Importance of Human Resource Management in Risk Management: A study with IT Industry

Abstract

Risk is part of every human endeavor. Risk Management area has grown many folds in past decade in direct proportion to the number of projects undertaken. The number of projects in all the sectors have increased to fulfil the quest towards a better and more and more productive, convenient and evolved life - and is termed as ‘development’ and ‘growth’. With such increase in growth rate, the number of capital and resource intensive projects have also increased across all the sectors. Today for organizations, the competition, customer expectations, and developments in automation, IT technologies and concurrent engineering methods - all are pushing the project durations to fraction of durations they used to take a decade ago. Also with improvement in skills & competencies and communication and conveyance infrastructure getting hi-tech, today more and more projects are being managed from multiple locations within country or multiple locations spread across the globe. A business with an effective risk process will experience fewer surprises as it deploys the forward-looking radar of risk management. This research work is focused on the Risk Identification step of the risk management process. Risk management is high on the agenda for forward-thinking firms due to the increased pace of change, client demands, and market globalization. In today's economy, a thorough risk management strategy is required to stay afloat.

Risk Management Practices and Performance of Road Construction Projects in Kilifi County, Kenya

“…The effectiveness of project risk management is defined by the thoroughness of the project risk identification (AlMarzooqi, Kasdirin, & Mansor, 2022;Richard & Pascal, 2022). As a result, it is crucial to identify the risks and prioritize them before developing effective risk mitigation strategies so that the team's attention could be focused on mitigating the greatest challenges first (Shafiuddin et al, 2022). In the risk identification process, based on the nature of risks, project risks can be grouped into four main categories: technical, external, organizational, and project management (Kasperson, Kasperson, Turner, Hsieh, & Schiller, 2022).…”

“…Despite the government's continued investment in road construction, the road construction delays have had a negative influence on Kenya's social and economic gains that would have accrued if the projects had been completed on time (Kipchirchir, 2022). The successful management of a construction project is the most desirable for all organizations and stakeholders (Shafiuddin, Durrani, Al-Bulushi, Al-Farsi, & Al-Hosni, 2022). However, the construction delays have become an integral part of a project's lifecycle (Shayan, Pyung Kim, & Tam, 2022).…”

Risk Management Practices and Performance of Mining Projects in Kwale County, Kenya

“…Project risk management is the art and science of identifying, analyzing, and responding to risk throughout the life of a project and in the best interests of meeting project objectives (Obondi, 2022). As an integral part of project management, project risk management strives to detect and priorities risks in advance of their occurrence in the project, and to give project management staff with actionable information (Shafiuddin, Durrani, Al-Bulushi, Al-Farsi, & Al-Hosni, 2022).…”

“…Risk management is an important exercise in order to achieve better performance of projects (Chepkoech & Wairimu, 2023). However, many a times, projects fail to keep up with the planned schedules and budgeted costs to meet their goals (Shafiuddin et al, 2022;Safaeian, Fathollahi-Fard, Kabirifar, Yazdani, & Shapouri, 2022). The existing literature suggests that there is a consensus between academia and industry that project risk management is critical to project success (Aramali, Sanboskani, Gibson Jr, El Asmar, & Cho, 2022;Ahmad et al, 2022).…”

Clima organizacional durante la pospandemia: Estudio del área administrativa en una empresa del sector logístico

“…En primera instancia es fundamental destacar como las organizaciones en la actualidad reconocen la importancia que tiene el capital humano para estas; siendo el motor para el logro de los objetivos organizacionales propuestos (Núñez, Guerra y Martínez, 2019;Pusvitasari, 2021;Shafiuddin et al, 2022). Esto ciertamente ha provocado el auge de una importante reivindicación y humanización del trabajo en la actualidad; buscando impactar de forma positiva la vida de los colaboradores dentro y fuera de la empresa (Mendoza-Ocasal et al, 2021;Thompson y Bruk-Lee, 2021).…”