Modelling human resource dimension of international project risk management

Abstract

Purpose Project risk management (PRM) and human resource management (HRM) are the two critical success factors (CSFs) for international project management. This paper aims to correlate these two CSFs, identify the human resource (HR) barriers, develop a hybrid model for risk management and develop strategies to overcome the HR barriers to effective risk management in international projects. Design/methodology/approach In total, 20 key HR barriers have been identified through a literature survey and verified by project professionals. These HR barriers are ranked according to their ability to trigger other barriers by analysing their interactions using the decision-making trial and evaluation laboratory (DEMATEL) method. Based on Ulrich’s revised model for HR functions, a hybrid framework for international PRM has been proposed. Findings DEMATEL analysis categorized nine barriers as cause barriers and 11 as affected barriers. The “PROJECTS” model proposed for HR strategy development suggests eight strategies to overcome these nine cause barriers. The hybrid PRM framework developed includes the effect of the HR dimension. Research limitations/implications This paper presents the generalized prioritization of HR barriers to international PRM. For a specific international project, the HR barriers and their prioritization may change slightly. The hybrid framework for PRM and the strategy development model suggested are yet to be validated. Originality/value Correlating two CSFs in international project management, i.e. HRM and PRM and ranking the HR barriers using the DEMATEL method is the uniqueness of this research paper. The hybrid framework developed for PRM based on HR functions in Ulrich’s revised model and the proposed new HR strategy development model “PROJECTS” are unique contributions of this paper.

Planning the appropriate Risk Response Strategies by Exploring and Prioritizing the Risk Categories in International Projects

“…Factors like changes in government policies, and unstable legal procedures can also create financial & economic risks for the company. (Ahsan and Gunawan, 2010;Hartono et al, 2013, Hwang, Zhao andGay, 2013;Lam et al, 2007;Dandage et al,2017, Dandage et al,2018a, Dandage et al,2021. 2) Contractual & Legal Risks-Every country has its legal procedures and regulations for overseas companies executing projects in that country.…”

“…Subcontractor-related risks-For many international projects, subcontractors are selected from the host country or they may be from across the world. The inefficiency of the subcontractor because of poor coordination or the inadequate number of staff or weak financial condition affects the performance of the projects (Lam et al, 2007;Dandage et al, 2018b, Dandage et al, 2021. Operational risks-These risks are defined as the risks which emerge during the actual execution of the project activities.…”

Application of fuzzy TOPSIS framework for selecting complex project in a case company

“…Ma et al (2020) studied multicriteria project portfolio selection based on sustainability. Multi-criteria project selection based on uncertainty and risk are studied too (Jafarzadeh et al, 2018;Davoudabadi et al, 2019;Ma et al, 2020;Pramanik et al, 2020;Dandage et al, 2021). In the case of the complex Application of fuzzy TOPSIS framework project selection method, it is essential to find out the factors that affect projects, complexity (Dobrovolskiene and Tamosiuniene, 2016;Floyd et al, 2017;Park et al, 2018;Mishra and Mahanty, 2019).…”

Leveraging the industry 4.0 technologies for improving agility of project procurement management processes

“…With the fast pace of change, there is a sense of unpredictability and procurement is the one function that can bring everything together to help companies adapt. In this quickly changing world, companies need to be able to adapt to changes to reduce risk and take advantage of opportunities (Rane et al 2021;Dandage et al 2021). The engine that drives that adaptability is agile procurement (Denali-A WNS Company & JAGGAER 2017).…”