Isorisk curves as a tool for increasing flexibility of risk management in engineering projects

Abstract

Engineering projects are characterized by high significance of the risk management. One of the most important tasks of the project risk management is risk prioritization. Prioritization implies that the probability and impact of risks on a project are estimated. The risk probability can be calculated with the help of different methods of random variable estimation. The article shows that though the probabilistic, scenario, expert and statistical methods can be used in practice of project risk management, in the projects characterized by the high uncertainty, such as engineering projects, the robust methods proved to be more productive and reliable. One of the widely used practical tools of risk prioritization is risk matrix which sometimes called also as probability and impact matrix. The risk matrix includes two dimensionsprobability of risks and impact of risks on a project. The article suggests that instead of the risk matrix in engineering projects the more flexible 992 G. Bubnov et al. approach can be applied. This approach is based on the application of the risk maps and isorisk curves. The isorisk curves and risk maps seem to be especially useful for engineering projects with big number of various risks and very dynamic environments.

Capability maturity models in engineering companies: case study analysis

“…Engineering companies in Russia and worldwide facing a number of challenges generated by the current economic downturn are eagerly searching for managerial frameworks and tools which promise them higher effectiveness of business processes, higher quality of products and solutions and better adaptability for change [1,2]. More and more engineering companies in Russia and other countries are turning to various capability maturity models (CMMs) that help them improve their processes and practices.…”

Project risk management in the construction of high-rise buildings

“…At the end of the 20th century, it was first suggested to use the robust methods for project risk management. In recent years, studies in this field have been continued (Titarenko [12,13]; Bubnov [14]; Volkov et al [15]).…”