Accelerating Sustainable and Economic Development via Scientific Project Risk Management Model of Industrial Facilities

Ragas, Abdelaal Ahmed Mostafa Ahmed; Chupin, Alexander; Bolsunovskaya, Marina; Leksashov, Alexander; Shirokova, Svetlana; Senotrusova, Svetlana

doi:10.3390/su151712942

Cited by 2 publications

(1 citation statement)

References 27 publications

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“…Project stakeholders play a central role in the creation of value through PRM [25,45,71,72]. Indeed, stakeholders can be considered both as a target of value creation and as potential sources of risk in projects, due to their diverse behaviours, expectations, and perceptions.…”

Section: Value Creation Through Prmmentioning

confidence: 99%

Value Creation with Project Risk Management: A Holistic Framework

Testorelli,

Tiso,

Verbano

2024

Sustainability

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The conceptual shift, from a traditional task perspective and a managerial approach to project risks toward a value-centric view, underlines the challenge of creating different forms of value for multiple project stakeholders. This emerging theme arises the need for a new holistic framework for value creation through Project Risk Management (PRM). With this purpose, the paper aims at deepening the knowledge about PRM for value creation. A systematic literature review has been conducted, extracting a database of 116 papers. To address the research questions, a descriptive and a content analysis have been performed. The results of a systematic literature review reveal that the value created through PRM includes both economic and intangible (not monetary) benefits. Moreover, even if international standards are giving greater relevance to value creation and protection, considering also the potential positive effects of risks, empirical results show significant discrepancies. From the analysis of the results, a new theoretical framework emerges that integrates fundamental aspects not fully considered so far, incorporating the concepts of economic, ecological, and social impacts into the notion of value creation through PRM. This work extends the current research in this field and sets forth the definition of a holistic framework to promote the creation of value for project stakeholders in practice, through the management of negative and positive risks, providing a perspective on the sustainability orientation of projects.

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Section: Value Creation Through Prmmentioning

confidence: 99%

Value Creation with Project Risk Management: A Holistic Framework

Testorelli,

Tiso,

Verbano

2024

Sustainability

View full text Add to dashboard Cite

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Sustainable Entrepreneurship: Interval Analysis in Risk Management and Uncertain Economies

Chupin,

Chupina,

Bolsunovskaya

et al. 2024

Sustainability

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Sustainable management in high-tech enterprises is a key aspect of successfully operating modern companies, especially under conditions of risk and uncertainty. This study reviews the field of sustainable management and interval analysis and identifies the main trends and challenges facing high-tech enterprises in the modern world. This study emphasizes the importance of applying interval analysis in making strategic decisions and developing sustainable business models that can adapt to variable environments. This paper presents empirical data, illustrating the practical application of interval analysis tools in the management in high-tech enterprises. It analyzes the effectiveness and potential of this approach to increase the levels of sustainability and competitiveness of organizations in constantly changing business environments. In general, this article is a valuable contribution to the development of sustainable management theory and practice for high-tech enterprises, enriching the existing knowledge in this area and offering new perspectives for research and practical application. Our research has been validated and is presented in the results section. The purpose of this study is to present current developments in methodologies and tools for risk measurement within the probabilistic paradigm of uncertainty, which are supposed to be used in relation to the economic evaluation of real investment projects. The methodological directions or approaches to risk measurement formed in this context are (1) based on quantile measures, within which the quantitative aspect of risk is modeled using quantile quantiles of the distribution of a random variable describing the possible (predicted) results of economic activity; (2) the Monte Carlo method, which is a tool for evaluating the indicators of economic efficiency and risk in justifying real investments, taking into account different distribution laws and mutual relations for the financial and economic parameters of the investment project, as well as its computational and instrumental elaboration.

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Accelerating Sustainable and Economic Development via Scientific Project Risk Management Model of Industrial Facilities

Cited by 2 publications

References 27 publications

Value Creation with Project Risk Management: A Holistic Framework

Value Creation with Project Risk Management: A Holistic Framework

Sustainable Entrepreneurship: Interval Analysis in Risk Management and Uncertain Economies

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