Application of systems thinking to risk management:

Abstract

Systems thinking is holistic, that is it deals with wholes rather than parts and is relevant to tackling ill‐structured “messy” problems. Reviews the literature on risk to identify the techniques and concepts used in the management of risk and the identification of potential failures. The majority of the concepts identified are found to be systematic and reductionist. Also identifies related concepts not used in the techniques which are found to be more holistic. Classifies the concepts according to their use and holistic qualities. Briefly describes a systems approach to failures. As risk is associated with uncertainty and ill‐structured problems, suggests that systems thinking could be a valuable aid to risk management.

Manajemen Risiko Berbasis Spiritual Islam

“…Sebagai akibatnya, belum dapat melaporkan potensi risiko secara lebih dini dan rinci. Proses manajemen risiko pada bisnis di Ponpes Sunan Drajat merupakan perpaduan antara framework yang dikemukakan White (1996) dan Djojosoedarso (2003), namun didasari dengan niat yang kuat sematamata karena Allah SWT dan adanya kekuatan spiritual yaitu khusnuzhzhan (berprasangka baik) kepada Allah SWT bahwa sebesar apapun risiko yang ada diyakini pasti dapat dieliminir. Dengan demikian, framework manajemen risiko pada bisnis di Ponpes Sunan Drajat dilaksanakan melalui tahapan: (1) niat, (2) identifikasi risiko, (3) analisis dan penilaian/pengukuran risiko, (4) evaluasi dan tindakan risiko, (5) monitoring risiko dan pelaporan risiko.…”

Assessing the Risks of Asian Development Projects: A Theoretical Framework and Empirical Findings

“…Many construction project risk assessment methods currently used are comparatively mature tools (Zeng et al, 2007). Monte Carlo Simulation (Sadeghi, 2010), Sensitivity Analysis (White, 1995) …”

A review of fuzzy risk assessment models for construction projects

“…(Bowles and Pelaez, 1995). Other advanced approaches have been proposed as follows: a Monte Carlo Simulation (White, 1995) for stochastic quantitative modeling and analysis; a scenario analysis (Rainer, et al, 1991), and fuzzy set theory for qualitative judgments (Rainer, et al, 1991). There are many factors which should be considered when a project risk manager selects a risk assessment method, i.e., the cost of employing the technique, the level of any external party`s approval, the organizational structure, agreement, adoptability, complexity, completeness, level of risk, organizational size, organizational security philosophy, consistency, usability, feasibility, validity, credibility, and automation (Lichtenstein, 1996).…”

“…The simple classical methods integrate deterministic risk modeling and analysis into CPM scheduling. The deterministic methods include sensitivity analysis (White, 1995), the critical path method (Kaufmann and Gupta, 1998), fault tree analysis (Terano, Asai and Sugeno, 1992), event tree analysis (Huang, Chen and Wang, 2001), failure modes, and effects and criticality analysis, etc. (Bowles and Pelaez, 1995).…”