Reducing Project Risk

Kliem, Ralph L.; Ludin, Irwin S.

doi:10.4324/9781315245089

Cited by 21 publications

(17 citation statements)

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“…Boehm [3] described a process with two main phases: risk assessment, which includes identification, analysis, and prioritization, and risk control, which includes risk management planning, risk resolution, and risk monitoring planning, tracking, and corrective action. Similar to Deming's quality improvement cycle (plan, do, check, act), Kliem and Ludin [4] suggested a four-phase process (identification, analysis, control, and reporting). According to International Organization for Standardization 31000, risk management creates and protects value [5].…”

Section: Literature Reviewmentioning

confidence: 99%

Risk Management for Defense SoS in a Complex, Dynamic Environment

Kordova

Fridkin

2021

Sustainability

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Identifying and assessing risk is one of the most important processes in managing complex systems and requires careful consideration. The need for an effective, efficient approach to risk management is considerably more important for defense industries, because they are exposed to risk in the early stages of development. This paper uses heterogeneity and homogeneity analysis between risk factors with Cochran’s Q test and multidimensional scaling in order to present the complexity of the risk factors relevant to defense systems of systems (SoSs), and it proposes a methodology for identifying, analyzing, and monitoring the risks that they face. Findings from an in-depth analysis of 46 classified defense SoSs shows a need to focus on three main risks faced by defense projects: insufficient human resources, changes in the original specifications, and lack of other (nonhuman) resources. The paper also presents some recommendations for minimizing risk factors in defense SoSs.

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Section: Literature Reviewmentioning

confidence: 99%

Risk Management for Defense SoS in a Complex, Dynamic Environment

Kordova

Fridkin

2021

Sustainability

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“…Sources of risk can be related to management of internal resources and external environment (Tah et al, 1993). Internal risks arise from several factors of a project itself, such as team size, history and project similarity, staff expertise and experience, complexity management stability, time compression and resource availability (Kliem and Ludin, 1997). External risks are related to the political, economic, social and natural environment (Alaghbari et al, 2007).…”

Section: Construction Project Risksmentioning

confidence: 99%

A risk-oriented tender evaluation system for construction projects in Malaysia

Ismail

Sun

Bowles

2020

ECAM

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PurposeThis paper presents results of an empirical investigation involving private construction clients in Malaysia, which seeks to establish appropriate tender evaluation criteria and weightings for a risk-oriented tender evaluation system.Design/methodology/approachAt the initial stage of this study, a list of significant risks is identified and gathered through literature review. These risks are then mapped onto tender evaluation criteria. Following this, the identified risks and their mappings are validated through a questionnaire survey to determine appropriate criteria for tender evaluation. Weightings for the selected evaluation criteria are established through an analytic hierarchy process (AHP) group decision-making (GDM) method.FindingsIn practice, different lists of criteria, covering tender's technical capability and financial performance, are often used by different client organisations. However, there is a paucity of research behind the selection of these criteria and the weighting being attributed to different criteria.Originality/valueThis study provides an important and a valuable insight into the actual criteria used during tender evaluation practice based on an analysis of documentary evidence. Both current practice and existing tender evaluation studies failed to address the risk element adequately. There is a lack of an explicit link between evaluation criteria and project risks. This study fills this knowledge gap by identifying tender evaluation criteria through reviewing criteria used in practice and examining their links to risk factors.

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“…Boehm [3] described a process with two main phases: risk assessment, which includes identification, analysis and prioritization, and risk control, which includes risk management planning, risk resolution and risk monitoring planning, tracking and corrective action. Similar to Deming's quality improvement cycle (Plan, Do, Check, Act), Kliem and Ludin [4] suggested a fourphase process (identification, analysis, control and reporting). According to ISO 31000 risk management creates and protects value [5].…”

Section: Literature Reviewmentioning

confidence: 99%

Risk Management for Defense Systems in a Complex, Dynamic Environment

Kordova¹,

Fridkin²

2020

Preprint

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Identifying and assessing risk is one of the most important processes in managing complex systems and requires careful consideration. The need for an effective, efficient approach to risk management is considerably more important for defense projects based on systems of systems (SoS), because they are exposed to risk already in early stages of development. This paper uses advanced data science tools to present the complexity of the risk factors relevant to defense systems, and proposes a methodology for identifying, analyzing and monitoring the risks that they face. Findings from an in-depth analysis of 46 classified defense projects based on SoS shows a need to focus on three main risks faced by defense projects: uncertainty, the lack of clearly defined goals, and managing a system under constrained conditions. The paper also presents some recommendations for minimizing risk factors in SoS for defense projects.

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Reducing Project Risk

Cited by 21 publications

References 0 publications

Risk Management for Defense SoS in a Complex, Dynamic Environment

Risk Management for Defense SoS in a Complex, Dynamic Environment

A risk-oriented tender evaluation system for construction projects in Malaysia

Risk Management for Defense Systems in a Complex, Dynamic Environment

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