Project Risk Management Process Research Articles

A multi-objective model for selecting response strategies of primary and secondary project risks under interval-valued fuzzy uncertainty

Risks are uncertain events that can affect criteria such as project cost, quality, and completion time and ultimately lead to project failure. That is why the project risk management process, which is one of the most fundamental parts of project management, must be done properly. In this paper, a new multi-objective fuzzy model is proposed to respond appropriately to the primary and secondary project risks. The contributions, such as risk interdependency, considering the project with multi-mode activities, resource considerations, as well as attention to interval-valued fuzzy uncertainties are regarded simultaneously for the first time. The purpose of the proposed multi-objective mathematical model is to minimize cost, quality reduction, and project completion time. Then, a new two-stage uncertain solution approach is introduced in this paper. In this solution approach, using an equivalent method in the first step and then using an extended multi-choice goal programming method in the second step, for both lower and upper limits of the membership functions for interval-valued fuzzy numbers, the computational processes are performed. To show the application and effectiveness of the proposed model, a case study adapted from the literature is given. Finally, sensitivity analysis is conducted to analyze the behavior of the developed mixed-integer programming model. The analysis of obtained results indicates that the utilization of the proposed model leads to better and more appropriate solutions.

A review of the current and future developments of artificial intelligence in the management and building sectors

The integration of Artificial Intelligence (AI) into the management and building sector has witnessed significant advancements in recent years. Traditional methods can fall short in meeting these demands, prompting the exploration of AI solutions. This review aims to identify existing gaps, assess the efficacy of current AI applications and provide insights into potential areas for further development. A comprehensive literature review was conducted, encompassing peer-reviewed articles, industry reports and case studies. The analysis focused on AI applications such as machine learning, robotics and data analytics in the context of project management, resource optimization along with sustainable building practices. The review identifies key AI applications in project planning, risk management and construction processes, demonstrating their potential to streamline operations and improve decision-making. The analysis reveals successful implementations of AI-driven technologies, highlighting their impact on cost reduction, time efficiency and sustainability practices. Additionally, emerging trends such as generative design and smart buildings indicate promising directions for future development. The integration of Artificial Intelligence in the management and building sector demonstrates substantial benefits in efficiency, cost reduction and sustainability, while ongoing research as well as adaptation to emerging technologies is crucial for sustained progress.

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.

ПРОЦЕС УПРАВЛІННЯ РИЗИКАМИ В ІТ-ПРОЄКТАХ

The purpose of the article is to study the process of project risk management and develop recommendations for its adaptation for IT projects. In the sphere of project management in the formation of project risk management process most often relies on international standards. The article presents an overview of the process of project risk management according to the standards: Project Management Body of Knowledge (PMBOK), International Organisation for Standardisation (ISO); Projects in Controlled Environments (PRINCE2). It is determined that the presented standards are sufficiently structured and can be applied to risk management in various projects, including those in the field of information technologies. The peculiarities of the risk management process in IT projects in accordance with the Microsoft Solutions Framework methodology are disclosed. It focuses on the formation of risk management process in projects in accordance with the Risk Management Maturity Model; Capability Maturity Model Integration (CMI); Maturity Level of Risk Management in IT Projects. IT projects have specific characteristics, and market competition, customer requirements, rapid development of technologies, team qualification – all this requires adaptability to the formation of the risk management process. When forming a risk management process in IT projects, especially in IT startup projects, the choice of a standard, methodology, or a combination of them (individual sections) should take into account the specifics of the project, project team, management, corporate culture, segment and market conditions, stakeholders, qualification of specialists engaged in risk management. In order to improve the effectiveness of risk management in IT projects, it is recommended that IT companies create structural and infra-red elements of risk management, namely: to attract risk management specialists; to develop job descriptions that define their functional duties and responsibilities; to develop corporate standards for risk management.

Risk Analysis and Research for Construction Projects

As the population grows and the demand for public infrastructure increases, more and more construction projects are being carried out. In order to avoid the failure of construction projects due to their high level of complexity, risk anticipation and risk response can be made through the study of project risks, which can greatly improve the success of construction projects. The investment and time spent on a construction project are huge and if the project fails or is delayed, there will be serious consequences. This is why construction project risk management is so important for construction projects. Therefore, this paper analyses the risks of construction projects. It finds that construction project risks can be classified as internal and external risks and suggests improvements to the existing three-step project risk management process Identify-Assess-Respond, adding a project risk review. This paper enriches the study of risk classification and management processes for construction projects and proposes risk management process measures that have implications for future construction projects to deal with risks more efficiently.

Manajemen Risiko di Perguruan Tinggi Swasta

As an important element in overall project planning, risk management identifies specific risks that could have an adverse effect on project performance and measures the impact each risk may have. As the project moves forward, the team continues to address risks with technical, administrative and budgetary strategies.. Get to know the four key stages in project risk management and the steps needed to manage risk. There are four distinct phases of project risk management: (1) risk identification, (2) probability and consequence analysis, (3) risk mitigation strategies, and (4) control and documentation. Risk identification focuses on determining a realistic set of risk factors facing the project. The five main causes of project risk are (1) financial risk, (2) technical risk, (3) commercial risk, (4) execution risk, and (5) contract or legal risk. Among the most common methods for risk identification are (1) brainstorming meetings, (2) expert opinion, (3) past history, and (4) multiple or team-based assessments. Risks can be mitigated through four main things: approach. First, we simply accept the risk. We may choose to do this in situations where we have no alternative or we deem the risk small enough to be acceptable. Second, we may seek to minimize risk, perhaps through partnerships or joint ventures to reduce our company's exposure to risk. Third, we may share risks with other organizations or project stakeholders. Finally, when necessary, we may seek to shift risk to other project stakeholders. Explanation of the Analysis and Project Risk Analysis and Management (PRAM) process. PRAM is a generic project risk management approach that offers a model for life cycle steps that a project team might adopt in developing a risk management methodology. The nine distinct steps in the PRAM model represent each process phase and their associated outcomes.

Explicit Risk Management in Agile Software Projects: Its Relevance and Benefits

Risk management is the systematic process of controlling risks and it is critical to the success of all software development projects. Agile software development methodologies by the inbuilt features utilized, control risks. However, this does not work for all cases of software development projects and supplementary means may need to be applied. This can be addressed by introducing an intentional and formal way of managing risks in the agile environment. Explicit risk management promises numerous benefits if properly implemented.
 This study intends to review and deduce based on the risks identified, the relevance and benefits of formally managing risks in agile software development projects. To achieve the aim of this study, the researcher reviewed risk management procedures in a typical agile setting as well as research that exposed the insufficiency of the inherent risk management process in agile projects and the identified risks. Related research papers from peer-reviewed journals and other reliable sources were reviewed to extract risks that occurred using agile without explicit risks management. The study inferred that some risks do exist that occurred with the introduction and use of the agile method itself. Also, there could be risks that surface when the project size exceeds a limit. Thus, managing risks explicitly will go a long way to address such risks. Consequently, the researcher was able to deduce the relevance and benefits of implementing explicit risk management in an agile software development project.
 This study showed that it is beneficial to incorporate formal risk management procedures in agile software development when mega software projects are being developed. However, to maintain the agility of the agile methods which happens to be a major benefit of the utilization of agile methods, more research is needed to further explore explicit risk management in the agile environment without violating the swiftness in the agile settings.

Project Risk Management Process and Performance of Mpazi Channel Construction Project in Nyabugogo, Kigali-Rwanda

The general objective of this research was to assess the risk management process and project performance. The descriptive research design with a mixed qualitative and quantitative approach was used to a sample of 118 respondents selected from 168 target population using stratified sampling technique and Sloven’s formula. SPSS Statistical software was used in the analysis of the collected data into descriptive statistics by the help of mean and standard deviation. The inferential statistics were also analyzed as regression and correlation analysis. The results of this research have shown that project risk identification and performance of Mpazi channel construction project has a highly positive and significant relationship, with a coefficient of correlation of 0.970 and sig=.000, which is less than 0.05 level significance. The correlation results have also revealed r=0.979 and sig=0.00 which is less than 0.05 level of significance, hence proving a highly positive and significant relationship between project risk management strategy and performance of Mpazi channel construction project. The correlation results have also shown an r =0.985 and sig=0.00 which is less than 0.05 proving significant and positive relationship between project risk plan response and Mpazi Channel construction project performance. The research also found that a combination of project risk identification, risk management plan and risk plan response contributed to 97.5 percent (R2= 0.975) of the Mpazi Channel construction project success. Thus, the researcher concluded that the project risk management procedure has an impact on the performance of the Mpazi Channel construction project. Basing on the findings of the study, researcher recommends that a formal and planned project risk management procedure should be implemented throughout project planning to key construction personnel, support staff, and laborers. Keywords: Project Risk Management Process, Project Performance, Construction, Rwanda

Project Management for Corporate Events: A Set of Tools to Manage Risk and Increase Quality Outcomes

The events industry is a project-based industry where sustainable development has been of ever-increasing interest over the last decade. In this regard, the importance of managing risks and delivering quality outcomes in corporate events and the events industry in general cannot be overstated. This paper aims to contribute to the enhancement of project management processes and quality of corporate events, with a focus on risk management. For this purpose, a set of semi-structured interviews with event managers was conducted and thematic analysis was used to qualitatively analyse the research data gathered. Data analysis resulted in the development of a set of tools and methods that have the potential to assist corporate event managers in the project risk management process. This set comprises of a work breakdown structure (WBS) template, a risk breakdown structure (RBS), and a set of risk treatment and mitigation strategies for corporate events. These tools are innovative in the sense that they are based on and correspond to the phases of the event life-cycle rather than individual management domains, have not been developed in unison before, and can be utilized collectively for greater benefits realization.

A construction–specific extension to a standard project risk management process

Abstract Project processes are affected by risks in many ways, and this is particularly true in today's highly competitive world. Construction projects usually take much longer than typical projects in other sectors. In this sector, it is important to follow some kind of standardised risk management process. There is much literature on different approaches to project risk management, and this paper reviews the most prominent sources that suggest procedures that are widely used in practice. Nevertheless, standard risk management still faces some shortcomings, and professionals call for a more sophisticated solution. This research aims to expand the general risk management process based on the frameworks of the prestigious stand-ardisation institutions and associations (mainly on Project Management Institute's (PMI's) risk management standard considering the approaches of Institute of Risk Management (IRM), National Forum for Risk Management in the Public Sector (ALARM), Association of Insurance and Risk Managers (AIRMIC) and International Organization for Standardization (ISO), as well as Association for Project Management (APM)). The suggested two new processes are justified by in-depth interviews conducted with interviewees working on large and complex construction projects, and are supported by a thorough literature review. The novelty of the research is that these two processes added to the standard processes, namely, risk analysis verification and validation and risk plan experimentation. The research expectedly improves the risk management process in the construction sector and emphasises the need to clearly articulate and communicate the organisation's risk appetite and the necessity for risk management training to employees. Therefore, the research reconfirms the concept of project risk management by the standards, and justifies the proposed new phases.

Risk Management Process in Construction Projects

İnşaat sektöründeki firmalar içinde bulundukları projenin kapsamına, büyüklüğüne, karmaşıklığına, gerçekleştirildiği ortama bağlı olarak her projede farklı risklerle kaşı karşıya kalmaktadır. Bu riskler işin istenen sürede, kalitede ve bütçede tamamlanmaması gibi projelerin ana hedeflerini doğrudan veya dolaylı olarak etkilemektedir. Riskleri sıfıra indirmek mümkün değildir ancak gerçekleşme ihtimali yüksek olan riskler meydana geldiğinde etkisi azaltılmalı veya kontrol altında tutulmalıdır. Risk yönetimi, riskin tanımlanması, risk değerlendirmesi, riski yönetmek için stratejiler geliştirme ve yönetimsel kaynakları kullanarak riskin azaltılması sürecinin tamamını kapsayan bir yönetim şeklidir. Risk yönetiminin amacı, önceden seçilmiş bir alanla ilgili farklı riskleri en azından kabul edilebilir bir seviyeye düşürmektir. Risk yönetimi benimsenerek, inşaat projelerinde tasarruf potansiyelleri gerçekleştirilebilir. Dolayısıyla, başta proje yöneticileri olmak üzere projedeki tüm paydaşların risk yönetimi sürecine katılması gerekmektedir. Bu nedenle çalışma kapsamında risk ve belirsizlik kavramları incelenerek risk, risk yönetimi, risk yönetim süreci arasındaki ilişki ortaya konmuştur. Daha sonra risk yönetiminin planlanması, riskin tanımlanması, risk analizi, risk yanıtı değerlendirmesi, risk izlenmesi-kontrolü aşamalarından oluşan risk yönetim süreci incelenerek inşaat projeleri yönetimindeki yararları ortaya konmuştur.

Management of Investment and Construction Projects in Terms of Project Financing

The possibilities of applying the project approach to the financing of investment and construction projects are considered. The article analyzes the implementation of the processes of housing construction project management in the context of changes in the legislative framework and the transition of the activities of real estate developers to project financing. The article considers the features of project finance that are significant for project management as a form of project resource management, which determine its advantages in comparison with traditional bank lending. The expediency of adjusting the project risk management processes in the context of a legally approved transition to project financing is justified. The article analyzes the impact of changes in the legislation regulating the conditions for financing investment and construction projects on the situation in the residential real estate market. The advantages and limitations of project financing for various participants of investment and construction projects in the field of residential real estate are identified.

Identification and Qualitative Evaluation of Risk Factors in the Construction Projects in Iraq

Construction projects in Iraq face many dangers that cause exceeding the estimated cost of the project and not completing the project on time, and since the risk management process in construction projects is of great importance in controlling and reducing the impact of risks in construction projects, so it is necessary to identify these risks and evaluate them correctly in order to increase accuracy and the health of the subsequent stages of the risk management process in construction projects. This paper aims to identify the most important risks in construction projects in Iraq and to conduct a qualitative assessment of the identified risks and arrange them according to their importance. The researcher adopted the questionnaire method as a tool to determine the risks and used the technique of probability and effect matrix to conduct the qualitative assessment of the identified risks. The study found that there are 48 risk factors that constitute the most dangerous factor in construction projects in Iraq, and 10 of the determining factors were within the high level of risk, and at the forefront of which was the inability of the owner to finance the project.

Risk Management Processes and Success of Projects: A Case Study of Kenya Power Company

The poor performance of several Kenya Power (KP) projects is due to illegal connection, inadequate power distribution, untimely completion of projects, and inadequate utilization of risk management strategies. Such failures point to the reason why several KP projects have failed to meet the given time frame. Therefore, a research was done to determine the link between project risk management processes and success of projects at KP. The study used four objectives; to establish the influence of risk identification process, risk assessment process, risk response process and risk evaluation process on the success of projects at KP. The study utilized both descriptive and explanatory approaches. The target population in this study was 231 staff located at the KP head quarter. The sample size used was 146 based on Yamane formula. Questionnaires were used to collect data. The study used Statistical Packages for Social Sciences (SPSS) version 20.0 for data analysis. Data was analyzed by use of descriptive statistics and multiple regressions analysis. Regarding regression analysis, the study found that risk identification, risk assessment, risk response and risk evaluation processes had positive relationship with the success of KP projects. The study concludes that risk identification, risk assessment, risk response and risk evaluation processes were practiced at KP, however, failures in projects was still evident. It was recommended that KP project team should be adequately equipped with resources to determine the timing of risks; that project team employees should be subjected to regular specific risk management training and; that the company should regularly evaluate project risks to promote projects’ success rates.

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.

Fostering project risk management in SMEs: an emergent framework from a literature review

Given the relevance of project risk management (PRM) for small and medium-sized enterprises (SMEs), which need to adopt an efficient and effective methodology coherent with their peculiarities to support their innovation and growth, this research provides a framework derived from systematic literature that could foster the adoption of PRM in SMEs. It offers an extended and iterative PRM process that includes the strategic selection and evaluation of projects, a flexible a dynamic approach according to the characteristic of the SME and the project, the inclusion of the stakeholders’ perspective, the mitigation of potential bias on risks evaluation, the use of risk clustering to improve project organization, the adoption of systematic and transparent communication to increase awareness on risk exposure, and the integration of Risk Knowledge Management into the PRM process, in order to obtain an enterprise learning process.

A critical success factors model for effective implementation of risk management process in the construction projects

Construction experts are aware of the risk associated with the construction industry. The uniqueness of the delivered projects represents one of the main challenges while conducting business in this industry. Therefore, to succeed construction organizations need to optimize the utilization of their resources and minimize the associated risks. Managing the anticipated risks may be implemented intuitively or systematically based on the construction organizations’ experience and awareness of the risks. Regardless of the existence of the diverse approaches towards dealing with the expected risks there is consensus on the need to eliminate its negative consequences to achieve project success. Moreover, it can be argued that to maximize the likelihood of achieving the promised rewards from applying the risk management process several factors must occur. These factors are recognized as the Critical Success Factors (CSFs) for effective implementation of risk management process in the construction projects. It is believed that without creating the adequate environment for the risk management process its effectiveness would be minimized if not eliminated. Although the literature is rich with studies that are dedicated to study risk and its management is the construction industry, there is a shortage in the researches that focused on the CFSs of the risk management in the construction industry, particularly during the construction phase. Therefore, the aim of this study is to review several available studies in literature that have discussed the CSFs for successful management processes and then to develop a CSFs model that is specifically designed for risk management success. The model is designed to deliver a framework that depicts the role of the considered factors in achieving the promised rewards from systematic implementation of risk management process in the construction industry.

INTEGRATING PROJECT RISK INTO RISK MANAGEMENT STRATEGIES IN PUBLIC SECTOR ORGANIZATIONS

The article aims to present possibilities for integrating project risk management processes into public sector organizational risk management strategies. The relative isolation of project risk from management systems is a weakness in organizational functioning. Integrating project risk management processes into the overall management system and in risk management strategies in particular, significantly contributes to enhancing organizational culture. Thus, a practice is established for systematic and purposeful impact on risks accompanying each project.

THE EFFECT OF MANAGING RISK PROCESS IN CONSTRUCTION PROJECTS

The aim of this study is to get a better understanding for the effect of the set of the risks in the construction projects, in addition to how mitigating these risks in those projects. Indeed risks are frequently playing the same rules, but the nature of project defines the specific risks of the project. The first step in process of risks assessment is identification them. Once risk identification is complete, risk analysis is used to identify the likelihood the risks that have been identified will happen. Thus by using evidence from other research in the area, this study showed the impact of the set of the stages in the risk management process in the construction projects, which were discussed in greater detail in the theoretical aspect of the current study. The findings of the study were revealed the fact that the comprehension of risk and its management has the direct effect of understanding specific issues that involve to the project. In addition to that, the integration of a risk management process at each stage of its stages in construction projects must be oriented to the progress of the project and permeate all areas, functions and processes of the project. In this regard, the most successful project managers maintain open lines of communication throughout their organizations to stay in touch with constituent’s needs.

Estudo sobre as relações entre gerenciamento de riscos em projetos, gestão do conhecimento e tomada de decisões

Many organizations are constantly encouraged to innovate in their processes, products and services, thus differentiating themselves from the competition and in order to win customer preference. One of the ways to innovate is to achieve projects that seek to renew themselves in the market. Nevertheless, the management of these projects is necessary for the development of knowledge that can be used in risk management in projects developed by companies. In this context, the following research question was formulated: What are the theoretical relationships between project risk management, knowledge management and decision-making processes? In order to answer this question, we studied the theoretical relationships between project risk management, knowledge management and decision making through the analysis of academic production on these three elements. An exploratory applied research was performed. Firstly, the structures of the three constructs proposed by the main authors were analyzed to identify the relationships between the constituent elements. Then, a bibliometric study was performed to confirm the relationships identified in the academic production. As a result, we identified theoretical relationships gathered in a conceptual model that presents the main variables and respective components of the researched theme. In addition, the proposed model also groups the variables and their components, providing a comprehensive view of the interrelationships between the hitherto independent and focused themes. We also verified that there is little research on the topic and that it deserves further studies.