A Comparative Review of Risk Management Standards

Raz, Tzvi; Hillson, David

doi:10.1057/palgrave.rm.8240227

Cited by 68 publications

(77 citation statements)

References 4 publications

(2 reference statements)

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“…All of them were recently published, the earliest publication date being 1997. In agreement with Raz and Hillson [1], we observed nine main methods of risk management and their respective authors or institutions. In the present article, we will discuss only the ninth item (risk management according to PMI), because this method was chosen by the aeronautical industry (in this case study) to be applied during the development of the aircraft analyzed in this work, which will demonstrate firstly, concisely, the main processes of the PMI method.…”

Section: Introductionsupporting

confidence: 88%

“…According to Raz and Hillson [1], the origins of operational risk management can be traced to the discipline of safety engineering, which is mainly concerned with the physical harm that may occur as a result of improper equipment or operator performance. However, modern risk management has evolved substantially from there, due to a number of factors, including: 1) The shift away from dangerous physical work and towards knowledge-intensive work; 2) An expanded view of the organization in the context of its various stakeholders;…”

Section: Introductionmentioning

confidence: 99%

“…Raz and Hillson [1] described in Table 1 nine standards that were selected from a comprehensive survey, carried out with the help of the librarian of the Standards Institute of Israel. The nine standards selected consist of six national or international standards that were developed or adopted by standardisation bodies, and three standards that were developed by professional organizations interested in risk management.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Risk management in the aeronautical industry: results of an application of two methods

Fukayama¹,

Fernandes²,

Ebecken³

2008

WIT Transactions on Information and Communication

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This article presents the results of two risk management methods, applied in the aeronautical industry, during the development of an aircraft for the executive market. The first method is the risk management in accordance with the best practices of Project Management International (PMI), and the second is a proposal of risk management based on Multicriteria Fuzzy Analysis (MFA). The PMI method of risk management is already widely used by the market. Its terminology is quite similar to other international standards of risk management. The MFA risk management method is a new proposal that requires specialist opinions, through a questionnaire, to identify internal and external project risks, measuring their level of threat to the project success. The structure of the questionnaire follows Risk Breakdown Structure (RBS) methodology of the PMI. This new approach generates indicators at three levels: operational, tactical and strategic, which facilitates the monitoring and the management of risks. Despite its complex mathematical base, the MFA method is easier to implement. Both methods reach a similar degree of risk indicators for the project; however, the MFA can be used in an earlier phase of the project, which can avoid some possible earlier risk entanglements. Due to the particularities of each method, both show important contributions to the project risk management. Therefore, complex projects should use both methods to achieve adequate risk management.

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Section: Introductionsupporting

confidence: 88%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Risk management in the aeronautical industry: results of an application of two methods

Fukayama¹,

Fernandes²,

Ebecken³

2008

WIT Transactions on Information and Communication

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“…Similar methods are found in the Project Risk Analysis and Management (PRAM) guide [34] and PMBoK [26]. Many Risk Management processes with similar logic are described in the literature [35,36]. The generic steps for the uncertainty analysis process includes: purpose of analysis, identify uncertainty elements, quantification of effects, calculation, conclusion and communication of results, normally, developing actions to address uncertainty is also included [27].…”

Section: Methods and Processes For Risk-and Uncertainty Managementmentioning

confidence: 99%

Challenges in Cost Estimation under Uncertainty—A Case Study of the Decommissioning of Barsebäck Nuclear Power Plant

Torp

Klakegg

2016

Administrative Sciences

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Abstract:Cost estimation is an important part of project planning. Over the years different approaches have developed, taking uncertainty into account in the cost estimation processes in order to tackle the dynamic nature of projects. However, when implementing these approaches, some challenges have been revealed. The aim in a cost estimation process is to establish a realistic overview of the total project costs and its uncertainties. Even though tools and methods for taking uncertainty into account are implemented, projects with cost overruns are often seen. In this paper we look into some challenges with the practice in cost estimation processes and identify possible improvements to overcome them. The purpose of this paper is to illustrate better solutions to some of the major weaknesses identified in current cost estimation practice. We use a case study of decommissioning of Barsebäck Nuclear Power Plant to illustrate how to overcome these challenges. First of all, this is an interesting case with challenges related to the project and the cost estimation process, given the complexity in the situation and that very few have experiences related to decommission of nuclear power plants. Second, we applied an approach that is not yet commonly used to develop cost estimates for this kind of projects. The paper concludes that it is possible to improve the results of uncertainty analysis of cost estimates. A well prepared process, with a suitable group of experts that go through a well-structured process, focusing both on risks and opportunities and using a top-down approach can compensate for some of the challenges related to cost estimation under uncertainty.

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“…A number of Uncertainty Management processes are described in the literature (Raz & Hillson 2005, Chapman and Ward 2003, PMI 2013. Torp et al (2007) propose an Uncertainty Management Process with the following five steps; Uncertainty Management Planning, Perform Uncertainty Analyses, Handling/Treat Uncertainty, Uncertainty Monitoring and Evaluating the Uncertainty Management Process.…”

Section: Theoretical Background Uncertainty Managementmentioning

confidence: 99%

Is Integration of Uncertainty Management and the Last Planner System a Good Idea?

Torp¹,

Bølviken²,

Aslesen³

et al. 2018

26th Annual Conference of the International Group for Lean Construction

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The Last Planner System (LPS) is a tool for project planning and control, and is an important contribution from Lean Construction. LPS focuses on scheduling, task coordination and time management. Uncertainty Management (UM) is a key element in Project Management, where uncertainty is the totality of opportunities (potential upsides) and risks (potential downsides). UM addresses all types of uncertainty (related to cost, time, quality, scope, safety, customer satisfaction, company reputation, etc.). The aim of UM is to exploit the opportunities and reduce the risks.Two construction companies involved in this research are working with both LPS and UM. One has extensive experience with LPS, but less experience with UM. The other has extensive experience with UM, but less experience with LPS. Two questions are raised and discussed in the paper: 1. Could project planning and control be improved by an integration of LPS and UM? 2. If yes, how could LPS and UM be integrated to improve project planning and control?The paper proposes a conceptual model where UM tools are integrated in the plan and meeting structure of LPS. The model is to be tested in forthcoming case studies.

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A Comparative Review of Risk Management Standards

Cited by 68 publications

References 4 publications

Risk management in the aeronautical industry: results of an application of two methods

Risk management in the aeronautical industry: results of an application of two methods

Challenges in Cost Estimation under Uncertainty—A Case Study of the Decommissioning of Barsebäck Nuclear Power Plant

Is Integration of Uncertainty Management and the Last Planner System a Good Idea?

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