Proactive Risk Management

Smith, Preston G.; Merritt, Guy M.

doi:10.4324/9780367807542

Cited by 33 publications

(24 citation statements)

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“…Stewart and Fortune (1995) stated that all project lifecycles consist of a sequence of stages and activities, and there is always a degree of risk associated with each stage. To improve project success rates, it is essential to manage the risks in every stage (Keizer et al , 2002; Smith and Merritt, 2002; Bush et al , 2005; Ahmad et al , 2014).…”

Section: Literature Surveymentioning

confidence: 99%

Strategy development using TOWS matrix for international project risk management based on prioritization of risk categories

Dandage

Mantha²,

Rane³

2019

IJMPB

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Purpose International projects very commonly experience failure due to various factors at the global level. Especially, large projects at the international level virtually have no chance of meeting scope, time, cost and quality. This fact has been underlined by most of the international surveys and published literature. Effective risk management plays a vital role in preventing projects from failure by implementing appropriate risk response strategies. The success of risk management will be based on the understanding of various risk categories which specifically affect international projects, analysis of their interdependence, prioritize them according to their importance and develop strategies for risk management based on the prioritization. The paper aims to discuss these issues. Design/methodology/approach This paper represents typical eight risk categories frequently observed in the international projects through literature survey and feedback from project professionals. Interpretive structural modeling (ISM) and Matrice d’Impacts croises-multiplication applique´ an classment (MICMAC) analysis have been used to analyze the interactions among the risk categories and prioritize them. The strategy management tool threats, opportunities, weaknesses and strengths (TOWS) matrix has been used to develop the strategies for effective project risk management. Findings The analysis represents political risks, contractual and legal risks, cultural risks, and financial and economic risks as the highest priority risk categories, the mitigation of which should be paid the highest attention. The strengths-threats strategy has been applied to develop the strategies by identifying the various internal strengths of project organization to overcome the various threats caused by the eight risk categories observed in international projects. Research limitations/implications This paper tries to represent the prioritization of international project risk categories which are generic in nature. For any specific international project, the risk categories as well as their prioritization may be slightly varying. The tool used for prioritization; Interpretive structural modeling (ISM) is more suitable for few numbers of variables as it becomes complex as the number of variables increases. The strengths and threats considered for developing strategies using TOWS matrix are based on the feedback from project professionals and may vary according to the nature of project. Originality/value This paper uses ISM and MICMAC for risk prioritization in international projects and TOWS matrix for developing risk management strategies. This may trigger new opportunities for in-depth research in the risk management strategy development for international projects.

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Section: Literature Surveymentioning

confidence: 99%

Strategy development using TOWS matrix for international project risk management based on prioritization of risk categories

Dandage

Mantha²,

Rane³

2019

IJMPB

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“…Risk management is identifying, analyzing and prioritizing risks and response planning by applying economic resources to minimize the risks. Smith et al define risk as an undesired outcome of investment [4]. According to Leo et al risk management constitutes risk identification, monitoring, assessment, testing, reporting and oversight [1].…”

Section: Literature Reviewmentioning

confidence: 99%

Research on Risk Management in Banking System

Chen¹

2023

HBEM

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Risk management equips a bank with the tools that risk managers can use to detect, analyze and resolve risks. Risk management enlightens a business on the different ways to deal with risks by providing a guideline for sound decision-making. Risk management involves several processes like assessment, communication, monitoring and valuation of risks. A company can ensure the security of their assets and prevent losses through these processes. Also, it enables the business to weigh the options of risks and make a sound decision on investments. This paper explores the impact of risk management in banking by analyzing the risk management process, strategies, types of risks, technologies and quantitative methods in banking.

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“…They lack skills to evaluate information critically and require this training via engaging ways (e.g., journaling, discussion, and reflection and learning through teamwork, debate, problem-solving, and reflection) [ 70 , 71 , 72 ]. Risk management is widely presented in the literature [ 54 , 56 , 73 , 74 , 75 , 76 , 77 , 78 ]. Researchers point out that risk management starts with analysing all crucial information.…”

Section: Literature Reviewmentioning

confidence: 99%

Understanding the Impact of Generation Z on Risk Management—A Preliminary Views on Values, Competencies, and Ethics of the Generation Z in Public Administration

Dobrowolski

Drozdowski

Panait

2022

IJERPH

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Gen Z, people born in the Internet age, are entering the labour market and soon will be responsible for public administration. Such a situation creates the need to study their professional motivations and competencies. We aim to determine: (1) What are the motivating factors of Gen Z representatives? (2) What is the factor’s structure of competencies of Gen Z employees? (3) Do Gen Z’s interest in public administration result from their needs to realise the public interest? These questions are fundamental for the strategy of hiring and training newcomers. This original paper’s insights have emerged iteratively based on a systematic literature searching method and data obtained from the surveys (n = 335). Research of Polish representatives of Gen Z showed that their expectations are similar to those found in other countries. However, their responses suggest that ethical issues are not the most important for them. The presence of generation G on the labor market will generate a paradigm shift in the activity of companies and public institutions that will be the employers of these young people. Reconfiguration of the principles of human resource management is necessary so that organizations benefit from the qualities of generation Z—they gravitate towards gamified processes because of mobile-centricity; they are natives of global communication, self-learners, and self-motivators; they appreciate transparency.

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Proactive Risk Management

Cited by 33 publications

References 0 publications

Strategy development using TOWS matrix for international project risk management based on prioritization of risk categories

Strategy development using TOWS matrix for international project risk management based on prioritization of risk categories

Research on Risk Management in Banking System

Understanding the Impact of Generation Z on Risk Management—A Preliminary Views on Values, Competencies, and Ethics of the Generation Z in Public Administration

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