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The role of risk management in project execution
Research proposal on Project risk Management
The role of risk management in project execution
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I have a sound understanding of project controls fundamentals, which is proven by my accreditations in project controls and project management disciplines as follows: I am among the few cost engineers in Australia, who were granted the globally recognised cost engineering credential of CCP (Certified Cost Professional) by Association for the Advancement of Cost Engineering (AACE) in Canada. This credential proves my extensive understanding of cost engineering, cost estimation, cost controlling, budgeting and forecasting, project accounting, and cash flow management. I am also accredited by the Project Management Institute (PMI), as a Risk Management Professional (PMI-RMP), which proves my sound understanding of projects risk management. My in-depth knowledge of risk management assisted me to transform Atlas’ risk management process from Naïve to Natural maturity in order to address the entire risk management process including qualitative and quantitative risk management. I introduced, initiated, and developed the risk management system and provided training to other project controls team to ensure successful establishment and implementation of a comprehensive risk …show more content…
That is how an organisation could utilise Earned Value Management (EVM) system for an effective integration of these critical metrics. I used my extensive knowledge of EVM in performance management and setting up key performance metrics to propose and develop this method for Atlas and AECOM, where the realised benefit was a significant improvement in the schedule, cost, and scope performance. For example as the result of using this method at Atlas, Schedule Performance Index (SPI) and Cost Performance Index (CPI) improved by 35% and 20%
A project Manager should be assigned the responsibility of development and implementation of the risk management plan. Project team: A must be formed who will be responsible for assisting the Project Manager in the risk management process. Also, all the employees should be educated on risks and encouraged to report risks they encounter to the risk management team. This is because risk management is a collaborative process and this would help in bringing in notice any risks that must have been overlooked by the Risk Management
They defined a “cost variance” to relate “earned standards” against “actual expenses” to determine performance. It was only in 1962 that Earned Value was formally introduced on projects by the United States Navy as part of the development of the PERT/Cost methodology. In 1996 a new set of criteria were produced to encourage adoption in the private industry by making the criteria more ‘user friendly’. The National Defense Industrial Association developed these 32 criteria and named it the Earned Value Management System criteria currently embodied in ANSI/EIA748 (Cabri and Griffiths,
Hillson, D, & Simon, P. (2012). Practical project risk management: The ATOM methodology (2nd ed.). Vienna, VA.: Management Concepts.
Risk Management As a financial institution in current volatile financial market, we engage in both commercial and investment banking activities and are registered to do business in Germany and the US. Our business are providing multi-product financial service to clients, such as understanding service and stock research, as well as the traditional funding and investment activities. Our company tries to provide high service quality, innovation. The most important is we remain the maximization of shareholders profit as the Board's aim forever. In order to perform the business efficiency and effective, normally the board is responsible for approving group's strategy, principle market and acceptable risk.
Risk management is among the most important practices in the field of project management. A successful project completion and risk management often go side by side. An interesting aspect of project management is that a project can sti...
The notion of the Balanced Scorecard was described as "a framework for multi- dimensional performance evaluation and performance management." This framew...
The Balanced Scorecard has emerged in recent years as a performance measurement system in various organizations. This paper will discuss the origin and concept of the balanced scorecard and how it was first implemented. We will then review the criticisms on the balanced scorecard methodology as well as analyse the strengths and weaknesses of this performance measurement tool.
Hansen, D., Mowen, M., & Guan, L., Cost Management: Accounting & Control 6th ed., Mason, Ohio: South-Western
Others feel that ABC would be more widespread in industry if it were marketed better by the cost accounting profession itself [1]. As the dust has settled, ABC has turned out to be less a revolutionary technique than a useful refinement to proven systems. The costs of products and services must be accurate, or management can be misled. Decisions... ...
Accurately forecasting the cost of projects is vital to the survival of any business or organization. Cost estimators develop the cost information that business owners or managers, professional design team members, and construction contractors need to make budgetary and feasibility determinations. From an Owner's perspective the cost estimate may be used to determine the project scope or whether the project should proceed. According to the U.S. Department of Labor there were about 198,000 cost estimators in 1994. That of which 58% work in the construction industry, 17% employed in manufacturing industries, and the remaining 25% elsewhere. From this we could conclude that a great deal of cost estimation lies in the construction industry, where multi-million dollar contracts are formed after a thorough cost estimation.
These are the specific risks involved to a particular project or program. The organisations continuously undertakes specific projects, which should be managed with consistency with the legal obligations to be kept in mind. There are significant program management methodology which spell out the requirement and clear risk management approach within the project environment and align by the whole of the AS/NZS ISO 31000:2009 Risk management – Principles and guidelines.
Some include risks at the enterprise level, managing risks in complex projects and dealing with turnarounds and large capital projects. Liu, Zou, & Gong (2013) explore how enterprise risk management (ERM) may influence the ability and performance of project management risk (PRM) by considering the features of the construction industry, its businesses and projects. Managing risks within projects such as these has become an important process to achieve project objectives in terms of the scope, time and cost. The results show that enterprise risk management can positively influence the implementation of project risk management. This can be achieved through implementing a risk focused culture, setting up risk management departments and setting up risk procedures. This will help control the project risk and improve the performance of project risk management. Communicating the concerns with other team members can help identify the risks earlier on rather than later in the development of the project. If the Stakeholders and managers involved are satisfied then the project outline becomes a
Construction projects are complex, having a long production cycle and involving many participants and they are therefore, associated with risks and uncertainties. It is important for a client to know how, and to what degree, risk has consciously been passed to another organizations, or how it has been shared in some proportion between him and another organization. For design and built method, all the risks can lie almost wholly with the contractor (Turner,
Quantitative risk analysis is more focused on the implementation of safety measures that have been established, in order to protect against every defined risk. By using a quantitative approach, an organization is able to create a very precise analytical interpretation that can clearly represent which risk resolving measures have been most well suited to various project needs. This makes the quantitative approach favored by many management teams since risk assessments can be clearly represented in the empirical forms like percentages or probability charts, since it emphasizes using tools such as
Risk Management allows us to identify the problems which are unknown during the start of the project but may occurs later. Implementing an efficient risk management plan will ensure the better outcome of the project in terms of cost and time.