The two-dimensionality of project risk

Williams, T. M.

doi:10.1016/0263-7863(96)00030-0

Cited by 77 publications

(33 citation statements)

References 3 publications

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“…At first, many scholars carried out statistical methods to deal with the schedule risk and gradually, many concluded that human factors, professional experience and personal judgment were essential for risk evaluation [20]. Moreover, the indicators used to evaluate the risks can be summarized as predictability, exposure, manageability and controllability in the previous literature [21][22][23][24], and risk cost has been used as an important risk impact measurement as well [25][26][27]. In addition, diversified models could be utilized for risk assessment.…”

Section: Literature Reviewmentioning

confidence: 99%

A Systematical Framework of Schedule Risk Management for Power Grid Engineering Projects’ Sustainable Development

Rao

Zhang

Shi³

et al. 2014

Sustainability

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Schedule risks are the main threat for high efficiency of schedule management in power grid engineering projects (PGEP). This paper aims to build a systematical framework for schedule risk management, which consists of three dimensions, including the personnel dimension, method dimension and time dimension, namely supervisory personnel, management methods and the construction process, respectively. Responsibilities of staff with varied functions are discussed in the supervisory personnel part, and six stages and their corresponding 40 key works are ensured as the time dimension. Risk identification, analysis, evaluation and prevention together formed the method dimension. Based on this framework, 222 schedule risks occur in the whole process of PGEPs are identified via questionnaires and expert interviews. Then, the relationship among each risk is figured out based on the Interpretative Structure Model (ISM) method and the impact of each risk is quantitatively assessed by establishing evaluation system. The actual practice of the proposed framework is verified through the analysis of the first stage of a PGEP. Finally, the results show that this framework of schedule risk management is meaningful for improving the efficiency of project management. It provides managers with a clearer OPEN ACCESS Sustainability 2014, 6 6873 procedure with which to conduct risk management, helps them to timely detect risks and prevent risks from occurring. It is also easy for managers to judge the influence level of each risk, so they can take actions based on the level of each risk's severity. Overall, it is beneficial for power grid enterprises to achieve a sustainable management.

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Section: Literature Reviewmentioning

confidence: 99%

A Systematical Framework of Schedule Risk Management for Power Grid Engineering Projects’ Sustainable Development

Rao

Zhang

Shi³

et al. 2014

Sustainability

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“…[7] consider that the use of P and C as a risk expectations value conceal some important information, and may produce incorrect results, and he also believes that use only P and C to describe the risk is not enough, other risk aspects should be considered, such as risk predictability, risk randomicity, risk cognitive capability and so on. Thus, the two-dimensional risk measure must be to promote the multi-dimensional [10].…”

Section: Multidimensional Risk Assessmentmentioning

confidence: 99%

“…Risk assessment is a structured sciencebased process to estimate the likelihood and severity of risk with attendant uncertainty [6]. Most traditional risk assessment method are based on one dimensional or two dimensional, and the results are not objectivity, so the risk assessment method should be expanded to multidimensional angle [7], this paper will improve the Matter-clement model to provide a risk multidimensional measure of complex accident system, and offer the measure method for risk entropy.…”

Section: Introductionmentioning

confidence: 99%

Risk Multidimensional Measure of Complex Accident System

Wang¹

2014

Proceedings of the International Conference on Logistics, Engineering, Management and Computer Science

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Abstract-In order to improve complex system safety level, it must be based on an accurate measure of risk, from the perspective of complex accident system, extracted the risk multidimensional status indicators. Then improved the extenics method, the correlation function and affiliation between multidimensional risk indicators to classic matterelement region (risk level region) and festival field matterelement region (risk indicators value region) were considered. The geometric mean and arithmetic mean of single indicator risk degree was integrated to calculate the final comprehensive risk degree. The proposed method can effectively improve the objectivity and accuracy of the risk measure.

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“…Typically, risks are characterized in terms of their probability of occurrence and impact (or consequences) (Williams, 1996) and depending on the context, the risk impact can be evaluated on a single concern or on multiple concerns -also described in the literature as dimensions or attributes (Aven, 2008) (p. 42). For example in a project management context, the concerns may be timely delivery, incurred costs within the budget envelope, and conformance to specifications of the project.…”

Section: Introductionmentioning

confidence: 99%

Using MACBETH with the Choquet Integral Fundamentals to Model Interdependencies between Elementary Concerns in the Context of Risk Management

Lopes

Costa

Oliveira

et al. 2014

Proceedings of the 3rd International Conference on Operations Research and Enterprise Systems

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Abstract:Effective risk management typically requires the evaluation of multiple consequences of different sources of risk, and multicriteria value models have been used for that purpose. The value of mitigating a risk impact is often considered by risk managers as dependent on the levels of other impacts, therefore there is a need for procedures to identify and model these interactions within a value measurement framework. The Choquet Integral (CI) has been used for this purpose, and several studies in the performance measurement literature have combined the 2-additive CI operator with the MACBETH approach to model interdependencies in real contexts. In this paper, we propose an alternative procedure to model interdependencies and determine the CI parameters from one single MACBETH global matrix. The procedure is illustrated with the construction of a descriptor of impacts to evaluate the risk impacts at ALSTOM Power. The paper further explains the questioning protocol to apply the proposed procedure, as well as how decision-makers can interpret the CI parameters.

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The two-dimensionality of project risk

Cited by 77 publications

References 3 publications

A Systematical Framework of Schedule Risk Management for Power Grid Engineering Projects’ Sustainable Development

A Systematical Framework of Schedule Risk Management for Power Grid Engineering Projects’ Sustainable Development

Risk Multidimensional Measure of Complex Accident System

Using MACBETH with the Choquet Integral Fundamentals to Model Interdependencies between Elementary Concerns in the Context of Risk Management

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