Development of Project Risk Management framework based on Industry 4.0 technologies

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Santosh B. Rane ◽  
Prathamesh Ramkrishana Potdar ◽  
Suraj Rane
Keyword(s):  
Risk Management ◽  
Industry 4.0 ◽  
Construction Projects ◽  
Construction Project ◽  
Project Risk Management ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Framework ◽  
Heavy Equipment ◽  
Efficiency And Effectiveness

Purpose The purpose of this paper is to identify the risks involved in the construction project based on a literature survey (LS), to develop a project risk management (PRM) framework based on Industry 4.0 technologies and to demonstrate the developed framework using Internet of Things (IoT) technology. Design/methodology/approach A comprehensive LS was carried out to know the different risks involved in the construction project and developed a PRM framework based on Industry 4.0 technologies to increase the effectiveness and efficiency of PRM. Heavy equipment and parameters were identified to demonstrate the developed framework based on IoT technology of Industry 4.0. Findings This paper demonstrates Industry 4.0 in the various stages of PRM. LS has identified 21 risks for a construction project. The demonstration of the PRM framework has identified the sudden breakdown of equipment and uncertainty of equipment as one of the critical risks associated with heavy equipment of construction project. Research limitations/implications The project complexity and features may add a few more risks in PRM. Practical implications The PRM framework based on Industry 4.0 technologies will increase the success rate of the project. It will enhance the efficiency and effectiveness of PRM. Originality/value The developed framework is helpful for the effective PRM of construction projects. The demonstration of PRM framework using IoT technology provides a logical way to manage risk involved in heavy equipment used in a construction project.

scholarly journals Measuring the performance of project risk management: a preliminary model

2019 ◽  
Vol 11 (1) ◽  
pp. 1984-1991
Author(s):  
Alfredo Federico Serpell ◽  
Ximena Ferrada ◽  
Larissa Rubio
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Research Literature ◽  
Lessons Learned ◽  
Project Risk Management ◽  
Project Risk ◽  
Know How ◽  
Construction Companies ◽  
Important Concern ◽  
Preliminary Model

Abstract The function of project risk management (PRM) is to understand the uncertainty that surrounds a project and to identify the potential threats than can affect it as well as to know how to handle these risks in an appropriate way. Then, the measurement of the performance of PRM becomes an important concern, an issue that has not yet been addressed in the research literature. It is necessary to know how successful the application of the PRM process is and how capable is the process within the organization. Regarding construction projects, it is essential to know whether the selected responses to mitigate or eliminate identified risks were suitable and well implemented after the execution of the project. This paper presents a critical analysis of the relevance of measuring the performance of PRM and the benefits of doing so. Additionally, it presents a preliminary and pioneering methodology to measure the performance of PRM through the evaluation of the adequacy of responses applied to mitigate risks as well as to evaluate the resulting impacts as indicators of the effectiveness of these actions at the end of the project. This knowledge will allow construction companies to incorporate good practices, generate lessons learned, and thereby to promote a continuous improvement of the whole PRM process.

Project risk planning in high-tech new product development

2016 ◽  
Vol 29 (2) ◽  
pp. 110-124 ◽  
Author(s):  
Jorge Ayala-Cruz
Keyword(s):  
Risk Management ◽  
New Product Development ◽  
New Product ◽  
High Tech ◽  
Project Risk ◽  
Content Type ◽  
Management Framework ◽  
Risk Management Framework ◽  
Project Risks

Purpose The purpose of this paper is to present the implementation and testing of a modified project risk management framework that integrates PMI’s framework with Monte Carlo simulation to improve the effectiveness in high-tech new product development (NPD) projects. Design/methodology/approach The modified framework considers three bodies of knowledge: project management, risk management, and Monte Carlo simulation to produce an enhance project risk management framework. Its application is shown through a case study. Findings Using the integrated framework in a recent case study project and prior NPD projects measures (as benchmarks), it was shown that it could help to enhance risk responses caused by task durations and costs’ uncertainties. The framework proved to be better than segregated generic best practices and was key in providing insight to the issue of early project risk assessment. Research limitations/implications More experimental replications are required for enhancement effectiveness assertions of the framework, through the application of the framework to similar case studies. Furthermore, this could improve its reliability and soundness. Practical implications Future directions for research could include case and empirical studies that include hypothesis’s testing, and the integration of optimization procedure for improved NPD project’s planning and execution. Originality/value This paper outlines a way to close the gap of project risks management planning in NPD’s initiatives. It was motivated by a relatively new tendency in exploring integrated frameworks to deal with complex project risks issues.

scholarly journals Network Theory-Based Analysis of Construction Project Risks

2016 ◽  
Vol 5 (2) ◽  
pp. 24
Author(s):  
Hafida Lmoussaoui ◽  
Hicham Jamouli
Keyword(s):  
Risk Management ◽  
Network Theory ◽  
Construction Projects ◽  
Construction Project ◽  
Risk Identification ◽  
Project Risk Management ◽  
Monitoring And Control ◽  
Project Risk ◽  
Novel Approach ◽  
Project Risks

<p>Because of their specific and complex characteristics, construction projects are exposed to numerous risks of various natures, which make their management more difficult. In this setting, Project Risk Management is an indispensable activity for their successful delivery. It consists in the risk identification, assessment, prioritization, treatment, monitoring and control. This paper presents a novel approach for the identification of construction project risks and a network theory-based methodology for their modelling and analysis. These models serve as a powerful tools comparing to classical methods and provide a support for decision-making regarding Project Risk Management. A case study of a real construction project is used to illustrate these findings.</p>

scholarly journals Developing a Risk Management Framework in Construction Project Based on Agile Management Approach

2019 ◽  
Vol 5 (3) ◽  
pp. 608
Author(s):  
Mohammed Neamah Ahmed ◽  
Sawsan Rasheed Mohammed
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Construction Project ◽  
Management Approach ◽  
Management Framework ◽  
Contact Points ◽  
Risk Management Framework ◽  
Management Concepts ◽  
Flexible Management

Construction projects in nature, carry a lot of risks, and unpredictable conditions. Thus, flexible management is required for the purpose of efficient responding to the various changes appear during their implementation. As an attempt to deal with risk in the construction project, this research aims at proposing a risk management framework in construction projects that built based on Agile management concept, which is a sequence of procedure deals with the project’ primary vision to its final delivery. The risk management framework will trace alignment and discover a contact between Agile and traditional project management concepts and find contact points among two of the more used Agile frameworks (Scrum) and one of the more confirmed project management framework (PMBOK®) processes. This will result in a recognition of comparable areas between Scrum and PMBOK® processes. The goal of the framework is to assist the project managers to adapt a more flexible approach to managing and implementing the construction project. The results proved that Agile management process from the create prioritized project backlog, sprint planning, sprint review, to sprint retrospective procedures and less time of the cycle, eliminate or mitigate many risks that lead to project challenges and failure.

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