Risk Mitigation Strategies in Innovative Projects

Ahmed, Riaz

doi:10.5772/intechopen.69004

Cited by 17 publications

(16 citation statements)

References 15 publications

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“…Risk management needs to be carried out in a supply chain strategy to obtain the suitable raw materials to produce finished goods, which are then sent to meet consumer needs. Several studies have explained that risk mitigation involves several processes, methods, and techniques that can help management maximize the consequences of positive events and minimize the consequences of opposite events [25,26]. Therefore, risk analysis needs to be considered in the management of the food industry.…”

Section: Resultsmentioning

confidence: 99%

Risk Mitigation Via Integrating House of Risk and Probability Impact Matrix in Halal Food Supply Chain

Lestari

Mas’ari

Meilani

et al. 2021

JTI

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One of the food industry challenges is how to identify sources of risk by considering the halal concept. This study aimed to identify risks and determine risk handling priorities in the supply chain strategy of halal food. This research offered integration of the house of risk and the probability impact matrix to manage risk mitigation in the halal food industry. A case study in the halal food industry was applied in Indonesia based on Supply Chain Operations Reference (SCOR). This study identified 27 risk events and 31 risk agents through 2 phases. Result research showed that employees who did not have special skills (A20) had the highest risk. Moreover, reward and punishment to employees (PA16) was the best proactive action for making effective improvements. The implication of this research is to provide recommendations to management in mitigating risks in the halal food industry.

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Section: Resultsmentioning

confidence: 99%

Risk Mitigation Via Integrating House of Risk and Probability Impact Matrix in Halal Food Supply Chain

Lestari

Mas’ari

Meilani

et al. 2021

JTI

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“…Effective risk mitigation can be done by transferring the risk to other agents, e.g. by contracting (Ahmed, 2017; Sadeh et al. , 2000).…”

Section: Literature Reviewmentioning

confidence: 99%

Organizational support as an effective risk mitigation approach

Sadeh

Zwikael²,

Meredith³

2022

IJMPB

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PurposeAs managing risks effectively is critical for successful projects, project managers regularly identify and prioritize the risks that apply to their projects. However, research argues that project managers struggle to identify effective risk mitigation approaches for the most critical risks, partly because they do not always have the required authority to act effectively. The authors argue that, particularly in high-risk projects, organizational support (OS) provided by senior executives to project managers can facilitate a practical approach to risk mitigation beyond traditional risk management practices.Design/methodology/approachThe authors modeled the relationship between risk, organizational support and project success. Then, the authors conducted a structural equation modeling analysis on survey data obtained from 722 projects and tested for the impacts of OS practices in the presence of risk on projects' success.FindingsSuppose done effectively, senior executives can provide more support to project managers and the teams in high-risk projects, resulting in higher project success. OS has a positive impact on project success in terms of efficiency and effectiveness. Interestingly, the positive impact of OS on success is greater than the negative impact of the risk.Practical implicationsThe paper further describes various effective OS practices to mitigate risks and explore opportunities when faced with high-risk projects.Originality/valueWhereas it is known that risk has a negative impact on project success, this paper suggests that, in addition to that, OS is in between risk and success and has an impact on this relationship (mediation). Moreover, with OS, the total negative effect of risk on effectiveness turns into a positive impact.

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“…A risk mitigation strategy is a process plan that develops options to increase opportunities. The risk mitigation strategy is carried out by evaluating the overall risk to reduce the possibility of threats, vulnerabilities, or disruptions that can disrupt business operations, projects, or other business activities (Ahmed, 2017). With a risk mitigation strategy, the entire risk profile of the business is obtained that will help direct the right business decisions.…”

Section: Risk Mitigation Strategymentioning

confidence: 99%

Implementation of Business Continuity Planning Methodology in Making Business Continuity Planning Documents at PT. XYZ

Fikri

Fachrureza

Octaraisya

et al. 2021

jbti

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PT. XYZ is a company engaged in the communication sector. As a company with a national scale, PT. XYZ has various risks that must be faced, ranging from natural disasters, human disturbances, and disruption due to technology. The existence of disruption risks can disrupt the company's operational activities. A business continuity plan document is created to find out what steps the company must take to minimize damage due to disruption. Making a business continuity plan or BCP starts from the project initiation stage, risk assessment, business impact analysis, mitigation strategy development, plan development, training, testing, auditing. The results obtained from this research are in the form of BCP documents used by PT. XYZ in response to a disturbance. With the BCP, PT. XYZ can respond to a disruption that occurs and quickly restore business operations.

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Risk Mitigation Strategies in Innovative Projects

Cited by 17 publications

References 15 publications

Risk Mitigation Via Integrating House of Risk and Probability Impact Matrix in Halal Food Supply Chain

Risk Mitigation Via Integrating House of Risk and Probability Impact Matrix in Halal Food Supply Chain

Organizational support as an effective risk mitigation approach

Implementation of Business Continuity Planning Methodology in Making Business Continuity Planning Documents at PT. XYZ

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