scholarly journals THE PLACE OF RISK MANAGEMENT IN AGILE METHODOLOGY

2019 ◽  
Vol 34 (1) ◽  
pp. 81-86
Author(s):  
Evelina Parashkevova
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Complex Activity ◽  
Project Risk ◽  
Specific Approach ◽  
Agile Methodology ◽  
Agile Project Management ◽  
Methods And Techniques ◽  
New Challenges ◽  
Characteristic Features

Risk Management is an organized decision-making process that efficiently plans, assesses, handles, monitors, and documents risk to increase the likelihood of achieving project goals and decrease the likelihood that a risk would become a future problem. The introduction of agile project management as a methodology in organizations poses new challenges to risk management. Although some of the conventional methods can be applied, it is important to take into account the specific characteristics of the agile methodology. This implies a more dynamic application of a set of methods and techniques for identifying, analyzing, assessing, and affecting risk. Risk management is a complex activity requiring a specific approach in terms of the capacity of an organization and the characteristic features of projects. Risk management is an important part of the integrated project management framework. It is not a coincidence that this process is included in the methodologies of the Project Management Institute and the International Project Management Association as well as in a number of standards.Risk management is a complex activity requiring a specific approach in terms of the capacity of an organization and the characteristic features of projects. This means that even when standard rules, procedures, methods and techniques for project risk management exist, they need to be adapted to each particular case, analyzed and verified in the course of their implementation. Thus, this process can be highly effective.Organizations’ expectations of enhancing their effectiveness through risk management pose new challenges to project risk management methods and techniques. The dynamics of environmental factors – internal and external – is the main prerequisite for the attention managers pay to this process.It is important to note that each project is specific and standardized risk management systems would be not only difficult to implement, but also ineffective. The agile approach to project management implies agile risk management. This means that standard risk management methods, techniques and limitations need to be adapted to the specifics and complexity of a project on the one hand, the requirements of stakeholders, and the team and organizational capacity, on the other.The report focuses on issues related to agile project management, the integration of risk management into the project management process, and some contributing points of the agile methodology to improving the effectiveness of the project management process. Risk is presented as an unforeseen event that may have a positive or negative impact on project goals. The main advantages of agile risk management in a project and the possibility of integrating it with the overall project management are highlighted.

scholarly journals OPPORTUNITY FOR MANAGING PROJECT RISK BY APPLYING AGILE METHODOLOGY

2019 ◽  
Vol 31 (1) ◽  
pp. 199-205
Author(s):  
Evelina Parashkevova
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Negative Impact ◽  
Risk Identification ◽  
Management Process ◽  
Project Implementation ◽  
Project Risk ◽  
Agile Methodology ◽  
Agile Project Management ◽  
Risk Management Process

The article focuses on issues related to agile project management, the integration of risk management into the project management process, and some contributing points of the agile methodology to improving the effectiveness of the project management process. Risk is presented as an unforeseen event that may have a positive or negative impact on project goals. The main advantage of agile risk management in a project is highlighted. The article also presents basic standards and methodologies for project management. Opportunities for applying the values and principles of flexible methodology in the risk management process are outlined. The main advantages of the flexible project management methodology are presented, focusing on the relationship with risk management. The introduction of agile project management as a methodology in organizations poses new challenges to risk management. Although some of the conventional methods can be applied, it is important to take into account the specific characteristics of the agile methodology. This implies a more dynamic application of a set of methods and techniques for identifying, analyzing, assessing, and affecting risk. An important factor in managing risk when applying the agile methodology is to identify the positively influencing unforeseen factors and accordingly to benefit from their favorable effects on project and organizational goals, i.e. a wider definition of risk associated with unforeseen circumstances, positive or negative, which arise in the course of project implementation is adopted here. This unconventional view allows for a higher value of project outcomes and effects as a consequence of emerging risks that have a positive impact on project goals. It is not possible for risk management to be a process independent of the project management process. Although in conventional risk management methodologies management is part of the project management, with agile methodology, things are slightly different. This is because agile project management methodology does not apply standardized processes and procedures. It leaves a project to develop naturally and in line with stakeholders’ requirements. Risk management consists of a particular sequence of activities applicable to both traditional and agile project management. The process includes as follows: risk identification, assessment and analysis, developing response strategies, monitoring and reporting. These activities, performed in a short timeframe and towards specific, simple and clear tasks, lead to significant reduction of the negative project risk and contribute to the occurrence of positive unforeseen events. It is important to note that risk management is thus simplified and becomes a much easier to be understood and properly implemented process by anyone involved in project implementation. Reducing the cost of risk management is a major asset of agile project management. Preliminary control is sporadic, with emphasis on early diagnosis and agile response. All this makes the agile project management methodology and risk management in a dynamic project environment more and more up to date.

scholarly journals An Assistance to Project Risk Management Based on Complex Systems Theory and Agile Project Management

Complexity ◽  
2020 ◽  
Vol 2020 ◽  
pp. 1-20
Author(s):  
Franck Marle
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Complex Systems ◽  
Systems Theory ◽  
Project Risk Management ◽  
Project Risk ◽  
Complex Systems Theory ◽  
Agile Project Management ◽  
First Results ◽  
Complex Project

Project Risk Management is crucial in determining the future performance of a complex project. Increasing project complexity makes it more and more difficult to anticipate potential events that could affect the project and to make effective decisions to reduce project risk exposure. To tackle these conceptual and managerial issues, the proposed approach introduces Complex Systems Theory-based improvements into some PRM subprocesses and runs the global PRM process using Agile Project Management principles. We argue that these advanced techniques for managing project risk complexity, notably risk interdependencies, are coherent with the distributed, self-organized nature of agile teams. This new way of structuring and executing Project Risk Management offers the possibility to make decisions more frequently, when needed, with a more distributed authority, and with richer information about anticipation of events and consequences of actions. First results show an appropriation of this combined approach by project members due to agile principles that allows for getting the more reliable information promised by Complex Systems Theory.

BIM-Risk System for Chinese International Contractors

2015 ◽  
Vol 719-720 ◽  
pp. 181-186
Author(s):  
Ya Ting Li
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Industry ◽  
Cost Management ◽  
External Environment ◽  
Project Risk ◽  
Building Information Model ◽  
International Construction ◽  
Potential Problems ◽  
Building Information

As the external environment of the international construction project has become increasingly complex, risk management is emphasized in the project management. BIM(Building Information Model) has bring change to the Construction Industry in China. It has contributed to the schedule and cost management. However, BIM is not widely used to solve the problem of risk management. This thesis cites the possibility about BIM application to risk management and evaluates the progress it may bring to the process of risk management. Furthermore, a BIM-Risk System is proposed for Chinese international contractors to solve some major risks the international contractors may face. By using this system, the level of the project risk management will significantly improve. Then the barriers and the potential problems of applying BIM to risk management in China are analyzed. The BIM application to risk management has great value to be further researched.

scholarly journals PROJECT RISK MANAGEMENT BASED ON A SET OF BEST PRACTICES

2021 ◽  
Vol 26 (3) ◽  
pp. 79-86
Author(s):  
Agnieszka JĘDRUSIK
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Best Practices ◽  
Project Manager ◽  
Project Risk Management ◽  
Project Risk ◽  
Golden Triangle ◽  
Project Life Cycle ◽  
Project Life

The purpose of this article is to present the process of risk management in project management. The analysis was based on a comparison of two best practices of IPMA and PRINCE. Risk management differs significantly between the two approaches, but it is up to the organization to choose its own management, monitoring and methodology tailored to the specific industry or sector. Risk management is an important aspect of the entire project life cycle and must be monitored throughout the project life cycle to protect not only the budget but all areas of the so-called "golden triangle". A very important aspect is the organization's awareness that risk management is everyone's responsibility, not just the project manager. This paper presents two different approaches to project risk management in two different methodologies.

scholarly journals Exploring the Project Risk Management: Highlighting the Soft Side of Project Management

2021 ◽  
Author(s):  
Muhammad T. Hatamleh
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Leadership Style ◽  
Risk Attitude ◽  
Management Process ◽  
Participative Leadership ◽  
Project Risk ◽  
Analytical Skills ◽  
Risk Management Process ◽  
Process Groups

The majority of the approaches to managing project risk follow the logic of process groups. Project Management Institute (PMI) has 29 tools and techniques related to risk management process groups. Consequently, engineering and business schools have been accused of educating managers with sharp analytical skills but little understanding of social problems. The literature suggests that too much attention is focused on learning the techniques and formalities of risk management but not enough on the advanced issues of management. Also, the literature argues that there are two approaches to project management (hard and soft). The hard side only covers part of the managerial aspects which helps to manage foreseeable uncertainties. However, unforeseeable uncertainties need skills that related to soft side approaches such as emotional intelligence, navigating the organization’s culture, risk attitude, participative leadership style, and managing the relationship with stakeholders. This study provides an intensive review of the literature to discuss the need for integrating the hard and soft sides of management to achieve an effective risk management process. In addition, it proposes a conceptual framework that provides guidelines to enhance overall risk management efficiency.

Comprehensive Project Risk Management Methodology

2021 ◽  
Vol 8 (1) ◽  
pp. 94-115
Author(s):  
Luis F. Copertari
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Critical Path ◽  
Three Dimensions ◽  
Project Risk Management ◽  
Time Cost ◽  
Due Date ◽  
Project Risk ◽  
Computer Screen ◽  
Optimal Cost

The objective of this paper is to introduce and discuss the basics of a methodology called the Probabilistic Critical Path Method (PCPM) for managing the previously identified risks (uncertainty) of the three project management dimensions: time, cost and return (performance). An interactive Graphic User Interface (GUI) has been designed for visualizing the tradeoffs among these three dimensions as well as their uncertainties on a flat computer screen. The user can choose to visualize the probability of failure (exceeding some user given due date, budget or not exceeding a given Minimally Attractive Rate of Return – MARR) or the probability of success (not exceeding the due date and the budget and exceeding the MARR). PCPM allows for comprehensive project risk management and it constitutes a new integrative project risk management framework. This paper shows that it is possible to integrate all three project management dimensions (time, cost and return) and show their known risks as well as determining the optimal cost and the associated time and return for such optimal cost. Finally, it is possible to interactively show all this multidimensional information on a flat computer screen.

Educating Project Managers to Deal With Project Risks

2018 ◽  
pp. 1606-1632
Author(s):  
Radu-Ioan Mogos ◽  
Constanta-Nicoleta Bodea ◽  
Stelian Stancu ◽  
Augustin Purnus ◽  
Maria-Iuliana Dascalu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Education And Training ◽  
Project Managers ◽  
Project Risk Management ◽  
Curriculum Management ◽  
Management Competencies ◽  
Project Risk ◽  
Project Risks ◽  
And Training

During the last years, the development of the project risk management competencies became a ubiquitous objective for education and training in project management due to the increasing constraints which companies face on the implementation of their projects. Alignment to the professional standards and usage of innovative methods in designing and delivery of instruction represent common requirements that education and training providers should consider and fulfill. The authors examine the main challenges in addressing project risk management subject in the education programmes and identify how these challenges could be dealt by using curriculum management systems. In order to implement the identified improvements, the authors propose an innovative architecture for a curriculum management system, which can be adopted by those universities interested in developing competencies-based programmes in project management. Some preliminary results are presented and discussed.

Risk Management of Information System Project

2013 ◽  
Vol 357-360 ◽  
pp. 2826-2829
Author(s):  
Hai Bin Liu ◽  
Fei Li ◽  
Wen Qiong Li
Keyword(s):  
Information System ◽  
Risk Management ◽  
Project Management ◽  
Project Risk ◽  
Management Procedure ◽  
System Project ◽  
Risk Categories

Risk and its management of information system project has not been too much attention, while its play an important role in the success of information system project. Risk categories, consequences, drivers and action approaches are analyzed and risk management procedure of information system project is proposed in order to carry out effective risk management during information system project management.

Fuzzy Analytic Hierarchy in Project Risk Management - New Stadium Construction Project in Weifang City

2011 ◽  
Vol 243-249 ◽  
pp. 6362-6368
Author(s):  
Yan Zhang ◽  
Chang Jiang Liu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Large Scale ◽  
Construction Project ◽  
Construction Project Management ◽  
Analytic Hierarchy ◽  
Project Risk ◽  
Management Case Study

In the field of engineering and construction, unqualified construction quality, time delays, cost more than expected phenomena to occur. Because of these characteristics such as its large-scale construction projects, long cycle, the production of single and complex, there is greater risk than the production of general products, the risk increases the difficulty of construction project management, operating costs and the possibility of potential losses, therefore, risk management emerged and become an increasingly important integral part of project management. In this paper, fuzzy analytic hierarchy be used to construction project risk assessment, and to order the sort of each risk in order to prevent significant risks. On an actual project - the new stadium construction in Weifang City risk management case study, the reduction of risk of project failure is expected, but also the project is hoped for other industries to provide some reference for risk management.

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