scholarly journals Risk Assessment of Additional Works in Railway Construction Investments Using the Bayes Network

2019 ◽  
Vol 11 (19) ◽  
pp. 5388 ◽  
Author(s):  
Agnieszka Leśniak ◽  
Filip Janowiec
Keyword(s):  
Risk Assessment ◽  
Construction Projects ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Risk Identification ◽  
Bayes Network ◽  
Risk Management Strategies ◽  
Significant Extension ◽  
Development Goals ◽  
Mitigation Methods

The implementation of railway infrastructure construction projects including sustainable development goals is a complex process characterized by a significant extension of individual investment stages. The need for additional works has a big impact on construction railway projects, representing a risk which is the result of many different factors. During the execution of works, both the design assumptions and the conditions of the project’s implementation can be changed. An attempt to eliminate potential risks is a key element of construction projects. The article proposes a proprietary management method for the risk of additional works in railway projects. A methodology for creating risk management strategies using a standard algorithm that includes risk identification, risk analysis, and risk assessment is presented. The original elements of the work include risk identification followed by analysis using Bayesian networks. Using the example of a scenario of events, it is shown that a well-programmed network can be used to implement risk mitigation methods. Using the network, it is possible to compare different ways to reduce risk, check the effect of reducing the risk factors, and determine a satisfactory level of effects, e.g., increased financial resources as a result of additional works.

scholarly journals A MANAGEMENT RISKS OF ENTERPRISE IS IN MODERN TERMS MENAGE

2021 ◽  
Author(s):  
Lesia Sarana ◽  
Olena Bilan ◽  
Inna Bitiuk
Keyword(s):  
Risk Management ◽  
Risk Mitigation ◽  
Action Plan ◽  
Management Strategies ◽  
Risk Identification ◽  
Monitoring And Control ◽  
Advantages And Disadvantages ◽  
The Future ◽  
Risk Management Strategies ◽  
Reactive Strategy

The article examines the definition of "risk" and "risk management" based on the scientific works of domestic scientists. There are six main interrelated stages (risk identification, risk analysis, risk assessment, action plan development, risk mitigation, risk monitoring and control) of risk management, which will prevent problems or adverse events through effective crisis management and prevention occurrence of additional costs at the enterprise. The end result of each stage of risk management is a decision. Usually the output is more solutions. An unacceptable level of risk requires stopping the current process and taking measures to reduce the risk. If the risk is acceptable and not insignificant and the profit potential is significant, a precautionary plan is usually used to mitigate it. A system model of risk management is developed and the characteristics of its constituent elements are given (risk management strategy; identification of processes and risks; risk management; monitoring of risks and their impact; optimization of corporate risk management system). Proactive and reactive risk management strategies are researched and characterized, indicating the advantages and disadvantages of strategies. Reactive strategy is used to solve problems after they arise, without planning for the long term. In some cases, unforeseen problems can arise, both internal and external. In such cases, the company must respond quickly. Proactive strategies are designed to anticipate challenges, threats and opportunities. This approach focuses on planning for the future. In addition, it helps to identify and prevent potential hazards before they appear. In this way, he can predict the future and achieve better results. Planning for the future will bring favorable results for the organization in all aspects. If the company follows a purely reactive approach, it will be exposed to enormous risk. However, there are problems that business cannot avoid, especially problems related to the external environment. In these circumstances, the organization must act quickly, and pre-planning does not work. Thus, businesses should apply both strategies in risk management.

The Effects of Decision Aid Orientation on Risk Factor Identification and Audit Test Planning

2002 ◽  
Vol 21 (2) ◽  
pp. 39-56 ◽  
Author(s):  
Jean C. Bedard ◽  
Lynford E. Graham
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Decision Aid ◽  
Decision Aids ◽  
Management Strategies ◽  
Risk Identification ◽  
Matched Pair ◽  
Audit Planning ◽  
Audit Firms ◽  
Risk Management Strategies

In auditing, risk management involves identifying client facts or issues that may affect engagement risk, and planning evidence-gathering strategies accordingly. The purpose of this paper is to examine whether auditors' identification of risk factors and planning of audit tests is affected by decision aid orientation, i.e., a “negative” focus wherein client risk and its consequences are emphasized, or a “positive” focus where such factors are not emphasized. Specifically, we expect that auditors will identify more risk factors using a negatively oriented risk identification decision aid, but only when engagement risk is relatively high. We address this issue in the context of auditors' knowledge of actual clients, manipulating decision aid orientation as negative or positive in a matched-pair design. Results show that auditors using the negative decision aid orientation identify more risk factors than do those using a positive orientation, for their higher-risk clients. We also find that decisions to apply substantive tests are more directly linked to specific risk factors identified than to direct risk assessments. Further, our results show that auditors with repeat engagement experience with the client identify more risk factors. The findings of this study imply that audit firms may improve their risk management strategies through simple changes in the design of decision aids used to support audit planning.

Persistence and Potential Lethality in Intimate Partner Violence: Evaluating the Concurrent and Predictive Validity of a Dual Risk Assessment Protocol

2021 ◽  
pp. 107780122098834
Author(s):  
Kirk R. Williams ◽  
Richard Stansfield ◽  
Jacquelyn Campbell
Keyword(s):  
Risk Assessment ◽  
Intimate Partner Violence ◽  
Predictive Validity ◽  
Race And Ethnicity ◽  
Partner Violence ◽  
Management Strategies ◽  
Intimate Partner ◽  
Assessment Protocol ◽  
Risk Management Strategies ◽  
Domestic Violence Screening

This study seeks to determine the concurrent and predictive validity of a dual risk assessment protocol. It combines the risk of persistence in intimate partner violence (IPV) measured via the Domestic Violence Screening Instrument–Revised (DVSI-R) with supplemental items from the Danger Risk Assessment (DRA) bearing on the risk of potential lethality. We further test whether this assessment protocol reproduces disparities by race and ethnicity found in the larger population. Using a sample of 4,665 IPV male defendants with a female victim, analyses support both types of criterion validity. The DRA risk score is associated with felony charges, incarceration at the initial arrest, and the frequency of subsequent dangerous behavior. Results also suggest minimal predictive bias or disparate impact by race and ethnicity. Incorporating supplemental items bearing on potential lethality risk adds important information concerning the risk management strategies of those involved in IPV.

scholarly journals Identification of Risks Pertaining to Abandoned Housing Projects in Malaysia

2015 ◽  
Vol 2015 ◽  
pp. 1-12 ◽  
Author(s):  
Hamzah Abdul-Rahman ◽  
Chen Wang ◽  
Nur Hamizah Ariffin
Keyword(s):  
Construction Projects ◽  
Quantitative Methods ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Housing Projects ◽  
Qualitative And Quantitative Methods ◽  
Risk Management Strategies ◽  
Housing Industry ◽  
Ground Condition ◽  
Very High

Housing industry is one of the most dynamic, risky, and challenging industries. In Malaysia, this industry has a poor reputation for managing risks, with many major projects failing to be completed within the allotted time. Due to the inherent risks involved in construction projects, it is essential to recognize the risks that cause problems associated with abandoned housing projects. Therefore, this study aims to identify the risks that contribute to issues of abandoned housing projects and to propose mitigation strategies. The methodologies used in this study are combination of qualitative and quantitative methods of literature review, questionnaire survey, and interview. The results show that many risks are involved in housing project, including risks related to environmental impacts, construction, politics, law, management, finance, materials, and economy, of which the probability of risks from unexpected ground condition, project delays, bureaucracy, contractual disputes between developer and landlord, weakness in management by inexperience developer, and financial crisis is very high. It was also found that all relevant parties involved in housing industry are required to have extensive cooperation in advance and should perform systematic risk management strategies in order to mitigate the risks leading to problems associated with abandoned housing projects.

Risk Management Strategies for Project Success

2018 ◽  
pp. 250-267
Author(s):  
Vittal S. Anantatmula ◽  
Yang Fan
Keyword(s):  
Risk Management ◽  
Project Success ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Management Plan ◽  
Mitigation Strategies ◽  
Risk Management Plan ◽  
Industrial Sectors ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

As projects are associated with risks due to the presence of uncertainties and unknowns, risk management assumes importance in project success. This chapter is an attempt to examine various risk mitigation strategies that are commonly employed if different industrial sectors. The chosen risk strategy would also largely depend either on individual's or organization's propensity to take risks. The authors summarize the findings of a research study in this chapter. The research results show that effort and details of a risk management for a project are governed by risks associated with cost and time and not necessarily with the project scope. Also, many organizations prefer a contingency budget to the project plan to developing a detailed risk management plan.

scholarly journals Preventing laboratory-associated infections in the COVID-19 era: experience from a tertiary care infectious disease hospital in Southern Vietnam

2020 ◽  
Author(s):  
Man Dinh Nguyen Huy ◽  
Ngoc Nghiem My ◽  
Hoang Dang Minh ◽  
Trang Nguyen Hoa ◽  
Thao Duong Thi Phuong ◽  
...  
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Management Strategy ◽  
Tertiary Care ◽  
Management Strategies ◽  
Cold Chain ◽  
Care Hospital ◽  
Risk Management Strategy ◽  
Risk Management Strategies ◽  
Monitoring Protocols

Abstract Background: Laboratory staff is at higher risk of infection owing to the handling and testing of coronavirus disease 2019 (COVID-19) patient samples. Reviewing the existing risk assessment and improving risk management are essential for preventing laboratory acquired infections (LAIs) related to Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) testing during the COVID-19 epidemic. We present herein the steps taken to prevent LAIs related to SARS-CoV-2 testing in a tertiary care hospital in Vietnam. Methods: A SARS-CoV-2-focused risk assessment exercise was conducted for laboratory processes and workflow. Risk management strategies, including engineering, administrative and operations control procedures, were established. Standard operating procedure (SOP), staff training, COVID-19 symptom reporting, enhanced cleaning and decontamination, and inventory monitoring protocols were implemented. Sample reception and results reported from February 1, 2020 to September 17, 2020 were documented. Results: Based on risk assessment, a risk management strategy for SARS-CoV-2 testing was developed. This strategy includes the use of dedicated facility, instrument, and cold chain units for testing; SOPs; training (testing, decontamination and cleaning staff); the introduction of biosafety level (BSL)2+ laboratory practices; enhanced cleaning protocols for testing; and the assigning of additional staff for testing and safety system implementation. In total, 38,377 (daily mean and range: 166; 3 – 2,377) samples were received, including 301 (0.8%) samples that were rejected. The turnaround time (median ± standard deviation (SD)) was 3.54 ± 2.97 days. Altogether, 32 staff members were involved with SARS-CoV-2 testing and biosafety management, and there were no reports of COVID-19 symptoms among them. Conclusion: For epidemics and outbreak diagnostics, risk assessment and risk management strategies are important for the prevention of LAIs. Clear instruction on revised risk management protocols, necessary training, and leadership in risk management strategy implementation are essential.

scholarly journals Risk Assessment for Engagement in Sharing Economy of Manufacturing Enterprises: A Matter–Element Extension Based Approach

2019 ◽  
Vol 11 (17) ◽  
pp. 4774 ◽  
Author(s):  
Quan Xiao ◽  
Shanshan Wan ◽  
Fucai Lu ◽  
Shun Li
Keyword(s):  
Risk Assessment ◽  
Sensitivity Analysis ◽  
Management Strategies ◽  
Sharing Economy ◽  
Indicator System ◽  
Assessment Method ◽  
Risk Indicators ◽  
Manufacturing Enterprises ◽  
Risk Management Strategies ◽  
The Government

At present, manufacturing enterprises in China and across the world are undergoing a critical period of transformation and upgrading for sustainable development, with various obstacles such as financing difficulties and imperfect production facilities. The emergence of the sharing economy may provide a feasible solution for manufacturing enterprises, but meanwhile, unpredictable risks are bound to arise in the process of Engagement in the Sharing Economy of Manufacturing Enterprises (ESEME), and the assessment for the risk of ESEME is an important issue that requires special attention. Based on the characteristics of ESEME, a risk assessment indicator system is constructed, and a matter–element extension based approach is proposed to assess the risk of ESEME. The comprehensive risk value of ESEME can be calculated, and by means of sensitivity analysis and combinatory analysis, sensitive risk indicators and the risk type of indicators are identified. The innovation is embodied in three aspects: the sharing economy is studied by the matter–element extension method, the minimum deviation weight is adopted, and the risk is identified by sensitivity analysis and combinatory analysis. This assessment method is applied to enterprise E, and good results are obtained. This work is conducive to promoting manufacturing enterprises to engage in the sharing economy, which provides an effective vision for enterprises to implement risk management strategies, and also offers references for the government to formulate relevant policies for ESEME.

scholarly journals Identifying Political Risk Management Strategies in International Construction Projects

2018 ◽  
Vol 2018 ◽  
pp. 1-11 ◽  
Author(s):  
Tengyuan Chang ◽  
Bon-Gang Hwang ◽  
Xiaopeng Deng ◽  
Xianbo Zhao
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Strategies ◽  
Political Risk ◽  
Implementation Phase ◽  
Construction Enterprises ◽  
International Construction ◽  
Political Risks ◽  
Risk Management Strategies ◽  
International Experts

International construction projects are plagued with political risk, and international construction enterprises (ICEs) must manage this risk to survive. However, little attention has been devoted to political risk management strategies in international construction projects. To fill this research gap, a total of 27 possible strategies were identified through a comprehensive literature review and validated by a pilot survey with 10 international experts. Appraisals of these 27 strategies by relevant professionals were collected using questionnaires, 155 of which were returned. Exploratory factor analysis was conducted to explore the interrelationships among these 27 strategies. The results show that all of the 27 strategies are important for political risk management in international construction projects. Moreover, these 27 strategies were clustered into six components, namely, (1) making correct decisions, (2) conducting favorable negotiations, (3) completing full preparations, (4) shaping a good environment, (5) reducing unnecessary mistakes, and (6) obtaining a reasonable response. The 6 components can be regarded as 6 typical management techniques that contribute to political risk management in the preproject phase, project implementation phase, and postevent phases. The findings may help practitioners gain an in-depth understanding of political risk management strategies in international construction projects and provide a useful reference for ICEs to manage political risks when venturing outside their home countries.

scholarly journals A risk assessment of Pseudomonas aeruginosa in swimming pools: a review

2012 ◽  
Vol 10 (2) ◽  
pp. 181-196 ◽  
Author(s):  
Scott A. Rice ◽  
Ben van den Akker ◽  
Francesco Pomati ◽  
David Roser
Keyword(s):  
Risk Assessment ◽  
Pseudomonas Aeruginosa ◽  
Management Strategies ◽  
Opportunistic Pathogen ◽  
Quantitative Risk Assessment ◽  
Swimming Pools ◽  
Critical Knowledge ◽  
Risk Management Strategies ◽  
Assessment Approach ◽  
Significant Public Health

Despite routine monitoring and disinfection, treated swimming pools are frequently contaminated with the opportunistic pathogen Pseudomonas aeruginosa, which can represent a significant public health threat. This review was undertaken to identify the current understanding of risk factors associated with pool operation with respect to P. aeruginosa. The ecology and factors that promote growth of P. aeruginosa in the pool environment are complex and dynamic and so we applied a systematic risk assessment approach to integrate existing data, with the aim to improve pool management and safety. Sources of P. aeruginosa, types of infections, dose responses, routes of transmission, as well as the efficacy of current disinfectant treatments were reviewed. This review also highlights the critical knowledge gaps that are required for a more robust, quantitative risk assessment of P. aeruginosa. Quantitative risk management strategies have been successfully applied to drinking water systems and should similarly be amenable to developing a better understanding of the risk posed by P. aeruginosa in swimming pools.

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