A Proposed Methodology for Prioritizing Project Effects  to Include in Cost-Benefit Analysis Using Resilience,  Vulnerability and Risk Perception

Torres-Ortega, Saúl; Hanley, Nick; Díaz-Simal, Pedro

doi:10.3390/su6117945

Cited by 7 publications

(8 citation statements)

References 35 publications

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“…de Oliveira Almeida et al (2012), Barone et al (2014), Čiarnienė and Baliukonis (2014), Kirkham et al (2014), Ohlsson et al (2014), Ortega et al (2014), Ziem et al (2014), Masoumik et al (2015), Nielsen and Fei (2015), Babashams et al (2016), and Kadoić et al (2017).…”

Section: Contemporary Research On Organizationmentioning

confidence: 99%

Review of a process prioritization in mass customization

Baranauskas

2018

CROMA journal

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Purpose – The present article aims to analyze the content of process prioritization methods and possibilities of its application in the context of Mass Customization. Design/methodology/approach – As the analysis is based on exploratory approach, qualitative methodology is the main tool used in the research. Moreover, author do not aim at providing conclusive answers to research questions; in opposition, generating relevant insights about a current situation is a goal. Findings – Results suggest that prioritization methods and principles are compatible, necessary and can be successfully applicable to Mass Customization at different process stages or even this concept types. In addition, this research reveals the need to have a combined and multidimensional prioritization at the beginning of Mass Customization processes. Research limitations/implications – Main research limitations can be divided into two parts. Firstly, when prioritization is taken into consideration, it is noticed that a limited scope of research focus on combined prioritization models as well as their effect on organizations results, especially in Public and Non-governmental sector. Secondly, in a case of concept of Mass Customization and its analysis, scientific discussions show extremum transitions to Big Data, Internet platform capabilities and overall customer flow management via modern economic theories in the last decades. Therefore, a lack of sufficient scientific attention to important parts of prioritization severely affect customer input, Design and Infrastructure of Mass Customization. In addition, both parts require not only proper understanding of the theoretical background but also following detail description of practical implication tools and guidelines as well as defining possible application effect. Since this article is based on the theoretical literature review, case studies and comparative analysis towards a practical implication are elaborated briefly. Practical implications – This research may serve as relevant insights into the context of the Mass Customization system and processes, where organizations constantly cope with prioritization by making a number of decisions on product selection, specifications, quantities, or pricing. From the perspective of process prioritization, the research serves as a concise review of main quantitative and qualitative methods, showing their demand of alignment and effect for Mass Customization. Originality/Value – The main value of the presented article can be described as a holistic theoretical focus on different types of prioritization methods and underlying points where it takes effect in Mass Customization concept. Moreover, the selected research object and findings are also valuable and applicable for organizations of different type, sector and working field Keywords: process prioritization, optimization, combined methods, Mass Customization Research type: general review. JEL classification: M19.

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Section: Contemporary Research On Organizationmentioning

confidence: 99%

Review of a process prioritization in mass customization

Baranauskas

2018

CROMA journal

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“…Therefore, the relative investment of rating value (RI ij ) can be obtained from Equation 5using Equations (1)-(4), and the relative investment of a certain investee (i) is the sum of the relative investment of rating value (RI ij ) as shown in Equation (6). If the RI ij of a certain investee (i) is greater than the I ij , the investee (i) is not recognized to have a competitive advantage.…”

Section: Development Of a Resource Allocation Modelmentioning

confidence: 99%

“…Generally, the investment decision is made through the evaluation of several options bringing both return and risk. Therefore, investors use various methods when allocating resources, which can involve descriptive assessment; the score method, the Delphi method agreed upon by experts [1], the pair-wise method through comparisons between alternatives [2,3], the utility theory based on the preferences of investors [4], risk analysis [5,6], regression and correlation analysis [7,8], multi-task analysis [9], etc.…”

Section: Introductionmentioning

confidence: 99%

Development of a Resource Allocation Model Using Competitive Advantage

et al. 2016

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In general, during decision making or negotiations, the investor and the investee may often have different opinions which result in conflicts. So, an objective standard to mitigate potential conflicts between investors and investees should be provided since it is highly important that rational decisions must be made when choosing investments from various options. However, the models currently used come with some problems for several reasons, for instance, the arbitrariness of the evaluator, the difficulty in understanding the relationships that exist among the various investment options (that is, alternatives to investments), inconsistency in priorities, and simply providing selection criteria without detailing the proportion of investment in each option or evaluating only a single investment option at a time without considering all options. Thus, in this research, we present a project selection model which can enable reasonable resource allocation or determination of return rates by considering the core competencies for various investment options. Here, core competency is based on both performance and ability to create a competitive advantage. For this, we deduce issue-specific structural power indicators and analyze quantitatively the resource allocation results based on negotiation power. Through this, it is possible to examine whether the proposed project selection model considers core competencies or not by comparing several project selection models currently used. Furthermore, the proposed model can be used on its own, or in combination with other methods. Consequently, the presented model can be used as a quantitative criterion for determining behavioral tactics, and also can be used to mitigate potential conflicts between the investor and the investee who are considering idiosyncratic investments, determined by an interplay between power and core competency.

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“…The risk factors of power construction projects are sourced from a wide range of both literature reviews and previous works by researchers on risk assessment. Specifically those focused on Chinese projects, including Ekaterina and Per Erik [16], Alfredo et al [17], He [18], Budi et al [19] and Zou et al [20]. A comparative analysis of these literature reviews are carried out in order to develop an in-depth understanding about (a) which risk factors are likely to happen within power construction projects, and (b) how can power construction projects be influenced by these risk factors.…”

Section: Risk Identificationmentioning

confidence: 99%

Modelling Integrated Risks of Overseas Power Construction Project : A Case Study in Uzbekistan

Zhou¹,

Huang²,

Xiao-yan³

et al. 2016

JESTR

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Contracting a power construction project is usually considered as a "high risk business", mostly because of a lack of adequate environmental information from other countries. Risk management has significant potential to enhance project success. However, identifying and measuring all risk factors and their relationships require a proper and systematic methodology, and more importantly, knowledge along with experience. This paper modelled integrated risks of a power construction project in Uzbekistan based on different risk perspectives from contractors and clients. Literature reviews were used to identify the risk factors which affected the power construction project. The data were collected by questionnaire and interview methods from two respondent groups during the construction process of the Ulugnal Pump Station Reconstruction Project from February 2014 to April 2014.. Shannon Entropy and statistical methods of calculating and ranking analysis were implemented for modelling integrated risks of the power construction project. Results show "Environmental Risk" and "Geological Risk" are ranked highest and belong to the high-risk category from both the perspectives of project managers and consultants in the five risk categories along with the thirteen risk factors. The findings provide decision-making support for both clients and contractors for an in-depth understanding of the risk factors that affect the power construction projects.

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A Proposed Methodology for Prioritizing Project Effects to Include in Cost-Benefit Analysis Using Resilience, Vulnerability and Risk Perception

Cited by 7 publications

References 35 publications

Review of a process prioritization in mass customization

Review of a process prioritization in mass customization

Development of a Resource Allocation Model Using Competitive Advantage

Modelling Integrated Risks of Overseas Power Construction Project : A Case Study in Uzbekistan

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