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Risk Management Trends in Project-Based Organizations

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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Sustainable Engineering and Science".

Deadline for manuscript submissions: closed (31 December 2021) | Viewed by 22376

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Special Issue Editor

Dr. Konstantinos Kirytopoulos

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Guest Editor

School of Mechanical Engineering, National Technical University of Athens, Athens 15780, Greece
Interests: project management; risk management; standards development; education

Special Issue Information

Dear Colleagues,

With the very recent revision of the risk management standard “ISO31000:2018—Risk Management—Principles and Guidelines” risk management has become a focal point for business and academia. The discipline of risk management, however, has not yet achieved a maturity phase and new processes, approaches and areas of application are continuously explored within engineering disciplines. COVID-19 has significantly affected the operation of engineering, construction, architecture and IT firms and risk management and continuity management plans have proved effective, leading more organisations to seek guidance on the implementation of relevant systems.

On the other hand, risk management provides a typical toolset for fostering the sustainability of organisations and society in general. Nowadays, sustainability is viewed through the lenses of the triple bottom line, that is, sustainable development in environmental, economic and societal terms.

This Special Issue on “Risk Management Trends in Project-Based Organisations” aims to explore and bring out recent developments, new methods, tools and/or application examples (case studies) regarding risk management (including business continuity and crisis management) in the main project-based industries, for instance engineering, construction or information technology, without excluding other project-based industries. The connection of such developments with the sustainability of organisations in any or all aspects of the triple bottom line should be emphasised and will constitute the distinguishing factor of this Special Issue.

Dr. Konstantinos Kirytopoulos
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

risk management
continuity management
project-based industries
construction
IT
engineering

Published Papers (7 papers)

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Research

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37 pages, 364 KiB

Open AccessArticle

Project Management for Corporate Events: A Set of Tools to Manage Risk and Increase Quality Outcomes

by Louiza-Elpida Dounavi, Emmanouil Dermitzakis, Georgios Chatzistelios and Konstantinos Kirytopoulos

Sustainability 2022, 14(4), 2009; https://0-doi-org.brum.beds.ac.uk/10.3390/su14042009 - 10 Feb 2022

Cited by 3 | Viewed by 4529

Abstract

The events industry is a project-based industry where sustainable development has been of ever-increasing interest over the last decade. In this regard, the importance of managing risks and delivering quality outcomes in corporate events and the events industry in general cannot be overstated. This paper aims to contribute to the enhancement of project management processes and quality of corporate events, with a focus on risk management. For this purpose, a set of semi-structured interviews with event managers was conducted and thematic analysis was used to qualitatively analyse the research data gathered. Data analysis resulted in the development of a set of tools and methods that have the potential to assist corporate event managers in the project risk management process. This set comprises of a work breakdown structure (WBS) template, a risk breakdown structure (RBS), and a set of risk treatment and mitigation strategies for corporate events. These tools are innovative in the sense that they are based on and correspond to the phases of the event life-cycle rather than individual management domains, have not been developed in unison before, and can be utilized collectively for greater benefits realization. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

14 pages, 4401 KiB

Open AccessArticle

A TOPSIS—Risk Matrix and Monte Carlo Expert System for Risk Assessment in Engineering Projects

by Georgios K. Koulinas, Olympia E. Demesouka, Konstantinos A. Sidas and Dimitrios E. Koulouriotis

Sustainability 2021, 13(20), 11277; https://0-doi-org.brum.beds.ac.uk/10.3390/su132011277 - 13 Oct 2021

Cited by 12 | Viewed by 2654

Abstract

In this paper, we propose a process that combines the Risk Matrix approach with the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS) and the Monte Carlo Simulation for assessing risk factors that have an impact on the duration of a construction project’s activities and predict if it is feasible to terminate the project within the prescribed deadlines. Initially, we identified the risks affecting each task of the specific project, and then, we applied the risk matrix approach for determining the probability and impact of every risk to each activity. The resulting ranking is used to assign uncertainty to activities’ durations and estimate the probability of on-time project completion, employing the Monte Carlo Simulation approach. The main contribution of this paper is the development of an innovative framework that coordinates an established qualitative and quantitative risk classification approach, with a popular multicriteria method and a powerful simulation approach, to effectively predict time deviations while executing complex construction projects under uncertainty. The proposed framework was applied to estimate the possibility of a timely execution of an artificial lake real project on the island of Alonissos, Greece. The analysis results illustrate that this approach clearly could help the project risk manager proactively perform risk mitigation measures while allocating budget and programming a project with a significant impact on the quality of life of residents and tourists of a small island. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

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24 pages, 4159 KiB

Open AccessArticle

An Evaluation of Project Risk Dynamics in Sino-Africa Public Infrastructure Delivery; A Causal Loop and Interpretive Structural Modelling Approach (ISM-CLD)

by Bridget Tawiah Badu Eshun and Albert P.C. Chan

Sustainability 2021, 13(19), 10822; https://0-doi-org.brum.beds.ac.uk/10.3390/su131910822 - 29 Sep 2021

Cited by 11 | Viewed by 2670

Abstract

Africa’s growth in public infrastructure provision has been fueled by the collective effort of the government authority and foreign private investors. China, through state-owned corporations, has become one of the leading infrastructure financier springing up numerous projects in transport, energy, oil and gas, water, and sewage sectors in Africa. Infrastructure procurement in developing countries comes with complexities and uncertainties. While Sino-Africa transnational public–private partnerships (TPPP) are becoming an increasingly popular route for public infrastructure procurement, their specific project risks and dynamics are not yet fully understood due to the typical assessment of risk autonomously. This paper identifies pertinent project risks in Sino-Africa TPPPs and applies system thinking in evaluating their behaviour and dynamics. An extensive review of literature and expert opinion employing semi-structured interviews was adopted in the identification and assessment of risk factors. Additionally, the study applied causal loop and interpretive structural modelling as an integrated approach in the assessment of risk behaviour from a systems perspective. Results indicate that risk factors associated with Sino-Africa TPPPs are interactive and portray curious systemic behaviour. Risk factors like force majeure and others associated with the governance structure and stability of the host African country are most influential, and their occurrence could inhibit project success. The study recommends that in conjunction with the conventional risk assessment by impact, systems thinking can be adopted to evaluate and comprehend the dynamics and interactions amongst the risk factors. This will improve risk assessment efficiency and fair allocation and treatment of risks as a conduit for project success and promote a win–win partnership for project actors. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

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18 pages, 2493 KiB

Open AccessArticle

Stakeholders and Risks in Liquified Natural Gas Bunkering Projects: The Hidden Link

by Evangelos Bellos, Georgios Chatzistelios, Angeliki Deligianni and Vrassidas Leopoulos

Sustainability 2021, 13(15), 8140; https://0-doi-org.brum.beds.ac.uk/10.3390/su13158140 - 21 Jul 2021

Cited by 4 | Viewed by 3121

Abstract

The importance of stakeholders’ analysis for the effective management of risks in any business sector has been widely recognized and depicted in International Organization for Standardization (ISO) standards. This kind of analysis is even more necessary in businesses and organizations dealing with significant technological and market changes, such as the provision and usage of Liquefied Natural Gas (LNG) as a marine fuel. In the LNG bunkering industry, several methods have been proposed to support risk management. However, they all suffer from an important drawback: they guide risk management mainly to the identification, analysis, and control of potential accidental events within a health and safety or a technical reliability analysis framework, failing to structure the correlation of risks with the actual actors, i.e., the numerous stakeholders whose decisions may influence directly or indirectly the organization’s objectives. This paper presents a method to systematically analyze the role of stakeholders and their ability to pose threats and/or opportunities to an organization. The proposed approach employs the Social Network Analysis (SNA) methodology to model and analyze stakeholder interests, interactions, and relationships that are important to the organization’s objectives. The method is applied in a small-scale LNG bunkering project at a Greek port. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

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18 pages, 311 KiB

Open AccessEditor’s ChoiceArticle

Risk Handling Responsibilities in Tanzanian Project-Based Organisations

by Nyamagere Gladys Sospeter and Nicholas Chileshe

Sustainability 2021, 13(14), 8078; https://0-doi-org.brum.beds.ac.uk/10.3390/su13148078 - 20 Jul 2021

Cited by 4 | Viewed by 2560

Abstract

Risk handling is one of the elements and essential parts of risk management when properly incorporated into a project. However, there is inadequate knowledge amongst the contractual parties on risk handling responsibilities in road projects, particularly in Sub-Saharan African developing countries. This study is aimed at bridging that knowledge gap by investigating the perceptions of contractors and consultants on the risk handling responsibilities in road projects in Tanzania. The primary data were collected from 80 registered foreign and local civil contractors and engineering consultants based in Dar es Salaam. Descriptive statistics and inferential statistics were used for the data analysis. The results show that both contractors and consultants ranked safety project provision and ensuring quality provision in terms of construction as shared risk responsibilities among contractual parties. The findings further show that consultant-related risk responsibilities are: safety provision, the use of historical cost deviation, ensuring quality provision, and review of knowledge on budgeting. On the other hand, contractor-related risk responsibilities include: safety provision and ensuring quality provision. The findings of this study can be used by the practitioners and stakeholders as important lessons useful for controlling risks and making decisions when they intend to participate in such projects during the construction stage. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

20 pages, 1401 KiB

Open AccessArticle

Game Theory-Based Minimization of the Ostracism Risk in Construction Companies

by Dimosthenis Kifokeris and Yiannis Xenidis

Sustainability 2021, 13(12), 6545; https://0-doi-org.brum.beds.ac.uk/10.3390/su13126545 - 08 Jun 2021

Cited by 3 | Viewed by 1902

Abstract

Strategic and managemerial decision-making in an organization can have a crucial effect for the whole entity; however, it rarely involves the organization’s employees evenly at the different organizational levels. The result is—what is addressed in this paper as—the ostracism risk, namely the risk accruing from the lack of satisfaction of underprivileged employees’ groups during the decision-making process. The ostracism risk could jeopardize the organization’s integrity and therefore requires effective treatment. This paper aims at verifying a conceptual approach, which is proposed as a methodology for assessing the probability of organizational cooperation when deciding under risk, thus minimizing ostracism risk. The proposed approach is based on organizational and human resources management (HRM) theories and is contextualized for construction through the understanding of systems theory. The proposed methodology presents a potential modelling via game theory of a medium-sized construction company that is organized according to Mintzberg’s organizational model. The utilization of the bounded Pareto distribution is presented as an approach of the model’s probabilistic processing, and the potential for estimating the probabilities to adopt a favorable cooperational decision is verified. The paper concludes with the reference to the next steps required for the methodology’s validation and further improvement. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

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Other

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35 pages, 4292 KiB

Open AccessConcept Paper

Achieving Organisational Alignment, Safety and Sustainable Performance in Organisations

by Peter Blokland and Genserik Reniers

Sustainability 2021, 13(18), 10400; https://0-doi-org.brum.beds.ac.uk/10.3390/su131810400 - 17 Sep 2021

Cited by 3 | Viewed by 3740

Abstract

When looking at socio-technical systems from a systems thinking and systemic perspective, it becomes clear that mental models govern the behaviours and determine the achievements of socio-technical systems. This is also the case for individuals, being systems themselves and, as such, being elements of those socio-technical systems. Individual behaviours result from individual perceptions (mental models). These individual behaviours ideally generate the desired outcomes of a system (team/organisation/society) and create value. However, at the same time, mental models and the associated individual behaviour also bring about unwanted consequences, destroying or diminishing value. Therefore, to achieve safety and to attain sustainable safe performance, understanding and managing mental models in organisations is of paramount importance. Consequently, in organisations and society, one needs to generate the required mental models that create successes and, at the same time, to avoid or eliminate damaging perceptions and ideas in order to protect the created value. Generating and managing mental models involves leadership; leadership skills; and the ability to develop a shared vision, mission and ambition, as this helps determine what is valuable and allows for aligning individual mental models with those that preferably govern the system. In doing so, it is possible to create well-aligned corporate cultures that create and protect value and that generate sustainable safe performance. To achieve this aim, a systemic organisational culture alignment model is proposed. The model is based on the model of logical levels of awareness according to Dilts (1990), Argyris’s ladder of inference (1982) and the organisational alignment model proposed by Tosti (1996). Furthermore, ISO 31000 (2009, 2018) and its guidance are proposed as a practical tool to accomplish this alignment and sustainable safe performance in organisations. Altogether, these elements define Total Respect Management as a concept, mental model and methodology. Full article

(This article belongs to the Special Issue Risk Management Trends in Project-Based Organizations)

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