scholarly journals Project risk management in complex petrochemical system

2012 ◽  
Vol 66 (1) ◽  
pp. 135-148 ◽  
Author(s):  
Snezana Kirin ◽  
Aleksandar Sedmak ◽  
Lela Nesic ◽  
Ilija Cosic
Keyword(s):  
Risk Management ◽  
Complex Structure ◽  
Implementation Process ◽  
Project Risk Management ◽  
Project Risk ◽  
Industrial Systems ◽  
Factors Influencing ◽  
Modern Methods ◽  
Main Factors ◽  
Petrochemical Company

Investigation of risk in complex industrial systems, as well as evaluation of main factors influencing decision making and implementation process using large petrochemical company as an example, has proved the importance of successful project risk management. This is even more emphasized when analyzing systems with complex structure, i.e. with several organizational units. It has been shown that successful risk management requires modern methods, based on adequate application of statistical analysis methods.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

scholarly journals Analysis of interactions among barriers in project risk management

2017 ◽  
Vol 14 (1) ◽  
pp. 153-169 ◽  
Author(s):  
Rahul V. Dandage ◽  
Shankar S. Mantha ◽  
Santosh B. Rane ◽  
Vanita Bhoola
Keyword(s):  
Risk Management ◽  
Project Risk Management ◽  
Project Risk
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