Risk Management and Knowledge Management as Critical Success Factors of Sustainability Projects

Abstract

The paper is focused on the analysis of the key aspects of sustainability projects, namely advanced risk management and project knowledge. These aspects are recommended to the attention of institutions and project managers when designing and executing new projects simultaneously with quality and project status management. The aim of the paper is to point out the critical factors that have recently affected the success of sustainability projects, which is also its contribution. Empirical research focused on the identification of the application level of the post-project phases in project management in the Czech Republic in 2016 and 2017 was performed. The research was performed as qualitative research employing observation and inquiry methods in the form of a controlled semistructured interview. The research identified 21 most common reasons for not executing post-project phases. Ensuring good and efficient progress of post-project phases, in particular by the means of post-implementation system analysis and compilation of a set of improvement suggestions for subsequent project management, forms the practical background for application of knowledge management and project management principles. A case study focused on the application of fuzzy logic in project risk assessment has been elaborated. In practice, current project management requires the application of advanced risk analysis methods that will replace the simple risk values estimated by calculations of separate risk components. •Advanced risk management of sustainability development projects. • Utilization of knowledge management by employing post-project phases in the project life cycle.

It’s Not a Fad: Smart Cities and Smart Villages Research in European and Global Contexts

“…The authors research, based on a thorough examination of projects implemented in the Czech Republic, confirms the arguments outlined in the previous paper, and thus allows to make a case for advanced risk analysis methods [13].…”

Sustainability in Project Management Practice

“…Marcelino-Sádaba et al [2] further assert that more progress has been made in the environmental focus of relevant research, than the social aspect, which would be the domain for PM. Generally, extant literature, for the most part, is focused on issues such as analysing key aspects of sustainability projects [6]; introduction of management systems [13]; PM commitment to sustainability [14]; sustainability assessment [7]; Project sustainability performance [15]; technology, Materials, risk, and cost [7]; Design [7,16,17]; Critical success factors [18]; stakeholders, organisational goals [19]; and innovation diffusion [18,20]. Most existing studies do not present a concise picture of the nature and occurrence of challenges, for better classifications and articulation of the dynamics, with regards to PM practice, and from the experiences and perceptions of PMs.…”

“…The growing interest in applying sustainability in construction projects has been reported in the literature such as Kivilä et al [4]. There is also evidence in the literature, of the growing discourse and efforts in the application of sustainability to construction project management such as Yu et al [5], Doskočil and Lacko [6] and Zavadskas et al [7]. Since construction runs by projects, it follows that relevant sustainability principles would have to be integrated with project management practice, to achieve the aim.…”

What Enables a High-Risk Project to Yield High Return from a Construction Contractor’s Perspective?

“…Many studies advance project risk assessment models based on quantitative methods such as the probability impact (PI) method [12,33], Monte-Carlo simulation method [34,35], analytic hierarchy process (AHP), and fuzzy sets [25,36]. In these models, if users evaluate the risk as high, the results are negative.…”