A Quantitative Framework for Managing Project Value, Risk, and Opportunity

Browning, Tyson R.

doi:10.1109/tem.2014.2326986

Cited by 52 publications

(39 citation statements)

References 73 publications

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“…Browning et al (2002), which is described in more detail in the paper from Browning and Hillson (2003) represents the model that describes the product attributes by the utility functions. The model is described by the following equation:…”

Section: Models For the Quantitative Project Risks Analysismentioning

confidence: 99%

“…If the terminology distinctions are set aside, as well as the fact that RAKA model includes the concept of detection probability, or probability of not detecting the error, depending on the error deriving from either opportunity or threat, there are differences in the functions which connect these variables. The "Risk Value Method" (Browning et al 2002, Browning andHillson, 2003) has focus on the quantitative analysis of highly complex systems, presenting the risk value as the integral of the multiplication of the probability and the impact for all the risk outcomes. On the other hand, through the RAKA model the impacts of all the risks (both opportunities and threats) which influence all the project goals are integrated.…”

Section: Models For the Quantitative Project Risks Analysismentioning

confidence: 99%

See 1 more Smart Citation

Comparative review of the risk assessment quantitative models for public open spaces lighting design optimisation

Ivan¹,

Ivana²,

Milos³

2017

Istrazivanja I Projektovanja Za Privredu

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The key focus in the paper is on the presentation of the risk assessment model in the optimisation design process by establishing the link between the various phases that result in the successful project implementation. Through the comparative analysis of the quantitative risk assessment models a number of impacts on the design process are shown which occur in different project phases. This approach has proved the RAKA model (Risk Analysis by Key-factors Assessment) to be the most adequate mathematical model for the assessment of the risks on the project goals in the optimisation process of the development of the products for the accomplishing lighting of the open public spaces. The particularities of the model are best described by the predetermined criteria which contribute to the optimisation of the design process through the quantitative analysis of the project risks, ac-

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Section: Models For the Quantitative Project Risks Analysismentioning

confidence: 99%

Section: Models For the Quantitative Project Risks Analysismentioning

confidence: 99%

Comparative review of the risk assessment quantitative models for public open spaces lighting design optimisation

Ivan¹,

Ivana²,

Milos³

2017

Istrazivanja I Projektovanja Za Privredu

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“…Jackson & Dutton (1988), Jaafari (2001), Olsson (2007), Perminova et al (2008), Lechler and Byrne (2010), Oliomogbe and Smith (2012), Lechler et al (2012;2013), Browning (2014), Ang and Killen (2015), Fahri et al (2015), and Heravi et al (2015). Table 1 gives an overview of some of the core concepts selected for this paper.…”

Section: The Concept 'Megaproject'mentioning

confidence: 99%

Increasing project benefits by project opportunity exploitation

Eskerod

Ang

Andersen

2018

IJMPB

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Per definition, megaprojects consume numerous resources and impact numerous people, even across generations. It is therefore important that they bring excessive benefits to their stakeholders and to the society at large. The concept 'Project Opportunity' is of growing interest within project management research. The idea is that exploitation of project opportunities may bring more benefits than stipulated in the initial business case, and even stakeholder benefits that nobody thought of at the project initiation. In this paper, we encourage a new research area for megaprojects, i.e. the phenomenon of project opportunity exploitation as a means to increasing project benefits.The paper is based on a single case study of an infrastructure megaproject, i.e. the construction and operation of a 50+ years old American bridge. To investigate project opportunity exploitation during the project execution and operation, data covering 60+ years was been collected, e.g. historical documents, newspaper articles, interviews, and video-recordings.Some interviewees were involved in the bridge construction -and can draw on an almost lifelong memory of the bridge's significance.The research indicates that (1) Exploiting all opportunities created by the project and increasing project benefits require involvement from many categories of stakeholders; (2) Stakeholders get more involved in exploiting the opportunities created by the project when they 3 are proud of the project; (3) For some of the project-related opportunities, it might take a long time before they can be exploited (and related benefits achieved); and (4) Celebrating achievements of the project stimulate stakeholders to exploit opportunities created by the project and contribute to further benefits of the project. In terms of managerial implications, the findings point to the necessity of continuous communication about the project from the project owner (team), also after the project execution phase, in order to enhance project opportunity exploitation and increased benefits.

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“…The presented top-down approach could be further complemented by a bottom-up approach, which specifically focuses on the development of activity modes by determining their effort/benefit ratio regarding their added value for a project (cf. Browning, 2014).…”

Section: Summary Contribution and Outlookmentioning

confidence: 99%

Supporting Tailoring of Complex Product Development Processes: An Approach Based on Structural Modelling and Analysis

Hollauer¹,

Langner²,

Lindemann³

2018

Proceedings of the DESIGN 2018 15th International Design Conference

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Project tailoring is discussed in academia and industry as a way to bridge the project-specific adaptation of generic organizational reference process models. Research into process tailoring in interdisciplinary product development is currently limited. We have developed a structure-based approach for supporting process tailoring, addressing limitations in existing approaches through: Concrete method support; systematic analysis of documented tailoring knowledge using structural analysis; and social aspects, e.g. stakeholder inclusion. The approach has been evaluated in eight case studies.

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A Quantitative Framework for Managing Project Value, Risk, and Opportunity

Cited by 52 publications

References 73 publications

Comparative review of the risk assessment quantitative models for public open spaces lighting design optimisation

Comparative review of the risk assessment quantitative models for public open spaces lighting design optimisation

Increasing project benefits by project opportunity exploitation

Supporting Tailoring of Complex Product Development Processes: An Approach Based on Structural Modelling and Analysis

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