Risk Management in Project Networks:  An Information Processing View

Pekkinen, Leena; Aaltonen, Kirsi

doi:10.4236/ti.2015.61005

Cited by 3 publications

(2 citation statements)

References 27 publications

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“…Aven ( 2016) asserted that risk assessment before making decisions was offered by the Athenians and intense research has been conducted on risk management to avert uncalculated risk for organisations' decisions to be effective in achieving its objectives. Pekkinen & Aaltonen (2015) asserted that every business function comes with risks and these risks can affect the business if not carefully monitored. The proponents affirmed such organizations often fail to create value added project risk management practices because they end up executing tickthe-box exercise only.…”

Section: Risk Managementmentioning

confidence: 99%

Managing Pension Risks in Public Sector: A Study of Lagos State Government Public Service

Kotun,

Adeoye,

Akingbade

2023

JFRM

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This study examined contributory pension scheme and the risks entailed in management of retirement benefits of Lagos State Public Service workers. Although at the inception of the scheme in Nigeria, government workers were not duly informed and sensitized about the new pension scheme but they could not out-rightly refuse its acceptability with the fear of not losing their pensionable employment. This however, led to wrongly enrolment into the scheme by those who were exempted from the scheme as of the commencement date. Survey research design was adopted for the study. Population of the study covered potential retirees who attended bi-annual pre-retirement seminar organised by Lagos State Pension Commission. One Hundred and Eighty-Seven (187) was the sample size for the study and questionnaires were proportionately distributed to selected respondent, using convenient sampling techniques. Out of the total number of the copies of the questionnaires administered, One Hundred and Sixty-Six (166) copies of questionnaire were correctly filled and retrieved representing 88.77% and were used to analyse data. Analysis was done using Correlation Analysis with the aid of Statistical Package of Social Sciences (SPSS). The findings revealed that there is a positive correlation between employee's contributions and remittances. Also, there is a moderate positive correlation on influence of accrued rights on employees' retirement benefits. Likewise, escrow fund has positive relationship with employees' retirement plan. The study recommended that there should be adequate review of retirement benefit payment policy of those in active service before the commencement of the new contributory pension scheme to avoid old age syndrome and acquaintance of the pension to life after retirement. Also, the need for upward review of the meagre called salary for Public Service Workers compared with their counterpart in corporate organisation for them to have robust retirement package.

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Section: Risk Managementmentioning

confidence: 99%

Managing Pension Risks in Public Sector: A Study of Lagos State Government Public Service

Kotun,

Adeoye,

Akingbade

2023

JFRM

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“…Limits. Some work has already been done for introducing CST-based principles or methods in PRM, like basic project risk trees (event trees, cause tree, butterfly tree, failure tree), oriented networks without loops (Bayesian project networks), or even project risk networks [53,54].…”

Section: Introduction Of Cst Into Prm: Conceptual Advantages and Managerialmentioning

confidence: 99%

An Assistance to Project Risk Management Based on Complex Systems Theory and Agile Project Management

Marle

2020

Complexity

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Project Risk Management is crucial in determining the future performance of a complex project. Increasing project complexity makes it more and more difficult to anticipate potential events that could affect the project and to make effective decisions to reduce project risk exposure. To tackle these conceptual and managerial issues, the proposed approach introduces Complex Systems Theory-based improvements into some PRM subprocesses and runs the global PRM process using Agile Project Management principles. We argue that these advanced techniques for managing project risk complexity, notably risk interdependencies, are coherent with the distributed, self-organized nature of agile teams. This new way of structuring and executing Project Risk Management offers the possibility to make decisions more frequently, when needed, with a more distributed authority, and with richer information about anticipation of events and consequences of actions. First results show an appropriation of this combined approach by project members due to agile principles that allows for getting the more reliable information promised by Complex Systems Theory.

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Project risk planning in high-tech new product development

Ayala-Cruz

2016

ARLA

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Purpose The purpose of this paper is to present the implementation and testing of a modified project risk management framework that integrates PMI’s framework with Monte Carlo simulation to improve the effectiveness in high-tech new product development (NPD) projects. Design/methodology/approach The modified framework considers three bodies of knowledge: project management, risk management, and Monte Carlo simulation to produce an enhance project risk management framework. Its application is shown through a case study. Findings Using the integrated framework in a recent case study project and prior NPD projects measures (as benchmarks), it was shown that it could help to enhance risk responses caused by task durations and costs’ uncertainties. The framework proved to be better than segregated generic best practices and was key in providing insight to the issue of early project risk assessment. Research limitations/implications More experimental replications are required for enhancement effectiveness assertions of the framework, through the application of the framework to similar case studies. Furthermore, this could improve its reliability and soundness. Practical implications Future directions for research could include case and empirical studies that include hypothesis’s testing, and the integration of optimization procedure for improved NPD project’s planning and execution. Originality/value This paper outlines a way to close the gap of project risks management planning in NPD’s initiatives. It was motivated by a relatively new tendency in exploring integrated frameworks to deal with complex project risks issues.

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Risk Management in Project Networks: An Information Processing View

Cited by 3 publications

References 27 publications

Managing Pension Risks in Public Sector: A Study of Lagos State Government Public Service

Managing Pension Risks in Public Sector: A Study of Lagos State Government Public Service

An Assistance to Project Risk Management Based on Complex Systems Theory and Agile Project Management

Project risk planning in high-tech new product development

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