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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:113In 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:299Projects 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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Risk Management Requirements in Management Systems
314-323Views:228The management system standards published by the International Organization for Standardization (ISO) contain requirements related to risk management activities. The objective of the current research is to identify the relevant risk management requirements and creating the integral risk assessment method in Quality Management System (QMS), Environmental Management System (EMS) and Information Security Management System (ISMS). In my research I prepared a risk management requirement matrix, which can help the organisations to understand the relevant requirements of the three examined standards. The developed integrated risk assessment method allows the application of a common risk assessment table concerning the three standards.
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Security Oriented Process Management
344-364Views:316Abstract. Theoretical background of enterprise risk management can be considered as founded by the ISO 31000 standard family and the COSO recommendation. However, their application in a given company domain requires knowledge of the local environment, and professional experience. Nowadays risk management is still anchored to functional fields, or organisational units (logistics, finance, quality management, HR, IT, e.g.). According to the view of the authors, this approach could results in parallel, multiple regulations of risk management. This could be avoided by a holistic view, and a risk based analysis of company processes. Writing this study is aimed at three
major goals:
- providing an overview of the bases of process and risk management,
- proposing a professional idea to be used at risk management of processes (Is it possible to reduce business
risk by analysing availability of resources assigned to processes?),
- providing a review of standards and recommendations which can be used in process risk management. -
Investments and Their Financing Risks and Risk Management Trends in the Last 10 Years
184-203Views:200The purpose of our literature review was to understand the state of research related to management of risk of corporation’s investments and their finance within the past 10 years. Nowadays the risk management and problem solving are characterized by holistic approach and complexity - and these tendencies we can see clearly. We need to examine the likvidity, financing and investment questions together, because of the interactions between them. They can influenced the corporate value together. The role of risk management in the investments is the cash-flow smoothing (we mean: cash-flow generated by investment). The field of corporate finance is noticeably inseparable from other areas of business science (at least in the empirical analyses), and even technical issues, like risk management, have long been considered suitable appropriate in an integrated form. The financial and operational hedging has become indispensable elements of the managerial toolbar. The consequence of crisis (from 2007) promotes the birth of many studies that justify it. The researchers are paying close attention the transaction costs, such as costs of contracts or agent costs, and the losses due to information assimetry. The statements of behavioral finance connection with managerial decisions mean important additives in this field.
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Compare the Most Frequently Used Models of Risk Management
1-11Views:176The successful risk management is based on the company can recognize and treat the risks well and effectively. Nowadays there are several techniques for risk management. Each technique breaks the risk management steps on its own logic. In this article we compare four different risk management models, accordingly what are the similarities, and what are the differences between the four models.
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The Role of Information Security in the Business Processes
1-13Views:102Information security (namely, confidentiality, integrity, and availability of business-related data) is an issue which companies attach increasing importance nowadays. This is, however, not a self-centred goal to achieve, but an (additional) means businesses use to work towards security in their overall operations. In addition to briefly presenting two case studies on information security practices, this paper offers a survey of terms and management practices linked with process security. Business continuity planning and risk management techniques - as outlined here in connection with information protection controls - may cover all business processes at any company.
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Survey of the Service Offer of Fitness Clubs for Group Classes in Debrecen
35-48Views:259The economic and social importance of the fitness sector is steadily increasing. The range of services provided by fitness centers is expanding and the popularity of fitness clubs is constantly growing. Fitness workouts are easily accessible for everyone, and there are numerous types of fitness centers which can play an important role in everyday physical activity. There are many factors that can influence the choice of fitness consumers for the gym, also fitness professionals play a key role in this regard. It is essential for fitness clubs in order to remain competitive on the market, to employ fitness instructors with the optimal personality and expertise, but in many cases, there is a lack of verification of qualifications. In our study, we conducted interviews with 20 fitness instructors who work in a fitness center that offers group lessons to consumers. The questionnaire included questions about consumer preferences, fitness facilities, trainers qualifications, and activities. Our study was made among eleven fitness clubs in Debrecen. The number of fitness clubs is constantly changing, with each year closing, opening or rebuilding fitness centers, which vary widely in size and number of services offered. The majority of respondent trainers are women as are the participants women in group lessons. Most of the interviewed trainers have OKJ qualifications, but the results reflect that fitness providers have not checked their qualifications at all before applying them. Fitness professionals play an extremely important role in leisure sports, contributing in maintainance and development of the fitness consumers’s health. Their work has a particular responsibility, as they can influence the physical and mental health of others in both positive and negative ways. Not only to avoid the risk of injuries, but also to prevent long-term health damage, fitness professionals play an important role. Controlling the qualifications also be in the interest of fitness clubs, not only avoiding accidents, but also increasing attendance at group classes by employing reliable, excellent personal trainers.
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„Forradalmi” változások a menedzsment területén
1-15Views:138Development of the Science and practical application of the results created big changes in the nontradicional areas too. The „Health industry” was developed. The results of the physics, chemistry, biology and mikroelektronics etc. helped to develop some new methods of diagnosis, operation etc. The „money industry” was developed too. Our opinion is, that the most important cause of the economic crisis is a non regulated well of the „money industry”. The „knowledge industry” was developed too. The „knowledge industry” contains all level of teaching and Research + Development + Innovation. Our analyze shows that the Innovation is the most important factor of the economic Development of Society. The new scientific results created big changes in area of the Management. The „Management Science” was developed as an independent area. Some management specialists developed some management methods (eg. Value Analysis, Risk Management, TRIZ, Lean methods etc.) for efficient allocation of sources.
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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.
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Transformation of the Decisional Leadership Role
26-40Views:60Leadership decision-making is important for the successful functioning of organizations, so it is necessary for leaders to understand the factors that impact their decisions. Decision-making is always the responsibility of the leader, but in a changing world, it becomes an even more crucial factor for success. Making good decisions requires time, experience, and thorough problem-solving skills. In my research, through the analysis of scholarly sources, I have identified several role factors that clearly influence the decision-making process and its implementation. Furthermore, I have developed a self-designed questionnaire to examine the decision-making role in modern organizations. I analyzed the data from 230 respondents using various statistical methods. Based on my findings, conflict management, risk-taking, and a thorough understanding of the problem strongly determine leadership decision-making processes. The ability of leaders to effectively manage conflicts significantly impacts their decisions. Risk-taking is also of key importance, as leaders need to recognize the risks associated with a given situation and make decisions accordingly.
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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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Entrepreneurial Climate – Management of Women's Entrepreneurship
69-74Views:34Entrepreneurship, which people can have without formal economic education, is a tendency acquired through upbringing in the family, competition in school, implies risk and constant self-affirmation through the acquisition of profits and losses, so that it represents the sum of successes and failures, victory and defeat. In the last thirty years, female entrepreneurship has been developing more and more, especially in less developed countries, the reason for such growth is primarily reflected in the promotion of equality between men and women, the right to education, and the development of democracy. Female entrepreneurship is a significant factor in economic development, so the national economy becomes richer. The subject of this research are the entrepreneurial climate in the Balkans compared to the world in terms of female entrepreneurship, what is the role of the family in starting a small business, as well as its survival and growth. In the study the results of previous research in this area. The research method is based on a comparative analysis of studies dealing with this problem from the territory of Balkans. It can be concluded that in the Balkans, female entrepreneurship is still in its infancy, it is about a very small percentage of female entrepreneurs, although according to research, it is evident that there has been no major progress in the last 15 years. Recommendation In the countries of the Balkans, there is a good entrepreneurial climate for the development of female entrepreneurship, especially because women can work from home, and in the future it is necessary to go in this direction.
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CSR Reporting Practices of Hungarian Banks
70-81Views:120The disclosure of information on the exercise of corporate social responsibility (CSR) is the tool most frequently used by companies to promote understanding of the social and environmental performance of an organisation and to improve relationships with stakeholders. For most of the world’s largest companies, reporting on non-financial information appears to be a continuing trend, so it is essential to present the new corporate reporting trends of the 21st century. The disclosure of socially responsible information will be analysed, with a focus on the application of the Global Reporting Initiative guidelines related to CSR. Global Reporting Initiative (GRI) is the best-known framework for voluntary reporting of environmental and social performance by business worldwide. The main objective of the paper is to explore the corporate voluntary disclosure practices of the listed and non-listed banks in Hungary. The extent of voluntary disclosure has significantly improved for decades worldwide, but the situation is not that obvious regarding the Hungarian financial sector. This paper aims to describe the status of disclosure practices of corporate sustainability in the annual reports, sustainability reports or CSR reports of the banking industry in Hungary. Also, increased corporate visibility and financial risk increase stakeholder demand for transparency on the social impact of financial institutions and their CSR practices. Finally, the analysis and subsequent comparison of available CSR reports of banks will be presented.
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Classification of Economic Activities in Colombia According to Workplace Accident and Disease Rates Using a Data Clustering Algorithm
44-55Views:93In 2002 the Colombian Government issued a classification of economic activities according to their level of occupational risk, taking into account the International Standard Industrial Classification of All Economic Activities (ISIC). Since 2008, the federation of Colombian insurance companies (FASECOLDA) has gathered data related to workplace accident and occupational disease rates reported by companies with employees affiliated to the legal labour system. In this study, economic activities have been categorized according to the average rates of workplace accident and occupational disease presented between 2008 and 2016, using some techniques of the Data Clustering Algorithm. The purpose of this research is to evaluate the current classification system, and propose recommendations for a new approach, taking into account the analysis of historic data available.
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Security and Risk management of Intelligent Integrated Institutes
74-84Views:73The intelligent households are getting more and more popular beside the intelligent technologies. With all the advantages that this can provide, it brings the security risk of the information technology as well. We must deal with those dangers. We have to determine the risks so that we can make proper precautions. This article gives an effective guideline to achieve safety.
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Maintenance from the Work Safety Point of View
190-196Views:108Deterioration of the technical condition of plant equipment is a common phenomenon nowadays. According to the experience of authorities, all this contributes to the occurrence of malfunctions and accidents. Plants that operate with an inadequate conservation strategy are now nearing the end of their design life, thus posing an increased accident risk. Aging processes are often accelerated by the operator's underestimation of the effects of equipment stress and the extent of deterioration mechanisms, and the consequent inadequate design and operation of condition monitoring and maintenance procedures. The aim of our work is to examine trends in the light of modern maintenance optimization methods and, in connection with this, to make proposals for the optimization of maintenance scheduling for employers.
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Practical Application of Methods in Strategy-Based Analyzes
59-72Views:437Increasing environmental volatility is a growing challenge for companies and businesses. The speed of economic events is changing, and the risk of uncertainty is increasing, requiring business to take a new approach to strategic planning. In the design and forming of their strategy, both the factors of the external and internal environment and the analysis of their competitors can be based on well-chosen methods. We consider the review of these methods, their application in planning and educational practice. The aim of our work, in which we present the methods that underpin the strategy applied in both domestic and international practice. The analysis of the external environment illustrates the construction and applicability of an external factor analysis matrix based on traditional PEST analysis and the Porter's five-factor model. In the case of internal factor analysis matrix, we focus on the approach of method choice, and on the applicable methods, the importance of the resource-based approach, the analysis of key factors and the Porter value chain analysis matrix. The third pillar of the analysis that underpins the strategy is the matrix-based assessment of competitors. The applicability of the methods depends on the form of the enterprise, the field of activity and the nature of its activities, which is complicated by the emergence of new economic spheres (e.g.: sharing) and transformed power relations.
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Justification for the Olympic Reform Package Based on Good Practice
Views:220The Olympic Games have always been the pinnacle of sport and achievement. The modern Olympics are held every four years, and the venue is chosen from among the cities that apply. In my research, I wanted to find out the reasons for the decline in the popularity of the Games. To answer this question, I looked at 2 successful Olympics (2000 Sydney, 2012 London) in the hope of identifying success factors that could be adapted to other host countries. I conducted secondary research, reviewed related international and national research, and the available economic data. During the document analysis, I found that the expected costs of organising the Olympic have increased significantly over the last two to three decades, and under-planning is a common feature. As a result of the research, I have found that the most important pillars of successful organisation are a proper organising committee, comprehensive opportunity and risk analysis, accurate planning, sustainability in planning, continuous cost control, private sector support, and the work of volunteers.
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Effect of nanomaterials on work safety
304-312Views:96Nowadays, due to their special properties, nanomaterials are gaining more and more interest and their industrial application is increasing. Their specific properties are mainly due to the fact that the main characteristics of nanomaterials are not always the same as the normal size range of the same material. While these materials fulfill an important new function in the industry, their interactions with the environment and biological organisms are becoming increasingly unpredictable, increasing uncertainty, for example, in their application to human safety. Due to the very rapid technological development, these substances have been used much earlier than the legal framework for their application could have developed, and therefore a binding regulation on the use of nanomaterials is currently not available. At this moment, the manufacturer of the nanomaterial is responsible for the safety of the products. Of course, owever, chemical safety legislation and standards provide an excellent basis for their management, but due to their specific properties, novelty and lack of knowledge of the mechanism of action, risk assessment can still be a challenge for the practitioner.
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Geotechnical Risks and its Influence on Investment in the Case of Vacant Locus
298-312Views:86At a building on vacant locus a significant amount of geotechnical risk can be arisen. In the case of arise of risks the technical content of the investment is amended, the time requirement as well as the cost of the investment is increasing. In the paper a review on the geotechnical risks, on their effects, as well as on the management of risks is given.
