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The Importance of Continuous Organizational Project Risk Management and the Value of Project Management Certificates in the Customers’ Eyes
51-68Views:126In an increasingly complex and volatile business environment, organizational project risk management plays a critical role in determining the chances of project success. Project management has become a common tool in the hands of large organizations for executing development and improving their production cycles in a more carefully planned way. However, the future is often hard to predict, and unexpected events may occur which could have been avoided with the use of the right tools and mindset. This comprehensive research study aims to showcase the importance of continuous risk management in organizations and highlight how risk management contributes to successful project outcomes. By synthesizing information from 59 high-quality publications from Scopus and Web of Science, the research describes various risk mitigation methodologies used across diverse fields, and explores potential obstacles faced by project managers when executing risk management strategies. The primary research of the study builds upon a survey conducted with 181 experienced project managers across various industries to gain deeper insights into their risk management approaches and the constraints they may encounter. Additionally, the study seeks to analyse the value of obtaining project management certificates in relationship with led projects’ length and budget. Employing SPSS, the research presents descriptive statistics, regression, and correlation calculations to further analyse the data gathered. The aim of the research is to draw attention to the significance of continuous risk management, propose effective methodologies, identify and mitigate potential challenges, and shed light on the potential benefits of having certifications in the field of project management. This study aims to present valuable knowledge for both researchers and organizations striving to better understand the field of project risk management strategies through the systematic literature review and quantitative research results presented.
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Project Risks and Risky Projects
164-189Views:300Projects are key drivers of organizational change, both their failure and success can have significant impact on the organizational performance. Risks may arise throughout the entire project life cycle. Managing these and initial project planning uncertainties is an important task of Project Management. The study describes the application of traditional project management tools and methods in risk analysis, -evaluation and -treatment based on modern project and risk management standards and recommendations. The authors also examine the link between classic project management objectives (project time - resources – scopes) and risk-based decision-making. The different scale and scope of projects call for different responses to the associated risks. The study highlights the possible role of the ISO 31000 risk management standard package in project risk management. The authors analyse the risk management of the different projects on the basis of processing relevant literature, including the relationship of the project stakeholders to the risks. R&D, agile projects and project portfolios have specific and complex risk exposures, but their project management can provide several „hidden” risk analysis and - treatment functions.
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Why Public Sector Projects Fail or Succeed in Pakistan- A Model for Evaluating Impact of HR Management Practices on Project Success
77-90Views:287Employees are the most important assets of an organization. As quality human resources become scarce, companies need to pay more heed to the satisfaction and motivation of their employees. If employees are motivated towards work, then it is likely to yield better results. This study will examine the role of Human resource management (HRM) practices upon New product development (NPD). NPD involves technical, marketing, and financial risks organizations undertake for developing new products and services. Effective project planning and control are valuable for decision-making. The analysis of the impact of HRM practices on NPD, project success, and organizational benefit is based on data collected using a cross-sectional design via a survey questionnaire. The questionnaire consisted of items related to HR practices, New product development, Project Success, and Organizational benefits adapted from previous studies. Respondents working in 10 large-scale public sector projects executed by National Database & Registration Authority, Pakistan were selected for the study. Therefore, the results of the study can be generalized to similar projects executed by the public sector in Pakistan. From the findings of data analysis, it has been concluded that there is a significant association between HR practices and project success, but no significant relationship has been established between new product development and organizational benefit. Therefore, it can be concluded that HR management practices have a significant impact on public sector project success in the case of Pakistan.
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Improving the Work Breakdown Structure of the Plant Installation - Case: Asphalt Plant
174-187Views:343The improvement of the project management forced the industrial organizations to focus on using the project management techniques in their industry, to plan and control the workflow to achieve their targets, further to increase the satisfaction of their customers. One of the most common project management tools are used is the work breakdown structure (WBS), which provide a framework for the implementation of the project scope including project planning, scheduling, monitoring, control, and estimation. Depending on the top-down approach the project activities will be broken into smaller parts that can be measured and controlled during the project implementation. The well-defined construction of the structure contributes to making the project more realistic and visual. However, the misunderstanding of the project WBS among the project team creates deflection and misinterpretation of the project scope. The main issue of this research is to improve the WBS of the installation plan and develop a standard WBS for plant installation. The research was limited to Asphalt plant installation WBS as a case study to identify the weaknesses of the current WBS at the case company which leads to extra installation time and cost. The research is offering a template WBS based on the company logic, defining the frequent risks that affect the plant installation based on the WBS and suggesting a suitable response strategy by recommending a control framework to monitor and control the WBS schedule throughout all installation phases.
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Strategies and Effects of LEDS (Low Emission Development Strategy) in Fortaleza, Brazil
110-121Views:144When it comes to climate change, the built environment, together with transport, and waste and water management play a significant role as Greenhouse Gases (GHG) emitting sectors, reflecting the strong need to address such issues by local governments. A notable action that has been taken in this regard is the Urban Low Emission Development Strategies (Urban LEDS), which consists of a project implemented by the UN-Habitat and the International Council for Local Environmental Initiatives (ICLEI) that selected eight model cities and twenty-one satellite cities around the world and aims to support integrated and ambitious climate action, encouraging low-carbon efforts in emerging economies through the collaboration among them. In addition, eight European cities also participated in the project in its first phase, contributing with their expertise and experience with climate change mitigation. Since 2012, the city of Fortaleza in Brazil is a model city of the Urban LEDS project and it has sustainably integrated and developed many projects, making it a more resilient city, stimulating its economic growth and improving its quality of life. This paper aims to present the milestones that Fortaleza has already met within Urban LEDS and its main priorities in the next years, identifying best practices in three European cities (Copenhagen, Zagreb and Hannover) that could also be implemented in its geographical, social and cultural context, as well as indicate lessons that other cities can learn from Fortaleza.
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Proposition of Enhancing the Significance of Green Infrastructure in the Smart City Concept
1-22Views:200The aim of the paper is -in accordance with the goals of the research team called „ Sustainable Integrated Settlement And Regional Planning” within the project EFOP-3.6.1-16 – to compile a comprehensive expert material on smart city. In accordance with my personal assignments within the teamwork, I studied first of all how sustainable urban water management issues are managed in the corresponding smart city documents, how the smart city concept which is evidently one possible way of sustainable urban development involves the strategy of sustainable stormwater management along with the elements of green infrastructure which are the inevitable segment thereof. The basis of the study were Hungarian official methodological guides and one university textbook published so far in the topic. Contrarily to the expected results the two notions of smart city and sustainable urban water management are not harmonized despite their common overall goals. Therefore I make a few suggestions in order to harmonize to some extent the criteria and indicators developed for the two notions - smart city and sustainable urban water management including green infrastructure - promoting sustainable cities. The overall goal is to ensure that green infrastructure is not neglected while smart cities are realized.
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Floodresc – Disaster Management in case of Flooding in the Hernad Watershed
181-187Views:85The aim of the Floodresc project is to develop a GIS based decision support system that can help the defense and rescue operations of the Disaster Management Directorate during any floods in the Hernád River. In the project, a geospatial database covering the entire river basin, a modeling application for predicting the extent of flooded areas in time, and a logistics model supporting defense-related transportation tasks will be developed.
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Maintenance Strategies and Life Cycle Costs of Renewable Energy Systems
106-116Views:113Life cycle costs are important factors in decisions on renewable energy investments. Since maintenance costs generally constitute a high portion of the life cycle costs, the maintenance strategy applied in a project can affect the bottom line significantly. The effective maintenance tools used in the production industry (e.g., diagnostics, condition monitoring, data management, integrated information systems, machine learning, and automated decision making) can be involved in planning and maintenance of renewable energy systems to gain the benefits of these approaches. In this paper the effects of maintenance strategies on life cycle costs are investigated and the benefits of up-to-date condition monitoring techniques are presented through case studies.
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A Literature Review: Artificial Intelligence Impact on the Recruitment Process
108-119Views:9416This paper aim is to review the implementation of artificial intelligence (AI) in the Human Resources Management (HRM) recruitment processes. A systematic review was adopted in which academic papers, magazine articles as well as high rated websites with related fields were checked. The findings of this study should contribute to the general understanding of the impact of AI on the HRM recruitment process. It was impossible to track and cover all topics related to the subject. However, the research methodology used seems to be reasonable and acceptable as it covers a good number of articles which are related to the core subject area. The results and findings were almost clear that using AI is advantages in the area of recruitment as technology can serve best in this area. Moreover, time, efforts, and boring daily tasks are transformed to be computerized which makes a good space for humans to focus on more important subjects related to boosting performance and development. Acquiring automation and cognitive insights as well as cognitive engagement in the recruitment process would make it possible for systems to work similarly to the human brain in terms of data analysis and the ability to build an effective systematic engagement to process the data in an unbiased, efficient and fast way.
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International Financial Reporting Standards Convergence Process for Small and Medium-Sized Entities
1-12Views:116The "International Financial Reporting Standards (IFRS) Convergence Process for Small and Medium-Sized Entities (SMEs)" seeks to address the unique challenges and requirements faced by smaller businesses in adhering to international accounting and reporting standards. This initiative recognizes that SMEs operate in diverse economic environments and have distinct financial reporting needs compared to larger enterprises. The primary purpose of this convergence process is to enhance the relevance, accessibility, and practicality of IFRS for SMEs, fostering consistency in financial reporting practices across global markets.A project to create accounting standards appropriate for small and medium-sized businesses (SMEs) is being worked on by the International Accounting Standards Board. This abstract provides an overview of the convergence process involving International Financial Reporting Standards (IFRS) for Small and Medium Sized Entities (SMEs). With the global landscape of financial reporting constantly evolving, the integration of IFRS tailored specifically for SMEs marks a pivotal transition towards harmonizing financial reporting practices. This paper examines the essential elements and implications of this convergence, addressing the challenges and benefits faced by SMEs as they align with these international standards. The analysis delves into the driving factors behind the convergence, including the necessity for a unified and transparent financial reporting framework, aiming to facilitate comparability and accessibility of financial information across borders. Furthermore, the abstract discusses the potential impact on SMEs' financial reporting quality, decision-making processes, and access to capital. Through a comprehensive review of the convergence process, this abstract seeks to contribute to the understanding of the significance and implications of adopting IFRS for SMEs, thereby providing valuable insights for practitioners, regulators, and stakeholders in the financial reporting ecosystem.
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Analysis of Construction Risks
1-10Views:113The article from a longer, in practical working risk management theory and general methodology, as well as the circumstances of the construction projects for bridging study assumed abyss has been created based on the instalment. The emphasis placed on construction projects risks typical data resources, project planning methods. Construction risks and the risk management methods dealing with a separate study.
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Risk Financing and Financing Risks In Case of Geothermal Investments
191-201Views:124In an investment process various sizes and types of risk arise. In project financing risk sharing is based on the assumption that the risk is to be borne by who is able to control and influence it. The article examines that project financing as a risk management technique is applicable to the treatment of geothermal investment risks.
