This is a solution of Project Risk Management part 1 in which we discuss Developing business strategy can help your company cope with aging systems and limited resources that can lead to fragmented IT 

 Project Risk Management


Project Risk Management part 1

Risk analysis and risk management have been popular subjects for research, articles, specialised literature and conferences during the 1990s [8], [9], [10] and [11]. Today’s project risk management aims at proactive project management, which is also an objective of this study. PRM is a very important task during project planning and project control. The most popular computer programs used for project risk management are still somewhat primitive. They have not yet been developed into commonplace tools of project management in the same way as time management programs have, for example [12]. Essentially, almost all methods of risk management, presented in the literature on project management and commercial risk management computer programs appear to favour one-time identification, evaluation and analysis of risks. These methods do not seem to favour simple, quick risk analyses and demand a great deal of work. Commercially distributed programs mostly deal with the probable project outcomes. Commercial PRM computer programs fall into two primary categories, which are (1) risk analysis oriented programs such as @RISK, OPERA and CRYSTAL BALL; and (2) programs supporting PRM processes such as FUTURA and TEMPER SYSLA. Risk analysis does not necessarily reveal whether a risk is really becoming a reality but states the risk’s level of seriousness, its effect on the project and the probability of its realisation. Also, risk analysis often remains a one-time procedure at the beginning of the project with very little true risk management being carried out during the course of the project[ ]

Early Warning Signs

Early Warning Signs An early warning sign is an observation, signal, message, or some other form of communication that is or can be seen as an expression, indication, proof, or sign of the existence of some future or incipient positive or negative issue. It is a signal, an omen, or an indication of future developments (Nikander, 2002)[2]. Ansoff’s (1975, p. 22)[3] ideas of responding to “weak signals” stated: “A firm that wishes to prepare for strategic surprises has two options. The first is to develop a capability for effective crisis management—fast and efficient afterthe- fact responsiveness to sudden discontinuities. The second approach is to treat the problem before the fact and thereby minimize the probability of strategic surprises. . . . Both approaches deserve management attention.” This article has a focus on early warning signs—the proactive approach. Loosemore (1999, 2000) identified three types of crisis in a construction project management context. Perceptions of an impending creeping crisis present EWS that are understood but unaddressed until the crisis occurs. Sudden crises occur seemingly without warning, whereas periodic crises occur in cycles that may or may not be understood. Many crises appear without accompanied contingency plans—often being perceived as low probability but high potential impact events perhaps best tackled using an emerging strategy and having sufficiently skilled project management teams to recognize EWS and react appropriately (Mintzberg, 1987; Mintzberg, Ahlstrand, & Lampel, 1998). Kappelman, McKeeman, and Zhang (2006) indicated that peoplerelated and process-related risks scored higher than product-related risks as dominant EWS of IT project failure Syamil, Doll, and Apigian (2004) argued that behavior-related performance measures evaluating project processes are mediating variables affecting theextent to which the given process contributes to the overall project result.

Why construction project?

In analyzing needs and requirements for document classification in construction information systems, it is pertinent first to review the changing environment within which the construction industry operates. Some of the key issues include the following:
• Construction projects are usually unique. The characteristics, specifications, and execution plans of construction products are described in a large number of construction documents, such as drawings, specifications, schedules, and cost estimates. These documents necessarily consist of both graphic and nongraphic information that must be communicated between members of the project team.
• Projects are designed, built, and maintained using dynamic processes, which are subject to changes throughout the construction life cycle. A number of different factors substantially affect the implementation of construction projects. Different technologies, site conditions, constraints, and internal or external impositions can lead to changes. These deviations have to be communicated to all project partners affected by them in order to enact the necessary adaptations and changes in accordance with the new situation. Tracking and enacting all changes in construction information is a great challenge.
• Unique project teams develop construction processes. According to Cleland ~1995!, project teams are ‘‘organizational entities devoted to the integration of specialized knowledge for a common purpose.’’ Team members include representatives of owners, designers, contractors, and other stakeholder organizations. Each project team member has its own organizational structure. The organizational configuration of the overall project team will have to match all individual participants’ organizational structures. It is important to notice that, according to the contingency theory ~Galbraith 1973!,each project’s organizational arrangement can lead to different performances.
• Although each individual project’s organization will have a specific function, interdependencies also occur among them. In order to ensure that the entire system works as a unit, the different organizations must work in a collaborative and coordinated way, sharing data, information, and knowledge.
• Project team members vary in size, capital, and level of information[6] technology ~IT! capability and are typically small to medium enterprises. A particular problem in the implementation of IT is the varying capabilities of the team members.State-of-the-art technologies could be available to some team members, but probably not to all of them. All these characteristics were considered in the design and development of the proposed automated document classification system for construction management.

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