of the media, lack of accompanying documentation and data that exists in non-digital formats, which are often irreplaceable. Continued access to older data has a range of benefits. The factors that place valuable data at risk are therefore a cause for concern. This paper reports on a multi-method case study, comprising a survey and interviews. A web-based questionnaire was distributed to all research group leaders based at a leading South African research institute. This was followed by one-on-one interviews that were held with a sub-section of the same group of researchers. The combined findings of the two methods enabled a picture to be formed regarding factors that jeopardise research data, data rescue obstacles that the researchers encountered and the state of data rescue at the institute. Several recommendations and strategies are put forward to address identified risk factors and challenges. Suggestions include the launch of a data rescue project, awareness training around data at risk, involving the institute’s library and information services (LIS) section in data rescue and launching continued efforts to acquire a dedicated institutional data repository. It is also important to ensure that the scope of project risk management includes data considerations. The combined implementation of recommendations is anticipated to ensure the accessibility and usability of older at-risk data and reduce the chances of current and future data becoming compromised.

Can ChatGPT exceed humans in construction project risk management?

PurposeThe objective of this research is to investigate the capabilities of the ChatGPT GPT-4 model, a form of artificial intelligence (AI), in comparison to human experts in the context of construction project risk management.Design/methodology/approachEmploying a mixed-methods approach, the study draws a qualitative and quantitative comparison between 16 human risk management experts from Finnish construction companies and the ChatGPT AI model utilizing anonymous peer reviews. It focuses primarily on the areas of risk identification, analysis, and control.FindingsChatGPT has demonstrated a superior ability to generate comprehensive risk management plans, with its quantitative scores significantly surpassing the human average. Nonetheless, the AI model's strategies are found to lack practicality and specificity, areas where human expertise excels.Originality/valueThis study marks a significant advancement in construction project risk management research by conducting a pioneering blind-review study that assesses the capabilities of the advanced AI model, GPT-4, against those of human experts. Emphasizing the evolution from earlier GPT models, this research not only underscores the innovative application of ChatGPT-4 but also the critical role of anonymized peer evaluations in enhancing the objectivity of findings. It illuminates the synergistic potential of AI and human expertise, advocating for a collaborative model where AI serves as an augmentative tool, thereby optimizing human performance in identifying and managing risks.

Risk management in large-scale information system projects

This article deals with project management in information systems, whose relevance lies in the vital importance of these systems in modern companies. Information systems are essential for decision making and data management in today's interconnected world. Project management, on the other hand, coordinates elements such as scope, resources, costs, schedules and risks to achieve defined objectives. The systems development life cycle (SDLC) structures the process, encompassing phases such as scope definition, planning, execution, monitoring and closure. These phases are integrated with risk management, which identifies, evaluates and mitigates threats and opportunities. Mitigation strategies act before adversity, while contingency planning prepares for the unforeseen. That is why risk management is integrated throughout the project life cycle to anticipate and address challenges. The combination of both aspects is critical in a constantly evolving technology environment. In addition, organizational culture and communication play a critical role. A culture of awareness and accountability, transparency in communication and active stakeholder participation are essential. Training and continuous adaptation allow learning from past experiences and improving practices.

Project Risk Management for the Repair and Upgrade of Nhi Thien Duong 1 Bridge, Ho Chi Minh City, Vietnam

No project is without risks, especially in the construction industry, which harbors numerous potential pitfalls. Some risks may occur with a low probability but can have a significant impact, while others may manifest repeatedly across various projects. Negative risks, when realized, result in losses that affect the project's objectives. Meanwhile, project participants aspire to capitalize on opportunities presented by positive risks. Therefore, identifying risks, elucidating risk management methods, and formulating risk response strategies for construction projects are crucial to ensure their success. Through methods such as analysis, synthesis, comparison, and reference, this article identifies risks associated with the repair and upgrade project of the Nhi Thien Duong 1 Bridge in Ho Chi Minh City. Additionally, it proposes a set of risk response solutions from the investor's perspective in terms of construction investment management.

Project Risk Management: modern trends and effective practices

The article is devoted to the management of project risks, with the aim of their timely detection and identification, which in turn will ensure the successful implementation of the project and its completion. Special attention is paid to the stages of project risk management and analysis of methods aimed at minimizing and avoiding project risks.
 The most modern and well-known methods include such methods as: risk avoidance; insurance; self-insurance; risk financing; diversification; risk taking; risk limitation; risk distribution and risk prevention, the complex application of which will ensure the successful implementation of the project and protect the project from the influence of destabilizing external and internal factors.

Risk Perception-Based Project Contingency Management Framework

Project risk management (PRM) involves identifying risks, assessing their impact, and developing a contingency plan. A structured contingency management (CM) approach prevents subjective biases in analyzing risks and developing responses. Previous studies have either focused on improving the accuracy of risk estimates or analyzed, from a qualitative perspective, the relationships between perceived risk and project performance. This study aimed to improve PRM by providing a risk-perception-based contingency management framework (CMF). The CMF guides contingency depletion based on two short- and long-term cost overrun indicators and their respective thresholds. Thresholds and the initial contingency reserve amount are determined by applying the Monte Carlo method to a stochastic, discrete-event, finite-horizon, dynamic project simulation model. The study developed the CMF through a structured approach, validating the simulation model on eight specific project configurations. The results prove that the framework can be applied to any project, shaping the risk response strategy. This study contributes to PRM by explaining the relationships between risk perception and risk responses and providing a prescriptive CM tool.

Health management risks in developing countries: Case of a sterilization unit in a Moroccan public hospital

BackgroundThe sterilization of instruments is a critical process to perform the activity in the operating rooms and ensure the safety of patients. The best approach to improve the performance of the sterilization is the risk management. Nevertheless, improving the performance in sterilization units in developing countries presents a real challenge. PurposeDesigning an effective risk management project in health sector, specifically in sterilization units, adaptable to the context of developing countries (DC). MethodsThis study uses Failure Modes and Effects Analysis (FMEA) to manage risks in healthcare in DC. Modifications to the implementation of the recommended tool mode. A case study of the sterilization unit of a tertiary Moroccan national reference university hospital was conducted to verify the effectiveness of the model. FindingsThe present study demonstrated that the proposed model is adaptable to the DC context. This model was implemented with minimal resources and was highly efficient. ConclusionsThe increase of risks in healthcare is a challenge for managers in DC. This study highlights the first successful experience of risk management in Moroccan healthcare sector.

LEVERAGING PROJECT MANAGEMENT TOOLS FOR ENERGY EFFICIENCY IN HVAC OPERATIONS: A PATH TO CLIMATE RESILIENCE

Efficient management of heating, ventilation, and air conditioning (HVAC) systems is paramount for mitigating energy consumption and enhancing climate resilience in modern infrastructure. This review explores the significance of leveraging project management tools to optimize energy efficiency within HVAC operations, thus fostering a pathway towards climate resilience. The integration of project management methodologies offers a systematic approach to address challenges associated with energy consumption in HVAC systems, thereby facilitating informed decision-making processes. Firstly, the review delves into the pressing need for energy conservation in HVAC operations amidst escalating concerns over climate change and its adverse impacts. The imperative to minimize energy consumption in buildings, particularly through HVAC systems, is highlighted as a pivotal step towards achieving climate resilience and sustainability goals. Subsequently, the review outlines the role of project management tools in orchestrating effective strategies to enhance energy efficiency within HVAC operations. By employing techniques such as project scheduling, risk management, and resource allocation, project managers can streamline the implementation of energy-efficient measures, thereby optimizing HVAC system performance and reducing carbon emissions. Moreover, the review underscores the importance of data analytics and technological advancements in augmenting the efficacy of project management tools for energy efficiency in HVAC operations. Leveraging real-time data monitoring, predictive analytics, and IoT-enabled devices enables proactive maintenance and continuous optimization of HVAC systems, thereby maximizing energy savings and bolstering climate resilience. Furthermore, the review elucidates the potential benefits and challenges associated with the adoption of project management tools for energy efficiency in HVAC operations. While improved cost-effectiveness, environmental sustainability, and operational performance emerge as primary benefits, challenges such as initial investment costs, technological complexities, and organizational inertia necessitate careful consideration. This review advocates for the integration of project management tools as a viable approach to foster energy efficiency in HVAC operations, thereby paving the way towards enhanced climate resilience and sustainability in built environments. By embracing innovative methodologies and technological solutions, stakeholders can mitigate energy consumption, reduce greenhouse gas emissions, and fortify infrastructure against the impacts of climate change.
 Keywords: HVAC, Climate Resilience, Project Management, Energy, Review.

Algorithm of innovation project risk management

Aim. To develop a risk management algorithm that can be used in risk management of innovations.Objectives. On the basis of the current international standards of risk management and scientific publications to study the existing practice of risk management, highlighting the main elements of the risk management process into a single generalized risk management algorithm; based on the results of the first task, as well as taking into account the identified features of the process of innovation implementation, to develop an algorithm for risk management of innovation projects.Methods. The work is based on the study of scientific publications in the field of risk management and analysis of international standards on risk management in order to adapt them to the peculiarities of innovation management.Results. The problem of risk management of innovation projects is one of the most difficult in project management because of the significant degree of uncertainty inherent in innovation. The article reflects the problem of investors’ acceptance of increased risk during the realization of an innovation project. The peculiarity of risk management of innovations is the need to accept increased risk, and in return the opportunity to present a new product or technology to the market. Taking into account the considered peculiarities, an algorithmic approach to risk management of innovation projects is given. The practical significance of the study lies in the possibility of applying the developed algorithm of innovation project risk management by economic entities, which will improve the quality of corporate risk management and increase the efficiency of resource utilization. The authors point out the necessity of selecting a project with positive NPV (discounted cash flow, DCF) and accepting the increased risk of the innovation project in the process of innovation management.Conclusions. The authors have created a comprehensive methodological approach to innovation project risk management in the form of a sequence of actions algorithm. The purpose of its application is to increase the efficiency of risk management and to achieve a successful result of innovation implementation.

A simulation-based risk interaction network model for risk management in international construction projects

The inherent complexity in International Construction Projects (ICPs) brings forth the intricate interactions between risks, invalidating the risk analysis under the conventional perception of independent risks. The diverse phases of ICPs feature the temporal dynamics of risks and interactions, exacerbating the challenge of pinpointing critical risks. This study aims to model how the risks are interconnected and amplified by proposing an ICP risk management framework, in which the project phase-based Risk Interaction Network (RIN) is constructed. An integrated index is designed to evaluate each risk’s criticality and discern key risks within a two-part procedure, where the simulation-based model estimates risk sensitivity to predecessor risks and captures the stochasticity of risk occurring, and network analysis gauges risk spread power on the entire network. An example of an application is provided to illustrate the utility of the proposed framework.

ANALISIS DAN MITIGASI RISIKO KESELAMATAN DAN KECELAKAAN KERJA PADA PROYEK PEMBANGUNAN BALI INTERCONTINENTAL GRAND BALLROOM

ANALISIS DAN MITIGASI RISIKO KESELAMATAN DAN KECELAKAAN KERJA PADA PROYEK PEMBANGUNAN BALI INTERCONTINENTAL GRAND BALLROOM

Unleashing excellence: using a project management approach to effectively implement a simulation curriculum to improve residents’ preparedness

BackgroundIntegrating innovative, simulation-based training programs into medical curricula frequently encounters familiar challenges, including scepticism, limited faculty time, and financial constraints. Recognized for its success in business projects, the Harvard Project Management Theory emerges as a promising approach to optimizing the implementation process and achieving sustainable success. This study endeavours to elucidate the application of project management theory in our implementation process and assess its impact on the clinical preparedness of novice residents.MethodsThe research utilized a structured four-phase implementation strategy—Planning, Build-up, Execution, and Closing—to develop a simulation-based education curriculum. Incorporating project management tools like project charters and risk management tools played a crucial role in facilitating the effective implementation of standardized processes and improved clinical outcomes. Essential components of this innovative management approach encompass stakeholder engagement, milestone definition, and the alignment of institutional policies and processes.ResultsA collective of 395 residents actively engaged in eight monthly simulation-based events, reflecting an average participation rate of 39 residents per lecture (± 19). A noteworthy enhancement was observed in the average rating for knowledge gain, with a significant improvement from 5.9/10 to 8.8/10 (p = 0.0001). Participants highlighted the program’s considerable impact on future clinical practice (4.7/5) and teamwork (4.8/5) as particularly valuable aspects. The introduction of a novel organizational structure received favourable feedback from faculty members, with a notable rating of 4.8/5 for predictive time planning. Qualitative insights from the evaluation highlighted the significance of targeted incentive schemes in optimizing the implementation process.ConclusionThis project underscores the constructive influence of project management principles in designing simulation-based curricula, explicitly focusing on stakeholder engagement, faculty motivation, and data utilization. Adopting the Harvard Project Management Approach emerges as a catalyst for heightened success in curriculum design, contributing to enhanced emergency preparedness among novice residents. The positive outcomes observed in this study provide valuable insights for future implementations, offering a foundation for refining and optimizing medical education programs to meet the evolving needs of learners and stakeholders alike.

Employee perspectives on risk management in a construction company

In addition to the tools and techniques available, project risk management also depends on the attitudes of people in an organisation, how the available tools are used, and how the procedures are followed. Therefore, efforts to improve the project risk management capacity of organisations may fail if the diversity of people (characters, traits etc.) involved is neglected. Based on this argument, the aim of this study is to demonstrate that companies can improve project risk management using the perspectives of their key experts. In this context, an approach was proposed based on Q-Methodology and a case study has been conducted in a construction company in the Netherlands. The quantitative output obtained through Q-Methodology application was evaluated in conjunction with the qualitative data gathered from interviews conducted with the managers of different units within the company. As a result of this evaluation, three common perspectives were identified among the respondents under the names of ‘Experience and Belief’, ‘Procedures and Management’ and ‘Culture and Communication’, respectively. Then, a number of recommendations were made to the company. First, customized management approaches that integrate and balance the identified perspectives should be adopted. Second, a mature organisational risk management culture should be promoted. Project charters that specifically target risk management culture in projects can be used for this purpose. Third, risk management should be integrated into other activities, making it a normal part of employees’ daily work. Finally, but not exclusively, the employees should be instructed on the use of risk registers and guidance should be put in place on how often they are expected to update the risk registers. This study demonstrates the benefit of considering employee diversity and leveraging perspectives in unlocking the potential of construction companies in terms of project risk management.