Managing Project Risks

Edwards, Peter J.; Vaz-Serra, Paulo; Edwards, Michael J.

doi:10.1002/9781119489719

Cited by 7 publications

(8 citation statements)

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“…Zembri-Mary [22] claims that the identification is carried out through a risk review in the presence of all technical actors of the project, making possible to identify potential risks and project managers will retain the risks that have significant impact on the project. The same way, Edwards et al [23] explain that brainstorming is considered one of the most effective techniques used to identify project risk at the appropriate time in the project life cycle. The purpose of brainstorming is to create a complete list of project risks.…”

Section: Risk Management Processmentioning

confidence: 99%

Fundamental elements regarding the approach of risk management within the international projects with teams in the virtual environment

2021

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International projects with teams in the virtual environment (IPTVE) are known as complex and high risk projects, these features being considered as significant obstacles to project success. Applying the appropriate risk management methodology could increase their success rate, becoming a fundamental tool for decision making. Research on IPTVE management risks is scarce, focused on specific sectors as software development or construction, without taking into account the differences between traditional and international projects. Thereby, risk management within IPTVE becomes a necessary approach for the performance in managing international projects. This article aims to improve the risk management process within IPTVE, by proposing a flexible theoretical model of the process.

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Section: Risk Management Processmentioning

confidence: 99%

Fundamental elements regarding the approach of risk management within the international projects with teams in the virtual environment

2021

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“…Effective communication is an essential part of project risk management because a shared understanding of the meaning and extent of risks is required to manage project risks (Edwards et al 2020). ISO 31000:2018(International Standards Organization, 2018 highlights the importance of communication of risk information (e.g., itself, causes, effects, related strategies) because the judgments that are made with given information vary based on the assumptions and perceptions of stakeholders.…”

Section: Communication and Visualization Of Risk Informationmentioning

confidence: 99%

“…Conveying the relevant risk information to decision-makers is vital as risks are interpreted and acted upon the way they are perceived. The message of the communication conveys the intention in the communication process, and if it is misrepresented, the meaning can be twisted, and the whole risk management process can be compromised (Edwards et al 2020). Visualization, graphic representation of data, is a significant component of information presentation and communication (Kelleher & Wagener, 2011).…”

Section: Communication and Visualization Of Risk Informationmentioning

confidence: 99%

“…While different risk definitions exist (Aven et al 2011;Månsson 2019), they mainly focus on how risks should be expressed (as events, probabilities, with/ without textual narratives) rather than the context and characteristics of the risk-related data. Risk contextualization is critical for risk awareness (Edwards et al 2020). This study expresses risk descriptors as the characteristics (e.g., assumptions, controllability) that give a context to the risk information.…”

Section: Introductionmentioning

confidence: 99%

“…The types of risk descriptors to empower risk communication among parties during risk assessment were acquired through a literature review. Edwards et al (2020) stated that workshops are a good way to carry out contextualizing. Visualization of risk descriptors was verified through two workshops with the participation of experts who actively work in the construction sector as members of risk management teams.…”

Section: Introductionmentioning

confidence: 99%

See 2 more Smart Citations

Empowering Risk Communication: Use of Visualizations to Describe Project Risks

Atasoy

Ertaymaz

Dikmen

et al. 2022

J. Constr. Eng. Manage.

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Risk information that is used during project risk identification and assessment should be communicated well to enable risk-informed decision-making. This study aims to use risk descriptors for risk contextualization and explore how visualization can improve the communication of project risk information. Risk descriptors (e.g., assumptions, controllability) were identified, and two workshops were held to verify the selected descriptors and explore the effectiveness of visualizations for risk communication. The first workshop was designed to assess the perceptions of different risk experts, and the second workshop was a case study application to evaluate the usability of risk visualization.Qualitative analysis of the first workshop revealed four themes, specifically standardization, representation, customization, and practicality, to be considered during risk visualization. The second workshop confirmed the value-added through the use of visualizations and the usefulness of risk descriptors. While this study does not focus on the best way of delivering the most useful data, it contributes to the existing body of knowledge by characterizing risk descriptors and introducing new insights regarding the use of visualization for communicating and describing risks in projects.

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A method for the ontology-based risk management of PPP construction projects

Jiang

Wang

Liu

et al. 2022

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Purpose With the increasing complexity of public–private partnership (PPP) projects, the amount of data generated during the construction process is massive. This paper aims to develop a new information management method to cope with the risk problems involved in dealing with such data, based on domain ontologies of the construction industry, to help manage PPP risks, share and reuse risk knowledge. Design/methodology/approach Risk knowledge concepts are acquired and summarized through PPP failure cases and an extensive literature review to establish a domain framework for risk knowledge using ontology technology to help manage PPP risks. Findings The results indicate that the risk ontology is capable of capturing key concepts and relationships involved in managing PPP risks and can be used to facilitate knowledge reuse and storage beneficial to risk management. Research limitations/implications The classes in the risk knowledge ontology model constructed in this research do not yet cover all the information in PPP project risks and need to be further extended. Moreover, only the framework and basic methods needed are developed, while the construction of a working ontology model and the relationship between implicit and explicit knowledge is a complicated process that requires repeated modifications and evaluations before it can be implemented. Practical implications The ontology provides a basis for turning PPP risk information into risk knowledge to allow the effective sharing and communication of project risks between different project stakeholders. It can also have the potential to help reduce the dependence on subjectivity by mining, using and storing tacit knowledge in the risk management process. Originality/value The apparent suitability of the nine classes of PPP risk knowledge (project model, risk type, risk occurrence stage, risk source, risk consequence, risk likelihood, risk carrier, risk management measures and risk case) is identified, and the proposed construction method and steps for a complete domain ontology for PPP risk management are unique. A combination of criteria- and task-based evaluations is also developed for assessing the PPP risk ontology for the first time.

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Managing Project Risks

Cited by 7 publications

References 0 publications

Fundamental elements regarding the approach of risk management within the international projects with teams in the virtual environment

Fundamental elements regarding the approach of risk management within the international projects with teams in the virtual environment

Empowering Risk Communication: Use of Visualizations to Describe Project Risks

A method for the ontology-based risk management of PPP construction projects

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