Projects are a tool that enables enterprises to implement innovation and development activities and achieve the goals in the set time, costs and required quality but they also bring risks that need to be adequately identified, analyzed and assessed. Important tools that can be used in project management in the process of risk identification are expert estimates. However, little attention is paid to determining the accuracy of expert estimates. To verify the accuracy of expert estimates, an analysis of all completed projects for a certain period of enterprise that implemented them was performed. The purpose of the study was to determine the accuracy of expert estimates in the enterprise implementing projects. This was ascertained by analyzing all available completed projects and by Barnard’s test at the significance level of α = 0.05. The Phi coefficient of association was used to determine its extent. In the paper, we pointed out how inappropriate expert estimates affect the completion of the project within the specified period.
Research background: Entrepreneurial activity is largely affected by negative changes in the global business environment, as evidenced by the huge impact of the COVID 19 pandemic on the entrepreneurial activity of Slovak enterprises. It is here that the importance of proactive risk management is reaffirmed, which should be an integral part of the enterprise’s management and thus preventively assess possible risks and their consequences and be prepared to manage them and not just respond to a crisis situation. Purpose of the article: The purpose of the article is to point out the importance of risk management in business and project management in connection with the globalization of the business environment. Assess the readiness of Slovak enterprises to ensure the continuity of business activities in connection with negative changes in the business environment such as the COVID 19 pandemic. Methods: The article will be processed using basic scientific methods. The qualitative and quantitative aspects of the researched problem, comparison and generalization of conclusions will be processed through observation, analysis, comparison and synthesis, including several managerial methods for risk assessment and management. Findings & Value added: Successful implementation of risk management in the enterprise and within the project activities from the point of view of prevention of crisis situations in the enterprise caused by interruption of operation as well as premature termination of projects is a means to maintain continuity and competitiveness of business activities and achieve project goals in the global market.
The project Is effective if the goals and defined benefits of the project are appropriately set, the risks are assessed in detail with the subsequent implementation of measures to minimize them and the correction of project activities. Effective risk assessment and management requires the interaction of several factors and functions that will keep the implementation of the project in the right direction regardless of the problem addressed. During the project activity, project managers must follow appropriate methods and procedures in the field of risk assessment and management. The choice of an appropriate method depends on the nature of the project as well as the knowledge of the project manager, but it is essential that risk management is implemented in project management from the very beginning of the project idea and purpose to its implementation and sustainability. The aim of the article is to provide managers with an overview of the methods and procedures used in project risk management that will help prevent the difficulty of meeting the set project boundaries and objectives.
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