Using prior risk-related knowledge to support risk management decisions: lessons learnt from a tunneling project.

Science.gov (United States)

Cárdenas, Ibsen Chivatá; Al-Jibouri, Saad S H; Halman, Johannes I M; van de Linde, Wim; Kaalberg, Frank

2014-10-01

The authors of this article have developed six probabilistic causal models for critical risks in tunnel works. The details of the models' development and evaluation were reported in two earlier publications of this journal. Accordingly, as a remaining step, this article is focused on the investigation into the use of these models in a real case study project. The use of the models is challenging given the need to provide information on risks that usually are both project and context dependent. The latter is of particular concern in underground construction projects. Tunnel risks are the consequences of interactions between site- and project-specific factors. Large variations and uncertainties in ground conditions as well as project singularities give rise to particular risk factors with very specific impacts. These circumstances mean that existing risk information, gathered from previous projects, is extremely difficult to use in other projects. This article considers these issues and addresses the extent to which prior risk-related knowledge, in the form of causal models, as the models developed for the investigation, can be used to provide useful risk information for the case study project. The identification and characterization of the causes and conditions that lead to failures and their interactions as well as their associated probabilistic information is assumed to be risk-related knowledge in this article. It is shown that, irrespective of existing constraints on using information and knowledge from past experiences, construction risk-related knowledge can be transferred and used from project to project in the form of comprehensive models based on probabilistic-causal relationships. The article also shows that the developed models provide guidance as to the use of specific remedial measures by means of the identification of critical risk factors, and therefore they support risk management decisions. Similarly, a number of limitations of the models are

Risk-informed ranking of engineering projects

International Nuclear Information System (INIS)

Jyrkama, M.; Pandey, M.

2011-01-01

Refurbishment planning requires prudent investment decisions with respect to the various systems and components at the station. These decisions are influenced by many factors, including engineering, safety, regulatory, economic, and political constraints. From an engineering perspective, the concept of cost-benefit analysis is a common way to allocate capital among various projects. Naturally, the 'best' or optimal project should have the lowest cost and the highest benefit. In the context of risk-informed decision making (RIDM), a process that has been widely embraced by the global nuclear community, the costs and benefits must further be 'weighted' by probabilities to estimate the underlying risk associated with the various planning alternatives. The main purpose of this study is to illustrate how risk and reliability information can be integrated into the refurbishment planning process to facilitate more objective and transparent investment decisions. The methodology is based on the concept of generation risk assessment (GRA) which provides a systematic approach for balancing investment costs with the reduction in overall financial risk. In addition to reliability predictions, the model provides estimates for the level of risk reduction associated with each system/project and also the break-even point for investment. This information is vital for project ranking, and helps to address the key question of whether capital investment should be made in the most risk critical systems, or in systems that reduce the overall risk the most. The application of the proposed methodology requires only basic information regarding the current reliability of each engineering system, which should be readily available from plant records and routine condition assessments. Because the methodology can be readily implemented in a Microsoft Excel spreadsheet, all plausible (e.g., bounding) planning scenarios, with or without investment, can also be generated quickly and easily, while

Project Risk Management

Science.gov (United States)

Jr., R. F. Miles

1995-01-01

Project risk management is primarily concerned with performance, reliability, cost, and schedule. Environmental risk management is primarily concerned with human health and ecological hazards and likelihoods. This paper discusses project risk management and compares it to environmental risk management, both with respect to goals and implementation. The approach of the Jet Propulsion Laboratory to risk management is presented as an example of a project risk management approach that is an extension to NASA NHB 7120.5: Management of Major System Programs and Projects.

Analysis of interactions among barriers in project risk management

Science.gov (United States)

Dandage, Rahul V.; Mantha, Shankar S.; Rane, Santosh B.; Bhoola, Vanita

2018-03-01

In the context of the scope, time, cost, and quality constraints, failure is not uncommon in project management. While small projects have 70% chances of success, large projects virtually have no chance of meeting the quadruple constraints. While there is no dearth of research on project risk management, the manifestation of barriers to project risk management is a less dwelt topic. The success of project management is oftentimes based on the understanding of barriers to effective risk management, application of appropriate risk management methodology, proactive leadership to avoid barriers, workers' attitude, adequate resources, organizational culture, and involvement of top management. This paper represents various risk categories and barriers to risk management in domestic and international projects through literature survey and feedback from project professionals. After analysing the various modelling methods used in project risk management literature, interpretive structural modelling (ISM) and MICMAC analysis have been used to analyse interactions among the barriers and prioritize them. The analysis indicates that lack of top management support, lack of formal training, and lack of addressing cultural differences are the high priority barriers, among many others.

Review of Project SAFE: Comments on biosphere conceptual model description and risk assessment methodology

International Nuclear Information System (INIS)

Klos, Richard; Wilmot, Roger

2002-09-01

The Swedish Nuclear Fuel and Waste Management Company's (SKB's) most recent assessment of the safety of the Forsmark repository for low-level and intermediate-level waste (Project SAFE) is currently undergoing review by the Swedish regulators. As part of its review, the Swedish Radiation Protection Institute (SSI) identified that two components of SAFE require more detailed review: (i) the conceptual model description of the biosphere system, and (ii) SKB's risk assessment methodology. We have reviewed the biosphere system interaction matrix and how this has been used in the identification, justification and description of biosphere models for radiological assessment purposes. The risk assessment methodology has been reviewed considering in particular issues associated with scenario selection, assessment timescale, and the probability and risk associated with the well scenario. There is an extensive range of supporting information on which biosphere modelling in Project SAFE is based. However, the link between this material and the biosphere models themselves is not clearly set out. This leads to some contradictions and mis-matches between description and implementation. One example concerns the representation of the geosphere-biosphere interface. The supporting description of lakes indicates that interaction between groundwaters entering the biosphere through lake bed sediments could lead to accumulations of radionuclides in sediments. These sediments may become agricultural areas at some time in the future. In the numerical modelling of the biosphere carried out in Project SAFE, the direct accumulation of contaminants in bed sediments is not represented. Application of a more rigorous procedure to ensure numerical models are fit for purpose is recommended, paying more attention to issues associated with the geosphere-biosphere interface. A more structured approach to risk assessment would be beneficial, with a better explanation of the difference between

Project risk management in the construction of high-rise buildings

Science.gov (United States)

Titarenko, Boris; Hasnaoui, Amir; Titarenko, Roman; Buzuk, Liliya

2018-03-01

This paper shows the project risk management methods, which allow to better identify risks in the construction of high-rise buildings and to manage them throughout the life cycle of the project. One of the project risk management processes is a quantitative analysis of risks. The quantitative analysis usually includes the assessment of the potential impact of project risks and their probabilities. This paper shows the most popular methods of risk probability assessment and tries to indicate the advantages of the robust approach over the traditional methods. Within the framework of the project risk management model a robust approach of P. Huber is applied and expanded for the tasks of regression analysis of project data. The suggested algorithms used to assess the parameters in statistical models allow to obtain reliable estimates. A review of the theoretical problems of the development of robust models built on the methodology of the minimax estimates was done and the algorithm for the situation of asymmetric "contamination" was developed.

Mixtures of beta distributions in models of the duration of a project affected by risk

Science.gov (United States)

Gładysz, Barbara; Kuchta, Dorota

2017-07-01

This article presents a method for timetabling a project affected by risk. The times required to carry out tasks are modelled using mixtures of beta distributions. The parameters of these beta distributions are given by experts: one corresponding to the duration of a task in stable conditions, with no risks materializing, and the other corresponding to the duration of a task in the case when risks do occur. Finally, a case study will be presented and analysed: the project of constructing a shopping mall in Poland.

Risk Factors in ERP Implementation Projects for Process Oriented

Directory of Open Access Journals (Sweden)

Andrzej Partyka

2009-09-01

Full Text Available This paper present review and analysis of risk factors, which could affect successful implementation of ERP system, for project performed in project oriented organizations. Presented risk breakdown structure and the list of common risk factors, are well-suited for ERP implementation projects. Considered risk categories allow for complex risk analysis. Additionally, mapping of risk importance for particular implementation phases is presented. Making presented model an important input for project risk management process, especially for the beginning phases which require identification of risk factors.

Risk assessment by integrating interpretive structural modeling and Bayesian network, case of offshore pipeline project

International Nuclear Information System (INIS)

Wu, Wei-Shing; Yang, Chen-Feng; Chang, Jung-Chuan; Château, Pierre-Alexandre; Chang, Yang-Chi

2015-01-01

The sound development of marine resource usage relies on a strong maritime engineering industry. The perilous marine environment poses the highest risk to all maritime work. It is therefore imperative to reduce the risk associated with maritime work by using some analytical methods other than engineering techniques. This study addresses this issue by using an integrated interpretive structure modeling (ISM) and Bayesian network (BN) approach in a risk assessment context. Mitigating or managing maritime risk relies primarily on domain expert experience and knowledge. ISM can be used to incorporate expert knowledge in a systematic manner and helps to impose order and direction on complex relationships that exist among system elements. Working with experts, this research used ISM to clearly specify an engineering risk factor relationship represented by a cause–effect diagram, which forms the structure of the BN. The expert subjective judgments were further transformed into a prior and conditional probability set to be embedded in the BN. We used the BN to evaluate the risks of two offshore pipeline projects in Taiwan. The results indicated that the BN can provide explicit risk information to support better project management. - Highlights: • We adopt an integrated method for risk assessment of offshore pipeline projects. • We conduct semi-structural interview with the experts for risk factor identification. • Interpretive structural modeling helps to form the digraph of Bayesian network (BN) • We perform the risk analysis with the experts by building a BN. • Risk evaluations of two case studies using the BN show effectiveness of the methods

Review of Project SAFE: Comments on biosphere conceptual model description and risk assessment methodology

Energy Technology Data Exchange (ETDEWEB)

Klos, Richard; Wilmot, Roger [Galson Sciences Ltd (United Kingdom)

2002-09-01

The Swedish Nuclear Fuel and Waste Management Company's (SKB's) most recent assessment of the safety of the Forsmark repository for low-level and intermediate-level waste (Project SAFE) is currently undergoing review by the Swedish regulators. As part of its review, the Swedish Radiation Protection Institute (SSI) identified that two components of SAFE require more detailed review: (i) the conceptual model description of the biosphere system, and (ii) SKB's risk assessment methodology. We have reviewed the biosphere system interaction matrix and how this has been used in the identification, justification and description of biosphere models for radiological assessment purposes. The risk assessment methodology has been reviewed considering in particular issues associated with scenario selection, assessment timescale, and the probability and risk associated with the well scenario. There is an extensive range of supporting information on which biosphere modelling in Project SAFE is based. However, the link between this material and the biosphere models themselves is not clearly set out. This leads to some contradictions and mis-matches between description and implementation. One example concerns the representation of the geosphere-biosphere interface. The supporting description of lakes indicates that interaction between groundwaters entering the biosphere through lake bed sediments could lead to accumulations of radionuclides in sediments. These sediments may become agricultural areas at some time in the future. In the numerical modelling of the biosphere carried out in Project SAFE, the direct accumulation of contaminants in bed sediments is not represented. Application of a more rigorous procedure to ensure numerical models are fit for purpose is recommended, paying more attention to issues associated with the geosphere-biosphere interface. A more structured approach to risk assessment would be beneficial, with a better explanation of the difference

Risk Management for New Product Development Projects in Food Industry

Directory of Open Access Journals (Sweden)

Porananond, D.

2014-07-01

Full Text Available Project risk management provides a guideline for decision making in new product development (NPD projects, reducing uncertainty and increasing success rate. However, the acceptance of formal risk management applications in industry, especially for NPD projects is still in question. A study of a food conglomerate in Thailand found that only 9% of NPD projects used a systematic approach for managing risk. 61% of the projects realised the importance of risk management, while the remaining 30% did not involve risk management at all. This study aims to develop a risk management model for NPD projects in the food industry. The first section of this paper reviews the literature on risk management theory, including international standards for risk and project management (ISO31000 and ISO21500, publications for the Project Management Body of Knowledge (PMBOK, by a professional organisation the Project Management Institute (PMI, and also academic research. 182 academic papers, published between January 2002 and August 2012 were selected. The second part interviews conducted with eight NPD experts from five of the major food manufacturers in Thailand to examine their risk management practices and problems. Conclusions are made on five topics : classification of research method, project type and industrial segment, distribution of articles by region, tools & techniques for risk management and risk factors in projects. Specific requirements of risk management for NPD projects in the food industry are identified. A risk management model and the concept of risk management applications for the food industry are proposed.

COORDINATES OF A RISK MANAGEMENT PROJECT

Directory of Open Access Journals (Sweden)

ALEXANDRU OLTEANU

2013-05-01

Full Text Available High risk – high benefit: a well-known correlation both in the economic field and in the day-to-day life. Another correlation, on which this article is based: large project – numerous participants – increased risks and other malfunctions. The risk management concept is challenged by those projects and is forced to find the most adequate “customized” ways for each project at its turn. In this respect, the assessment of management has followed the trend of the last three decades, marked by moving of management profit analysis by risk intermediation, respectively the transition from managing profit to risk-return relationship management. Such trend assumes the obligation of participants to identify objectives and expected benefits of the project on the basis of the strategies laid-down, the elements of risk management policies, in conjunction with the indication of the most negative scenarios which they may provide. This activity must take into consideration the process of obtaining and combining human, financial, physical and information resources in order to accomplish the primary goal of the proposed and wanted project by a certain segment of population. Project participants are directed to evaluate their own activities in terms of revenues and risks from the business access, opportunity, operating mode, as well as the limitations and boundaries on certain sides of activity. The paper focuses on the analysis and evaluation of incomes and risks, on simulations to streamline the activities and the determination of the optimal model of project choice. Also, the paper treats the risks that can be taken over by the sponsors, especially those related to implied guaranties, even implied guaranties.

Designing an integrated model based on the indicators Quality and Earned Value for risk management in Information Technology Projects

OpenAIRE

TATLARI, Mohammad Reza; KAZEMİPOOR, Hamed

2015-01-01

There are two effective factors on Information Technology (IT) projects risk including quality and earned value so that by controlling these two factors and their increased level in IT projects, the corresponding risk can be decreased. Therefore in present study, an integrated model was designed based on quality and earned value indicators for risk management in IT projects on a new and efficient approach. The proposed algorithm included the steps such as preparing a list of several indicator...

Modelling financial risk in open pit mine projects: Implications for strategic decision-making

OpenAIRE

Abdel Sabour, S.A.; Wood, G.

2009-01-01

Strategic decisions in the mining industry are made under multiple technical and market uncertainties. Therefore, to reach the best possible decision, based on information available, it is necessary to integrate uncertainty about the input variables and model financial risk of the project's merit measures. However, this rovides few useful insights to decision-makers unless accompanied by modeling management responses to uncertainty resolutions. It is widely acknowledged that conventional deci...

Analyzing Integrated Cost-Schedule Risk for Complex Product Systems R&D Projects

Directory of Open Access Journals (Sweden)

Zhe Xu

2014-01-01

Full Text Available The vast majority of the research efforts in project risk management tend to assess cost risk and schedule risk independently. However, project cost and time are related in reality and the relationship between them should be analyzed directly. We propose an integrated cost and schedule risk assessment model for complex product systems R&D projects. Graphical evaluation review technique (GERT, Monte Carlo simulation, and probability distribution theory are utilized to establish the model. In addition, statistical analysis and regression analysis techniques are employed to analyze simulation outputs. Finally, a complex product systems R&D project as an example is modeled by the proposed approach and the simulation outputs are analyzed to illustrate the effectiveness of the risk assessment model. It seems that integrating cost and schedule risk assessment can provide more reliable risk estimation results.

Effective Project Risk management in Micro Companies : Case study for Persona Optima Iceland ehf.

OpenAIRE

Bražinskaitė, Justina

2011-01-01

This study is meant to be a guide for micro companies regarding effective project risk management. The main purpose of this thesis is to introduce project risk management and build a user-friendly managerial model toward effective project risk management in micro companies. The research is based on a case company Persona Optima Iceland ehf. analysis. The study investigates risk management, uncertainties and risks in projects, project risk management, its models and particularities in orde...

NASA Space Radiation Risk Project: Overview and Recent Results

Science.gov (United States)

Blattnig, Steve R.; Chappell, Lori J.; George, Kerry A.; Hada, Megumi; Hu, Shaowen; Kidane, Yared H.; Kim, Myung-Hee Y.; Kovyrshina, Tatiana; Norman, Ryan B.; Nounu, Hatem N.;

COGNITIVE MODELING AS A METHOD OF QUALITATIVE ANALYSIS OF IT PROJECTS

Directory of Open Access Journals (Sweden)

Інна Ігорівна ОНИЩЕНКО

2016-03-01

Full Text Available The example project implementing automated CRM-system demonstrated the possibility and features of cognitive modeling in the qualitative analysis of project risks to determine their additional features. Proposed construction of cognitive models of project risks in information technology within the qualitative risk analysis, additional assessments as a method of ranking risk to characterize the relationship between them. The proposed cognitive model reflecting the relationship between the risk of IT project to assess the negative and the positive impact of certain risks for the remaining risks of project implementation of the automated CRM-system. The ability to influence the risk of a fact of other project risks can increase the priority of risk with low impact on results due to its relationship with other project risks.

Modelling projections for the risks related with atrial fibrillation in East Asia

DEFF Research Database (Denmark)

Bai, Ying; Guo, Shi-Dong; Shantsila, Alena

2017-01-01

Aims: In the Far East, there has generally been low uptake of oral anticoagulants (OACs) using vitamin K antagonists (VKA, e.g. warfarin) for stroke prevention in atrial fibrillation (AF), but OAC use has been increasing more recently, with the introduction of the non-vitamin K antagonist oral...... anticoagulants (NOACs). To explore the risks of ischaemic stroke (IS) and death related to AF in East Asia using modelling projections. Methods and results: We performed a modelling analysis of possible trends of IS and death rates in AF patients from the time period of only VKA use to current increasing trends....... There was an estimated annual risk reduction of 5484 ISs and 1128 deaths from 2016 to 2030, respectively. The AF population is estimated to reach 861 900 in 2050, with a reduction of 206 315 ISs and 139 353 deaths. Conclusion: This modelling analysis suggests that the transition from VKA to NOACs may greatly help...

Applied software risk management a guide for software project managers

CERN Document Server

Pandian, C Ravindranath

2006-01-01

Few software projects are completed on time, on budget, and to their original specifications. Focusing on what practitioners need to know about risk in the pursuit of delivering software projects, Applied Software Risk Management: A Guide for Software Project Managers covers key components of the risk management process and the software development process, as well as best practices for software risk identification, risk planning, and risk analysis. Written in a clear and concise manner, this resource presents concepts and practical insight into managing risk. It first covers risk-driven project management, risk management processes, risk attributes, risk identification, and risk analysis. The book continues by examining responses to risk, the tracking and modeling of risks, intelligence gathering, and integrated risk management. It concludes with details on drafting and implementing procedures. A diary of a risk manager provides insight in implementing risk management processes.Bringing together concepts ...

76 FR 31329 - EPA Radiogenic Cancer Risk Models and Projections for the U.S. Population (Blue Book)

Science.gov (United States)

2011-05-31

... Models and Projections for the U.S. Population (Blue Book) AGENCY: Environmental Protection Agency (EPA...-11-001, April 2011), also known as the Blue Book, which provides radiation risk assessment methodology. EPA will use the scientific information on radiation risks provided in the Blue Book, together...

Process-based project proposal risk management

Directory of Open Access Journals (Sweden)

Alok Kumar

2016-12-01

Full Text Available We all are aware of the organizational omnipresence. Projects within the organizations are ubiquitous too. Projects achieve their goals successfully if they are planned, scheduled, controlled and implemented well. The project lifecycle of initiating, planning, scheduling, controlling and implementing are very well-planned by project managers and the organizations. Successful projects have well-developed risk management plans to deal with situations impacting projects. Like any other organisation, a university does try to access funds for different purposes too. For such organisations, running a project is not the issue, rather getting a project proposal approved to fund a project is the key. Project proposal processing is done by the nodal office in every organisation. Usually, these nodal offices help in administration and submission of a project proposal for accessing funds. Seldom are these nodal project offices within the organizations facilitate a project proposal approval by proactively reaching out to the project managers. And as project managers prepare project proposals, little or no attention is made to prepare a project proposal risk plan so as to maximise project acquisition. Risk plans are submitted while preparing proposals but these risk plans cater to a requirement to address actual projects upon approval. Hence, a risk management plan for project proposal is either missing or very little effort is made to treat the risks inherent in project acquisition. This paper is an integral attempt to highlight the importance of risk treatment for project proposal stage as an extremely important step to preparing the risk management plan made for projects corresponding to their lifecycle phases. Several tools and techniques have been proposed in the paper to help and guide either the project owner (proposer or the main organisational unit responsible for project management. Development of tools and techniques to further enhance project

Shedding New Light on Project Portfolio Risk Management

Directory of Open Access Journals (Sweden)

Mariusz Hofman

2017-10-01

Full Text Available This paper constitutes an innovative attempt to analyse the risks and negative phenomena dependencies within a project portfolio. Based on the available literature, the risks and negative phenomena (that is, the problems with the availability of resources, interpersonal conflicts, irregularities in the portfolio balance, etc. specific to a project portfolio were identified. Theoretical constructs were then used to connect the identified risks with the negative phenomena. Structural equations were used to confirm the existence and quality of these constructs, as well as models describing connections between phenomena. The determination of the structural equations also provided a setting in which statistical methods (χ2, RMSEA and CFI could be used to investigate the level of fit of the constructs and models to the empirical data.

Network theory-based analysis of risk interactions in large engineering projects

International Nuclear Information System (INIS)

Fang, Chao; Marle, Franck; Zio, Enrico; Bocquet, Jean-Claude

2012-01-01

This paper presents an approach based on network theory to deal with risk interactions in large engineering projects. Indeed, such projects are exposed to numerous and interdependent risks of various nature, which makes their management more difficult. In this paper, a topological analysis based on network theory is presented, which aims at identifying key elements in the structure of interrelated risks potentially affecting a large engineering project. This analysis serves as a powerful complement to classical project risk analysis. Its originality lies in the application of some network theory indicators to the project risk management field. The construction of the risk network requires the involvement of the project manager and other team members assigned to the risk management process. Its interpretation improves their understanding of risks and their potential interactions. The outcomes of the analysis provide a support for decision-making regarding project risk management. An example of application to a real large engineering project is presented. The conclusion is that some new insights can be found about risks, about their interactions and about the global potential behavior of the project. - Highlights: ► The method addresses the modeling of complexity in project risk analysis. ► Network theory indicators enable other risks than classical criticality analysis to be highlighted. ► This topological analysis improves project manager's understanding of risks and risk interactions. ► This helps project manager to make decisions considering the position in the risk network. ► An application to a real tramway implementation project in a city is provided.

Overlapping Boundaries of the Project Time Management and Project Risk Management

Directory of Open Access Journals (Sweden)

Marius PODEAN

2010-01-01

Full Text Available Based on utility function, milestones during project and/or the end of projects or programme may be categorized in what are called soft-deadline and hard-deadline. In contrast with the soft-end projects, the hard-end projects posses a decrease of utility function with a vertical asymptote character around the deadline for project completion. In extreme situations, the utility function itself may fall under zero (projects may generate losses to both constructor and customer. Existing risk analysis methodologies observe risks from monetary terms. The typical risks are correlated with an increase in final project costs. In order to estimate harddeadline milestones and/or end of projects or programme is critical to employ the time dimension rather than the typical cost-based risk analysis. Here, we comprehensively describe a structured methodology that focuses on minimizing and mitigating project specific delay risks. The method may supplement existing cost-based risk analysis in projects. We aim to elegantly combine moderation techniques to reveal the intrinsic risk of the projects. In addition to the technical risks, the moderation techniques are able to bring evidence of risks as the team efficacy, diverse un-correlations or miss-understanding about the roles of the team members in the team – most of the project soft risk. Described methodology encourages the common understanding of risks for participants, crystallizing the essence of what can go wrong in complex situations and where the opportunities can be unlocked.

Project risk management: A review of an institutional project life cycle

Directory of Open Access Journals (Sweden)

Wanjiru Gachie

2017-11-01

Full Text Available This article is a desktop analysis of project risk management involving a project management institutional restructuring. The pragmatic nature of this research allows for the literature review and the document analysis to be integrated and presented as both a descriptive and analytical research. The analysis demonstrates that the project committee did not proactively manage project risk. The restructuring was a change management project, entailing the implementation of many organisational changes, such as restructuring, lay-off of some part of the administrative workforce, adoption of new technology, provision of new approaches to well-established procedures, and implementation of new performance initiative, the process which should have been managed with an effective integrated risk strategy and plan. Analysis of the restructuring project risk management exhibits little evidence of a systematic (computer based or manual record that should have provided policies, procedures, and structures for managing risk. The article concludes that the restructuring risk process was inadequate and it could not have ensured a successful project. An analysis of the restructuring project risk monitoring and control exhibits a reactive rather than proactive application of risk management procedures. The analysis further indicates that the committee failed to make use of the various project risk management processes, standards, and guidelines. Based on the conclusions, the article recommends that project risk planning, strategy, control, and monitoring should be put in place for future institutional projects. The project management team should also put in place procedures for primary stakeholders engagements, identify and address their nature of interest and power in future risk management projects

Sustainability Risk Evaluation for Large-Scale Hydropower Projects with Hybrid Uncertainty

Directory of Open Access Journals (Sweden)

Weiyao Tang

2018-01-01

Full Text Available As large-scale hydropower projects are influenced by many factors, risk evaluations are complex. This paper considers a hydropower project as a complex system from the perspective of sustainability risk, and divides it into three subsystems: the natural environment subsystem, the eco-environment subsystem and the socioeconomic subsystem. Risk-related factors and quantitative dimensions of each subsystem are comprehensively analyzed considering uncertainty of some quantitative dimensions solved by hybrid uncertainty methods, including fuzzy (e.g., the national health degree, the national happiness degree, the protection of cultural heritage, random (e.g., underground water levels, river width, and fuzzy random uncertainty (e.g., runoff volumes, precipitation. By calculating the sustainability risk-related degree in each of the risk-related factors, a sustainable risk-evaluation model is built. Based on the calculation results, the critical sustainability risk-related factors are identified and targeted to reduce the losses caused by sustainability risk factors of the hydropower project. A case study at the under-construction Baihetan hydropower station is presented to demonstrate the viability of the risk-evaluation model and to provide a reference for the sustainable risk evaluation of other large-scale hydropower projects.

Projecting Sexual and Injecting HIV Risks into Future Outcomes with Agent-Based Modeling

Science.gov (United States)

Bobashev, Georgiy V.; Morris, Robert J.; Zule, William A.

Longitudinal studies of health outcomes for HIV could be very costly cumbersome and not representative of the risk population. Conversely, cross-sectional approaches could be representative but rely on the retrospective information to estimate prevalence and incidence. We present an Agent-based Modeling (ABM) approach where we use behavioral data from a cross-sectional representative study and project the behavior into the future so that the risks of acquiring HIV could be studied in a dynamical/temporal sense. We show how the blend of behavior and contact network factors (sexual, injecting) play the role in the risk of future HIV acquisition and time till obtaining HIV. We show which subjects are the most likely persons to get HIV in the next year, and whom they are likely to infect. We examine how different behaviors are related to the increase or decrease of HIV risks and how to estimate the quantifiable risk measures such as survival HIV free.

Systems approach to project risk management

Energy Technology Data Exchange (ETDEWEB)

Kindinger, J. P. (John P.)

2002-01-01

This paper describes the need for better performance in the planning and execution of projects and examines the capabilities of two different project risk analysis methods for improving project performance. A quantitative approach based on concepts and tools adopted from the disciplines of systems analysis, probabilistic risk analysis, and other fields is advocated for managing risk in large and complex research & development projects. This paper also provides an overview of how this system analysis approach for project risk management is being used at Los Alamos National Laboratory along with examples of quantitative risk analysis results and their application to improve project performance.

An Assessment of risk response strategies practiced in software projects

Directory of Open Access Journals (Sweden)

Vanita Bhoola

2014-11-01

Full Text Available Risk management and success in projects are highly intertwined – better approaches to project risk management tend to increase chances of project success in terms of achieving scope & quality, schedule and cost targets. The process of responding to risk factors during a project’s life cycle is a crucial aspect of risk management referred to as risk response strategies, in this paper. The current research explores the status of risk response strategies applied in the software development projects in India. India provides a young IT-savvy English-speaking population, which is also cost effective. Other than the workforce, the environment for implementation of software projects in India is different from the matured economies. Risk management process is a commonly discussed theme, though its implementation in practice has a huge scope for improvement in India. The paper talks about four fundamental treatments to risk response – Avoidance, Transference, Mitigation and Acceptance (ATMA. From a primary data of 302 project managers, the paper attempts to address the risk response factors that lead to successful achievement of project scope & quality, schedule and cost targets, by using a series of regressions followed with Seemingly Unrelated Regression Equations (SURE modelling. Mitigation emerged as the most significant risk response strategy to achieve project targets. Acceptance, transference, and avoidance of risk were mostly manifested in the forms of transparency in communication across stakeholders, careful study of the nature of risks and close coordination between project team, customers/end-users and top management.

Projection of radiation-induced cancer risks across time and populations

International Nuclear Information System (INIS)

Muirhead, C.R.

1991-01-01

Various methods can be used to project the risks of radiation-induced cancer estimated in cohort studies beyond the period of follow-up and to other populations. The choice of risk projection model is reviewed based on data from studies such as those of the Japanese atomic bomb survivors and UK ankylosing spondylitis patients given X ray therapy. Risk estimates applicable to a UK population are calculated on the basis of various models, including those developed by the BEIR V Committee. It is emphasised that the continued follow-up of populations such as the Japanese atomic bomb survivors is of great importance in estimating lifetime risks. (author)

Prototype Biology-Based Radiation Risk Module Project

Science.gov (United States)

Terrier, Douglas; Clayton, Ronald G.; Patel, Zarana; Hu, Shaowen; Huff, Janice

2015-01-01

Biological effects of space radiation and risk mitigation are strategic knowledge gaps for the Evolvable Mars Campaign. The current epidemiology-based NASA Space Cancer Risk (NSCR) model contains large uncertainties (HAT #6.5a) due to lack of information on the radiobiology of galactic cosmic rays (GCR) and lack of human data. The use of experimental models that most accurately replicate the response of human tissues is critical for precision in risk projections. Our proposed study will compare DNA damage, histological, and cell kinetic parameters after irradiation in normal 2D human cells versus 3D tissue models, and it will use a multi-scale computational model (CHASTE) to investigate various biological processes that may contribute to carcinogenesis, including radiation-induced cellular signaling pathways. This cross-disciplinary work, with biological validation of an evolvable mathematical computational model, will help reduce uncertainties within NSCR and aid risk mitigation for radiation-induced carcinogenesis.

Risk analysis for renewable energy projects due to constraints arising

Science.gov (United States)

Prostean, G.; Vasar, C.; Prostean, O.; Vartosu, A.

2016-02-01

Starting from the target of the European Union (EU) to use renewable energy in the area that aims a binding target of 20% renewable energy in final energy consumption by 2020, this article illustrates the identification of risks for implementation of wind energy projects in Romania, which could lead to complex technical implications, social and administrative. In specific projects analyzed in this paper were identified critical bottlenecks in the future wind power supply chain and reasonable time periods that may arise. Renewable energy technologies have to face a number of constraints that delayed scaling-up their production process, their transport process, the equipment reliability, etc. so implementing these types of projects requiring complex specialized team, the coordination of which also involve specific risks. The research team applied an analytical risk approach to identify major risks encountered within a wind farm project developed in Romania in isolated regions with different particularities, configured for different geographical areas (hill and mountain locations in Romania). Identification of major risks was based on the conceptual model set up for the entire project implementation process. Throughout this conceptual model there were identified specific constraints of such process. Integration risks were examined by an empirical study based on the method HAZOP (Hazard and Operability). The discussion describes the analysis of our results implementation context of renewable energy projects in Romania and creates a framework for assessing energy supply to any entity from renewable sources.

Risks to coral reefs from ocean carbonate chemistry changes in recent earth system model projections

International Nuclear Information System (INIS)

Ricke, K L; Caldeira, K; Orr, J C; Schneider, K

2013-01-01

Coral reefs are among the most biodiverse ecosystems in the world. Today they are threatened by numerous stressors, including warming ocean waters and coastal pollution. Here we focus on the implications of ocean acidification for the open ocean chemistry surrounding coral reefs, as estimated from earth system models participating in the Coupled Model Intercomparison Project, Phase 5 (CMIP5). We project risks to reefs in the context of three potential aragonite saturation (Ωa) thresholds. We find that in preindustrial times, 99.9% of reefs adjacent to open ocean in the CMIP5 ensemble were located in regions with Ωa > 3.5. Under a business-as-usual scenario (RCP 8.5), every coral reef considered will be surrounded by water with Ωa 2 emissions abatement, the Ωa threshold for reefs is critical to projecting their fate. Our results indicate that to maintain a majority of reefs surrounded by waters with Ωa > 3.5 to the end of the century, very aggressive reductions in emissions are required. The spread of Ωa projections across models in the CMIP5 ensemble is narrow, justifying a high level of confidence in these results. (letter)

General risks for tunnelling projects: An overview

Science.gov (United States)

Siang, Lee Yong; Ghazali, Farid E. Mohamed; Zainun, Noor Yasmin; Ali, Roslinda

2017-10-01

Tunnels are indispensable when installing new infrastructure as well as when enhancing the quality of existing urban living due to their unique characteristics and potential applications. Over the past few decades, there has been a significant increase in the building of tunnels, world-wide. Tunnelling projects are complex endeavors, and risk assessment for tunnelling projects is likewise a complex process. Risk events are often interrelated. Occurrence of a technical risk usually carries cost and schedule consequences. Schedule risks typically impact cost escalation and project overhead. One must carefully consider the likelihood of a risk's occurrence and its impact in the context of a specific set of project conditions and circumstances. A project's goals, organization, and environment impacts in the context of a specific set of project conditions and circumstances. Some projects are primarily schedule driven; other projects are primarily cost or quality driven. Whether a specific risk event is perceived fundamentally as a cost risk or a schedule risk is governed by the project-specific context. Many researchers have pointed out the significance of recognition and control of the complexity, and risks of tunnelling projects. Although all general information on a project such as estimated duration, estimated cost, and stakeholders can be obtained, it is still quite difficult to accurately understand, predict and control the overall situation and development trends of the project, leading to the risks of tunnelling projects. This paper reviews all the key risks for tunnelling projects from several case studies that have been carried out by other researchers. These risks have been identified and reviewed in this paper. As a result, the current risk management plan in tunnelling projects can be enhanced by including all these reviewed risks as key information.

Risk management in nuclear projects

International Nuclear Information System (INIS)

Salles, Claudio J.R.

2002-01-01

The risk management will be defined by different aspects: danger or loss possibility, or responsibility for damage. The risk management is one stage of project management. The risk management is a continuous process of planning, identification, quantification, answer and risk control to maximize the success potential of activity. The reduction of risk is part of priority establishment. This work will indicate how introduce this important instrument in the management of nuclear projects. (author)

Risk variables in evaluation of transport projects

Science.gov (United States)

Vařbuchta, Petr; Kovářová, Hana; Hromádka, Vít; Vítková, Eva

2017-09-01

Depending on the constantly increasing demands on assessment of investment projects, especially assessment of large-scale projects in transport and important European projects with wide impacts, there is constantly increasing focus on risk management, whether to find mitigations, creating corrective measures or their implementation in assessment, especially in the context of Cost-Benefit analysis. To project assessment is often used implementation of certain risk variables, which can generate negative impacts of project outputs in framework of assess. Especially in case of transportation infrastructure projects is taken much emphasis on the influence of risk variables. However, currently in case of assessment of transportation projects is in Czech Republic used a few risk variables, which occur in the most projects. This leads to certain limitation in framework of impact assessment of risk variables. This papers aims to specify a new risk variables and process of applying them to already executed project assessment. Based on changes generated by new risk variables will be evaluated differences between original and adapted assessment.

Integrated Risk Management Within NASA Programs/Projects

Science.gov (United States)

Connley, Warren; Rad, Adrian; Botzum, Stephen

2004-01-01

As NASA Project Risk Management activities continue to evolve, the need to successfully integrate risk management processes across the life cycle, between functional disciplines, stakeholders, various management policies, and within cost, schedule and performance requirements/constraints become more evident and important. Today's programs and projects are complex undertakings that include a myriad of processes, tools, techniques, management arrangements and other variables all of which must function together in order to achieve mission success. The perception and impact of risk may vary significantly among stakeholders and may influence decisions that may have unintended consequences on the project during a future phase of the life cycle. In these cases, risks may be unintentionally and/or arbitrarily transferred to others without the benefit of a comprehensive systemic risk assessment. Integrating risk across people, processes, and project requirements/constraints serves to enhance decisions, strengthen communication pathways, and reinforce the ability of the project team to identify and manage risks across the broad spectrum of project management responsibilities. The ability to identify risks in all areas of project management increases the likelihood a project will identify significant issues before they become problems and allows projects to make effective and efficient use of shrinking resources. By getting a total team integrated risk effort, applying a disciplined and rigorous process, along with understanding project requirements/constraints provides the opportunity for more effective risk management. Applying an integrated approach to risk management makes it possible to do a better job at balancing safety, cost, schedule, operational performance and other elements of risk. This paper will examine how people, processes, and project requirements/constraints can be integrated across the project lifecycle for better risk management and ultimately improve the

Multiobjective genetic algorithm approaches to project scheduling under risk

OpenAIRE

Kılıç, Murat; Kilic, Murat

2003-01-01

In this thesis, project scheduling under risk is chosen as the topic of research. Project scheduling under risk is defined as a biobjective decision problem and is formulated as a 0-1 integer mathematical programming model. In this biobjective formulation, one of the objectives is taken as the expected makespan minimization and the other is taken as the expected cost minimization. As the solution approach to this biobjective formulation genetic algorithm (GA) is chosen. After carefully invest...

Risk assessment and management in IOR projects

International Nuclear Information System (INIS)

Goodyear, S.G.; Gregory, A.T.

1994-01-01

The application of IOR techniques is one of the investment opportunities open to Exploration and Production companies. A project will only go forward if the perceived balance between the rewards and the risks is acceptable. IOR projects may be ruled out because they are considered to involve significantly higher risks than conventional developments. Therefore, some means of evaluating the actual level of risk may be required if the full economic benefits from IOR techniques are to be realized. Risk assessment is a key element in safety cases, where a well-established methodology for quantifying risk exists. This paper discusses the extension of these methods to IOR project risk assessment. Combining reservoir and IOR technique uncertainties with their impact on project performance allows project risk to be better quantified. The results of the risk assessment are presented in terms of a risk-reward diagram that plots the probability surface for possible project outcomes as a function of NPV (reward) and exposure (risk)

Understanding Pre-Quantitative Risk in Projects

Science.gov (United States)

Cooper, Lynne P.

2011-01-01

Standard approaches to risk management in projects depend on the ability of teams to identify risks and quantify the probabilities and consequences of these risks (e.g., the 5 x 5 risk matrix). However, long before quantification does - or even can - occur, and long after, teams make decisions based on their pre-quantitative understanding of risk. These decisions can have long-lasting impacts on the project. While significant research has looked at the process of how to quantify risk, our understanding of how teams conceive of and manage pre-quantitative risk is lacking. This paper introduces the concept of pre-quantitative risk and discusses the implications of addressing pre-quantitative risk in projects.

Modelling of risk events with uncertain likelihoods and impacts in large infrastructure projects

DEFF Research Database (Denmark)

Schjær-Jacobsen, Hans

2010-01-01

to prevent future budget overruns. One of the central ideas is to introduce improved risk management processes and the present paper addresses this particular issue. A relevant cost function in terms of unit prices and quantities is developed and an event impact matrix with uncertain impacts from independent......This paper presents contributions to the mathematical core of risk and uncertainty management in compliance with the principles of New Budgeting laid out in 2008 by the Danish Ministry of Transport to be used in large infrastructure projects. Basically, the new principles are proposed in order...... uncertain risk events is used to calculate the total uncertain risk budget. Cost impacts from the individual risk events on the individual project activities are kept precisely track of in order to comply with the requirements of New Budgeting. Additionally, uncertain likelihoods for the occurrence of risk...

Feasibility Risk Assessment of Transport Infrastructure Projects: The CBA-DK Decision Support Model

DEFF Research Database (Denmark)

Salling, Kim Bang; Banister, David

2010-01-01

informed decision support towards decision-makers and stakeholders in terms of accumulated descending graphs. The decision support method developed in this paper aims to provide assistance in the analysis and ultimately the choice of action, while accounting for the uncertainties surrounding any transport......This paper presents the final version of the CBA-DK decision support model for assessment of transport projects. The model makes use of conventional cost-benefit analysis resulting in aggregated single point estimates and quantitative risk analysis using Monte Carlo simulation resulting in interval...... result, and the determination of suitable probability distributions. Use is made of the reference class forecasting information, such as that developed in Optimism Bias for adjustments to investment decisions that relate to all modes of transport. The CBA-DK decision support model results in more...

Managing complex, high risk projects a guide to basic and advanced project management

CERN Document Server

Marle, Franck

2016-01-01

Maximizing reader insights into project management and handling complexity-driven risks, this book explores propagation effects, non-linear consequences, loops, and the emergence of positive properties that may occur over the course of a project. This book presents an introduction to project management and analysis of traditional project management approaches and their limits regarding complexity. It also includes overviews of recent research works about project complexity modelling and management as well as project complexity-driven issues. Moreover, the authors propose their own new approaches, new methodologies and new tools which may be used by project managers and/or researchers and/or students in the management of their projects. These new elements include project complexity definitions and frameworks, multi-criteria approaches for project complexity measurement, advanced methodologies for project management (propagation studies to anticipate potential behaviour of the project, and clustering approaches...

Risk management of the North Anna Power Station Service Water System Preservation Project using the IPE model

International Nuclear Information System (INIS)

Afzali, A.; Donovan, M.D.; Sartain, M.D.; Bankley, A.V.

1993-01-01

This paper discusses the application of the North Anna Power Station Individual Plant Examination (IPE) models in PRA study of the Service Water System Preservation Project (SWSPP). The service water project involves repair and restoration of the Service Water System (SWS) piping and will require excavation of the buried SWS lines in addition to temporarily removing one of the two redundant SWS loops from operation. The SWSPP will be carried out with one or both units in normal operation. The objective of the PRA study was to quantify the risk impact (as measured by the change in Core Damage Frequency (ΔCDF)) of the SWSPP and to identify and evaluate countermeasures to reduce the risk impact of the project activities. The study concluded that the ΔCDF would be acceptable by undertaking preventative measures and by providing additional accident mitigating measures during performance of the SWSPP activities

Risk Management of NASA Projects

Science.gov (United States)

Sarper, Hueseyin

1997-01-01

Various NASA Langley Research Center and other center projects were attempted for analysis to obtain historical data comparing pre-phase A study and the final outcome for each project. This attempt, however, was abandoned once it became clear that very little documentation was available. Next, extensive literature search was conducted on the role of risk and reliability concepts in project management. Probabilistic risk assessment (PRA) techniques are being used with increasing regularity both in and outside of NASA. The value and the usage of PRA techniques were reviewed for large projects. It was found that both civilian and military branches of the space industry have traditionally refrained from using PRA, which was developed and expanded by nuclear industry. Although much has changed with the end of the cold war and the Challenger disaster, it was found that ingrained anti-PRA culture is hard to stop. Examples of skepticism against the use of risk management and assessment techniques were found both in the literature and in conversations with some technical staff. Program and project managers need to be convinced that the applicability and use of risk management and risk assessment techniques is much broader than just in the traditional safety-related areas of application. The time has come to begin to uniformly apply these techniques. The whole idea of risk-based system can maximize the 'return on investment' that the public demands. Also, it would be very useful if all project documents of NASA Langley Research Center, pre-phase A through final report, are carefully stored in a central repository preferably in electronic format.

Interconnection of the Degree of Risk and Life Cycle of the “Green Construction” Investment Projects

OpenAIRE

Lepehova Natalia; Shoshinov Vitaly

2017-01-01

This article analyses interconnection of the degree of risk and the life cycle of the “green building” investment projects, which is structured according to the life cycle. Main stages of the implementation of investment and construction project were considered, interconnection of the project life cycle and the level of project risk were presented in the form of graphical model, proposed a mathematical model of the risk calculation at different stages of the project life cycle, which is a fun...

Development of funding project risk management tools.

Science.gov (United States)

2013-11-01

Funding project risk management is a process for identifying, assessing, and prioritizing project funding risks. To plan to : minimize or eliminate the impact of negative events, one must identify what projects have higher risk to respond to potentia...

Risk management methodology for RBMN project

International Nuclear Information System (INIS)

Borssatto, Maria F.B.; Tello, Cledola C.O.; Uemura, George

2013-01-01

RBMN Project has been developed to design, construct and commission a national repository to dispose the low- and intermediate-level radioactive wastes from the operation of nuclear power plants and other industries that use radioactive sources and materials. Risk is a characteristic of all projects. The risks arise from uncertainties due to assumptions associated with the project and the environment in which it is executed. Risk management is the method by which these uncertainties are systematically monitored to ensure that the objectives of the project will be achieved. Considering the peculiarities of the Project, that is, comprehensive scope, multidisciplinary team, apparently polemic due to the unknowing of the subject by the stake holders, especially the community, it is being developed a specific methodology for risk management of this Project. This methodology will be critical for future generations who will be responsible for the final stages of the repository. It will provide greater guarantee to the processes already implemented and will maintain a specific list of risks and solutions for this Project, ensuring safety and security of the repository throughout its life cycle that is the planned to last at least three hundred years. This paper presents the tools and processes already defined, management actions aimed at developing a culture of proactive risk in order to minimize threats to this Project and promote actions that bring opportunities to its success. The methodology is based on solid research on the subject, considering methodologies already established and globally recognized as best practices for project management. (author)

INDICATIVE MODEL OF DEVIATIONS IN PROJECT

Directory of Open Access Journals (Sweden)

Олена Борисівна ДАНЧЕНКО

2016-02-01

Full Text Available The article shows the process of constructing the project deviations indicator model. It based on a conceptual model of project deviations integrated management (PDIM. During the project different causes (such as risks, changes, problems, crises, conflicts, stress lead to deviations of integrated project indicators - time, cost, quality, and content. For a more detailed definition of where in the project deviations occur and how they are dangerous for the whole project, it needs to develop an indicative model of project deviations. It allows identifying the most dangerous deviations that require PDIM. As a basis for evaluation of project's success has been taken famous model IPMA Delta. During the evaluation, IPMA Delta estimated project management competence of organization in three modules: I-Module ("Individuals" - a self-assessment personnel, P-module ("Projects" - self-assessment of projects and/or programs, and O-module ("Organization" - used to conduct interviews with selected people during auditing company. In the process of building an indicative model of deviations in the project, the first step is the assessment of project management in the organization by IPMA Delta. In the future, built cognitive map and matrix of system interconnections of the project, which conducted simulations and built a scale of deviations for the selected project. They determined a size and place of deviations. To identify the detailed causes of deviations in the project management has been proposed to use the extended system of indicators, which is based on indicators of project management model Project Excellence. The proposed indicative model of deviations in projects allows to estimate the size of variation and more accurately identify the place of negative deviations in the project and provides the project manager information for operational decision making for the management of deviations in the implementation of the project

Acute Radiation Risk and BRYNTRN Organ Dose Projection Graphical User Interface

Science.gov (United States)

Cucinotta, Francis A.; Hu, Shaowen; Nounu, Hateni N.; Kim, Myung-Hee

2011-01-01

The integration of human space applications risk projection models of organ dose and acute radiation risk has been a key problem. NASA has developed an organ dose projection model using the BRYNTRN with SUM DOSE computer codes, and a probabilistic model of Acute Radiation Risk (ARR). The codes BRYNTRN and SUM DOSE are a Baryon transport code and an output data processing code, respectively. The risk projection models of organ doses and ARR take the output from BRYNTRN as an input to their calculations. With a graphical user interface (GUI) to handle input and output for BRYNTRN, the response models can be connected easily and correctly to BRYNTRN. A GUI for the ARR and BRYNTRN Organ Dose (ARRBOD) projection code provides seamless integration of input and output manipulations, which are required for operations of the ARRBOD modules. The ARRBOD GUI is intended for mission planners, radiation shield designers, space operations in the mission operations directorate (MOD), and space biophysics researchers. BRYNTRN code operation requires extensive input preparation. Only a graphical user interface (GUI) can handle input and output for BRYNTRN to the response models easily and correctly. The purpose of the GUI development for ARRBOD is to provide seamless integration of input and output manipulations for the operations of projection modules (BRYNTRN, SLMDOSE, and the ARR probabilistic response model) in assessing the acute risk and the organ doses of significant Solar Particle Events (SPEs). The assessment of astronauts radiation risk from SPE is in support of mission design and operational planning to manage radiation risks in future space missions. The ARRBOD GUI can identify the proper shielding solutions using the gender-specific organ dose assessments in order to avoid ARR symptoms, and to stay within the current NASA short-term dose limits. The quantified evaluation of ARR severities based on any given shielding configuration and a specified EVA or other mission

Process simulation and parametric modeling for strategic project management

CERN Document Server

Morales, Peter J

2013-01-01

Process Simulation and Parametric Modeling for Strategic Project Management will offer CIOs, CTOs and Software Development Managers, IT Graduate Students an introduction to a set of technologies that will help them understand how to better plan software development projects, manage risk and have better insight into the complexities of the software development process.A novel methodology will be introduced that allows a software development manager to better plan and access risks in the early planning of a project.  By providing a better model for early software development estimation and softw

Renewable fuels: Policy effectiveness and project risk

International Nuclear Information System (INIS)

Leach, Andrew; Doucet, Joseph; Nickel, Trevor

2011-01-01

This paper examines the impact of government policy on the risk profile of a small ethanol production facility. We derive four key results from a simulation model. First, we show that commodity price risk may discourage investment in a project, despite a positive expected rate of return. Second, we show that political uncertainty may have significant impacts on the risk profile of a project. Next, we show that using only production subsidies to attract investors is expensive, since the financial assistance is paid regardless of whether the plant is operating under positive or negative financial conditions. Finally, we show that a capital grant provides a valuable complement to a subsidy, because the grant reduces the amount of value investors must put at risk, and increases their leverage thereby enhancing returns, while the subsidy mitigates commodity price risk. Our results show that compared to a subsidy-only approach, a grant and subsidy combination provides an investment environment with similar downside protection and expected returns for less than 60% of the cost. Further, we show that the two policy tools combined yield a superior investment environment to that created by an equivalent or greater total investment deployed entirely in either of the policy tools without the other. - Research highlights: → We find that government policy may increase both project returns and risk. → We find a policy of capital grants combined with an output price support to be preferred. → Price supports alone will tend to reward those plants which need them the least.

Project risk as identity threat: explaining the development and consequences of risk discourse in an infrastructure project

NARCIS (Netherlands)

van Os, A.; van Berkel, F.J.F.W.; de Gilder, T.C.; van Dyck, C.; Groenewegen, P.

2015-01-01

This paper explores the role of social identity threat in risk discourse in an infrastructure project, and the consequences risk discourse has for cooperation between stakeholders. We show that risks posed a threat to the identity of the project team, resulting in a discourse focused on attributing

RISK MANAGEMENT APPROACHES AND PRACTICES IN IT PROJECTS

Directory of Open Access Journals (Sweden)

BRANDAS Claudiu

2012-07-01

Full Text Available Risk is identified in project management literature as an important factor influencing IT projects success, and it is relevant for both academic and practitionersn#8217; communities. The paper presents the past and current approaches to risk management in IT projects. The objective of this paper is to compare the different approaches and relate them to existing practices. Project management literature and practice have brought different approaches to risk management, and as a result, many projects ended in failure. We present how risk management is considered in the literature, and we compare the main two approaches: the evaluation approach and the management approach. The contingency approach does not consider risk management to be a specific process as it is an embedded process in the other project management processes. Then, we present the main practices in risk management. The methodology applied is based on documentary study review and analysis of the concepts used by the literature. We analyzed the literature published between 1978 and 2011 from the main journals for IT project management and found out that the essence of project management is risk management. The risk management practices have a considerable influence on stakeholdersn#8217; perception of project success. But, regardless of the chosen approach, a standard method for identifying, assessing, and responding to risks should be included in any project as this influences the outcome of the project.

COORDINATES OF A RISK MANAGEMENT PROJECT

OpenAIRE

ALEXANDRU OLTEANU; MĂDĂLINA ANTOANETA RĂDOI

2013-01-01

High risk – high benefit: a well-known correlation both in the economic field and in the day-to-day life. Another correlation, on which this article is based: large project – numerous participants – increased risks and other malfunctions. The risk management concept is challenged by those projects and is forced to find the most adequate “customized” ways for each project at its turn. In this respect, the assessment of management has followed the trend of the last three decades, marked by movi...

Subjective risk assessment for planning conservation projects

International Nuclear Information System (INIS)

Game, Edward T; Fitzsimons, James A; Lipsett-Moore, Geoff; McDonald-Madden, Eve

2013-01-01

Conservation projects occur under many types of uncertainty. Where this uncertainty can affect achievement of a project’s objectives, there is risk. Understanding risks to project success should influence a range of strategic and tactical decisions in conservation, and yet, formal risk assessment rarely features in the guidance or practice of conservation planning. We describe how subjective risk analysis tools can be framed to facilitate the rapid identification and assessment of risks to conservation projects, and how this information should influence conservation planning. Our approach is illustrated with an assessment of risks to conservation success as part of a conservation plan for the work of The Nature Conservancy in northern Australia. Risks can be both internal and external to a project, and occur across environmental, social, economic and political systems. Based on the relative importance of a risk and the level of certainty in its assessment we propose a series of appropriate, project level responses including research, monitoring, and active amelioration. Explicit identification, prioritization, and where possible, management of risks are important elements of using conservation resources in an informed and accountable manner. (letter)

Effects of Risk Management Practices on IT Project Success

Directory of Open Access Journals (Sweden)

Pimchangthong Daranee

2017-03-01

Full Text Available Successful management of an information technology (IT project is the most desirable for all organisations and stakeholders. Many researchers elaborated that risk management is a key part of project management for any project size. Risk management is so critical because it provides project managers with a forward-looking view of both threats and opportunities to improve the project success. The objectives of this research are to explore organisational factors affecting IT project success and risk management practices influencing IT project success. Risk management practices include risk identification, risk analysis, risk response planning, and risk monitoring and control. The IT project success is measured by process performance and product performance. Data are collected from 200 project managers, IT managers, and IT analysts in IT firms through questionnaires and analysed using Independent Sample t-test, One-way ANOVA, and Multiple Linear Regression at the statistical significance level of 0.05. The results show that the differences in organisational types affect IT project success in all aspects, while the differences on organisational sizes affect IT project success in the aspect of product performance and total aspects. Risk identification and risk response planning influence the process performance and the total aspects of IT project success. Risk identification has the highest positive influence on product performance, followed closely by risk response, while risk analysis negatively influences product performance.

TECHNICAL RISK RATING OF DOE ENVIRONMENTAL PROJECTS - 9153

International Nuclear Information System (INIS)

Cercy, M.; Fayfich, Ronald; Schneider, Steven P.

2008-01-01

The U.S. Department of Energy's Office of Environmental Management (DOE-EM) was established to achieve the safe and compliant disposition of legacy wastes and facilities from defense nuclear applications. The scope of work is diverse, with projects ranging from single acquisitions to collections of projects and operations that span several decades and costs from hundreds of millions to billions US$. The need to be able to manage and understand the technical risks from the project to senior management level has been recognized as an enabler to successfully completing the mission. In 2008, DOE-EM developed the Technical Risk Rating as a new method to assist in managing technical risk based on specific criteria. The Technical Risk Rating, and the criteria used to determine the rating, provides a mechanism to foster open, meaningful communication between the Federal Project Directors and DOE-EM management concerning project technical risks. Four indicators (technical maturity, risk urgency, handling difficulty and resolution path) are used to focus attention on the issues and key aspects related to the risks. Pressing risk issues are brought to the forefront, keeping DOE-EM management informed and engaged such that they fully understand risk impact. Use of the Technical Risk Rating and criteria during reviews provides the Federal Project Directors the opportunity to openly discuss the most significant risks and assists in the management of technical risks across the portfolio of DOE-EM projects. Technical Risk Ratings can be applied to all projects in government and private industry. This paper will present the methodology and criteria for Technical Risk Ratings, and provide specific examples from DOE-EM projects

Study on Risk Approaches in Software Development Projects

Directory of Open Access Journals (Sweden)

Claudiu BRANDAS

2012-01-01

Full Text Available Risk approaches in project development led to the integration in the IT project management methodologies and software development of activities and processes of risk management. The diversity and the advanced level of the used technologies in IT projects with increasing com-plexity leads to an exponential diversification of risk factors.The purpose of this research is to identify the level of the risk approach in IT projects both at the IT project management and software development methodologies level and the level of the perception of IT project man-agers, IT managers and IT analysts in Romanian IT companies. Thus, we want to determine the correlation between the use of a project management or software development methodology and the overall level of risk perceived by the project managers using these methodologies.

NASA Space Radiation Program Integrative Risk Model Toolkit

Science.gov (United States)

Kim, Myung-Hee Y.; Hu, Shaowen; Plante, Ianik; Ponomarev, Artem L.; Sandridge, Chris

2015-01-01

NASA Space Radiation Program Element scientists have been actively involved in development of an integrative risk models toolkit that includes models for acute radiation risk and organ dose projection (ARRBOD), NASA space radiation cancer risk projection (NSCR), hemocyte dose estimation (HemoDose), GCR event-based risk model code (GERMcode), and relativistic ion tracks (RITRACKS), NASA radiation track image (NASARTI), and the On-Line Tool for the Assessment of Radiation in Space (OLTARIS). This session will introduce the components of the risk toolkit with opportunity for hands on demonstrations. The brief descriptions of each tools are: ARRBOD for Organ dose projection and acute radiation risk calculation from exposure to solar particle event; NSCR for Projection of cancer risk from exposure to space radiation; HemoDose for retrospective dose estimation by using multi-type blood cell counts; GERMcode for basic physical and biophysical properties for an ion beam, and biophysical and radiobiological properties for a beam transport to the target in the NASA Space Radiation Laboratory beam line; RITRACKS for simulation of heavy ion and delta-ray track structure, radiation chemistry, DNA structure and DNA damage at the molecular scale; NASARTI for modeling of the effects of space radiation on human cells and tissue by incorporating a physical model of tracks, cell nucleus, and DNA damage foci with image segmentation for the automated count; and OLTARIS, an integrated tool set utilizing HZETRN (High Charge and Energy Transport) intended to help scientists and engineers study the effects of space radiation on shielding materials, electronics, and biological systems.

Streamlining project delivery through risk analysis.

Science.gov (United States)

2015-08-01

Project delivery is a significant area of concern and is subject to several risks throughout Plan Development : Process (PDP). These risks are attributed to major areas of project development, such as environmental : analysis, right-of-way (ROW) acqu...

Risk management in product innovation projects

NARCIS (Netherlands)

Halman, J.I.M.; Keizer, J.A.

1993-01-01

In product innovation projects risk management has become increasingly important. Technological and commercial developments ask for effective and efficient product innovation. Systematic diagnosing and management of risks can help to make product innovation projects successful. In this paper a

safety risk management based on fuzzy logic at underground projects

Directory of Open Access Journals (Sweden)

Farhad Taherkhani

2017-11-01

Conclusion: In the present article, a new model was developed to calculate the probability of occurrence of the event, which so far has not been addressed in other studies. Finally, effective measures can be taken to reduce the risk of a project by eliminating the high risk factors.

Simulated Annealing Genetic Algorithm Based Schedule Risk Management of IT Outsourcing Project

Directory of Open Access Journals (Sweden)

Fuqiang Lu

2017-01-01

Full Text Available IT outsourcing is an effective way to enhance the core competitiveness for many enterprises. But the schedule risk of IT outsourcing project may cause enormous economic loss to enterprise. In this paper, the Distributed Decision Making (DDM theory and the principal-agent theory are used to build a model for schedule risk management of IT outsourcing project. In addition, a hybrid algorithm combining simulated annealing (SA and genetic algorithm (GA is designed, namely, simulated annealing genetic algorithm (SAGA. The effect of the proposed model on the schedule risk management problem is analyzed in the simulation experiment. Meanwhile, the simulation results of the three algorithms GA, SA, and SAGA show that SAGA is the most superior one to the other two algorithms in terms of stability and convergence. Consequently, this paper provides the scientific quantitative proposal for the decision maker who needs to manage the schedule risk of IT outsourcing project.

Risk Management in Information Technology Project: An Empirical Study

Directory of Open Access Journals (Sweden)

Kornelius Irfandhi

2016-09-01

Full Text Available The companies are facing some risks due to changes in a dynamic environment. If risks are not managed properly, it will have some negative impacts on the companies at the present and the future. One important function of the Information Technology (IT governance is risk management. Risk management in IT project aims to provide a safe environment for IT projects undertaken. Risk management becomes an important process for the success of IT projects. This article discussed the risk of IT project and whether there was a relationship between risk management and the success of the project. The method used was performing a literature review of several scientific articles which published between 2010 and 2014. The results of this study are the presence of risk management and risk manager influence the success of the project. Risk analysis and risk monitoring and control also have a relationship with the subjective performance of IT projects. If risk management is applied properly, the chance of the success of the projects undertaken can be increased. 

The Study on Stage Financing Model of IT Project Investment

Directory of Open Access Journals (Sweden)

Si-hua Chen

2014-01-01

Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

The Study on Stage Financing Model of IT Project Investment

Science.gov (United States)

Xu, Sheng-hua; Xiong, Neal N.

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model. PMID:25147845

The study on stage financing model of IT project investment.

Science.gov (United States)

Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

Diagnosing risks in product-innovation projects

NARCIS (Netherlands)

Halman, Johannes I.M.; Keizer, J.A.

A new method of diagnosing risks in product-innovation projects is introduced in the paper. The method is an improvement on existing risk methods used on product-innovation projects, such as potential problem analysis and failure mode and effects analysis. Technological, organizational and

Diagnosing risks in product-innovation projects

NARCIS (Netherlands)

Halman, J.I.M.; Keizer, J.A.

1994-01-01

A new method of diagnosing risks in product-innovation projects is introduced in the paper. The method is an improvement on existing risk methods used on product-innovation projects, such as potential problem analysis and failure mode and effects analysis. Technological, organizational and

Default risk in project finance

NARCIS (Netherlands)

Klompjan, R.; Wouters, Marc

2002-01-01

Understanding default risk in project finance is relevant to investors. This article investigates which factors are most strongly associated with the occurrence of project finance default, using data from 210 projects, of which 37 were in default. The authors found that the use of proven technology,

Consideration of Risk in PPP-Projects

Directory of Open Access Journals (Sweden)

Josef Zimmermann

2014-06-01

Full Text Available Risk management has become a core competence for companies operating in construction services. In particular regarding Real Estate Development and Construction Management the fundamental knowledge and the dedicated ap- plication of risk assessment turn out to be critical. Construction Management deals with a multitude of local and temporal issues which are unknown or only given by statistical evaluation while conducting a unique construction project within a very tight frame of budget and time. Real Estate projects focus on the predictability of profitable operation for a fairly long period in advance and are therefore subject to many more and more voluminous uncertainties. With PPP-projects a more or less complete federal task is awarded to a private company. Its extent varies but com- prises at least design, construction and operation of a real estate project, e.g. a toll road, bridge, tunnel or other infrastructural object. Durations of such contracts of- ten extend to some 20 to 30 years. In this article the applicability of traditional means of risk management is inves- tigated for the use on PPP-projects and limits of risk consequences are pointed out. Finally we come to the conclusion, that the resulting unavertable risks tend to exceed every surcharge that could be successfully placed on a market.

Proposal of a risk-factor-based analytical approach for integrating occupational health and safety into project risk evaluation.

Science.gov (United States)

Badri, Adel; Nadeau, Sylvie; Gbodossou, André

2012-09-01

Excluding occupational health and safety (OHS) from project management is no longer acceptable. Numerous industrial accidents have exposed the ineffectiveness of conventional risk evaluation methods as well as negligence of risk factors having major impact on the health and safety of workers and nearby residents. Lack of reliable and complete evaluations from the beginning of a project generates bad decisions that could end up threatening the very existence of an organization. This article supports a systematic approach to the evaluation of OHS risks and proposes a new procedure based on the number of risk factors identified and their relative significance. A new concept called risk factor concentration along with weighting of risk factor categories as contributors to undesirable events are used in the analytical hierarchy process multi-criteria comparison model with Expert Choice(©) software. A case study is used to illustrate the various steps of the risk evaluation approach and the quick and simple integration of OHS at an early stage of a project. The approach allows continual reassessment of criteria over the course of the project or when new data are acquired. It was thus possible to differentiate the OHS risks from the risk of drop in quality in the case of the factory expansion project. Copyright © 2011 Elsevier Ltd. All rights reserved.

A Corrosion Risk Assessment Model for Underground Piping

Science.gov (United States)

Datta, Koushik; Fraser, Douglas R.

2009-01-01

The Pressure Systems Manager at NASA Ames Research Center (ARC) has embarked on a project to collect data and develop risk assessment models to support risk-informed decision making regarding future inspections of underground pipes at ARC. This paper shows progress in one area of this project - a corrosion risk assessment model for the underground high-pressure air distribution piping system at ARC. It consists of a Corrosion Model of pipe-segments, a Pipe Wrap Protection Model; and a Pipe Stress Model for a pipe segment. A Monte Carlo simulation of the combined models provides a distribution of the failure probabilities. Sensitivity study results show that the model uncertainty, or lack of knowledge, is the dominant contributor to the calculated unreliability of the underground piping system. As a result, the Pressure Systems Manager may consider investing resources specifically focused on reducing these uncertainties. Future work includes completing the data collection effort for the existing ground based pressure systems and applying the risk models to risk-based inspection strategies of the underground pipes at ARC.

Risk Management and Uncertainty in Infrastructure Projects

DEFF Research Database (Denmark)

Harty, Chris; Neerup Themsen, Tim; Tryggestad, Kjell

2014-01-01

The assumption that large complex projects should be managed in order to reduce uncertainty and increase predictability is not new. What is relatively new, however, is that uncertainty reduction can and should be obtained through formal risk management approaches. We question both assumptions...... by addressing a more fundamental question about the role of knowledge in current risk management practices. Inquiries into the predominant approaches to risk management in large infrastructure and construction projects reveal their assumptions about knowledge and we discuss the ramifications these have...... for project and construction management. Our argument and claim is that predominant risk management approaches tends to reinforce conventional ideas of project control whilst undermining other notions of value and relevance of built assets and project management process. These approaches fail to consider...

Projections of Flood Risk using Credible Climate Signals in the Ohio River Basin

Science.gov (United States)

Schlef, K.; Robertson, A. W.; Brown, C.

2017-12-01

Estimating future hydrologic flood risk under non-stationary climate is a key challenge to the design of long-term water resources infrastructure and flood management strategies. In this work, we demonstrate how projections of large-scale climate patterns can be credibly used to create projections of long-term flood risk. Our study area is the northwest region of the Ohio River Basin in the United States Midwest. In the region, three major teleconnections have been previously demonstrated to affect synoptic patterns that influence extreme precipitation and streamflow: the El Nino Southern Oscillation, the Pacific North American pattern, and the Pacific Decadal Oscillation. These teleconnections are strongest during the winter season (January-March), which also experiences the greatest number of peak flow events. For this reason, flood events are defined as the maximum daily streamflow to occur in the winter season. For each gage in the region, the location parameter of a log Pearson type 3 distribution is conditioned on the first principal component of the three teleconnections to create a statistical model of flood events. Future projections of flood risk are created by forcing the statistical model with projections of the teleconnections from general circulation models selected for skill. We compare the results of our method to the results of two other methods: the traditional model chain (i.e., general circulation model projections to downscaling method to hydrologic model to flood frequency analysis) and that of using the historic trend. We also discuss the potential for developing credible projections of flood events for the continental United States.

Future bloom and blossom frost risk for Malus domestica considering climate model and impact model uncertainties.

Science.gov (United States)

Hoffmann, Holger; Rath, Thomas

2013-01-01

The future bloom and risk of blossom frosts for Malus domestica were projected using regional climate realizations and phenological ( = impact) models. As climate impact projections are susceptible to uncertainties of climate and impact models and model concatenation, the significant horizon of the climate impact signal was analyzed by applying 7 impact models, including two new developments, on 13 climate realizations of the IPCC emission scenario A1B. Advancement of phenophases and a decrease in blossom frost risk for Lower Saxony (Germany) for early and late ripeners was determined by six out of seven phenological models. Single model/single grid point time series of bloom showed significant trends by 2021-2050 compared to 1971-2000, whereas the joint signal of all climate and impact models did not stabilize until 2043. Regarding blossom frost risk, joint projection variability exceeded the projected signal. Thus, blossom frost risk cannot be stated to be lower by the end of the 21st century despite a negative trend. As a consequence it is however unlikely to increase. Uncertainty of temperature, blooming date and blossom frost risk projection reached a minimum at 2078-2087. The projected phenophases advanced by 5.5 d K(-1), showing partial compensation of delayed fulfillment of the winter chill requirement and faster completion of the following forcing phase in spring. Finally, phenological model performance was improved by considering the length of day.

Research into specific risk assessment in project financing

Directory of Open Access Journals (Sweden)

Ivana Bestvina Bukvić

2013-12-01

Full Text Available An assessment of investment justification in terms of risk enables the decision maker (investor to select, among available alternatives, the one with the most favourable correlation between the expected profit and assumed risk. At the micro level, the uncertainty of business success is extremely high in production activities, which is an additional incentive for taking a comprehensive approach to the issue of investment decision-making and the development of risk assessment techniques applicable in this particular segment of industry. Given the complexity of the manufacturing process, the length of the production cycle, market conditions, and entity-specific risks (which are difficult to measure, projects in manufacturing industry require a detailed and comprehensive assessment of specific risk factors and their cost-effectiveness. Ne - vertheless, since specific risks can be diversified, investment proposal assessments in practice usually do not cover their quantification and analysis. However, the majority of business entities do not have enough active projects in various industries to be able to fully diversify their business and thus minimize the level of specific risks. The impact of specific factors becomes one of the most important elements for business success. This paper analyses how far risk assessment methods regarding specific risks are used in practice. Furthermore, it analyses the significance of specific risks for total investment risk. This study gives new insi - ghts into the significance of specific risks to the overall investment assessment and the need for permanent development of traditionally used investment assessment models.

Risk management for independent power projects

International Nuclear Information System (INIS)

Owen, J.L.

1993-01-01

Independent Power, where electric utilities or other bulk electric power users contract with individual electric power generation facilities to meet their projected long term power needs, has grown dramatically over the past ten years or more. This concept, to contract with Independent Power Producers (IPP), is not a new concept and in fact goes back to the early formation of the electric power industry in this country and worldwide. Successful Risk Management is the foundation for ultimate project completion and operation in fulfilling the expectations of all parties. The primary risks associated with the development of Independent Power projects include: predicting long term fuel availability and cost; predicting long term price for the deliverable of electricity; site selection, site characteristics and permitting; innovative or evolving technology; project execution (design and construction), and; lifetime O ampersand M costs and plant reliability. This paper focuses on the risks inherent in the development of IPPs and addresses the management of these risks

The analysis of financial risk management application for NPP project in Indonesia

International Nuclear Information System (INIS)

Imam Bastori; Moch Djoko Birmano

2012-01-01

NPP Project is one of full dynamic, risky and challenging business. Application of financial risk management t in Nuclear Power Plant (NPP) project becomes one alternative to be considered carefully. This paper explains an analysis to make a decision in the risk management application so that it can be applied in the NPP's construction in Indonesia. As case study, is NPP of conventional PWR type of class 1150 MWe. To calculate the economics and financing of NPP is used Spreadsheet INOVASI, further the decision of financial risk management were analyzed using a Model of Cash Flow Adjustment, which developed by Richard Fairchild. The analysis showed that the Method of Cash Flow Adjustment developed by Richard Fairchild is better than the method of NPV Adjustment on a NPP project, because it have included the aspects of financial risk management. NPP project can only be executed if the NPV 2 0 and decision to execute the financial risk management should be based on NPVrm > NPV. The application of financial risk management in NPP project is not needed if an insurance premium more expensive than all costs of financial distress, unless the insurance company can give discount of at least 20%. (author)

Calculating excess lifetime risk in relative risk models

International Nuclear Information System (INIS)

Vaeth, M.; Pierce, D.A.

1990-01-01

When assessing the impact of radiation exposure it is common practice to present the final conclusions in terms of excess lifetime cancer risk in a population exposed to a given dose. The present investigation is mainly a methodological study focusing on some of the major issues and uncertainties involved in calculating such excess lifetime risks and related risk projection methods. The age-constant relative risk model used in the recent analyses of the cancer mortality that was observed in the follow-up of the cohort of A-bomb survivors in Hiroshima and Nagasaki is used to describe the effect of the exposure on the cancer mortality. In this type of model the excess relative risk is constant in age-at-risk, but depends on the age-at-exposure. Calculation of excess lifetime risks usually requires rather complicated life-table computations. In this paper we propose a simple approximation to the excess lifetime risk; the validity of the approximation for low levels of exposure is justified empirically as well as theoretically. This approximation provides important guidance in understanding the influence of the various factors involved in risk projections. Among the further topics considered are the influence of a latent period, the additional problems involved in calculations of site-specific excess lifetime cancer risks, the consequences of a leveling off or a plateau in the excess relative risk, and the uncertainties involved in transferring results from one population to another. The main part of this study relates to the situation with a single, instantaneous exposure, but a brief discussion is also given of the problem with a continuous exposure at a low-dose rate

Implementation of lean construction techniques for minimizing the risks effect on project construction time

Directory of Open Access Journals (Sweden)

Usama Hamed Issa

2013-12-01

Full Text Available The construction projects involve various risk factors which have various impacts on time objective that may lead to time-overrun. This study suggests and applies a new technique for minimizing risk factors effect on time using lean construction principles. The lean construction is implemented in this study using the last planner system through execution of an industrial project in Egypt. Evaluating the effect of using the new tool is described in terms of two measurements: Percent Expected Time-overrun (PET and Percent Plan Completed (PPC. The most important risk factors are identified and assessed, while PET is quantified at the project start and during the project execution using a model for time-overrun quantification. The results showed that total project time is reduced by 15.57% due to decreasing PET values, while PPC values improved. This is due to minimizing and mitigating the effect of most of the risk factors in this project due to implementing lean construction techniques. The results proved that the quantification model is suitable for evaluating the effect of using lean construction techniques. In addition, the results showed that average value of PET due to factors affected by lean techniques represents 67% from PET values due to all minimized risk factors.

Risk managements' communicative effects influencing IT project success

NARCIS (Netherlands)

de Bakker, Karel; Boonstra, Albert; Wortmann, Hans

The central question of this research is if, and how, risk management contributes to the success of IS/IT projects. Risk management is used regularly in IT projects, despite indications in literature that risk management only occasionally contributes to IT project success. Drawing on Habermas we

Estimating radiation-induced cancer risk using MVK two-stage model for carcinogenesis

International Nuclear Information System (INIS)

Kai, M.; Kusama, T.; Aoki, Y.

1993-01-01

Based on the carcinogenesis model as proposed by Moolgavkar et al., time-dependent relative risk models were derived for projecting the time variation in excess relative risk. If it is assumed that each process is described by time-independent linear dose-response relationship, the time variation in excess relative risk is influenced by the parameter related with the promotion process. The risk model based carcinogenesis theory would play a marked role in estimating radiation-induced cancer risk in constructing a projection model or transfer model

Statistically downscaled climate projections to support evaluating climate change risks for hydropower

International Nuclear Information System (INIS)

Brekke, L.

2008-01-01

This paper described a web-served public access archive of down-scaled climate projections developed as a tool for water managers of river and hydropower systems. The archive provided access to climate projection data at basin-relevant resolution and included an extensive compilation of down-scale climate projects designed to support risk-based adaptation planning. Downscaled translations of 112 contemporary climate projections produced using the World Climate Research Program's coupled model intercomparison project were also included. Datasets for the coupled model included temperature and precipitation, monthly time-steps, and geographic coverage for the United States and portions of Mexico and Canada. It was concluded that the archive will be used to develop risk-based studies on shifts in seasonal patterns, changes in mean annual runoff, and associated responses in water resources and hydroelectric power management. Case studies demonstrating reclamation applications of archive content and potential applications for hydroelectric power production impacts were included. tabs., figs

Project finance risks - getting it right first time

International Nuclear Information System (INIS)

Bain, F.

1996-01-01

Bankers seeking to invest in the construction of new power stations by independent power producers, face greater risks than those lending to companies. Independent risk and insurance advisers are used to assess project risk. ''Project finance'' has become increasingly popular as it allows projects to go ahead that could not be supported from sponsors' own resources. In addition, project finance means that various equity partners can join together in a joint venture company and limit their individual risk. Project finance can be delayed by differences between the needs of sponsors, financiers and insurers. The process can be speeded up by foreknowledge of bankers' requirements. (UK)

RISK ASSESSMENT IN PROJECT PLANNING USING FMEA AND CRITICAL PATH METHOD

Directory of Open Access Journals (Sweden)

Sandra Milena CHOLES ARVILLA

2014-10-01

Full Text Available This paper is based upon the research undertaken for the development of the doctoral thesis “Management of software projects based on object-oriented technology”. The study examines the existing risk management practices commonly used for classic software development. The goal is to integrate the elements of the traditional risk management methodologies to create a new agile risk management methodology. The thesis focuses on techniques that can be easily implemented in extreme programming (XP and SCRUM. This study is motivated by the following research questions: What are the elements of existing quality assurance tools that could meet the principles of agile development? And is it possible to use risk estimation for improving quality in agile projects? The thesis presents a synthesis of the most common risk management techniques, as well as an introduction to agile methods XP and SCRUM. The proposal integrates the concepts of Failure Mode and Effect Analysis into the iterative life cycle of an agile software project. The thesis presents a metamodel which integrates the concepts of agile development methodologies: SCRUM and XP with the FMEA concepts for risk quantification. The model was partly implemented into a real development project. Partial results show the improvement in early identification of failures and allowed to reconsider the Sprint plan.

Multi-site risk-based project planning, optimization, sequencing and budgeting process and tool for the integrated facility disposition project - 59394

International Nuclear Information System (INIS)

Nelson, Jerel; Castillo, Carlos; Huntsman, Julie; Lucek, Heather; Marks, Tim

2012-01-01

Document available in abstract form only. Full text of publication follows: Faced with the DOE Complex Transformation, NNSA was tasked with developing an integrated plan for the decommissioning of over 400 facilities and 300 environmental remediation units, as well as the many reconfiguration and modernization projects at the Oak Ridge National Laboratory (ORNL) and Y-12 Complex. Manual scheduling of remediation activities is time-consuming, labor intensive, and inherently introduces bias and unaccounted for aspects of the scheduler or organization in the process. Clearly a tool was needed to develop an objective, unbiased baseline optimized project sequence and schedule with a sound technical foundation for the Integrated Facility Disposition Project (IFDP). In generating an integrated disposition schedule, each project (including facilities, environmental sites, and remedial action units) was identified, characterized, then ranked relative to other projects. Risk matrices allowed for core project data to be extrapolated into probable contamination levels, relative risks to the public, and other technical and risk parameters to be used in the development of an overall ranking. These matrices ultimately generated a complete data set that were used in the Ranking and Sequencing Model (RSM), commonly referred to as the SUPER model, for its numerous abilities to support D and D planning, prioritization, and sequencing

NPV risk simulation of an open pit gold mine project under the O'Hara cost model by using GAs

Institute of Scientific and Technical Information of China (English)

Franco-Sepulveda Giovanni; Campuzano Carlos; Pineda Cindy

2017-01-01

This paper analyzes an open pit gold mine project based on the O'Hara cost model. Hypothetical data is proposed based on different authors that have studied open pit gold projects, and variations are proposed according to the probability distributions associated to key variables affecting the NPV, like production level, ore grade, price of ore, and others, so as to see what if, in a gold open pit mine project of 3000 metric tons per day of ore. Two case scenarios were analyzed to simulate the NPV, one where there is low certainty data available, and the other where the information available is of high certainty. Results based on genetic algorithm metaheuristic simulations, which combine basically Montecarlo simulations provided by the Palisade Risk software, the O'Hara cost model, net smelter return and financial analysis tools offered by Excel are reported, in order to determine to which variables of the project is more sensitive the NPV.

Methodology evaluation of innovative projects under risk and uncertainty

Directory of Open Access Journals (Sweden)

2012-09-01

Full Text Available This article deals with problems connected with the assessment of innovative projects in the context of risk and uncertainty, topical issues of evaluation of innovative projects at the present stage of development of the Russian economy. By the example of the solution of the "crossing the river" is considering the possibility of using hierarchical models to address it. In what follows, and compares the priorities of different groups of factors are given by calculating the overall costs and benefits. The paper provides a rationale for combined use of four aspects: the beneficial aspects of the decision (the benefits and opportunities and negative (costs and risks that may lead to the decision in question.

Project Documentation as a Risk for Public Projects

Directory of Open Access Journals (Sweden)

Vladěna Štěpánková

2015-08-01

Full Text Available Purpose of the article: The paper presents the different methodologies used for creating documentation and focuses on public projects and their requirements for this documentation. Since documentation is also incorporated in the overall planning of the project and its duration is estimated using expert qualified estimate, can any change in this documentation lead to project delays, or increase its cost as a result of consuming administration, and therefore the documentation is seen as a risk, which may threaten the project as a public contract by which a company trying to achieve and obtains it, and generally any project. Methodology/methods: There are used methods of obtaining information in this paper. These are mainly structured interviews in combination with a brainstorming, furthermore also been used questionnaire for companies dealing with public procurement. As a data processing program was used MS Excel and basic statistical methods based on regression analysis. Scientific aim: The article deals with the construction market in the Czech Republic and examines the impact of changes in project documentation of public projects on their turnover. Findings: In this paper we summarize the advantages and disadvantages of having project documentation. In the case of public contracts and changes in legislation it is necessary to focus on creating documentation in advance, follow the new requirements and try to reach them in the shortest possible time. Conclusions: The paper concludes with recommendations on how to proceed, if these changes and how to reduce costs, which may cause the risk of documentation.

Review of the project risk management plan in the capital projects organization at ConocoPhillips

OpenAIRE

Meidell, Camilla

2011-01-01

Master's thesis in Risk management Project Risk Management (PRM) has in recent years become an important aspect of business organization and project management. There has always been a requirement for some risk management at COPNO. However about 3 years ago the process became much more defined and has become a requirement for the contingency used on projects to be based upon the risking process. Since risk management in projects is a requirement in the CP organization it is ...

Risk assessment in energy efficiency projects; Gerenciamento de riscos em projetos de eficiencia energetica

Energy Technology Data Exchange (ETDEWEB)

Aragao Neto, Raymundo Moniz de

2003-08-15

This paper aims to present processes related to risk management in energy efficiency projects, delivered in a performance contracting basis. Introductory comments will be presented about the considered project model, emphasizing the necessity of proper processes of risk management and evaluation and their treatment according methodology developed by PMI - Project Management Institute, grouped in its publication PMBOK - Project Management Body of Knowledge. A hypothetical project will be demonstrated, but similar to the Brazilian Body of Knowledge. A hypothetical project will be demonstrated, but similar to the Brazilian market reality, as a form of illustrating the considered methodology.

The Global Earthquake Model and Disaster Risk Reduction

Science.gov (United States)

Smolka, A. J.

2015-12-01

Advanced, reliable and transparent tools and data to assess earthquake risk are inaccessible to most, especially in less developed regions of the world while few, if any, globally accepted standards currently allow a meaningful comparison of risk between places. The Global Earthquake Model (GEM) is a collaborative effort that aims to provide models, datasets and state-of-the-art tools for transparent assessment of earthquake hazard and risk. As part of this goal, GEM and its global network of collaborators have developed the OpenQuake engine (an open-source software for hazard and risk calculations), the OpenQuake platform (a web-based portal making GEM's resources and datasets freely available to all potential users), and a suite of tools to support modelers and other experts in the development of hazard, exposure and vulnerability models. These resources are being used extensively across the world in hazard and risk assessment, from individual practitioners to local and national institutions, and in regional projects to inform disaster risk reduction. Practical examples for how GEM is bridging the gap between science and disaster risk reduction are: - Several countries including Switzerland, Turkey, Italy, Ecuador, Papua-New Guinea and Taiwan (with more to follow) are computing national seismic hazard using the OpenQuake-engine. In some cases these results are used for the definition of actions in building codes. - Technical support, tools and data for the development of hazard, exposure, vulnerability and risk models for regional projects in South America and Sub-Saharan Africa. - Going beyond physical risk, GEM's scorecard approach evaluates local resilience by bringing together neighborhood/community leaders and the risk reduction community as a basis for designing risk reduction programs at various levels of geography. Actual case studies are Lalitpur in the Kathmandu Valley in Nepal and Quito/Ecuador. In agreement with GEM's collaborative approach, all

On Best Practices for Risk Management in Complex Projects

Directory of Open Access Journals (Sweden)

Dan BENTA

2011-01-01

Full Text Available Risk management shall be proactive. This is one of the key preliminaries to cope with the challenges of complex projects. An overarching and consistent view on project risks and uncertainties is necessary to follow a holistic approach in project risk management. Uncertainty is inevitable since projects are unique and temporary undertakings based on assumptions and constraints, delivering project results to multiple stakeholders with different requirements. Project management can be seen as an attempt to control this uncertain environment, through the use of structured and disciplined techniques such as estimating, planning, cost control, task allocation, earned value analysis, monitoring, and review meetings. Each of these elements of project management has a role in defining or controlling inherent variability in projects. Project risk management provides approaches by which uncertainty can be understood, assessed, and managed within projects. A number of associations (e.g., Project Management Institute – PMI®, International Project Management Association – IPMA,or Network of Nordic Project Management Associations - NORDNET work constantly in acquiring, improving, and standardizing best practices in project management.Based on the industrial practice, this paper outlines strategies to identify, prioritize, and mitigate risks for achievement of project’ or organizational objectives.

RISK MANAGEMENT USING PROJECT RECON

Science.gov (United States)

2016-11-28

centralized database . • Project Recon (formerly Risk Recon) is designed to be used by all Program Management Offices, Integrated Project Teams and any...Create growth plans to proactively capture benefits • Customize reports to group opportunities by programmatic, technical, business, contracting, and

A Hybrid MCDM Technique for Risk Management in Construction Projects

Directory of Open Access Journals (Sweden)

Kajal Chatterjee

2018-02-01

Full Text Available Multi-stakeholder based construction projects are subject to potential risk factors due to dynamic business environment and stakeholders’ lack of knowledge. When solving project management tasks, it is necessary to quantify the main risk indicators of the projects. Managing these requires suitable risk mitigation strategies to evaluate and analyse their severity. The existence of information asymmetry also causes difficulties with achieving Pareto efficiency. Hence, to ensure balanced satisfaction of all participants, risk evaluation of these projects can be considered as an important part of the multi-criteria decision-making (MCDM process. In real-life problems, evaluation of project risks is often uncertain and even incomplete, and the prevailing methodologies fail to handle such situations. To address the problem, this paper extends the analytical network process (ANP methodology in the D numbers domain to handle three types of ambiguous information’s, viz. complete, uncertain, and incomplete, and assesses the weight of risk criteria. The D numbers based approach overcomes the deficiencies of the exclusiveness hypothesis and completeness constraint of Dempster–Shafer (D–S theory. Here, preference ratings of the decision matrix for each decision-maker are determined using a D numbers extended consistent fuzzy preference relation (D-CFPR. An extended multi-attributive border approximation area comparison (MABAC method in D numbers is then developed to rank and select the best alternative risk response strategy. Finally, an illustrative example from construction sector is presented to check the feasibility of the proposed approach. For checking the reliability of alternative ranking, a comparative analysis is performed with different MCDM approaches in D numbers domain. Based on different criteria weights, a sensitivity analysis of obtained ranking of the hybrid D-ANP-MABAC model is performed to verify the robustness of the proposed

Identification and assessment of risk factors affecting construction projects

Directory of Open Access Journals (Sweden)

Mohamed Sayed Bassiony Ahmed Abd El-Karim

2017-08-01

Unexpected increase in cost and delays in construction projects are caused by owner, contractor, environments, etc. in which several types of risk factors may occur concurrently. The effect of cost overrun and schedule overrun do not only influence the construction industry but the overall economy as well. Even though construction project increasing in cost and schedule has received extensive attention of researchers, but because of continuous changes and development in the field, the study considered of added value to the construction industry in Egypt, in addition to risk strategy and plan analysis. In order to meet the deadline of a project and due to the complex nature of construction projects, cost and scheduling should be flexible enough to accommodate changes without negatively affecting the overall project cost and duration. As such, the objectives of the presented research in this paper are to identify, study, and assess the effect of the factors that affect cost and time contingency. Data are collected from sixteen construction companies in Egypt. The collected data, output charts and analyses spreadsheets will be used for the development of computerized model built by the authors with identification abbreviation RIAM.

Clean development mechanism projects and portfolio risks

International Nuclear Information System (INIS)

Matsuhashi, Ryuji; Fujisawa, Sei; Mitamura, Wataru; Momobayashi, Yutaka; Yoshida, Yoshikuni

2004-01-01

Clean development mechanism (CDM) is expected to facilitate technology transfer from developed to developing countries as well as to economically reduce greenhouse gas emissions. In this article, we explore effective institutions to activate CDM projects. For this purpose, we have estimated internal rate of return (IRR) and other indicators on profitability for 42 CDM or JI projects, taking account of volatilities in the price of certified emission reductions (CER). As a result of Monte Carlo simulations, expected values and standard deviations in the IRR of the projects were quantitatively shown. Then we evaluated various risks in CDM, concluding that diversification of investment is an effective way to suppress these risks. Therefore securitization of CDM finance is proposed as a means of facilitating the diversification of investment. Namely, we present the concept of a CDM bond, which is a project bond with CER. We also investigated the role of governments to suppress risks in CDM. Referring to CERUPT, initiated by the Netherlands' government, the institution of 'insured CERUPT' is proposed to suppress downside risks in the IRR of the projects. We concluded that it is possible to make CDM projects viable by the 'insured CERUPT' and CDM bond

A model-based risk management framework

Energy Technology Data Exchange (ETDEWEB)

Gran, Bjoern Axel; Fredriksen, Rune

2002-08-15

The ongoing research activity addresses these issues through two co-operative activities. The first is the IST funded research project CORAS, where Institutt for energiteknikk takes part as responsible for the work package for Risk Analysis. The main objective of the CORAS project is to develop a framework to support risk assessment of security critical systems. The second, called the Halden Open Dependability Demonstrator (HODD), is established in cooperation between Oestfold University College, local companies and HRP. The objective of HODD is to provide an open-source test bed for testing, teaching and learning about risk analysis methods, risk analysis tools, and fault tolerance techniques. The Inverted Pendulum Control System (IPCON), which main task is to keep a pendulum balanced and controlled, is the first system that has been established. In order to make risk assessment one need to know what a system does, or is intended to do. Furthermore, the risk assessment requires correct descriptions of the system, its context and all relevant features. A basic assumption is that a precise model of this knowledge, based on formal or semi-formal descriptions, such as UML, will facilitate a systematic risk assessment. It is also necessary to have a framework to integrate the different risk assessment methods. The experiences so far support this hypothesis. This report presents CORAS and the CORAS model-based risk management framework, including a preliminary guideline for model-based risk assessment. The CORAS framework for model-based risk analysis offers a structured and systematic approach to identify and assess security issues of ICT systems. From the initial assessment of IPCON, we also believe that the framework is applicable in a safety context. Further work on IPCON, as well as the experiences from the CORAS trials, will provide insight and feedback for further improvements. (Author)

Risk Management on the National Compact Stellarator Project (NCSX)

International Nuclear Information System (INIS)

Simmons, Robert T.; Heitzenroeder, Philip J.; Reiersen, Wayne T.; Neilson, George H.; Strykowsky, Ronald L.; Rej, Donald; Gruber, Christopher O.

2009-01-01

In its simplest form, risk management is a continuous assessment from project start to completion that identifies what can impact your project (i.e., what the risks are)., which of these risks are important, and identification and implementation of strategies to deal with these risks (both threats and opportunities). The National Compact Stellerator Experiment (NCSX) Project was a 'first-of-a-kind' fusion experiment that was technically very challenging, primarily resulting from the complex component geometries and tight tolerances. Initial risk quantification approaches proved inadequate and contributed to the escalation of costs as the design evolved and construction started. After the Project was well into construction, a new risk management plan was adopted. This plan was based on successful Department of Energy (DOE) and industrial risk management precepts. This paper will address the importance of effective risk management processes and lessons learned. It is of note that a steady reduction of risk was observed in the last six months of the project

Managing project risks and uncertainties

Directory of Open Access Journals (Sweden)

Mike Mentis

2015-01-01

Full Text Available This article considers threats to a project slipping on budget, schedule and fit-for-purpose. Threat is used here as the collective for risks (quantifiable bad things that can happen and uncertainties (poorly or not quantifiable bad possible events. Based on experience with projects in developing countries this review considers that (a project slippage is due to uncertainties rather than risks, (b while eventuation of some bad things is beyond control, managed execution and oversight are still the primary means to keeping within budget, on time and fit-for-purpose, (c improving project delivery is less about bigger and more complex and more about coordinated focus, effectiveness and developing thought-out heuristics, and (d projects take longer and cost more partly because threat identification is inaccurate, the scope of identified threats is too narrow, and the threat assessment product is not integrated into overall project decision-making and execution. Almost by definition, what is poorly known is likely to cause problems. Yet it is not just the unquantifiability and intangibility of uncertainties causing project slippage, but that they are insufficiently taken into account in project planning and execution that cause budget and time overruns. Improving project performance requires purpose-driven and managed deployment of scarce seasoned professionals. This can be aided with independent oversight by deeply experienced panelists who contribute technical insights and can potentially show that diligence is seen to be done.

Alpha-risk: a European project on the quantification of risks associated with multiple radiation exposures

International Nuclear Information System (INIS)

Laurier, D.; Monchaux, G.; Tirmarche, M.; Darby, S.; Cardis, E.; Binks, K.; Hofmann, W.; Muirhead, C.

2006-01-01

The Alpha-Risk research project is being conducted within the Sixth European Framework Programme (EC-FP6, 2005 -2008). It aims to improve the quantification of risks associated with multiple exposures, taking into account the contribution of different radionuclides and external exposure using specific organ dose calculations. The Alpha-Risk Consortium involves 18 partners from 9 countries, and is coordinated by the IRSN. Its composition allows a multidisciplinary collaboration between researchers in epidemiology, dosimetry, statistics, modelling and risk assessment. Alpha-Risk brings together major epidemiological studies in Europe, which are able to evaluate long-term health effects of internal exposure from radionuclides. It includes large size cohort and case-control studies, with accurate registration of individual annual exposures: uranium miner studies, studies on lung cancer and indoor radon exposure, and studies of lung cancer and leukaemia among nuclear workers exposed to transuranic nuclides (mainly uranium and plutonium), for whom organ doses will be reconstructed individually. The contribution of experts in dosimetry will allow the calculation of organ doses in presence of multiple exposures (radon decay products, uranium dust and external gamma exposure). Expression of the risk per unit organ dose will make it possible to compare results with those from other populations exposed to external radiation. The multidisciplinary approach of Alpha-Risk promotes the development of coherent and improved methodological approaches regarding risk modelling. A specific work - package is dedicated to the integration of results and their use for risk assessment, especially for radon. Alpha-Risk will contribute to a better understanding of long-term health risks following chronic low doses from internal exposures. The project also has the great potential to help resolve major public health concerns about the effects of low and/or protracted exposures, especially

Research on Investment Risk Management of Chinese Prefabricated Construction Projects Based on a System Dynamics Model

Directory of Open Access Journals (Sweden)

Ming Li

2017-09-01

Full Text Available Prefabricated construction, a new direction for the future development of the Chinese construction industry, can maximize the requirements of “green”. As a new form of green building, prefabricated construction is of particular interest. On account of the immature development of the green building market in China, the investment risk for prefabricated construction is higher than for traditional architecture. Hence, it is especially important to improve its investment risk identification and management. This study adopts system dynamics and builds a risk identification feedback chart and risk flow chart, to comprehensively identify investment risks that projects in China may face and to process quantitative estimation of investment risk factors. Key factors influencing project investment risks are found, and corresponding measures are pointedly proposed. This paper may provide guidance and a reference for promoting the sound development of prefabricated construction in China.

A Model Suggestion to Predict Leverage Ratio for Construction Projects

Directory of Open Access Journals (Sweden)

Özlem Tüz

2013-12-01

Full Text Available Due to the nature, construction is an industry with high uncertainty and risk. Construction industry carries high leverage ratios. Firms with low equities work in big projects through progress payment system, but in this case, even a small negative in the planned cash flows constitute a major risk for the company.The use of leverage, with a small investment to achieve profit targets large-scale, high-profit, but also brings a high risk with it. Investors may lose all or the portion of the money. In this study, monitoring and measuring of the leverage ratio because of the displacement in cash inflows of construction projects which uses high leverage and low cash to do business in the sector is targeted. Cash need because of drifting the cash inflows may be seen due to the model. Work should be done in the early stages of the project with little capital but in the later stages, rapidly growing capital need arises.The values obtained from the model may be used to supply the capital held in the right time by anticipating the risks because of the delay in cashflow of construction projects which uses high leverage ratio.

PECULIARITIES OF ASSESSMENT AND RISK MANAGEMENT IN INNOVATIVE PROJECTS

Directory of Open Access Journals (Sweden)

Victor V. Guzhov

2014-01-01

Full Text Available The methodological and methodicalbases of risk management in innovativeprojects. Classification of risks. Types of risks depending on the stage of realizationof the innovative project. Investigated thefactors contributing to the emergence ofrisk situations. The basic techniques of risk management of innovation projects.Proposed criteria for the choice of the innovative project to implement in the realsector of the economy.

Risk management in methodologies of information technology and communications projects

Directory of Open Access Journals (Sweden)

Jonathan Carrillo

2013-12-01

Full Text Available (Received: 2013/10/02 - Accepted: 2013/12/13At present there are methodologies that have several alternatives and methods to manage projects of Information and Communication Technologies. However, these do not cover a solution for the technology events that can occur in the industry, government, education, among others. In the technology market there are several models to identify and analyze risks according to relevant aspects of their area of specialty e.g. projects, in software development, communications, information security and business alignment. For this reason, this research conducted an evaluation of risk management activities of the methodologies used mostly to know which of them includes more correspondence with basic elements of IT using a rating scale.

The Risks of Investments in Transport Infrastructure Projects

Directory of Open Access Journals (Sweden)

O. Pokorná

2002-01-01

Full Text Available Investment decisions should not be taken without an in-depth analysis of the risks. This is an important stage in project preparation and should be performed simultaneously with the planning of the financial operations. Infrastructure development requires that project risks and responsibilities be assigned to the public or private entity that is best able to manage them. The risks and their financial impacts are usually not quantified equally by all parties. Each party views the given risks according to the guarantees provided. These guarantees are related to the form of participation in the project.

Security Risk Assessment in Software Development Projects

OpenAIRE

Svendsen, Heidi

2017-01-01

Software security is increasing in importance, linearly with vulnerabilities caused by software flaws. It is not possible to spend all the project s resources on software security. To spend the resources given to security in an effective way, one should know what is most important to protect. By performing a risk analysis the project know which vulnerabilities they face. A risk analysis will prioritise the vulnerabilities, and when the vulnerabilities are prioritised the project know where th...

Overview of Graphical User Interface for ARRBOD (Acute Radiation Risk and BRYNTRN Organ Dose Projection)

Science.gov (United States)

Kim, Myung-Hee Y.; Hu, Shaowen; Nounu, Hatem N.; Cucinotta, Francis A.

2010-01-01

Solar particle events (SPEs) pose the risk of acute radiation sickness (ARS) to astronauts, because organ doses from large SPEs may reach critical levels during extra vehicular activities (EVAs) or lightly shielded spacecraft. NASA has developed an organ dose projection model of Baryon transport code (BRYNTRN) with an output data processing module of SUMDOSE, and a probabilistic model of acute radiation risk (ARR). BRYNTRN code operation requires extensive input preparation, and the risk projection models of organ doses and ARR take the output from BRYNTRN as an input to their calculations. With a graphical user interface (GUI) to handle input and output for BRYNTRN, these response models can be connected easily and correctly to BRYNTRN in a user friendly way. The GUI for the Acute Radiation Risk and BRYNTRN Organ Dose (ARRBOD) projection code provides seamless integration of input and output manipulations required for operations of the ARRBOD modules: BRYNTRN, SUMDOSE, and the ARR probabilistic response model. The ARRBOD GUI is intended for mission planners, radiation shield designers, space operations in the mission operations directorate (MOD), and space biophysics researchers. Assessment of astronauts organ doses and ARS from the exposure to historically large SPEs is in support of mission design and operation planning to avoid ARS and stay within the current NASA short-term dose limits. The ARRBOD GUI will serve as a proof-of-concept for future integration of other risk projection models for human space applications. We present an overview of the ARRBOD GUI product, which is a new self-contained product, for the major components of the overall system, subsystem interconnections, and external interfaces.

Simple steps help minimize costs, risks in project contracts

International Nuclear Information System (INIS)

Camps, J.A.

1996-01-01

Contrary to prevailing opinion, risks and project financing costs can be higher for lump sum (LS) project contracts than under reimbursable-type contracts. An element-by-element analysis of the risks and costs associated with a project enables investors to develop variations of reimbursable contracts. Project managers can use this three-step procedure, along with other recommendations, to measure the hidden project costs and risks associated with LS contracts. The author bases his conclusions on case studies of recent projects in the petroleum refining and petrochemical industries. The findings, however, are general enough to be applicable in other industrial sectors

Allocating risk capital for a brownfields redevelopment project under hydrogeological and financial uncertainty.

Science.gov (United States)

Yu, Soonyoung; Unger, Andre J A; Parker, Beth; Kim, Taehee

2012-06-15

In this study, we defined risk capital as the contingency fee or insurance premium that a brownfields redeveloper needs to set aside from the sale of each house in case they need to repurchase it at a later date because the indoor air has been detrimentally affected by subsurface contamination. The likelihood that indoor air concentrations will exceed a regulatory level subject to subsurface heterogeneity and source zone location uncertainty is simulated by a physics-based hydrogeological model using Monte Carlo realizations, yielding the probability of failure. The cost of failure is the future value of the house indexed to the stochastic US National Housing index. The risk capital is essentially the probability of failure times the cost of failure with a surcharge to compensate the developer against hydrogeological and financial uncertainty, with the surcharge acting as safety loading reflecting the developers' level of risk aversion. We review five methodologies taken from the actuarial and financial literature to price the risk capital for a highly stylized brownfield redevelopment project, with each method specifically adapted to accommodate our notion of the probability of failure. The objective of this paper is to develop an actuarially consistent approach for combining the hydrogeological and financial uncertainty into a contingency fee that the brownfields developer should reserve (i.e. the risk capital) in order to hedge their risk exposure during the project. Results indicate that the price of the risk capital is much more sensitive to hydrogeological rather than financial uncertainty. We use the Capital Asset Pricing Model to estimate the risk-adjusted discount rate to depreciate all costs to present value for the brownfield redevelopment project. A key outcome of this work is that the presentation of our risk capital valuation methodology is sufficiently generalized for application to a wide variety of engineering projects. Copyright © 2012 Elsevier

Sound transit climate risk reduction project.

Science.gov (United States)

2013-09-01

The Climate Risk Reduction Project assessed how climate change may affect Sound Transit commuter rail, light rail, and express bus : services. The project identified potential climate change impacts on agency operations, assets, and long-term plannin...

Safety risk assessment using analytic hierarchy process (AHP) during planning and budgeting of construction projects.

Science.gov (United States)

Aminbakhsh, Saman; Gunduz, Murat; Sonmez, Rifat

2013-09-01

The inherent and unique risks on construction projects quite often present key challenges to contractors. Health and safety risks are among the most significant risks in construction projects since the construction industry is characterized by a relatively high injury and death rate compared to other industries. In construction project management, safety risk assessment is an important step toward identifying potential hazards and evaluating the risks associated with the hazards. Adequate prioritization of safety risks during risk assessment is crucial for planning, budgeting, and management of safety related risks. In this paper, a safety risk assessment framework is presented based on the theory of cost of safety (COS) model and the analytic hierarchy process (AHP). The main contribution of the proposed framework is that it presents a robust method for prioritization of safety risks in construction projects to create a rational budget and to set realistic goals without compromising safety. The framework provides a decision tool for the decision makers to determine the adequate accident/injury prevention investments while considering the funding limits. The proposed safety risk framework is illustrated using a real-life construction project and the advantages and limitations of the framework are discussed. Copyright © 2013 National Safety Council and Elsevier Ltd. All rights reserved.

Project Structuring and Risk Allocation for NPP Construction

International Nuclear Information System (INIS)

Kaser, Greg

2013-01-01

This presentation treats of the project risks and how to mitigate major risks and structure a new project. It also talks about the contract implications to handle the specificities of a new project: design complexities, interface between the engineering, procurement and constructing contractors, and finally discusses the necessity of a stable regulatory environment and the role of government

A combined AHP-GP model to allocate internal auditing time to projects

Directory of Open Access Journals (Sweden)

HA Kruger

2006-06-01

Full Text Available The optimal allocation of internal auditing time among competing projects is a multi-criteria problem that includes both qualitative and quantitative factors. This paper discusses an integrated approach where the analytic hierarchy process (AHP is used to deal with qualitative risk assessments and a goal programming (GP model to distribute available hours in such a way that risk is minimised. Additional considerations, such as maximum and minimum allowable project hours, risk reducing factors and risk levels, are also taken into account. Following a description of the models and framework, a brief case study is presented in which the framework was empirically evaluated.

Method ranks competing projects by priorities, risk

International Nuclear Information System (INIS)

Moeckel, D.R.

1993-01-01

A practical, objective guide for ranking projects based on risk-based priorities has been developed by Sun Pipe Line Co. The deliberately simple system guides decisions on how to allocate scarce company resources because all managers employ the same criteria in weighing potential risks to the company versus benefits. Managers at all levels are continuously having to comply with an ever growing amount of legislative and regulatory requirements while at the same time trying to run their businesses effectively. The system primarily is designed for use as a compliance oversight and tracking process to document, categorize, and follow-up on work concerning various issues or projects. That is, the system consists of an electronic database which is updated periodically, and is used by various levels of management to monitor progress of health, safety, environmental and compliance-related projects. Criteria used in determining a risk factor and assigning a priority also have been adapted and found useful for evaluating other types of projects. The process enables management to better define potential risks and/or loss of benefits that are being accepted when a project is rejected from an immediate work plan or budget. In times of financial austerity, it is extremely important that the right decisions are made at the right time

Korean risk assessment model for breast cancer risk prediction.

Science.gov (United States)

Park, Boyoung; Ma, Seung Hyun; Shin, Aesun; Chang, Myung-Chul; Choi, Ji-Yeob; Kim, Sungwan; Han, Wonshik; Noh, Dong-Young; Ahn, Sei-Hyun; Kang, Daehee; Yoo, Keun-Young; Park, Sue K

2013-01-01

We evaluated the performance of the Gail model for a Korean population and developed a Korean breast cancer risk assessment tool (KoBCRAT) based upon equations developed for the Gail model for predicting breast cancer risk. Using 3,789 sets of cases and controls, risk factors for breast cancer among Koreans were identified. Individual probabilities were projected using Gail's equations and Korean hazard data. We compared the 5-year and lifetime risk produced using the modified Gail model which applied Korean incidence and mortality data and the parameter estimators from the original Gail model with those produced using the KoBCRAT. We validated the KoBCRAT based on the expected/observed breast cancer incidence and area under the curve (AUC) using two Korean cohorts: the Korean Multicenter Cancer Cohort (KMCC) and National Cancer Center (NCC) cohort. The major risk factors under the age of 50 were family history, age at menarche, age at first full-term pregnancy, menopausal status, breastfeeding duration, oral contraceptive usage, and exercise, while those at and over the age of 50 were family history, age at menarche, age at menopause, pregnancy experience, body mass index, oral contraceptive usage, and exercise. The modified Gail model produced lower 5-year risk for the cases than for the controls (p = 0.017), while the KoBCRAT produced higher 5-year and lifetime risk for the cases than for the controls (pKorean women, especially urban women.

Risk Management in Construction Project: Taking Fairness into Account

Science.gov (United States)

Górecki, Jarosław; Bizon-Górecka, Jadwiga

2017-10-01

Risk management requires a comprehensive review of possible hazards, their possible outcomes as well as some recommendations about minimizing the risk. The study emphasises that the project risk management refers to an analysis of the risk factors and a creation of the strategy minimising negative effects of the risk. It was pointed out that a construction project is this kind of projects that can be defined as a unique process of high complexity (design documentation, various stages of creating the building), which has clearly defined time frames and a given financial limit. It is executed as a team work, by qualified or highly qualified specialists of different matters, for example masonry, precast, etc. Additionally, it requires a use of modern equipment and an adequate preparation of the investment. Therefore, the risk management focuses on the problems allowing for troubleshooting. A basis of the risk management is to recognise the fundamentals, which are crucial for the construction project management, i.e. an object perspective, including technological, supporting and management processes as well as an entity perspective - project stakeholders. Construction projects require also an acquaintance with the specificity of the branch. The article refers to the risk management in construction project and, in particular, a phenomenon of participants’ fairness in such projects. The problem of fairness of the entities involved in a project should be understood as a fair play, according to the arrangements agreed in a contract and compatible with current formal procedures and social rules. It was indicated that fairness can be treated as an important factor in predicting the success of such projects. Interviews conducted among contractors in Kuyavian-Pomeranian region showed varied fairness requirements put to individual participants of construction projects. The article presents results of the research. It shows a desired attitude of the surveyed enterprises

Managing risks in the project pipeline.

Science.gov (United States)

2013-08-01

This research focuses on how to manage the risks of project costs and revenue uncertainties over the long-term, and identifies significant : process improvements to ensure projects are delivered on time and as intended, thus maximizing the miles pave...

Rapid Response Risk Assessment in New Project Development

Science.gov (United States)

Graber, Robert R.

2010-01-01

A capability for rapidly performing quantitative risk assessments has been developed by JSC Safety and Mission Assurance for use on project design trade studies early in the project life cycle, i.e., concept development through preliminary design phases. A risk assessment tool set has been developed consisting of interactive and integrated software modules that allow a user/project designer to assess the impact of alternative design or programmatic options on the probability of mission success or other risk metrics. The risk and design trade space includes interactive options for selecting parameters and/or metrics for numerous design characteristics including component reliability characteristics, functional redundancy levels, item or system technology readiness levels, and mission event characteristics. This capability is intended for use on any project or system development with a defined mission, and an example project will used for demonstration and descriptive purposes, e.g., landing a robot on the moon. The effects of various alternative design considerations and their impact of these decisions on mission success (or failure) can be measured in real time on a personal computer. This capability provides a high degree of efficiency for quickly providing information in NASA s evolving risk-based decision environment

Incorporating the Technology Roadmap Uncertainties into the Project Risk Assessment

International Nuclear Information System (INIS)

Bonnema, B.E.

2002-01-01

This paper describes two methods, Technology Roadmapping and Project Risk Assessment, which were used to identify and manage the technical risks relating to the treatment of sodium bearing waste at the Idaho National Engineering and Environmental Laboratory. The waste treatment technology under consideration was Direct Vitrification. The primary objective of the Technology Roadmap is to identify technical data uncertainties for the technologies involved and to prioritize the testing or development studies to fill the data gaps. Similarly, project management's objective for a multi-million dollar construction project includes managing all the key risks in accordance to DOE O 413.3 - ''Program and Project Management for the Acquisition of Capital Assets.'' In the early stages, the Project Risk Assessment is based upon a qualitative analysis for each risk's probability and consequence. In order to clearly prioritize the work to resolve the technical issues identified in the Technology Roadmap, the issues must be cross- referenced to the project's Risk Assessment. This will enable the project to get the best value for the cost to mitigate the risks

Tank Waste Remediation System Characterization Project Programmatic Risk Management Plan

International Nuclear Information System (INIS)

Baide, D.G.; Webster, T.L.

1995-12-01

The TWRS Characterization Project has developed a process and plan in order to identify, manage and control the risks associated with tank waste characterization activities. The result of implementing this process is a defined list of programmatic risks (i.e. a risk management list) that are used by the Project as management tool. This concept of risk management process is a commonly used systems engineering approach which is being applied to all TWRS program and project elements. The Characterization Project risk management plan and list are subset of the overall TWRS risk management plan and list

Development of Graphical User Interface for ARRBOD (Acute Radiation Risk and BRYNTRN Organ Dose Projection)

Science.gov (United States)

Kim, Myung-Hee; Hu, Shaowen; Nounu, Hatem N.; Cucinotta, Francis A.

2010-01-01

The space radiation environment, particularly solar particle events (SPEs), poses the risk of acute radiation sickness (ARS) to humans; and organ doses from SPE exposure may reach critical levels during extra vehicular activities (EVAs) or within lightly shielded spacecraft. NASA has developed an organ dose projection model using the BRYNTRN with SUMDOSE computer codes, and a probabilistic model of Acute Radiation Risk (ARR). The codes BRYNTRN and SUMDOSE, written in FORTRAN, are a Baryon transport code and an output data processing code, respectively. The ARR code is written in C. The risk projection models of organ doses and ARR take the output from BRYNTRN as an input to their calculations. BRYNTRN code operation requires extensive input preparation. With a graphical user interface (GUI) to handle input and output for BRYNTRN, the response models can be connected easily and correctly to BRYNTRN in friendly way. A GUI for the Acute Radiation Risk and BRYNTRN Organ Dose (ARRBOD) projection code provides seamless integration of input and output manipulations, which are required for operations of the ARRBOD modules: BRYNTRN, SUMDOSE, and the ARR probabilistic response model. The ARRBOD GUI is intended for mission planners, radiation shield designers, space operations in the mission operations directorate (MOD), and space biophysics researchers. The ARRBOD GUI will serve as a proof-of-concept example for future integration of other human space applications risk projection models. The current version of the ARRBOD GUI is a new self-contained product and will have follow-on versions, as options are added: 1) human geometries of MAX/FAX in addition to CAM/CAF; 2) shielding distributions for spacecraft, Mars surface and atmosphere; 3) various space environmental and biophysical models; and 4) other response models to be connected to the BRYNTRN. The major components of the overall system, the subsystem interconnections, and external interfaces are described in this

WAYS TO IMPROVE RISK MANAGEMENT IN COMPLEX PROJECTS

Directory of Open Access Journals (Sweden)

Emilia IORDACHE

2012-01-01

Full Text Available Risk is present in all human activities; it can be associated with health, security, economy or environment. The goal of risk management is to control, prevent or decrease potential damages. Technically speaking, risk management means all the activities coordinated so as to orient and monitor an organization from the risk perspective. Risk management helps formulate the most adequate decisions by taking account of uncertainties and their effects upon the accomplishment of proposed goals, and argues the need to lay down and implement coercive, preventive actions typical of the management of a company. The benefits of good risk management and also the consequences of bad management shall undoubtedly be felt by an organization’s board, employees, shareholders, customers as well as by all other entities concerned with organizational performance. Projects generally include a number of risks in common with those in business as well as certain typical ones. In complex projects, it is this very feature – complexity – which generates the need to implement risk management for the purpose to diminish, remove, and monitor the risks which can influence the development of a project.

Risk analysis for construction and operation of gas pipeline projects in pakistan

International Nuclear Information System (INIS)

Mubin, S.; Mubin, G.

2008-01-01

In order to cater for its high energy demand, Pakistan is planning to import natural gas through pipelines from neighboring countries. For fully utilizing the imported gas, providing it to end customers, the infrastructure of gas pipeline needs to be developed. Therefore, huge investment has been done and proposed in this sector in coming future. Considering geological, topographical, geopolitical and climatic conditions of the country, there is added risk of earthquake, landslides and floods. Due to current geopolitical situation there is a persistent threat of unrest and terrorism in the country. Instable Government policies, high rate of inflation, rapid change in material prices are also important risk factors. All these factors make the situation very complex in quantifying the risk especially for a project in which the risk impact factor rises exponentially in case of risk occurrence. In this paper, most appropriate risk classification is made based on technological, organizational, political, natural climatic, security and environmental risk factors. Effort has been made to device a simpler risk management methodology to analyze and manage risks of gas pipeline project. In the proposed risk management model Monte Carlo simulation has been used to identify critical risks. (author)

Risk assessment for construction projects of transport infrastructure objects

Science.gov (United States)

Titarenko, Boris

2017-10-01

The paper analyzes and compares different methods of risk assessment for construction projects of transport objects. The management of such type of projects demands application of special probabilistic methods due to large level of uncertainty of their implementation. Risk management in the projects requires the use of probabilistic and statistical methods. The aim of the work is to develop a methodology for using traditional methods in combination with robust methods that allow obtaining reliable risk assessments in projects. The robust approach is based on the principle of maximum likelihood and in assessing the risk allows the researcher to obtain reliable results in situations of great uncertainty. The application of robust procedures allows to carry out a quantitative assessment of the main risk indicators of projects when solving the tasks of managing innovation-investment projects. Calculation of damage from the onset of a risky event is possible by any competent specialist. And an assessment of the probability of occurrence of a risky event requires the involvement of special probabilistic methods based on the proposed robust approaches. Practice shows the effectiveness and reliability of results. The methodology developed in the article can be used to create information technologies and their application in automated control systems for complex projects.

ePORT, NASA's Computer Database Program for System Safety Risk Management Oversight (Electronic Project Online Risk Tool)

Science.gov (United States)

Johnson, Paul W.

2008-01-01

ePORT (electronic Project Online Risk Tool) provides a systematic approach to using an electronic database program to manage a program/project risk management processes. This presentation will briefly cover the standard risk management procedures, then thoroughly cover NASA's Risk Management tool called ePORT. This electronic Project Online Risk Tool (ePORT) is a web-based risk management program that provides a common framework to capture and manage risks, independent of a programs/projects size and budget. It is used to thoroughly cover the risk management paradigm providing standardized evaluation criterion for common management reporting, ePORT improves Product Line, Center and Corporate Management insight, simplifies program/project manager reporting, and maintains an archive of data for historical reference.

Project Scheduling Based on Risk of Gas Transmission Pipe

Science.gov (United States)

Silvianita; Nurbaity, A.; Mulyadi, Y.; Suntoyo; Chamelia, D. M.

2018-03-01

The planning of a project has a time limit on which must be completed before or right at a predetermined time. Thus, in a project planning, it is necessary to have scheduling management that is useful for completing a project to achieve maximum results by considering the constraints that will exists. Scheduling management is undertaken to deal with uncertainties and negative impacts of time and cost in project completion. This paper explains about scheduling management in gas transmission pipeline project Gresik-Semarang to find out which scheduling plan is most effectively used in accordance with its risk value. Scheduling management in this paper is assissted by Microsoft Project software to find the critical path of existing project scheduling planning data. Critical path is the longest scheduling path with the fastest completion time. The result is found a critical path on project scheduling with completion time is 152 days. Furthermore, the calculation of risk is done by using House of Risk (HOR) method and it is found that the critical path has a share of 40.98 percent of all causes of the occurence of risk events that will be experienced.

Deep Uncertainty Surrounding Coastal Flood Risk Projections: A Case Study for New Orleans

Science.gov (United States)

Wong, Tony E.; Keller, Klaus

2017-10-01

Future sea-level rise drives severe risks for many coastal communities. Strategies to manage these risks hinge on a sound characterization of the uncertainties. For example, recent studies suggest that large fractions of the Antarctic ice sheet (AIS) may rapidly disintegrate in response to rising global temperatures, leading to potentially several meters of sea-level rise during the next few centuries. It is deeply uncertain, for example, whether such an AIS disintegration will be triggered, how much this would increase sea-level rise, whether extreme storm surges intensify in a warming climate, or which emissions pathway future societies will choose. Here, we assess the impacts of these deep uncertainties on projected flooding probabilities for a levee ring in New Orleans, LA. We use 18 scenarios, presenting probabilistic projections within each one, to sample key deeply uncertain future projections of sea-level rise, radiative forcing pathways, storm surge characterization, and contributions from rapid AIS mass loss. The implications of these deep uncertainties for projected flood risk are thus characterized by a set of 18 probability distribution functions. We use a global sensitivity analysis to assess which mechanisms contribute to uncertainty in projected flood risk over the course of a 50-year design life. In line with previous work, we find that the uncertain storm surge drives the most substantial risk, followed by general AIS dynamics, in our simple model for future flood risk for New Orleans.

Project management with dynamic scheduling baseline scheduling, risk analysis and project control

CERN Document Server

Vanhoucke, Mario

2013-01-01

The topic of this book is known as dynamic scheduling, and is used to refer to three dimensions of project management and scheduling: the construction of a baseline schedule and the analysis of a project schedule's risk as preparation of the project control phase during project progress. This dynamic scheduling point of view implicitly assumes that the usability of a project's baseline schedule is rather limited and only acts as a point of reference in the project life cycle.

Effect of risk aversion on prioritizing conservation projects.

Science.gov (United States)

Tulloch, Ayesha I T; Maloney, Richard F; Joseph, Liana N; Bennett, Joseph R; Di Fonzo, Martina M I; Probert, William J M; O'Connor, Shaun M; Densem, Jodie P; Possingham, Hugh P

2015-04-01

Conservation outcomes are uncertain. Agencies making decisions about what threat mitigation actions to take to save which species frequently face the dilemma of whether to invest in actions with high probability of success and guaranteed benefits or to choose projects with a greater risk of failure that might provide higher benefits if they succeed. The answer to this dilemma lies in the decision maker's aversion to risk--their unwillingness to accept uncertain outcomes. Little guidance exists on how risk preferences affect conservation investment priorities. Using a prioritization approach based on cost effectiveness, we compared 2 approaches: a conservative probability threshold approach that excludes investment in projects with a risk of management failure greater than a fixed level, and a variance-discounting heuristic used in economics that explicitly accounts for risk tolerance and the probabilities of management success and failure. We applied both approaches to prioritizing projects for 700 of New Zealand's threatened species across 8303 management actions. Both decision makers' risk tolerance and our choice of approach to dealing with risk preferences drove the prioritization solution (i.e., the species selected for management). Use of a probability threshold minimized uncertainty, but more expensive projects were selected than with variance discounting, which maximized expected benefits by selecting the management of species with higher extinction risk and higher conservation value. Explicitly incorporating risk preferences within the decision making process reduced the number of species expected to be safe from extinction because lower risk tolerance resulted in more species being excluded from management, but the approach allowed decision makers to choose a level of acceptable risk that fit with their ability to accommodate failure. We argue for transparency in risk tolerance and recommend that decision makers accept risk in an adaptive management

Model based risk assessment - the CORAS framework

Energy Technology Data Exchange (ETDEWEB)

Gran, Bjoern Axel; Fredriksen, Rune; Thunem, Atoosa P-J.

2004-04-15

Traditional risk analysis and assessment is based on failure-oriented models of the system. In contrast to this, model-based risk assessment (MBRA) utilizes success-oriented models describing all intended system aspects, including functional, operational and organizational aspects of the target. The target models are then used as input sources for complementary risk analysis and assessment techniques, as well as a basis for the documentation of the assessment results. The EU-funded CORAS project developed a tool-supported methodology for the application of MBRA in security-critical systems. The methodology has been tested with successful outcome through a series of seven trial within the telemedicine and ecommerce areas. The CORAS project in general and the CORAS application of MBRA in particular have contributed positively to the visibility of model-based risk assessment and thus to the disclosure of several potentials for further exploitation of various aspects within this important research field. In that connection, the CORAS methodology's possibilities for further improvement towards utilization in more complex architectures and also in other application domains such as the nuclear field can be addressed. The latter calls for adapting the framework to address nuclear standards such as IEC 60880 and IEC 61513. For this development we recommend applying a trial driven approach within the nuclear field. The tool supported approach for combining risk analysis and system development also fits well with the HRP proposal for developing an Integrated Design Environment (IDE) providing efficient methods and tools to support control room systems design. (Author)

Correlational Study of Risk Management and Information Technology Project Success

Science.gov (United States)

Gillespie, Seth J.

2014-01-01

Many IT projects fail despite the best efforts to keep these projects within budget, schedule, and scope. Few studies have looked at the effect of project risk management tools and techniques on project success. The primary focus of this study was to examine the extent to which utilization of project risk management processes influence project…

Changing pattern of landslide risk in Europe - The SafeLand project

Science.gov (United States)

Nadim, F.; Kalsnes, B.

2012-04-01

The need to protect people and property with a changing pattern of landslide hazard and risk caused by climate change and changes in demography, and the reality for societies in Europe to live with the risk associated with natural hazards, were the motives for the project SafeLand: "Living with landslide risk in Europe: Assessment, effects of global change, and risk management strategies." SafeLand is a large, integrating research project under the European Commission's 7th Framework Programme (FP7). The project started on 1 May 2009 and will end on 30 April 2012. It involves 27 partners from 12 European countries, and has international collaborators and advisers from China, India, USA, Japan and Hong Kong. SafeLand also involves 25 End-Users from 11 countries. SafeLand is coordinated by the International Centre for Geohazards (ICG) at Norwegian Geotechnical Institute in Norway. Further information on the SafeLand project can be found at its web site http://safeland-fp7.eu/. Main results achieved in SafeLand include: - Various guidelines related to landslide triggering processes and run-out modelling. - Development and testing of several empirical methods for predicting the characteristics of threshold rainfall events for triggering of precipitation-induced landslides, and development of an empirical model for assessing the changes in landslide frequency (hazard) as a function of changes in the demography and population density. - Guideline for landslide susceptibility, hazard and risk assessment and zoning. - New methodologies for physical and societal vulnerability assessment. - Identification of landslide hazard and risk hotspots for Europe. The results show clearly where areas with the largest landslide risk are located in Europe and the objective approach allows a ranking of the countries by exposed area and population. - Different regional and local climate model simulations over selected regions of Europe at spatial resolutions of 10x10 km and 2.8x2.8 km

MODEL OF INTEGRATED VALUE OF PROJECTS IN THE FIELD OF ALTERNATIVE ENERGY

Directory of Open Access Journals (Sweden)

Наталія Ігорівна БОРИСОВА

2015-05-01

Full Text Available Development of alternative energy sources requires the implementation of complex problems, the solution of which is necessary to apply the project approach. The uniqueness of alternative energy projects (AEP necessitates individual approach to evaluating the effectiveness of each. The paper contains the results of the project management features's analysis in the field of alternative energy, determining the values and developing of the value management integrated conceptual model of AEP. In assessing the effectiveness of AEP considered the socio-economic and commercial aspects. Value management integrated conceptual model of AEP was obtained by combining the classical model of the project management goals with the project values model "Five "E" and two "A". The classical model of the project management goals have been complemented with risk parameters.

Managing Risks in Distributed Software Projects: An Integrative Framework

DEFF Research Database (Denmark)

Persson, John Stouby; Mathiassen, Lars; Boeg, Jesper

2009-01-01

techniques into an integrative framework for managing risks in distributed contexts. Subsequent implementation of a Web-based tool helped us refine the framework based on empirical evaluation of its practical usefulness.We conclude by discussing implications for both research and practice.......Software projects are increasingly geographically distributed with limited face-to-face interaction between participants. These projects face particular challenges that need carefulmanagerial attention. While risk management has been adopted with success to address other challenges within software...... development, there are currently no frameworks available for managing risks related to geographical distribution. On this background, we systematically review the literature on geographically distributed software projects. Based on the review, we synthesize what we know about risks and risk resolution...

Risk-profile modification of energy projects

International Nuclear Information System (INIS)

Larson, B.O.

1992-01-01

The commodity futures and swaps markets are thought to be the invention of speculators, the bane of the oil business, or possibly something confined to finance departments of major corporations. In actuality, they should be considered more as an insurance vehicle and can be used at the project level to modify the risk profile of a property. In this context, an increased familiarity with them can be useful for an engineer. Either futures of swaps can be used to guarantee or modify product prices. While this does not necessarily maximize cash flow or present worth, it can protect a project or company for several years from downside price risk, thereby reducing the risk of the venture. This can be particularly important if lower product prices would cause unacceptable cash flows or net incomes. This paper reports that reducing risk by limiting downside price exposure could alter budgeting decisions, allow continued or expanded operations of a particular property, or increase debt capacity

Application of an integrated model for evaluation and optimization of business projects portfolios

Directory of Open Access Journals (Sweden)

Camila Costa Dutra

2016-12-01

Full Text Available This work presents an application of an integrated model for the evaluation and probabilistic optimization of projects portfolios, integrating economic, risk and social and environmental impacts analysis. The model uses the Monte Carlo simulation and linear programming techniques for treatment of uncertainties and optimization of projects portfolio. The integrated model was applied in a Brazilian company of electricity distributions. The portfolio of selected projects was related to the expansion of the supply of electricity in a town in the south of the country and the analysis horizon was set in ten years. The aim of the application was to maximize the return for the implementation of a substation and a transmission line in a set of projects, which are diverse in terms of costs, benefits and environmental and social impacts. As a result, the model generates: i an analysis of each individual projects, from budget information (costs and benefits involved and estimation of social and environmental impacts generated by the project and the risks (uncertainties involved and ii the optimum combination of projects that the company should prioritize to ensure the best financial return and lower social and environmental impacts, thus generating an optimal portfolio.

APPLICATION OF AN INTEGRATED MODEL FOR EVALUATION AND OPTIMIZATION OF BUSINESS PROJECTS PORTFOLIOS

Directory of Open Access Journals (Sweden)

Maria Auxiliadora Cannarozzo Tinoco

2016-12-01

Full Text Available This work presents an application of an integrated model for the evaluation and probabilistic optimization of projects portfolios, integrating economic, risk and social and environmental impacts analysis. The model uses the Monte Carlo simulation and linear programming techniques for treatment of uncertainties and optimization of projects portfolio. The integrated model was applied in a Brazilian company of electricity distributions. The portfolio of selected projects was related to the expansion of the supply of electricity in a town in the south of the country and the analysis horizon was set in ten years. The aim of the application was to maximize the return for the implementation of a substation and a transmission line in a set of projects, which are diverse in terms of costs, benefits and environmental and social impacts. As a result, the model generates: i an analysis of each individual projects, from budget information (costs and benefits involved and estimation of social and environmental impacts generated by the project and the risks (uncertainties involved and ii the optimum combination of projects that the company should prioritize to ensure the best financial return and lower social and environmental impacts, thus generating an optimal portfolio

Assessing reservoir performance risk in CO2 storage projects

International Nuclear Information System (INIS)

Bowden, A.R.; Rigg, A.

2005-01-01

One of the main issues for researchers involved with geological storage of carbon dioxide (CO 2 ) has been the development of a proper methodology to assess and compare alternative CO 2 injection projects on the basis of risk. Consideration needs to be given to technical aspects, such as the risk of leakage and the effectiveness of the intended reservoir, as well as less tangible aspects such as the value and safety of geological storage of CO 2 , and potential impacts on the community and environment. The Geological Disposal of Carbon Dioxide (GEODISC), was a research program of the Australian Petroleum Cooperative Research Centre which identified 56 potential environmentally sustainable sites for CO 2 injection (ESSCIs) within Australia. Several studies were carried out, involving detailed evaluation of the suitability of 4 selected sites, including Dongara, Petrel, Gippsland and Carnarvon. The GEODISC program included a risk assessment research module which required a complete and quantified risk assessment of CO 2 injection as a storage option. Primary goals were to assess the risk of leakage, to assess the effectiveness of the intended reservoir, and to assess negative consequences to facilitate comparison of alternative sites. This paper discussed the background and risk assessment model. Key performance indicators (KPIs) were also developed to address the purpose of risk assessment. It was concluded that the RISQUE method is an appropriate approach and that potential injection projects can be measured against six KPIs including containment; effectiveness; self-funding potential; wider community benefits; community safety and community amenity. 6 refs., 3 tabs., 3 figs

A new market risk model for cogeneration project financing---combined heat and power development without a power purchase agreement

Science.gov (United States)

Lockwood, Timothy A.

Federal legislative changes in 2006 no longer entitle cogeneration project financings by law to receive the benefit of a power purchase agreement underwritten by an investment-grade investor-owned utility. Consequently, this research explored the need for a new market-risk model for future cogeneration and combined heat and power (CHP) project financing. CHP project investment represents a potentially enormous energy efficiency benefit through its application by reducing fossil fuel use up to 55% when compared to traditional energy generation, and concurrently eliminates constituent air emissions up to 50%, including global warming gases. As a supplemental approach to a comprehensive technical analysis, a quantitative multivariate modeling was also used to test the statistical validity and reliability of host facility energy demand and CHP supply ratios in predicting the economic performance of CHP project financing. The resulting analytical models, although not statistically reliable at this time, suggest a radically simplified CHP design method for future profitable CHP investments using four easily attainable energy ratios. This design method shows that financially successful CHP adoption occurs when the average system heat-to-power-ratio supply is less than or equal to the average host-convertible-energy-ratio, and when the average nominally-rated capacity is less than average host facility-load-factor demands. New CHP investments can play a role in solving the world-wide problem of accommodating growing energy demand while preserving our precious and irreplaceable air quality for future generations.

Managing a complex project using a risk-risk multiple domain matrix

International Nuclear Information System (INIS)

Pointurier, C.; Marle, F.; Jaber, H.

2014-01-01

This communication aims at presenting a clustering methodology applied to a complex project consisting of the delivery of three interdependent subsystems. This enables small and complementary task forces to be constituted, enhancing the communication and coordination on transverse issues related to the complexity of the whole system. The problem is to gather and exploit data for such systems, with numerous and heterogeneous risks of different domains (product, process, organization). The method consists in regrouping actors through the clustering of the risks they own. The result is a highlight on important and transverse risk interdependencies, within and between projects. These should not be neglected in order to avoid potential severe issues, whether during the project or during the exploitation of its deliverable. An application on a real program of plant implementation in the CEA-DAM is presented, with a sensitivity analysis of the clustering results to the inputs and chosen configurations of the problem. (authors)

NASA's Aviation Safety and Modeling Project

Science.gov (United States)

Chidester, Thomas R.; Statler, Irving C.

2006-01-01

The Aviation Safety Monitoring and Modeling (ASMM) Project of NASA's Aviation Safety program is cultivating sources of data and developing automated computer hardware and software to facilitate efficient, comprehensive, and accurate analyses of the data collected from large, heterogeneous databases throughout the national aviation system. The ASMM addresses the need to provide means for increasing safety by enabling the identification and correcting of predisposing conditions that could lead to accidents or to incidents that pose aviation risks. A major component of the ASMM Project is the Aviation Performance Measuring System (APMS), which is developing the next generation of software tools for analyzing and interpreting flight data.

Comparisons on International Approaches of Business and Project Risk Management

OpenAIRE

Nadia Carmen ENE

2005-01-01

In this article we intend to present a comparative approach between three recognized international methodologies for risk management: RISKMAN, Project Management Institute Methodology-PMBoK and Project Risk Analysis and Management Guide (produced by Association for Project Management).

AHP-based risk analysis of energy performance contracting projects in Russia

International Nuclear Information System (INIS)

Garbuzova-Schlifter, Maria; Madlener, Reinhard

2016-01-01

Understanding and properly managing risks that could potentially affect the target- and performance-based profits of energy performance contracting (EPC) projects are essential. It is particularly important for the establishment and success of energy service companies (ESCOs) acting in the vulnerable environment of the vast but highly energy-inefficient Russian market. This study systematically explores common risk factors and causes of risk associated with EPC projects executed in three Russian sectors: (1) industrial; (2) housing and communal services; and (3) public. Several interviews with the Russian EPC experts were accomplished and a qualitative risk assessment by using an analytic hierarchy process (AHP) approach. The data were obtained from a web-based questionnaire survey conducted among Russian EPC project executors. For each focus sector, a specific preference-based ranking of the identified risk factors and causes of risk was derived. The AHP results show that causes of risk related to the financial and regulatory aspects contribute most to the riskiness of EPC projects performed in all three focus sectors in Russia, calling for the special attention of EPC policy- and business-makers. Due to sectorial particularities and different actors involved, we conclude that there is a need for elaboration of sector-specific contractual schemes for EPC projects. - Highlights: • AHP- and survey-based study of energy performance contracting (EPC) projects in Russia. • Main risk factors and causes of risk associated with EPC projects are investigated. • In practice, lack of a feasible risk management approach in EPC projects. • Regulatory and financial risks contribute most to the EPC projects’ riskiness. • Elaboration of the sector-specific EPC project contractual scheme is required.

Project management best practices: forging win-win partnerships and mitigating power project risk

International Nuclear Information System (INIS)

Trowsdale, R.

2006-01-01

This paper discusses aspects of project management to mitigate power project risk. end-to-end project development involves development phase, permitting phase, implementation phase, and operational phase. Each phase involves a number of different elements. In renewable energy project good management requires maintaining project discipline and schedule throughout all phases. Project success requires commercial competitiveness, fuel availability, power sales contracts, stake holder support, permitting, effective execution, construction and good technical performance

Projection models for health effects assessment in populations exposed to radioactive and nonradioactive pollutants. Volume IV. SPAHR user's guide

International Nuclear Information System (INIS)

Collins, J.J.; Lundy, R.T.

1982-09-01

The Simulation Package for the Analysis of Health Risk (SPAHR) is a computer software package based upon a demographic model for health risk projections. The model extends several health risk projection models by making realistic assumptions about the population at risk, and thus represents a distinct improvement over previous models. Complete documentation for use of SPAHR is contained in this five-volume publication. The demographic model in SPAHR estimates population response to environmental toxic exposures. Latency of response, changing dose level over time, competing risks from other causes of death, and population structure can be incorporated into SPAHR to project health risks. Risks are measured by morbid years, number of deaths, and loss of life expectancy. Comparisons of estimates of excess deaths demonstrate that previous health risk projection models may have underestimated excess deaths by a factor of from 2 to 10, depending on the pollutant and the exposure scenario. The software supporting the use of the demographic model is designed to be user oriented. Complex risk projections are made by responding to a series of prompts generated by the package. The flexibility and ease of use of SPAHR make it an important contribution to existing models and software packages. This volume gives the more advanced user of the SPAHR computer package the information required to create tailor-made programs for addressing specific issues not covered by the three interactive packages. It assumes that the user is familiar with the concepts and terms relating to demography and health risk assessment

Research on Risk Manage of Power Construction Project Based on Bayesian Network

Science.gov (United States)

Jia, Zhengyuan; Fan, Zhou; Li, Yong

With China's changing economic structure and increasingly fierce competition in the market, the uncertainty and risk factors in the projects of electric power construction are increasingly complex, the projects will face huge risks or even fail if we don't consider or ignore these risk factors. Therefore, risk management in the projects of electric power construction plays an important role. The paper emphatically elaborated the influence of cost risk in electric power projects through study overall risk management and the behavior of individual in risk management, and introduced the Bayesian network to the project risk management. The paper obtained the order of key factors according to both scene analysis and causal analysis for effective risk management.

Risk Management and Uncertainty in Large Complex Public Projects

DEFF Research Database (Denmark)

Neerup Themsen, Tim; Harty, Chris; Tryggestad, Kjell

Governmental actors worldwide are promoting risk management as a rational approach to man-age uncertainty and improve the abilities to deliver large complex projects according to budget, time plans, and pre-set project specifications: But what do we know about the effects of risk management...... on the abilities to meet such objectives? Using Callon’s (1998) twin notions of framing and overflowing we examine the implementation of risk management within the Dan-ish public sector and the effects this generated for the management of two large complex pro-jects. We show how the rational framing of risk...... management have generated unexpected costly outcomes such as: the undermining of the longer-term value and societal relevance of the built asset, the negligence of the wider range of uncertainties emerging during project processes, and constraining forms of knowledge. We also show how expert accountants play...

Quantitative risk management in gas injection project: a case study from Oman oil and gas industry

Science.gov (United States)

Khadem, Mohammad Miftaur Rahman Khan; Piya, Sujan; Shamsuzzoha, Ahm

2017-09-01

The purpose of this research was to study the recognition, application and quantification of the risks associated in managing projects. In this research, the management of risks in an oil and gas project is studied and implemented within a case company in Oman. In this study, at first, the qualitative data related to risks in the project were identified through field visits and extensive interviews. These data were then translated into numerical values based on the expert's opinion. Further, the numerical data were used as an input to Monte Carlo simulation. RiskyProject Professional™ software was used to simulate the system based on the identified risks. The simulation result predicted a delay of about 2 years as a worse case with no chance of meeting the project's on stream date. Also, it has predicted 8% chance of exceeding the total estimated budget. The result of numerical analysis from the proposed model is validated by comparing it with the result of qualitative analysis, which was obtained through discussion with various project managers of company.

Modelling climate impact on floods under future emission scenarios using an ensemble of climate model projections

Science.gov (United States)

Wetterhall, F.; Cloke, H. L.; He, Y.; Freer, J.; Pappenberger, F.

2012-04-01

Evidence provided by modelled assessments of climate change impact on flooding is fundamental to water resource and flood risk decision making. Impact models usually rely on climate projections from Global and Regional Climate Models, and there is no doubt that these provide a useful assessment of future climate change. However, cascading ensembles of climate projections into impact models is not straightforward because of problems of coarse resolution in Global and Regional Climate Models (GCM/RCM) and the deficiencies in modelling high-intensity precipitation events. Thus decisions must be made on how to appropriately pre-process the meteorological variables from GCM/RCMs, such as selection of downscaling methods and application of Model Output Statistics (MOS). In this paper a grand ensemble of projections from several GCM/RCM are used to drive a hydrological model and analyse the resulting future flood projections for the Upper Severn, UK. The impact and implications of applying MOS techniques to precipitation as well as hydrological model parameter uncertainty is taken into account. The resultant grand ensemble of future river discharge projections from the RCM/GCM-hydrological model chain is evaluated against a response surface technique combined with a perturbed physics experiment creating a probabilisic ensemble climate model outputs. The ensemble distribution of results show that future risk of flooding in the Upper Severn increases compared to present conditions, however, the study highlights that the uncertainties are large and that strong assumptions were made in using Model Output Statistics to produce the estimates of future discharge. The importance of analysing on a seasonal basis rather than just annual is highlighted. The inability of the RCMs (and GCMs) to produce realistic precipitation patterns, even in present conditions, is a major caveat of local climate impact studies on flooding, and this should be a focus for future development.

RISK MANAGEMENT IN A LARGE-SCALE NEW RAILWAY TRANSPORT SYSTEM PROJECT

Directory of Open Access Journals (Sweden)

Sunduck D. SUH, Ph.D., P.E.

2000-01-01

Full Text Available Risk management experiences of the Korean Seoul-Pusan high-speed railway (KTX project since the planning stage are evaluated. One can clearly see the interplay of engineering and construction risks, financial risks and political risks in the development of the KTX project, which is the peculiarity of large-scale new railway system projects. A brief description on evaluation methodology and overview of the project is followed by detailed evaluations on key differences in risks between conventional railway system and high-speed railway system, social and political risks, engineering and construction risks, and financial risks. Risks involved in system procurement process, such as proposal solicitation, evaluation, selection, and scope of solicitation are separated out and evaluated in depth. Detailed events resulting from these issues are discussed along with their possible impact on system risk. Lessons learned and further possible refinements are also discussed.

Decision making and risk analysis during the development of wind energy projects

International Nuclear Information System (INIS)

Vanhaesebroeck, M.

2004-11-01

This study aims at determining a methodology or criteria which can be used as decision making tools for the development of wind power projects and for the objective profitability comparison between several projects. In the first part, the different steps of the development of a wind power project in France are described. For each step, the cost of the studies, the related approaches and the main risks of abandonment are precised. The potential time drifts in the planning of the project are identified on the basis of the experience feedback of the first years of wind power development in France. In the second part, the possibilities of using classical investment choice techniques are analyzed. The characteristics having more impact on the project profitability are identified. In the third part, the sequential models with increasing information are used to evaluate a project, whatever its level of development. Finally, a concrete case is considered to see how these models can be used as decision making tools during key steps of wind farms development. (J.S.)

[Application of risk grading and classification for occupational hazards in risk management for a shipbuilding project].

Science.gov (United States)

Zeng, Wenfeng; Tan, Qiang; Wu, Shihua; Deng, Yingcong; Liu, Lifen; Wang, Zhi; Liu, Yimin

2015-12-01

To investigate the application of risk grading and classification for occupational hazards in risk management for a shipbuilding project. The risk management for this shipbuilding project was performed by a comprehensive application of MES evaluation, quality assessment of occupational health management, and risk grading and classification for occupational hazards, through the methods of occupational health survey, occupational health testing, and occupational health examinations. The results of MES evaluation showed that the risk of occupational hazards in this project was grade 3, which was considered as significant risk; Q value calculated by quality assessment of occupational health management was 0.52, which was considered to be unqualified; the comprehensive evaluation with these two methods showed that the integrated risk rating for this shipbuilding project was class D, and follow- up and rectification were needed with a focus on the improvement in health management. The application of MES evaluation and quality assessment of occupational health management in risk management for occupational hazards can achieve objective and reasonable conclusions and has good applicability.

The use of intelligent systems for risk management in software projects

Directory of Open Access Journals (Sweden)

Oksana A. Gushchina

2017-06-01

Full Text Available Introduction: The article identifies the main risks of a software project, examines the use of different types of intelligent systems in the risk management process for software projects, discusses the basic methods used for process estimation and forecasting in the field of software engineering, identifies currently used empty expert systems, software systems for analysis and risk management of software projects. Materials and Methods: The author describes the peculiarities of risk management in the field of software engineering with involvement of intelligent systems. The intelligent techniques allow solving the control task with expert precision without the involvement of human experts. Results: The result of this work: – identification of the key risks of a software project (tax, legal, financial and commercial risks, IT risks, personnel risks, risks related to competitors, suppliers, marketing and demand and market; – investigation of the current, applied to risk management of software system projects, artificial intelligence, particularly expert systems and software tools for evaluation of the process results; – identification of the most popular empty expert systems (Clips, G2 and Leonardo and software products of the analysis of large databases (Orange, Weka, Rattle GUI, Apache Mahout, SCaViS, RapidMiner, Databionic ESOM Tools, ELKI, KNIME, Pandas and UIMA; – consideration of the cluster, correlation, regression, factor and dispersion analysis methods for the estimation and prediction of the processes of software engineering. Discussion and Conclusions: The results show the feasibility of the application of various intelligent systems in the risk management process. The analysis of methods of evaluating risks and the tendency of their application in the modern systems of intellectual analysis can serve as a start point for creating a unified system of risk management for software projects of medium and high complexity with a

Financial risks in major investment projects

International Nuclear Information System (INIS)

Segelod, Esbjoern

2006-01-01

We have probably all read about large projects which proved far more expensive than anticipated, projects such as the Channel tunnel which cost 80% more than planned, and the oil pipeline between the oil field in Prudhoe Bay in Northern Alaska and the oil terminal in Vadez in the south which overran its budget by 1,000%. The purpose of this paper is to summarise our knowledge of the risk of cost escalation. Which projects are more likely than others to be hit by cost escalation, and why

Risk Management Improvement of Engineering Projects in Woodworking Industry

Directory of Open Access Journals (Sweden)

Simona Bartkutė

2014-02-01

Full Text Available Risk is a complex phenomenon that has physical, monetary, cultural and social dimensions. Every company wants tosave money, time, increase quality, optimise manufacturing, but each factor may involve different risks with different influenceto company, its reputation. The aim of the research is to find better risk management improvement decisions, using techniquesthat could help to reduce risk impact in wood-based nonstandard production with shorter project time, smoother design process,lower costs, better project coordination, increased ability to manage problems, technical solutions.

EC FP6 Siberia-focused Enviro-RISKS Project and its Outcomes

Science.gov (United States)

Baklanov, A. A.; Gordov, E. P.

2009-04-01

The FP6 Project "Man-induced Environmental Risks: Monitoring, Management and Remediation of Man-made Changes in Siberia" (Enviro-RISKS) strategic objective is to facilitate elaboration of solid scientific background and understanding of man-made associated environmental risks, their influence on all aspects of regional environment and optimal ways for it remediation by means of coordinated initiatives of a range of relevant RTD projects as well as to achieve their improved integration thus giving the projects additional synergy in current activities and potential for practical applications. List of Partners includes 3 leading European research organizations, 6 leading Russian research organizations (5 - located in Siberia) and 1 organization from Kazakhstan. Additionally several Russian and European research organizations joined to the Project as Associated Partners. Scientific background and foundation for the project performance is formed by a number of different levels RTD projects carried out by Partners and devoted to near all aspects of the theme. The set comprise coordinated/performed by partners EC funded thematic international projects, Russian national projects and other projects performed by NIS partners. Project outcomes include, in particular, development and support of the bilingual Enviro-RISKS web portal (http://risks.scert.ru/) as the major tool for disseminations of environmental information and project results; achieved level of development of Siberia Integrated Regional Study (SIRS, http://sirs.scert.ru/), which is the Siberia-focused NEESPI Environmental Mega-Project ongoing under the auspices of the Siberian Branch of the Russian Academy of Sciences. The main Project outcome are Memorandum on the state of the art of environmental RTD activity in Siberia and Recommendations on future environmental RTD activity in Siberia elaborated by four Working Experts Groups working in most important for Siberia Thematic Focuses. Three Thematic Focuses

From risk management to uncertainty management: a significant change in project management

Institute of Scientific and Technical Information of China (English)

LI Gui-jun; ZHANG Yue-song

2006-01-01

Starting with the meanings of the terms "risk" and "uncertainty,"" he paper compares uncertainty management with risk management in project management. We bring some doubt to the use of "risk" and "uncertainty" interchangeably in project management and deem their scope, methods, responses, monitoring and controlling should be different too. Illustrations are given covering terminology, description, and treatment from different perspectives of uncertainty management and risk management. Furthermore, the paper retains that project risk management (PRM) processes might be modified to facilitate an uncertainty management perspective,and we support that project uncertainty management (PUM) can enlarge its contribution to improving project management performance, which will result in a significant change in emphasis compared with most risk management.

Model based climate information on drought risk in Africa

Science.gov (United States)

Calmanti, S.; Syroka, J.; Jones, C.; Carfagna, F.; Dell'Aquila, A.; Hoefsloot, P.; Kaffaf, S.; Nikulin, G.

2012-04-01

The United Nations World Food Programme (WFP) has embarked upon the endeavor of creating a sustainable Africa-wide natural disaster risk management system. A fundamental building block of this initiative is the setup of a drought impact modeling platform called Africa Risk-View that aims to quantify and monitor weather-related food security risk in Africa. The modeling approach is based the Water Requirement Satisfaction Index (WRSI), as the fundamental indicator of the performances of agriculture and uses historical records of food assistance operation to project future potential needs for livelihood protection. By using climate change scenarios as an input to Africa Risk-View it is possible, in principles, to evaluate the future impact of climate variability on critical issues such as food security and the overall performance of the envisaged risk management system. A necessary preliminary step to this challenging task is the exploration of the sources of uncertainties affecting the assessment based on modeled climate change scenarios. For this purpose, a limited set of climate models have been selected in order verify the relevance of using climate model output data with Africa Risk-View and to explore a minimal range of possible sources of uncertainty. This first evaluation exercise started before the setup of the CORDEX framework and has relied on model output available at the time. In particular only one regional downscaling was available for the entire African continent from the ENSEMBLES project. The analysis shows that current coarse resolution global climate models can not directly feed into the Africa RiskView risk-analysis tool. However, regional downscaling may help correcting the inherent biases observed in the datasets. Further analysis is performed by using the first data available under the CORDEX framework. In particular, we consider a set of simulation driven with boundary conditions from the reanalysis ERA-Interim to evaluate the skill drought

The Role and the Effects of Risk Management in IT Projects Success

Directory of Open Access Journals (Sweden)

Otniel DIDRAGA

2013-01-01

Full Text Available The success of IT projects is influenced by risk and risk management according to the existing project management literature. The paper emphasizes the role of risk management and its contribution to projects success in the existing literature. The methodology applied is based on documentary study review and analysis of the concepts used by the literature. We analyzed the literature published between 1978 and 2012 from the main IT project management journals and publications. The results are that risk management is a very important component of the project management process and it is assumed implicitly to work in favour of project success. We also performed a quantitative analysis of how risk management processes affect the subjective and objective performance of IT projects in Romanian IT companies.

Assessing reservoir performance risk in CO{sub 2} storage projects

Energy Technology Data Exchange (ETDEWEB)

Bowden, A.R. [URS Corp., San Francisco, CA (United States); Rigg, A. [CRC for Greenhouse Gas Technologies, Canberra (Australia)

2005-07-01

One of the main issues for researchers involved with geological storage of carbon dioxide (CO{sub 2}) has been the development of a proper methodology to assess and compare alternative CO{sub 2} injection projects on the basis of risk. Consideration needs to be given to technical aspects, such as the risk of leakage and the effectiveness of the intended reservoir, as well as less tangible aspects such as the value and safety of geological storage of CO{sub 2}, and potential impacts on the community and environment. The Geological Disposal of Carbon Dioxide (GEODISC), was a research program of the Australian Petroleum Cooperative Research Centre which identified 56 potential environmentally sustainable sites for CO{sub 2} injection (ESSCIs) within Australia. Several studies were carried out, involving detailed evaluation of the suitability of 4 selected sites, including Dongara, Petrel, Gippsland and Carnarvon. The GEODISC program included a risk assessment research module which required a complete and quantified risk assessment of CO{sub 2} injection as a storage option. Primary goals were to assess the risk of leakage, to assess the effectiveness of the intended reservoir, and to assess negative consequences to facilitate comparison of alternative sites. This paper discussed the background and risk assessment model. Key performance indicators (KPIs) were also developed to address the purpose of risk assessment. It was concluded that the RISQUE method is an appropriate approach and that potential injection projects can be measured against six KPIs including containment; effectiveness; self-funding potential; wider community benefits; community safety and community amenity. 6 refs., 3 tabs., 3 figs.

The prostate cancer risk stratification (ProCaRS) project: Recursive partitioning risk stratification analysis

International Nuclear Information System (INIS)

Rodrigues, George; Lukka, Himu; Warde, Padraig; Brundage, Michael; Souhami, Luis; Crook, Juanita; Cury, Fabio; Catton, Charles; Mok, Gary; Martin, Andre-Guy; Vigneault, Eric; Morris, Jim; Warner, Andrew; Gonzalez Maldonado, Sandra; Pickles, Tom

2013-01-01

Background: The Genitourinary Radiation Oncologists of Canada (GUROC) published a three-group risk stratification (RS) system to assist prostate cancer decision-making in 2001. The objective of this project is to use the ProCaRS database to statistically model the predictive accuracy and clinical utility of a proposed new multi-group RS schema. Methods: The RS analyses utilized the ProCaRS database that consists of 7974 patients from four Canadian institutions. Recursive partitioning analysis (RPA) was utilized to explore the sub-stratification of groups defined by the existing three-group GUROC scheme. 10-fold cross-validated C-indices and the Net Reclassification Index were both used to assess multivariable models and compare the predictive accuracy of existing and proposed RS systems, respectively. Results: The recursive partitioning analysis has suggested that the existing GUROC classification system could be altered to accommodate as many as six separate and statistical unique groups based on differences in BFFS (C-index 0.67 and AUC 0.70). GUROC low-risk patients would be divided into new favorable-low and low-risk groups based on PSA ⩽6 and PSA >6. GUROC intermediate-risk patients can be subclassified into low-intermediate and high-intermediate groups. GUROC high-intermediate-risk is defined as existing GUROC intermediate-risk with PSA >=10 AND either T2b/c disease or T1T2a disease with Gleason 7. GUROC high-risk patients would be subclassified into an additional extreme-risk group (GUROC high-risk AND (positive cores ⩾87.5% OR PSA >30). Conclusions: Proposed RS subcategories have been identified by a RPA of the ProCaRS database

A software quality model and metrics for risk assessment

Science.gov (United States)

Hyatt, L.; Rosenberg, L.

1996-01-01

A software quality model and its associated attributes are defined and used as the model for the basis for a discussion on risk. Specific quality goals and attributes are selected based on their importance to a software development project and their ability to be quantified. Risks that can be determined by the model's metrics are identified. A core set of metrics relating to the software development process and its products is defined. Measurements for each metric and their usability and applicability are discussed.

Selection of Investment Projects by Monte Carlo Method in Risk Condition

Directory of Open Access Journals (Sweden)

M. E.

2017-12-01

Full Text Available The Monte Carlo method (also known as the Monte Carlo simulation was proposed by Nicholas Metropolis, S. Ulam and Jhon Von Neiman in 50-th years of the past century. The method can be widely applied to analysis of investment projects due to the advantages recognized both by practitioners and the academic community. The balance model of a project with discounted financial flows has been implemented for Microsoft Excel and Google Docs spread-sheet solutions. The Monte Carlo method for project with low and high correlated net present value (NPV parameters in the environment of the electronic tables of MS Excel/Google Docs. A distinct graduation of risk was identified. A necessity of account of correlation effects and the use of multivariate imitation during the project selection has been demonstrated.

PROJECT MANAGER SKILLS, RISK MANAGEMENT TOOLS

Directory of Open Access Journals (Sweden)

Vladut Iacob

2013-12-01

Full Text Available Although the projects are different from each other there are many common things that contribute to their success. Looked overall, the success of a project is the result of a multitude of factors. This person is considered the "engine" of the project. The man who makes the action set for the achievement of project objectives to be brought to an end. The project manager must have the technical knowledge and economic diverse. He should be able to choose a team and lead. You must be tenacious, combative, to know how to communicate both within the team and beyond. In a word, the project manager must have an impressive stock of knowledge, skills and abilities and appreciate as Peter Drucker, to "exist for the organization. To be its servant. Any management who forget this will only cause damage to the organization. "This study will focus on highlighting the skills of the project manager and their role in managing difficult situations or risk.

Risk identification for PPP waste-to-energy incineration projects in China

International Nuclear Information System (INIS)

Song, Jinbo; Song, Danrong; Zhang, Xueqing; Sun, Yan

2013-01-01

Municipal solid waste (MSW) is regarded as a renewable energy source. In China, the sharp increase of MSW has precipitated the rapid growth of waste-to-energy (WTE) incineration plants. Private capital has been getting into the WTE incineration industry through the public–private partnership (PPP) arrangement. Due to the large construction cost and the long concession period commonly associated with this arrangement, a number of failures have emerged in PPP WTE incineration projects. The aim of this paper is to investigate the key risks of PPP WTE incineration projects in China and study the strategies for managing these risks by drawing experience and learning lessons from these projects. First, we analyzed the MSW management practices, relevant legislations and policies, and the development of PPP WTE incineration projects in China. Second, we identified ten key risks through interviews, surveys and visits to some selected projects, and provided detailed analysis of these risks. Lastly, we developed response strategies for these risks from the perspectives of both public and private sectors. - Highlights: • We analyze MSW management practices, relevant legislations and policies in China. • Through case study on PPP WTE incineration projects, ten key risks are identified. • Response strategies for key risks are developed

Projection models for health-effects assessment in populations exposed to radioactive and nonradioactive pollutants. Volume III. SPAHR interactive package guide

International Nuclear Information System (INIS)

Collins, J.J.

1982-09-01

The Simulation Package for the Analysis of Health Risk (SPAHR) is a computer software package based upon a demographic model for health risk projectons. The model extends several health risk projection models by making realistic assumptions about the population at risk, adn thus represents a distinct improvement over previous models. Complete documentation for use of SPAHR is contained in this five-volume publication. The demographic model in SPAHR estimates population response to environmental toxic exposures. Latency of response, changing dose level over time, competing risks from other causes of death, and population structure can be incorporated into SPAHR to project health risks. Risks are measured by morbid years, number of deaths, and loss of life expectancy. Comparisons of estimates of excess deaths demonstrate that previous health risk projection models may have underestimated excess deaths by a factor of from 2 to 10, depending on the pollutant and the exposure scenario. The software supporting the use of the demographic model is designed to be user oriented. Complex risk projections are made by responding to a series of prompts generated by the package. The flexibility and ease of use of SPAHR make it an important contribution to existing models and software packages. This manual outlines the use of the interactive capabilities of SPAHR. SPAHR is an integrated system of computer programs designed for simulating numerous health risk scenarios using the techniques of demographic modeling. This system of computer programs has been designed to be very flexible so as to allow the user to simulate a large variety of scenarios. It provides the user with an integrated package for projecting the impacts on human health of exposure to various hazards, particularly those resulting from the effluents related to energy production

Modeling foreign exchange risk premium in Armenia

Czech Academy of Sciences Publication Activity Database

Poghosyan, Tigran; Kočenda, Evžen; Zemčík, P.

2008-01-01

Roč. 44, č. 1 (2008), s. 41-61 ISSN 1540-496X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:MSM0021620846 Keywords : foreign exchange risk premium * Armenia * affine term structure models Subject RIV: AH - Economics Impact factor: 0.611, year: 2008

ANALYSIS OF ECONOMIC RISK IN EUROPEAN INVESTMENT PROJECTS

Directory of Open Access Journals (Sweden)

Margareta Stela FLORESCU

2012-06-01

Full Text Available Risk is a reality of the economic environment, with consequences which cannot always be foreseen or anticipated. Risk management becomes more stringent as potential exo/endogenous vulnerability factors are rapidly increasing. Identifying risk areas, structuring risk factors and defining their probability, optimal management of resources in order to reduce risk factors, creating alternatives for each high-probability risk factor are part of project risk management. Risk is quantified through probability and incidence and is assessed using quantitative and qualitative methods.

Microcomputer model for an analysis of the financial feasibility of a mining project

International Nuclear Information System (INIS)

Ciruelos, J.; Duchene, M.

1983-01-01

The model presented permits a simulation of the predicted profitability of a mining project at the stage of feasibility studies by making use of a simple individual computer, the Apple II. The model presented can be used to treat the following three areas: definition of the mode of financing the project and calculation of the financial flows which make it possible to evaluate the profitability of this project; analysis of sensitivity, which makes it possible to determine the most critical variables for the future of the project; analysis of the risk [fr

A comparison of radiological risk assessment models: Risk assessment models used by the BEIR V Committee, UNSCEAR, ICRP, and EPA (for NESHAP)

International Nuclear Information System (INIS)

Wahl, L.E.

1994-03-01

Radiological risk assessments and resulting risk estimates have been developed by numerous national and international organizations, including the National Research Council's fifth Committee on the Biological Effects of Ionizing Radiations (BEIR V), the United Nations Scientific Committee on the Effects of Atomic Radiation (UNSCEAR), and the International Commission on Radiological Protection (ICRP). A fourth organization, the Environmental Protection Agency (EPA), has also performed a risk assessment as a basis for the National Emission Standards for Hazardous Air Pollutants (NESHAP). This paper compares the EPA's model of risk assessment with the models used by the BEIR V Committee, UNSCEAR, and ICRP. Comparison is made of the values chosen by each organization for several model parameters: populations used in studies and population transfer coefficients, dose-response curves and dose-rate effects, risk projection methods, and risk estimates. This comparison suggests that the EPA has based its risk assessment on outdated information and that the organization should consider adopting the method used by the BEIR V Committee, UNSCEAR, or ICRP

A preliminary approach to quantifying the overall environmental risks posed by development projects during environmental impact assessment.

Science.gov (United States)

Nicol, Sam; Chadès, Iadine

2017-01-01

Environmental impact assessment (EIA) is used globally to manage the impacts of development projects on the environment, so there is an imperative to demonstrate that it can effectively identify risky projects. However, despite the widespread use of quantitative predictive risk models in areas such as toxicology, ecosystem modelling and water quality, the use of predictive risk tools to assess the overall expected environmental impacts of major construction and development proposals is comparatively rare. A risk-based approach has many potential advantages, including improved prediction and attribution of cause and effect; sensitivity analysis; continual learning; and optimal resource allocation. In this paper we investigate the feasibility of using a Bayesian belief network (BBN) to quantify the likelihood and consequence of non-compliance of new projects based on the occurrence probabilities of a set of expert-defined features. The BBN incorporates expert knowledge and continually improves its predictions based on new data as it is collected. We use simulation to explore the trade-off between the number of data points and the prediction accuracy of the BBN, and find that the BBN could predict risk with 90% accuracy using approximately 1000 data points. Although a further pilot test with real project data is required, our results suggest that a BBN is a promising method to monitor overall risks posed by development within an existing EIA process given a modest investment in data collection.

Risk profile modification of energy projects

International Nuclear Information System (INIS)

Larson, B.O.

1992-01-01

The commodity futures and swaps markets are thought by some to be the invention of speculators, the bane of the oil business, or possibly something confined to finance departments of major corporations. In actuality, they should be considered more as insurance and can be utilized at the project level to modify the risk profile of a property. In this context, an increased familiarity with them can be useful for an engineer. This paper reports that either futures or swaps can be used to guarantee or modify product prices, an accomplishment very difficult or impossible to duplicate through other means, particularly with such integrity. Participation in futures or swaps does not necessarily maximize cashflow or present worth, it can either guarantee the price, put a minimum price in place or offer a combination of the above. A project or company can be protected for several years from downside price risk using swaps. Not being subject to market price swings substantially reduces the risk of the venture. This can be particularly important if lower product prices would cause unacceptable cashflows or net incomes

Identifying and managing risk in international construction projects

Directory of Open Access Journals (Sweden)

Sachin Kerur

2012-04-01

Full Text Available Over the last decade, major construction projects have increasingly arisen in countries or regions that lack specialist, expert construction contractors, suppliers and consultants. Steps are being taken by governments in the Middle East, Eastern Europe, China, India and developing markets to address national infrastructure deficits, and by so doing, are creating new regions of booming construction demand. When coupled with anaemic growth in developed markets such as the United Kingdom, the USA and Western Europe, foreign markets present attractive opportunities to the global construction industry. However, foreign markets are littered with the cautionary tales of international contractors and consultants that have failed to grasp the intricacies and risks of operating in a new environment and have failed to capitalise on the opportunities available. By identifying the classes of risks, and undertaking detailed analysis, ranking and mitigation of relevant jurisdictional risks, participants in international construction projects will increase the likelihood of project success and commercial longevity in the new jurisdiction. Risk identification and assessment is not a science but an art, and while there are many potential approaches to the issue, we propose that our strategies for identifying, assessing, ranking and mitigating jurisdictional risks offer new international players a good chance of commercial success.

Occupational emerging risks affecting international virtual project Team Results

Directory of Open Access Journals (Sweden)

Dumitraşcu-Băldău Iulia

2017-01-01

Full Text Available The expansion of internet access, high-speed connection services, collaborative work platforms and tools, allowed employees to interact virtually offering companies the possibility to develop projects around the world, reducing operational costs and gain competitive advantage. Realizing the advantages and disadvantages of developing a project team in an international virtual work environment, requires adopting specific strategies to construct an effective team and ensure the project success. One of the most important disadvantages that we identified is that the new work environment brings new risks for both team members and managers. So, it becomes mandatory to identify and analyze the occupational emerging risks and their impact on the productivity of virtual team members, in order to prevent them efficiently and to ensure the safety and health of employees in a virtual working environment. This paper aims to highlight the necessity for project managers and organizations, to include in their specific project strategies, an efficient occupational risks management in the virtual workplace, to obtain a continuously improved virtual working environment, so to achieve a high performance from virtual employees.

The Risk Evaluation of Agricultural High-tech Investment Project%农业高新技术投资项目风险评价

Institute of Scientific and Technical Information of China (English)

陆迁; 苗姗姗

2005-01-01

The agricultural high-tech investment project (AHIP) is characterized by technology-intensive, high risk and great profit. This article analyzes essential factors of the risks of the agricultural high-tech investment projects and the traditional risk evaluation method of agricultural projects. We think that the applications of the sensitivity analysis and probability are defective. Therefore, this article introduces a structural model to evaluate the risks of the agricultural high-tech investment projects and the system of the concrete evaluation indexes.

Modeling foreign exchange risk premium in Armenia

Czech Academy of Sciences Publication Activity Database

Poghosyan, T.; Kočenda, E.; Zemčík, Petr

2008-01-01

Roč. 44, č. 1 (2008), s. 41-61 ISSN 1540-496X R&D Projects: GA MŠk LC542 Institutional research plan: CEZ:AV0Z70850503 Keywords : foreign exchange risk premium * Armenia * affine term structure models Subject RIV: AH - Economics Impact factor: 0.611, year: 2008

Tools and Methods for Risk Management in Multi-Site Engineering Projects

Science.gov (United States)

Zhou, Mingwei; Nemes, Laszlo; Reidsema, Carl; Ahmed, Ammar; Kayis, Berman

In today's highly global business environment, engineering and manufacturing projects often involve two or more geographically dispersed units or departments, research centers or companies. This paper attempts to identify the requirements for risk management in a multi-site engineering project environment, and presents a review of the state-of-the-art tools and methods that can be used to manage risks in multi-site engineering projects. This leads to the development of a risk management roadmap, which will underpin the design and implementation of an intelligent risk mapping system.

Research on Risk Evaluation of Transnational Power Networking Projects Based on the Matter-Element Extension Theory and Granular Computing

Directory of Open Access Journals (Sweden)

Jinying Li

2017-10-01

Full Text Available In project management, risk assessment is crucial for stakeholders to identify the risk factors during the whole life cycle of the project. A risk evaluation index system of a transnational networking project, which provides an effective way for the grid integration of clean electricity and the sustainable development of the power industry, is constructed in this paper. Meanwhile, a combination of granular computing and order relation analysis (G1 method is applied to determine the weight of each indicator and the matter-element extension evaluation model is also employed to seek the global optimal decision during the risk assessment. Finally, a case study is given to validate the index system and evaluation model established in this paper by assessing two different investment schemes of a transnational high voltage direct current (HVDC transmission project. The result shows that the comprehensive risk level of Scheme 1 is “Low” and the level of Scheme 2 is “General”, which means Scheme 1 is better for the stakeholders from the angle of risk control. The main practical significance of this paper lies in that it can provide a reference and decision support for the government’s power sectors, investment companies and other stakeholders when carrying out related activities.

Developing a stochastic traffic volume prediction model for public-private partnership projects

Science.gov (United States)

Phong, Nguyen Thanh; Likhitruangsilp, Veerasak; Onishi, Masamitsu

2017-11-01

Transportation projects require an enormous amount of capital investment resulting from their tremendous size, complexity, and risk. Due to the limitation of public finances, the private sector is invited to participate in transportation project development. The private sector can entirely or partially invest in transportation projects in the form of Public-Private Partnership (PPP) scheme, which has been an attractive option for several developing countries, including Vietnam. There are many factors affecting the success of PPP projects. The accurate prediction of traffic volume is considered one of the key success factors of PPP transportation projects. However, only few research works investigated how to predict traffic volume over a long period of time. Moreover, conventional traffic volume forecasting methods are usually based on deterministic models which predict a single value of traffic volume but do not consider risk and uncertainty. This knowledge gap makes it difficult for concessionaires to estimate PPP transportation project revenues accurately. The objective of this paper is to develop a probabilistic traffic volume prediction model. First, traffic volumes were estimated following the Geometric Brownian Motion (GBM) process. Monte Carlo technique is then applied to simulate different scenarios. The results show that this stochastic approach can systematically analyze variations in the traffic volume and yield more reliable estimates for PPP projects.

Project risk definition and measurement in a not-for-profit setting.

Science.gov (United States)

Gapenski, L C

1992-11-01

The health care finance literature on capital investment decisions generally applies conventional market risk concepts without distinguishing between proprietary and not-for-profit forms of organization. Since proprietary firms have shareholder wealth maximization as their primary goal, a project's relevant risk is its contribution to the riskiness of the equity investors' well diversified stock portfolios, or its market risk. However, not-for-profit organizations do not have shareholder wealth maximization as their primary goal, and thus market risk concepts are not applicable. Rather, the relevant risk in a not-for-profit setting is a project's corporate risk; that is, the project's contribution to the riskiness of the organization. The difference in risk definition and measurement between proprietary and not-for-profit firms has two implications for managerial decisions: (1) in making capital investment decisions, a manager must define and measure a project's riskiness on the basis of the firm's organizational form; and (2) although diversification for the sole purpose of risk reduction is not a valid rationale for proprietary firms because stockholders can achieve the same result at less cost, risk-reducing diversification does make sense for not-for-profit firms.

Addressing dependability by applying an approach for model-based risk assessment

International Nuclear Information System (INIS)

Gran, Bjorn Axel; Fredriksen, Rune; Thunem, Atoosa P.-J.

2007-01-01

This paper describes how an approach for model-based risk assessment (MBRA) can be applied for addressing different dependability factors in a critical application. Dependability factors, such as availability, reliability, safety and security, are important when assessing the dependability degree of total systems involving digital instrumentation and control (I and C) sub-systems. In order to identify risk sources their roles with regard to intentional system aspects such as system functions, component behaviours and intercommunications must be clarified. Traditional risk assessment is based on fault or risk models of the system. In contrast to this, MBRA utilizes success-oriented models describing all intended system aspects, including functional, operational and organizational aspects of the target. The EU-funded CORAS project developed a tool-supported methodology for the application of MBRA in security-critical systems. The methodology has been tried out within the telemedicine and e-commerce areas, and provided through a series of seven trials a sound basis for risk assessments. In this paper the results from the CORAS project are presented, and it is discussed how the approach for applying MBRA meets the needs of a risk-informed Man-Technology-Organization (MTO) model, and how methodology can be applied as a part of a trust case development

Addressing dependability by applying an approach for model-based risk assessment

Energy Technology Data Exchange (ETDEWEB)

Gran, Bjorn Axel [Institutt for energiteknikk, OECD Halden Reactor Project, NO-1751 Halden (Norway)]. E-mail: bjorn.axel.gran@hrp.no; Fredriksen, Rune [Institutt for energiteknikk, OECD Halden Reactor Project, NO-1751 Halden (Norway)]. E-mail: rune.fredriksen@hrp.no; Thunem, Atoosa P.-J. [Institutt for energiteknikk, OECD Halden Reactor Project, NO-1751 Halden (Norway)]. E-mail: atoosa.p-j.thunem@hrp.no

2007-11-15

This paper describes how an approach for model-based risk assessment (MBRA) can be applied for addressing different dependability factors in a critical application. Dependability factors, such as availability, reliability, safety and security, are important when assessing the dependability degree of total systems involving digital instrumentation and control (I and C) sub-systems. In order to identify risk sources their roles with regard to intentional system aspects such as system functions, component behaviours and intercommunications must be clarified. Traditional risk assessment is based on fault or risk models of the system. In contrast to this, MBRA utilizes success-oriented models describing all intended system aspects, including functional, operational and organizational aspects of the target. The EU-funded CORAS project developed a tool-supported methodology for the application of MBRA in security-critical systems. The methodology has been tried out within the telemedicine and e-commerce areas, and provided through a series of seven trials a sound basis for risk assessments. In this paper the results from the CORAS project are presented, and it is discussed how the approach for applying MBRA meets the needs of a risk-informed Man-Technology-Organization (MTO) model, and how methodology can be applied as a part of a trust case development.

Risk management in the project of implantation of the repository for low and intermediate level radioactive waste

International Nuclear Information System (INIS)

Borssatto, Maria de Fatima B.; Tello, Cledola Cassia O. de; Uemura, George

2011-01-01

Project RBMN is part of the Brazilian solution for the storage of radioactive waste generated by the activities of nuclear energy in Brazil. The aim of RBMN is to implement the National Repository to dispose the low and intermediate-level radioactive waste. Risk is a characteristic of all projects, and it is originated from uncertainties, assumptions and the environment of execution of the project. Risk management is the way to monitor systematically these uncertainties and a guaranty that the goals of the project will be attained. A specific methodology for the risk management of the Project RBMN is under development, which integrates models and processes for identification and analysis of risks, reactions, monitoring, control and planning of risk management. This methodology is fundamental and will be of primordial importance for future generations who will be responsible for the operation at final stages, closure and institutional control during the post-closure of the repository. It will provide greater safety to executed processes and safeguarding risks and specific solutions for this enterprise, guaranteeing the safety of the repository in its life cycle, which has a foreseen duration of at least three hundred years. The aim of this paper is to present the preliminary analysis of the opportunities, threats, strong points and weak points identified up to now, that will provide support to implement risk management procedures. The methodology will be based on the PMBOK R - Project Management Board of Knowledge - and will take into consideration the best practices for project management.(author)

Project risk management in complex petrochemical system

Directory of Open Access Journals (Sweden)

Kirin Snežana

2012-01-01

Full Text Available Investigation of risk in complex industrial systems, as well as evaluation of main factors influencing decision making and implementation process using large petrochemical company as an example, has proved the importance of successful project risk management. This is even more emphasized when analyzing systems with complex structure, i.e. with several organizational units. It has been shown that successful risk management requires modern methods, based on adequate application of statistical analysis methods.

Model project for the pollution investigation of a lake. The use of nuclear techniques for environmental risk assessment

International Nuclear Information System (INIS)

Goektepe, B. G.; Borak, F.; Fowler, S.; Yilmaz Erkol, A.

2002-01-01

Environmental pollution monitoring and the protection of water resources are vital in terms of public health and economical consequences for many of the countries. The use of nuclear and isotopic techniques for pollution investigation of water resources on the other hand has been gaining more importance during the recent years. In recognition of the serious pollution problems of the surface water resources; a large scope multidisciplinary environmental management project with short title 'Lake Project' which is designed and developed by the group of scientists at the Cekmece Nuclear Research and Training Center of the Turkish Atomic Energy Authority is presented. This multidisciplinary project has various important aspects; scientific, social, economic, educational, cultural and political. Specific problem a dressed was the serious pollution of Kucukcekmece Lake due to high population and industrial growth in the region as well as creation of public awareness on the peaceful activities of the Cekmece Nuclear Research Center. The main objective was to promote the use of nuclear and isotopic techniques in the assessment of local, national and regional environmental pollution control and management. The project implementation was carried out in two phases and supported by the International Atomic Energy Agency. Water, biota and sediment samples were collected from several sampling stations seasonally. Some of the results are presented in tables for natural radioactivity, chemical and physical parameters. The first phases of the project has provided tools and methods for identifying types and magnitudes of contaminants in the Kucukcekmece Lake. Results obtained from the model project show that the radioactivity pollution levels have no significance in terms of human health and ecosystem. However, major problem regarding lake and marine environmental management is identified as eutrophication. This is a process of water quality degradation caused by mainly by domestic

Shell’s use of science in de-risking projects

CSIR Research Space (South Africa)

Rossouw, N

2017-10-01

Full Text Available This presentation discusses Shell’s use of science in de-risking projects. The presentation includes examples of applying science in the De-Risking process, supporting scientific research and De-Risking the Karoo Basin....

Study On Risk Handling Strategy Of Road Contruction Projects In Jayapura City

Directory of Open Access Journals (Sweden)

Irianto

2017-08-01

Full Text Available Project risk is an event or an uncertain condition which if it appears will have a threat on the project object. Many contractors still do not understand the threats that occur in the project they still assume that risks are always harmful. Based on data from the Papua Public Works procurement service that the implementation of road improvement projects always faces problems. This research is an explorative and descriptive study which explores the risks threats that occur in the project from the contractors perspective in Jayapura Papua Province Indonesia. The object of this research is the company contractor involved in the implementation of road improvement project in Jayapura whereas the respondent is the project manager and the field supervisor involved in the implementation of road improvement project The analysis result shows that the overall level of risk is in very low category and the biggest risks affecting contractors in sequence are 1 material delays from suppliers 2 material inventories 3 design difficulties 4 incorrectly shipped material volumes 5 changes to specifications by the owner 6 difficulty in obtaining materials and equipment 7 material price increases 8 over quality 9 damage to machine tools 10 weakening the bearing capacity of subgrade soil. While the response to risks threats that occur in road improvement projects is to reduce and avoid.

Risk Management in Future Romanian E-Government 2.0 Projects

Directory of Open Access Journals (Sweden)

Didraga Otniel

2015-08-01

Full Text Available E-government public services in Romania must follow unitary procedures considering the new requirements of the European Union from the Digital Agenda for Europe Strategy 2020. E-government 2.0 has to be implemented because of the cultural and behavioral transformations in the interaction between governments and users of e-services. E-government 2.0 projects use tools and techniques of social media to accomplish their goals. This article examines the possible risk categories and the risk management procedures needed to mitigate risks in future Romanian e-government projects, according to the strategic lines of development for the Digital Agenda. We propose a risk management plan for the e-government lines of action within the strategic lines of development that includes identifying, assessing, and mitigating the risks. New and modernized government services through e-government 2.0 projects that apply risk management will bring a significant improvement in how citizens and businesses relate to government and will increase the use of e-government services.

Investment Decision Support for Engineering Projects Based on Risk Correlation Analysis

Directory of Open Access Journals (Sweden)

Yan Liu

2012-01-01

Full Text Available Investment decisions are usually made on the basis of the subjective judgments of experts subjected to the information gap during the preliminary stages of a project. As a consequence, a series of errors in risk prediction and/or decision-making will be generated leading to out of control investment and project failure. In this paper, the variable fuzzy set theory and intelligent algorithms integrated with case-based reasoning are presented. The proposed algorithm manages the numerous fuzzy concepts and variable factors of a project and also sets up the decision-making process in accordance with past cases and experiences. Furthermore, it decreases the calculation difficulty and reduces the decision-making reaction time. Three types of risk correlations combined with different characteristics of engineering projects are summarized, and each of these correlations is expounded at the project investment decision-making stage. Quantitative and qualitative change theories of variable fuzzy sets are also addressed for investment risk warning. The approach presented in this paper enables the risk analysis in a simple and intuitive manner and realizes the integration of objective and subjective risk assessments within the decision-makers' risk expectation.

Development of Risk Uncertainty Factors from Historical NASA Projects

Science.gov (United States)

Amer, Tahani R.

2011-01-01

NASA is a good investment of federal funds and strives to provide the best value to the nation. NASA has consistently budgeted to unrealistic cost estimates, which are evident in the cost growth in many of its programs. In this investigation, NASA has been using available uncertainty factors from the Aerospace Corporation, Air Force, and Booz Allen Hamilton to develop projects risk posture. NASA has no insight into the developmental of these factors and, as demonstrated here, this can lead to unrealistic risks in many NASA Programs and projects (P/p). The primary contribution of this project is the development of NASA missions uncertainty factors, from actual historical NASA projects, to aid cost-estimating as well as for independent reviews which provide NASA senior management with information and analysis to determine the appropriate decision regarding P/p. In general terms, this research project advances programmatic analysis for NASA projects.

A review on disaster risk mitigation in the oil and gas project

Science.gov (United States)

Rodhi, N. N.; Anwar, N.; Wiguna, I. P. A.

2018-01-01

In addition to the very complex risks, hazards potentially lead to disasters in the oil and gas projects. These risks can certainly be anticipated with the application of risk management, but an unsystematic and ineffective implementation of risk management will still bring adverse impacts. According to the eleven risk management principles in ISO 31000:2009, the application of risk management must pay attention to all aspects, both internal and external factors. Thus, this paper aims to identify variables that could affect the disaster mitigation efforts of oil and gas projects. This research began with literature study to determine the problems of risk management in oil and gas projects, so the affecting variables as the study objectives can be specified subsequently based on the literature review as well. The variables that must be considered in the efforts of disaster risk mitigation of oil and gas project are the risk factors and sustainability aspect.

A methodological model to assist in the optimization and risk management of mining investment decisions

International Nuclear Information System (INIS)

Botin, Jose A; Guzman, Ronald R; Smith, Martin L

2011-01-01

Identifying, quantifying, and minimizing technical risks associated with investment decisions is a key challenge for mineral industry decision makers and investors. However, risk analysis in most bankable mine feasibility studies are based on the stochastic modeling of project N et Present Value (NPV)which, in most cases, fails to provide decision makers with a truly comprehensive analysis of risks associated with technical and management uncertainty and, as a result, are of little use for risk management and project optimization. This paper presents a value-chain risk management approach where project risk is evaluated for each step of the project life cycle, from exploration to mine closure, and risk management is performed as a part of a stepwise value-added optimization process.

Projection Models 2010

DEFF Research Database (Denmark)

Illerup, J. B.; Birr-Pedersen, K.; Mikkelsen, M. H

Models for projection of SO2-, NOx-, NMVOC- and NH3-emissions to the atmosphere have been developed and the Danish emissions have been projected until 2010 from a basis scenario including all implemented and planned measures. The projections of the four pollutants indicate that it may be difficult...

A preliminary approach to quantifying the overall environmental risks posed by development projects during environmental impact assessment.

Directory of Open Access Journals (Sweden)

Sam Nicol

Full Text Available Environmental impact assessment (EIA is used globally to manage the impacts of development projects on the environment, so there is an imperative to demonstrate that it can effectively identify risky projects. However, despite the widespread use of quantitative predictive risk models in areas such as toxicology, ecosystem modelling and water quality, the use of predictive risk tools to assess the overall expected environmental impacts of major construction and development proposals is comparatively rare. A risk-based approach has many potential advantages, including improved prediction and attribution of cause and effect; sensitivity analysis; continual learning; and optimal resource allocation. In this paper we investigate the feasibility of using a Bayesian belief network (BBN to quantify the likelihood and consequence of non-compliance of new projects based on the occurrence probabilities of a set of expert-defined features. The BBN incorporates expert knowledge and continually improves its predictions based on new data as it is collected. We use simulation to explore the trade-off between the number of data points and the prediction accuracy of the BBN, and find that the BBN could predict risk with 90% accuracy using approximately 1000 data points. Although a further pilot test with real project data is required, our results suggest that a BBN is a promising method to monitor overall risks posed by development within an existing EIA process given a modest investment in data collection.

Modelling of Transport Projects Uncertainties

DEFF Research Database (Denmark)

Salling, Kim Bang; Leleur, Steen

2009-01-01

This paper proposes a new way of handling the uncertainties present in transport decision making based on infrastructure appraisals. The paper suggests to combine the principle of Optimism Bias, which depicts the historical tendency of overestimating transport related benefits and underestimating...... to supplement Optimism Bias and the associated Reference Class Forecasting (RCF) technique with a new technique that makes use of a scenario-grid. We tentatively introduce and refer to this as Reference Scenario Forecasting (RSF). The final RSF output from the CBA-DK model consists of a set of scenario......-based graphs which function as risk-related decision support for the appraised transport infrastructure project....

Implications of commodity price risk and operating leverage on petroleum project economic evaluations

International Nuclear Information System (INIS)

Salahor, G.; Laughton, D.G.

1999-01-01

The modern asset pricing method, MAP, can provide businesses with improved tools for economic analysis. This in turn leads to greater precision in the analysis of the effects of the following parameters: project structure, time, and uncertainty. This greater precision with MAP extends to analysis of the possibility for active control of the decision alternatives for managers in the petroleum business, especially where this possibility is not questioned. A methodology is developed as a model that quantifies revenue risk based on the nature of commodity price volatility and the accepted price of risk in the commodity market. A mathematical description is included of a natural gas log-normal distribution incorporating the annual volatility in the forecast, and a measure of the rate at which volatility decreases in the long run in the forecast. Give this volatility model, a risk discount factor is determinable and applicable to the current expectation of the commodity prices at a given time, and a discount time factor of all parts of the cash flow stream. Cases are used to evaluate a natural gas development project for the purpose of yielding scenarios for capital vs. operating cost trade-offs, price risk management, production profile, and the effect of the reverting vs. non-reverting price model. In application one, a comparison is made of discounted cash flow (DCF) to MAP evaluations giving a perspective on the various development choices which a producer has through third-party service providers. Further, an example is used to compare the two methods as alternative evaluations of development alternatives to speed up or slow down the production rate and decline profile of a gas field. As in the first example, the DCF discounting is higher than the net discounting in the MAP evaluation. But in this example both methods produce the same project structure decision. The small amount of incremental capital and operating costs needed for the higher production case are

A Framework for Integrating Knowledge Management with Risk Management for Information Technology Projects (RiskManiT)

Science.gov (United States)

Karadsheh, Louay A.

2010-01-01

This research focused on the challenges experienced when executing risk management activities for information technology projects. The lack of adequate knowledge management support of risk management activities has caused many project failures in the past. The research objective was to propose a conceptual framework of the Knowledge-Based Risk…

A review of risk management process in construction projects of developing countries

Science.gov (United States)

Bahamid, R. A.; Doh, S. I.

2017-11-01

In the construction industry, risk management concept is a less popular technique. There are three main stages in the systematic approach to risk management in construction industry. These stages include: a) risk response; b) risk analysis and evaluation; and c) risk identification. The high risk related to construction business affects each of its participants; while operational analysis and management of construction related risks remain an enormous task to practitioners of the industry. This paper tends towards reviewing the existing literature on construction project risk managements in developing countries specifically on risk management process. The literature lacks ample risk management process approach capable of capturing risk impact on diverse project objectives. This literature review aims at discovering the frequently used techniques in risk identification and analysis. It also attempts to identify response to clarifying the different classifications of risk sources in the existing literature of developing countries, and to identify the future research directions on project risks in the area of construction in developing countries.

Identification of risk factors affecting construction of projects: The case of emerging economy

Directory of Open Access Journals (Sweden)

Chipo Mellania Maseko

2017-12-01

Full Text Available Controlling project risks has become a daunting task in construction and this can be attributed to issues such as the nature of modern projects. The challenge is that risk appears unannounced at any project phase for various reasons and thereby affecting the performance and the success of unprepared projects. The current studies that explored risk matters include Pehlivan and Öztemir (2015, Katre, and Ghaitidak (2016 amongst others. However, there is absence of unanimity from these studies on risk factors in construction. Thus, this article was instigated in order to identify and classify risk factors that affect the chances of project success. The research methodology selected for this article comprised of peer-reviewed articles between the periods of 2007 to 2017. This approach involved a comprehensive scrutiny into scholarly articles to comprehend risks in construction projects. Following a conceptual analysis, eighty factors were identified and classified under the following; technical, construction, financial, socio-political, physical, organisational, and environmental and other risks. From these categories, political instability was, found to be the most influential risk factor in construction projects and this factor was classified within the socio-political category and this category has total of 11 factors. Finding suggests the need for further empirical study.

Project risk management for development of non-utility power generators (NUGs)

International Nuclear Information System (INIS)

Lau, T.

1990-01-01

The growing Non-Utility Generation (NUG) industry has brought new opportunities and challenges for the insurance industry. There can be unique engineering and financial risks involved in the development of Non-Utility Power Generation projects. The use of new technologies to meet stringent environmental regulations and to improve project performance and efficiency presents new challenges to the project developers and designers. The lack of funding, resources and experience of some of these projects may create unusual risks that could result in failure or deficiency in the performance of the projects

The MERINOVA project: MEteorological RIsks as drivers of environmental inNOvation in Agro-ecosystem management

Science.gov (United States)

Gobin, Anne; Van de vijver, Hans; Zamani, Sepideh; Curnel, Yannick; Planchon, Viviane; Verspecht, Ann; Van Huylenbroeck, Guido

2014-05-01

Devastating weather-related events have captured the interest of the general public in Belgium. Extreme weather events such as droughts, heat waves and rain storms are projected to increase both in frequency and magnitude with climate change. Since more than half of the Belgian territory is managed by the agricultural sector, extreme events may have significant impacts on agro-ecosystem services and pose severe limitations to sustainable agricultural land management. The research hypothesis of the MERINOVA project is that meteorological risks act as drivers of environmental innovation in agro-ecosystem management. The major objectives are to characterise extreme meteorological events, assess the impact on Belgian agro-ecosystems, characterise their vulnerability and resilience to these events, and explore innovative adaptation options to agricultural risk management. The project comprises of five major parts that reflect the chain of risks: the hazard, its impact on different agro-ecosystems, vulnerability, risk management and risk communication. Impacts developed from physically based models not only provide information on the state of the damage at any given time, but also assist in understanding the links between different factors causing damage and determining bio-physical vulnerability. Socio-economic impacts enlarge the basis for vulnerability mapping, risk management and adaptation options. The perspective of rising risk-exposure is exacerbated further by more limits to aid received for agricultural damage and an overall reduction of direct income support to farmers. The main findings of each of these project building blocks will be communicated. MERINOVA provides for a robust and flexible framework by demonstrating its performance across Belgian agro-ecosystems, and by ensuring its relevance to policy makers and practitioners. A strong expert and end-user network is established to help disseminating and exploiting project results to meet user needs. The

The Strategic Risk Management at Different Stages of Innovation Project

Directory of Open Access Journals (Sweden)

Pysmak Viktoriia O.

2017-03-01

Full Text Available This article considers the theoretical principles of the strategic risk management at every stage of innovation project. Relevance of the selected area of research has been substantiated in view of the necessity to provide the theoretical and practical foundations for the strategic risk management of innovation activity. Principles of management of innovation at a contemporary enterprise have been allocated. Analysis of such concepts as «risk», «innovation», «strategic management» was carried out. The concept of «innovation project» has been considered, its features and characteristics have been allocated. The basic tools of the strategic management of enterprise in current conditions have been described. The basic principles of the strategic risk management of innovation activity have been formulated. A scheme with allocating the stages of innovation activity and the risks involved has been elaborated, taking into consideration the factors of occurrence of risks. The main groups of management strategies have been allocated. The tasks facing the managerial board in the process of the strategic risk management at every stage of the innovation project have been formulated.

Risk Management Capability Maturity and Performance of Complex Product and System (CoPS Projects with an Asian Perspective

Directory of Open Access Journals (Sweden)

Ren, Y.

2014-07-01

Full Text Available Complex Products and Systems (CoPS are high value, technology and engineering-intensive capital goods. The motivation of this study is the persistent high failure rate of CoPS projects, Asian CoPS provider’s weak capability and lack of specific research on CoPS risk management. This paper evaluates risk management maturity level of CoPS projects against a general CoPS risk management capability maturity model (RM-CMM developed by the authors. An Asian based survey was conducted to investigate the value of RM to project performance, and Asian (non-Japanese CoPS implementers’ perceived application of RM practices, their strengths and weaknesses. The survey result shows that higher RM maturity level leads to higher CoPS project performance. It also shows project complexity and uncertainty moderates the relationship between some RM practices and project performance, which implies that a contingency approach should be adopted to manage CoPS risks effectively. In addition, it shows that Asian CoPS implementers are weak in RM process and there are also rooms for improvement in the softer aspects of organizational capabilities and robustness.

Fuzzy model for risk assessment of persistent organic pollutants in aquatic ecosystems

International Nuclear Information System (INIS)

Seguí, X.; Pujolasus, E.; Betrò, S.; Àgueda, A.; Casal, J.; Ocampo-Duque, W.; Rudolph, I.; Barra, R.; Páez, M.; Barón, E.; Eljarrat, E.; Barceló, D.; Darbra, R.M.

2013-01-01

We developed a model for evaluating the environmental risk of persistent organic pollutants (POPs) to aquatic organisms. The model is based on fuzzy theory and uses information provided by international experts through a questionnaire. It has been tested in two case studies for a particular type of POPs: brominated flame retardants (BFRs). The first case study is related to the EU-funded AQUATERRA project, with sampling campaigns carried out in two Ebro tributaries in Spain (the Cinca and Vero Rivers). The second one, named the BROMACUA project, assessed different aquatic ecosystems in Chile (San Vicente Bay) and Colombia (Santa Marta Marsh). In both projects, the BFRs under study were polybrominated diphenyl ethers (PBDEs) and hexabromocyclododecane (HBCD). However, the model can be extrapolated to other POPs and to different aquatic ecosystems to provide useful results for decision-makers. -- The risk of POPs for aquatic organisms was assessed at several sites around the world, using a fuzzy-based model to provide useful results for decision-makers

基于区间贝叶斯模型的科技项目风险决策%Risk Decision Making of Science and Technology Project Based on Interval Bayesian Model

Institute of Scientific and Technical Information of China (English)

董正国; 王凭慧

2012-01-01

Because the science and technology project involves an innovative process with high difficulty and high risk,its risk decision making and risk controlling is regarded as the most important part among the whole project management.As it is difficult to obtain the integrated and accurate information in risk decision making and risk controlling process and most of the data are interval,the conventional Bayesian model cannot deal with this issue.In this paper,the theory of interval data is introduced into the traditional Bayesian model,combining with the theory of possibility,and then the traditional Bayesian model is generalized to the interval data condition.Therefore,this method can be used to deal with the risk decision problem of the technology projects.The analysis of one example shows that this interval Bayesian model commendably can solve the risk decision making of technology project.The content of this study provides a certain reference for the further research in this area.%科技项目是一个高难度和高风险的创新过程,其风险决策与控制是整个项目管理的一项重要内容。鉴于该过程中往往缺乏准确的信息,出现较多的区间数据,利用传统的贝叶斯模型很难对其进行处理。本文运用区间数理论将传统的贝叶斯风险决策模型推广应用到了区间不确定型问题,并结合可能度理论很好地解决了科技项目的风险决策问题。通过具体的实例分析,取得了很好地效果,证实了该理论模型应用于科技项目风险决策的可行性,给相关领域的研究工作提供了参考。

Ontological Analysis of the Project Risk Management Concept ‘Risk’

Directory of Open Access Journals (Sweden)

Uzulāns Juris

2018-02-01

Full Text Available The aim of the current research series is to examine the definitions of the concept ‘risk’ and analyze the concepts used in the definitions of ‘risk’ in the sources of these definitions in order to perform the ontological analysis of the concept of ‘risk’. Ontological and epistemological analysis of the concepts in the definition of the concept ‘risk’ was used to answer the question what ‘risk’ means in project management. This investigation represents a part of the research series where the ontological, epistemological and methodological analysis of project risk is performed with the aim to improve risk registers and risk management as a whole. In the previous studies the author analyzed the concept of ‘event’ that defines the content of the concept ‘risk’. The use of ‘event’ was analyzed in different sources to find out how the concept should be used. The ontological, epistemological and methodological analysis of the definitions of the concept ‘risk’ is the theoretical foundation for risk register creation because it is possible to create complete and understandable register for the participants of the project risk management process. The author believes that the conducted research helps establish confidence that ontological analysis is the method that together with the epistemological and methodological analysis provides opportunity to perform analysis of risk management sources aimed at improving risk management. The results of the study cannot be considered sufficient for deriving valid conclusions about project risk management and developing recommendations for improving risk management with regard to the content of the risk register. For valid conclusions and recommendations, a deeper research is needed which, first of all, would analyze a larger number of sources.

A decision model for E and P petroleum projects using real options and preference theory

Energy Technology Data Exchange (ETDEWEB)

Lima, Gabriel A.C. [Universidade Estadual de Campinas, SP (Brazil). Inst. de Geociencias. Lab. de Analise Geoconomica (LAGE); Suslick, Saul B. [Universidade Estadual de Campinas, SP (Brazil). Inst. de Geociencias. Centro de Estudo do Petroleo; Nepomuceno Filho, Francisco [PETROBRAS, Rio de Janeiro, RJ (Brazil)

2004-07-01

The results from Discounted Cash Flow (DCF) are limited as a tool for decision-making in the petroleum industry because they do not properly take into account three important features of the modern investments: uncertainty, irreversibility, timing and corporation's risk-aversion. Recent developments in real options and preference theories have allowed decision-makers to employ these two approaches separately in the process of valuation and decision-making of risky projects. This paper presents a model for valuation and decision-making integrating discounted cash flow, real options and reference theory. This model seems to be suitable to answer to the following questions: what is the current value of an oil project? what is the optimal working interest in this project venture?; what is criteria to select projects considering investment irreversibility, uncertainty and timing to implement decisions? This model is applied to valuation and decision-making of a project to produce oil from a deep-water reservoir and its results are compared to those of the traditional approach. NPV model suggest that, as the project value is above its investment cost, the corporation should invest immediately and take 100% working interest in the project. Contrarily, the integrated model suggest the corporation should invest as long as project current value is as large as 1.85 times investment cost and should take only 44.38% working interest, whereas partners fund and acquire the remaining 55,62% of the project. In general, results indicate that NPV tend to pay more attention on return and does not account properly for risk. Then, as the uncertainty or volatile of strategic variables increases, the two models give more divergent results. (author)

Risk assessment framework on time impact: Infrastructure projects in soft soil during construction stage

Science.gov (United States)

Low, W. W.; Wong, K. S.; Lee, J. L.

2018-04-01

With the growth of economy and population, there is an increase in infrastructure construction projects. As such, it is unavoidable to have construction projects on soft soil. Without proper risk management plan, construction projects are vulnerable to different types of risks which will have negative impact on project’s time, cost and quality. Literature review showed that little or none of the research is focused on the risk assessment on the infrastructure project in soft soil. Hence, the aim of this research is to propose a risk assessment framework in infrastructure projects in soft soil during the construction stage. This research was focused on the impact of risks on project time and internal risk factors. The research method was Analytical Hierarchy Process and the sample population was experienced industry experts who have experience in infrastructure projects. Analysis was completed and result showed that for internal factors, the five most significant risks on time element are lack of special equipment, potential contractual disputes and claims, shortage of skilled workers, delay/lack of materials supply, and insolvency of contractor/sub-contractor. Results indicated that resources risk factor play a critical role on project time frame in infrastructure projects in soft soil during the construction stage.

International collaborative fire modeling project (ICFMP). Summary of benchmark

International Nuclear Information System (INIS)

Roewekamp, Marina; Klein-Hessling, Walter; Dreisbach, Jason; McGrattan, Kevin; Miles, Stewart; Plys, Martin; Riese, Olaf

2008-09-01

This document was developed in the frame of the 'International Collaborative Project to Evaluate Fire Models for Nuclear Power Plant Applications' (ICFMP). The objective of this collaborative project is to share the knowledge and resources of various organizations to evaluate and improve the state of the art of fire models for use in nuclear power plant fire safety, fire hazard analysis and fire risk assessment. The project is divided into two phases. The objective of the first phase is to evaluate the capabilities of current fire models for fire safety analysis in nuclear power plants. The second phase will extend the validation database of those models and implement beneficial improvements to the models that are identified in the first phase of ICFMP. In the first phase, more than 20 expert institutions from six countries were represented in the collaborative project. This Summary Report gives an overview on the results of the first phase of the international collaborative project. The main objective of the project was to evaluate the capability of fire models to analyze a variety of fire scenarios typical for nuclear power plants (NPP). The evaluation of the capability of fire models to analyze these scenarios was conducted through a series of in total five international Benchmark Exercises. Different types of models were used by the participating expert institutions from five countries. The technical information that will be useful for fire model users, developers and further experts is summarized in this document. More detailed information is provided in the corresponding technical reference documents for the ICFMP Benchmark Exercises No. 1 to 5. The objective of these exercises was not to compare the capabilities and strengths of specific models, address issues specific to a model, nor to recommend specific models over others. This document is not intended to provide guidance to users of fire models. Guidance on the use of fire models is currently being

Risk Assessment in Financial Feasibility of Tanker Project Using Monte Carlo Simulation

Directory of Open Access Journals (Sweden)

Muhammad Badrus Zaman

2017-09-01

Full Text Available Every ship project would not be apart from risk and uncertainty issues. The inappropriate risk assessment process would have long-term impact, such as financial loss. Thus, risk and uncertainties analysis would be a very important process in financial feasibility determination of the project. This study analyzes the financial feasibility of 17,500 LTDW tanker project. Risk and uncertainty are two differentiated terminologies in this study, where risk focuses on operational risk due to shipbuilding process nonconformity to shipowner finance, while uncertainty focuses on variable costs that affect project cash flows. There are three funding scenarios in this study, where the percentage of funding with own capital and bank loan in scenario 1 is 100% : 0%, scenario 2 is 75% : 25%, and scenario 3 is 50% : 50%. Monte Carlo simulation method was applied to simulate the acceptance criteria, such as net present value (NPV, internal rate of return (IRR, payback period (PP, and profitability index (PI. The results of simulation show that 17,500 LTDW tanker project funding by scenario 1, 2 and 3 are feasible to run, where probability of each acceptance criteria was greater than 50%. Charter rate being the most sensitive uncertainty over project's financial feasibility parameters.

Naesliden project: FEM modelling strategies

Energy Technology Data Exchange (ETDEWEB)

Borg, T.

1980-05-15

A schematized description is given of the different stages in the project. The aim is to show the development of the project and the strategies which have been chosen. The four different stages in the project are treated from the following points of view: the reasons for the choice of material models; the determination of model properties; and the control of the calculated values. In the origin plan for the project it was stated to only use a joint element model. However, it was shown to be a reasonable strategy to use both a general linear elastic model and a geometric restricted model with joint elements. During the course of the Project's development stages, it was found that a reduction in the number of rock types could be made without loss of generality. A modified strategy is suggested based on more studies of the rock bahavior and less advanced calculations in the first stages of the project.

Climate Change Risk Management: CRE Adaptation Projects and the Risk Management Process

Science.gov (United States)

This document describes National Estuary Program partner projects that demonstrate how risk management can be successfully applied to address environmental challenges in our country’s coastal areas.

Risk management

OpenAIRE

Mcmanus, John

2009-01-01

Few projects are completed on time, on budget, and to their original requirement or specifications. Focusing on what project managers need to know about risk in the pursuit of delivering projects, Risk Management covers key components of the risk management process and the software development process, as well as best practices for risk identification, risk planning, and risk analysis. The book examines risk planning, risk analysis responses to risk, the tracking and modelling of risks, intel...

Sexual HIV Risk Among Male Parolees and Their Female Partners: The Relate Project.

Science.gov (United States)

Comfort, Megan; Reznick, Olga Grinstead; Dilworth, Samantha E; Binson, Diane; Darbes, Lynae A; Neilands, Torsten B

The massively disproportionate impact of America's prison boom on communities of color has raised questions about how incarceration may affect health disparities, including disparities in HIV. Primary partners are an important source of influence on sexual health. In this paper, we investigate sexual HIV risk among male-female couples following a man's release from prison. We draw upon data from the Relate Project, a novel cross-sectional survey of recently released men and their female partners in Oakland and San Francisco, California (N=344). Inferential analyses use the actor-partner model to explore actor and partner effects on sexual HIV risk outcomes. Dyadic analyses of sexual HIV risk among male parolees and their female partners paint a complex portrait of couples affected by incarceration and of partners' influences on each other. Findings indicate that demographic factors such as education level and employment status, individual psycho-social factors such as perception of risk, and relationship factors such as commitment and power affect sexual HIV risk outcomes. The Relate Project provides a novel dataset for the dyadic analysis of sexual risk among male parolees and their female partners, and results highlight the importance of focusing on the couple as a unit when assessing HIV risk and protective behaviors. Results also indicate potentially fruitful avenues for population-specific interventions that may help to reduce sexual health disparities among couples affected by incarceration.

Managing Risk and Uncertainty in Large-Scale University Research Projects

Science.gov (United States)

Moore, Sharlissa; Shangraw, R. F., Jr.

2011-01-01

Both publicly and privately funded research projects managed by universities are growing in size and scope. Complex, large-scale projects (over $50 million) pose new management challenges and risks for universities. This paper explores the relationship between project success and a variety of factors in large-scale university projects. First, we…

Models of Financing and Available Financial Resources for Transport Infrastructure Projects

Directory of Open Access Journals (Sweden)

O. Pokorná

2001-01-01

Full Text Available A typical feature of transport infrastructure projects is that they are expensive and take a long time to construct. Transport infrastructure financing has traditionally lain in the public domain. A tightening of many countries' budgets in recent times has led to an exploration of alternative resources for financing transport infrastructures. A variety of models and methods can be used in transport infrastructure project financing. The selection of the appropriate model should be done taking into account not only financial resources but also the distribution of construction and operating risks and the contractual relations between the stakeholders.

Risk management tools from the traditional energy industry to wind energy projects

International Nuclear Information System (INIS)

Randall, G.; Marks, R.

2010-01-01

Risk-based analysis techniques are used to quantify and prioritize a wide variety of problems within the traditional fossil fuel and nuclear power industries. This poster presentation evaluated some of the risk analysis tools and methods used by the energy industry to quantify and manage wind energy development risks. A comprehensive risk-based approach for identifying the probability and consequences of potential concerns was presented for a sample wind energy project. The process determined objectives in relation to the project's net present value. Contributing domains included the energy production, prices, and operating costs of the project. Decision criteria used to evaluate the desirability of the wind project were then developed. Monte Carlo simulations were the used to aggregate individual risks into an overall total. The contribution of each element to the decision objective was calculated separately. The element outputs were than combined into a measure of aggregate risk exposure. Aggregate results were used to calculate the decision criteria. The decision objective was to determine if the energy cost was less than the avoided cost of other project options. The study showed that the approach can allow decision-makers to mitigate risks. However, the results are dependent on the quality of the input data. tabs., figs.

Risk Evaluation on UHV Power Transmission Construction Project Based on AHP and FCE Method

OpenAIRE

Huiru Zhao; Sen Guo

2014-01-01

Ultra high voltage (UHV) power transmission construction project is a high-tech power grid construction project which faces many risks and uncertainty. Identifying the risk of UHV power transmission construction project can help mitigate the risk loss and promote the smooth construction. The risk evaluation on “Zhejiang-Fuzhou” UHV power transmission construction project was performed based on analytic hierarchy process (AHP) and fuzzy comprehensive evaluation (FCE) method in this paper. Afte...

Risk reduction of international mining projects by means of investor consortia and diversification of external financing

International Nuclear Information System (INIS)

Kirchner, C.

1982-01-01

Investors and creditors of international mining projects bear specific risks which may be reduced by means of forming investor and financing consortia. Risk is defined for each actor separately. Project risk and investor risk respectively credit risk are useful categories in order to analyze risk reduction. In each case formation of consortia has a positive influence on the economic viability of the project, and thus reduces the project risk. Furthermore, formation of consortia leads to better compliance of the host country of the mining project with the project and financing agreements. Thus, investor and credit risk may be reduced. (orig.) [de

Planning risk communication for UMTRA project groundwater restoration

Energy Technology Data Exchange (ETDEWEB)

Hundertmark, Charles [Jacobs Engineering Group Inc. and University of Phoenix (United States); Hoopes, Jack [Jacobs Engineering Group Inc. (United States); Flowers, Len [Roy F. Weston Company (United States); Jackson, David G [U.S. Department of Energy (United States)

1992-07-01

The U.S. Department of Energy's (DOE) Uranium Mill Tailings Remedial Action (UMTRA) Project is entering a new phase in which groundwater contamination will become a growing focus as surface remedial action draws toward completion. Planning for risk communication associated with the groundwater project will be a major factor in the successful initiation of the program. (author)

Planning risk communication for UMTRA project groundwater restoration

International Nuclear Information System (INIS)

Hundertmark, Charles; Hoopes, Jack; Flowers, Len; Jackson, David G.

1992-01-01

The U.S. Department of Energy's (DOE) Uranium Mill Tailings Remedial Action (UMTRA) Project is entering a new phase in which groundwater contamination will become a growing focus as surface remedial action draws toward completion. Planning for risk communication associated with the groundwater project will be a major factor in the successful initiation of the program. (author)

Multistage models of carcinogenesis and their implications for dose-response models and risk projections

International Nuclear Information System (INIS)

Hoel, D.G.

1992-01-01

Multistage models are used to both describe the biological steps in developing a cancer and as a mathematical description of the relationship of exposure to tumor incidence. With the rapid development of molecular biology the stages of tumor development are becoming understood. Specifically, the effect and role of proto-oncogenes and suppressor genes are exciting developments in the field of carcinogenesis. Mathematically the field has moved from the original Armitage-Doll multistage model to the more current cell kinetic models. These latter models attempt to describe both the rate of cell mutation and the birth-death process involved in clonal expansion. This then allows modeling of both initiation and promotion or cellular proliferation. The field of radiation carcinogenesis has a considerable body of data and knowledge. Unfortunately, relatively little work has been done with the cell kinetic models as to estimation of tumor incidence. This may be due to the newness of kinetic models in general. The field holds promise and it is essential if we are to develop better human risk estimates from exposure to ionizing radiation. (author)

Risk assessment of underpass infrastructure project based on IS0 31000 and ISO 21500 using fishbone diagram and RFMEA (project risk failure mode and effects analysis) method

Science.gov (United States)

Purwanggono, Bambang; Margarette, Anastasia

2017-12-01

Completion time of highway construction is very meaningful for smooth transportation, moreover expected number of ownership motor vehicle will increase each year. Therefore, this study was conducted with to analyze the constraints that contained in an infrastructure development project. This research was conducted on Jatingaleh Underpass Project, Semarang. This research was carried out while the project is running, on the implementation, this project is experiencing delays. This research is done to find out what are the constraints that occur in execution of a road infrastructure project, in particular that causes delays. The method that used to find the root cause is fishbone diagram to obtain a possible means of mitigation. Coupled with the RFMEA method used to determine the critical risks that must be addressed immediately on road infrastructure project. The result of data tabulation in this study indicates that the most possible mitigation tool to make a Standard Operating Procedure (SOP) recommendations to disrupt utilities that interfere project implementation. Process of risk assessment has been carried out systematically based on ISO 31000:2009 on risk management and for determination of delayed variables, the requirements of process groups according to ISO 21500:2013 on project management were used.

Life cycle cost-based risk model for energy performance contracting retrofits

Science.gov (United States)

Berghorn, George H.

Buildings account for 41% of the primary energy consumption in the United States, nearly half of which is accounted for by commercial buildings. Among the greatest energy users are those in the municipalities, universities, schools, and hospitals (MUSH) market. Correctional facilities are in the upper half of all commercial building types for energy intensity. Public agencies have experienced reduced capital budgets to fund retrofits; this has led to the increased use of energy performance contracts (EPC), which are implemented by energy services companies (ESCOs). These companies guarantee a minimum amount of energy savings resulting from the retrofit activities, which in essence transfers performance risk from the owner to the contractor. Building retrofits in the MUSH market, especially correctional facilities, are well-suited to EPC, yet despite this potential and their high energy intensities, efficiency improvements lag behind that of other public building types. Complexities in project execution, lack of support for data requests and sub-metering, and conflicting project objectives have been cited as reasons for this lag effect. As a result, project-level risks must be understood in order to support wider adoption of retrofits in the public market, in particular the correctional facility sub-market. The goal of this research is to understand risks related to the execution of energy efficiency retrofits delivered via EPC in the MUSH market. To achieve this goal, in-depth analysis and improved understanding was sought with regard to ESCO risks that are unique to EPC in this market. The proposed work contributes to this understanding by developing a life cycle cost-based risk model to improve project decision making with regard to risk control and reduction. The specific objectives of the research are: (1) to perform an exploratory analysis of the EPC retrofit process and identify key areas of performance risk requiring in-depth analysis; (2) to construct a

The Impact of Tax Shocks and Oil Price Volatility on Risk - A Study of North Sea Oilfield Projects

OpenAIRE

Kretzschmar, Gavin Lee; Moles, Peter

2006-01-01

We examine the impact of market volatility and increased fiscal take on risk in strategic natural resource projects. An increase in 2006 UK oilfield taxation is used as a natural experiment for assessing the impact of a fiscal increase on oilfield projects comprising 73% of UK reserves. Stochastic cash flow at risk models combine market volatility and tax-take at the oilfield level to extend earlier North Sea studies. We demonstrate that a 10% Secondary tax increase in a composite UKCS fiscal...

RISK ASSESSMENT MODELS OF PUBLIC-PRIVATE PARTNERSHIP IN THE ROAD SECTOR

Directory of Open Access Journals (Sweden)

V. V. Gasilov

2013-01-01

Full Text Available This article studies the main potential models of public-private partnership; it gives evaluation of risks for these models, considering their distribution between members of partnership. It offers the mechanism of making an optimal choice of a public-private partnership model for projects of transport system development.

Prioritization of Delay Factors for NPP Construction Risk in International Project by Using AHP Methodology

Energy Technology Data Exchange (ETDEWEB)

Hossen, Muhammed Mufazzal; Kang, Sunkoo; Kim, Jonghyun [KEPCO International Nuclear Graduate School, Ulsan (Korea, Republic of)

2014-10-15

It is crucial for the nuclear power plant project decision makers and management personnel to identify the actual factors of construction delay and their ranking in order to take preventive actions. NPP project is complex in nature and the construction phase is one of the most key phase which is subject to many factors result from many sources. From experience, nuclear projects have faced challenges similar to other complex mega projects with additional nuclear specific issues and life time cost of nuclear reactor is concentrated upfront as capital cost, and therefore delays in construction may become intolerable in terms of both lost revenues and interest on the capital. Budget over-runs and delays on next generation new build nuclear projects in recent years clearly demonstrate that the nuclear industry continues to repeat its failed management and project control processes of the past. Similar to major infra-structure projects, actual completion times can vary substantially from initial estimates but this uncertainty is too crucial to the nuclear industry due to high levels of capital at risk, for every year a project is delayed the levelized cost of electricity increases by approximately 8-10%. causes of delay, to develop a generalized AHP model for delay factors, and to prioritize the risk in different factors in various levels of construction phase in international turnkey NPP project. This paper describes and prioritizes Nuclear Power Plant (NPP) construction schedule delay factor for turnkey international project. This study also determines the different party's importance in percentage behind the construction schedule delay of NPP which constitutes main contractor (28.4%), regulatory authority (27.3%), financial and country factor (23.5%), and utility (20.8%). Decision makers of nuclear industry can understand the significance of different factors on NPP construction phase and they can apply risk informed decision making to avoid unexpected

Prioritization of Delay Factors for NPP Construction Risk in International Project by Using AHP Methodology

International Nuclear Information System (INIS)

Hossen, Muhammed Mufazzal; Kang, Sunkoo; Kim, Jonghyun

2014-01-01

It is crucial for the nuclear power plant project decision makers and management personnel to identify the actual factors of construction delay and their ranking in order to take preventive actions. NPP project is complex in nature and the construction phase is one of the most key phase which is subject to many factors result from many sources. From experience, nuclear projects have faced challenges similar to other complex mega projects with additional nuclear specific issues and life time cost of nuclear reactor is concentrated upfront as capital cost, and therefore delays in construction may become intolerable in terms of both lost revenues and interest on the capital. Budget over-runs and delays on next generation new build nuclear projects in recent years clearly demonstrate that the nuclear industry continues to repeat its failed management and project control processes of the past. Similar to major infra-structure projects, actual completion times can vary substantially from initial estimates but this uncertainty is too crucial to the nuclear industry due to high levels of capital at risk, for every year a project is delayed the levelized cost of electricity increases by approximately 8-10%. causes of delay, to develop a generalized AHP model for delay factors, and to prioritize the risk in different factors in various levels of construction phase in international turnkey NPP project. This paper describes and prioritizes Nuclear Power Plant (NPP) construction schedule delay factor for turnkey international project. This study also determines the different party's importance in percentage behind the construction schedule delay of NPP which constitutes main contractor (28.4%), regulatory authority (27.3%), financial and country factor (23.5%), and utility (20.8%). Decision makers of nuclear industry can understand the significance of different factors on NPP construction phase and they can apply risk informed decision making to avoid unexpected

Canadian Cancer Risk Management Model: evaluation of cancer control.

Science.gov (United States)

Evans, William K; Wolfson, Michael C; Flanagan, William M; Shin, Janey; Goffin, John; Miller, Anthony B; Asakawa, Keiko; Earle, Craig; Mittmann, Nicole; Fairclough, Lee; Oderkirk, Jillian; Finès, Philippe; Gribble, Stephen; Hoch, Jeffrey; Hicks, Chantal; Omariba, D Walter R; Ng, Edward

2013-04-01

The aim of this study was to develop a decision support tool to assess the potential benefits and costs of new healthcare interventions. The Canadian Partnership Against Cancer (CPAC) commissioned the development of a Cancer Risk Management Model (CRMM)--a computer microsimulation model that simulates individual lives one at a time, from birth to death, taking account of Canadian demographic and labor force characteristics, risk factor exposures, and health histories. Information from all the simulated lives is combined to produce aggregate measures of health outcomes for the population or for particular subpopulations. The CRMM can project the population health and economic impacts of cancer control programs in Canada and the impacts of major risk factors, cancer prevention, and screening programs and new cancer treatments on population health and costs to the healthcare system. It estimates both the direct costs of medical care, as well as lost earnings and impacts on tax revenues. The lung and colorectal modules are available through the CPAC Web site (www.cancerview.ca/cancerrriskmanagement) to registered users where structured scenarios can be explored for their projected impacts. Advanced users will be able to specify new scenarios or change existing modules by varying input parameters or by accessing open source code. Model development is now being extended to cervical and breast cancers.

Managing Pre-Construction and Construction Risks on Project Sites in Abuja-Nigeria

Directory of Open Access Journals (Sweden)

Jimoh R.A.

2016-03-01

Full Text Available Managing risks in construction projects has been acknowledged as a key direction process for the purposes of attaining the project goal in terms of time, cost, quality, safety, and environmental sustainability. Hence, the paper evaluated pre-construction and construction risks on active project sites in Abuja-Nigeria. This was achieved using survey method through the self-administration of 35 questionnaires to the professionals handling the 35 identified projects being undertaking at that time. Results showed that errors and omissions in design and improperly defined project scope had mean score values of 3.03 and 2.54, respectively, were the construction risks most experienced by the professionals during pre-construction. On the other hand, fluctuation in market prices and delays with mean score values of 3.14 and 2.74, respectively, were the construction risks experienced by the professionals during the construction phase of the projects. It is recommended that procurement methods such as construction management should be adopted and stakeholders should keep to their own side of the bargain to avoid unnecessary delays.

A Quantitative Measure For Evaluating Project Uncertainty Under Variation And Risk Effects

Directory of Open Access Journals (Sweden)

A. Chenarani

2017-10-01

Full Text Available The effects of uncertainty on a project and the risk event as the consequence of uncertainty are analyzed. The uncertainty index is proposed as a quantitative measure for evaluating the uncertainty of a project. This is done by employing entropy as the indicator of system disorder and lack of information. By employing this index, the uncertainty of each activity and its increase due to risk effects as well as project uncertainty changes as a function of time can be assessed. The results are implemented and analyzed for a small turbojet engine development project as the case study. The results of this study can be useful for project managers and other stakeholders for selecting the most effective risk management and uncertainty controlling method.

Risk management for engineering projects procedures, methods and tools

CERN Document Server

Munier, Nolberto

2014-01-01

Many people see risk in engineering projects as an imprecise and nebulous problem - something that exists, is feared and is impossible to deal with. Nothing could be further from the truth. While risk is certainly ubiquitous, sometimes difficult to detect, and cannot always be completely avoided, it can generally be mitigated, reduced or prevented through timely analysis and action.   This book covers the entire process of risk management by providing methodologies for determining the sources of project risk, and once threats have been identified, managing them through:   ·         identification and assessment (probability, relative importance, variables, risk breakdown structure, etc.) ·         implementation of measures for their prevention, reduction or mitigation ·         evaluation of impacts and quantification of risks ·         establishment of control measures   It also considers sensitivity analysis to determine the influence of uncertain parameters values ...

Risk management integration into complex project organizations

Science.gov (United States)

Fisher, K.; Greanias, G.; Rose, J.; Dumas, R.

2002-01-01

This paper describes the approach used in designing and adapting the SIRTF prototype, discusses some of the lessons learned in developing the SIRTF prototype, and explains the adaptability of the risk management database to varying levels project complexity.

Evaluation of Projected Agricultural Climate Risk over the Contiguous US

Science.gov (United States)

Zhu, X.; Troy, T. J.; Devineni, N.

2017-12-01

Food demands are rising due to an increasing population with changing food preferences, which places pressure on agricultural production. Additionally, climate extremes have recently highlighted the vulnerability of our agricultural system to climate variability. This study seeks to fill two important gaps in current knowledge: how does the widespread response of irrigated crops differ from rainfed and how can we best account for uncertainty in yield responses. We developed a stochastic approach to evaluate climate risk quantitatively to better understand the historical impacts of climate change and estimate the future impacts it may bring about to agricultural system. Our model consists of Bayesian regression, distribution fitting, and Monte Carlo simulation to simulate rainfed and irrigated crop yields at the US county level. The model was fit using historical data for 1970-2010 and was then applied over different climate regions in the contiguous US using the CMIP5 climate projections. The relative importance of many major growing season climate indices, such as consecutive dry days without rainfall or heavy precipitation, was evaluated to determine what climate indices play a role in affecting future crop yields. The statistical modeling framework also evaluated the impact of irrigation by using county-level irrigated and rainfed yields separately. Furthermore, the projected years with negative yield anomalies were specifically evaluated in terms of magnitude, trend and potential climate drivers. This framework provides estimates of the agricultural climate risk for the 21st century that account for the full uncertainty of climate occurrences, range of crop response, and spatial correlation in climate. The results of this study can contribute to decision making about crop choice and water use in an uncertain future climate.

Evaluation Of The Risk Of Financing Projects Of Environmental Protection

Directory of Open Access Journals (Sweden)

Gabriela Cornelia PICIU

2012-03-01

Full Text Available The research project approaches multidimensionally the financing of environmental protection from the perspective of directing, correlating and consolidating the financial flows circumscribed to the regeneration of an economy affected by environmental deterioration due to the very activities defining the economic mechanisms and circuits. The purpose of the project is to identify, by scientific, methodological and empirical analysis of the concepts, principles and arguments imposed by the economic theory, the risks of financing the projects of environmental projects and to evaluate their effects because their neglecting, individual approach or erroneous dimensioning might have unfavourable and unforeseen consequences in terms of the efficiency of the environmental strategies and policies. The objective of the study is the reveal the interdependency and interaction between the flows and circuits financing the environmental projects, showing the necessity for punctual, distributive, correlative and multiplicative financing of the environmental protection. This must be done from an expanded and prospective spatial and temporal vision by a compositional approach of the risk for environmental investments within the complex network of the social, economic and financial risks generated by the global system of the human praxis focused on the binomial of the human-environment interdependence.

Perceived risks in product innovation projects : development of a risk skeleton

NARCIS (Netherlands)

Halman, J.I.M.; Keizer, J.A.; Song, X.M.

1999-01-01

The essence of undertaking a product innovation project is to create or establish something new. Risk taking is an intrinsic part of that process. In today's markets, with heavy competition, advanced technology and tough economic conditions, successful product innovation has become critically

Transport project evaluation: feasibility risk assessment and scenario forecasting

DEFF Research Database (Denmark)

Salling, Kim Bang; Leleur, Steen

2017-01-01

This paper presents a new approach to transport project assessment in terms of feasibility risk assessment and reference class forecasting. Conventionally, transport project assessment is based upon a Cost-Benefit Analysis (CBA) where evaluation criteria such as Benefit Cost Ratios (BCR...... on the preliminary construction cost estimates. Hereafter, a quantitative risk analysis is provided making use of Monte Carlo simulation. This approach facilitates random input parameters based upon reference class forecasting, hence, a parameter data fit has been performed in order to obtain validated probability...... Scenario Forecasting (RSF) frame. The RSF is anchored in the cost-benefit analysis; thus, it provides decision-makers with a quantitative mean of assessing the transport infrastructure project. First, the RSF method introduces uncertainties within the CBA by applying Optimism Bias uplifts...

Task-based dermal exposure models for regulatory risk assessment

NARCIS (Netherlands)

Warren, N.D.; Marquart, H.; Christopher, Y.; Laitinen, J.; Hemmen, J.J. van

2006-01-01

The regulatory risk assessment of chemicals requires the estimation of occupational dermal exposure. Until recently, the models used were either based on limited data or were specific to a particular class of chemical or application. The EU project RISKOFDERM has gathered a considerable number of

Risk Consideration and Cost Estimation in Construction Projects Using Monte Carlo Simulation

Directory of Open Access Journals (Sweden)

Claudius A. Peleskei

2015-06-01

Full Text Available Construction projects usually involve high investments. It is, therefore, a risky adventure for companies as actual costs of construction projects nearly always exceed the planed scenario. This is due to the various risks and the large uncertainty existing within this industry. Determination and quantification of risks and their impact on project costs within the construction industry is described to be one of the most difficult areas. This paper analyses how the cost of construction projects can be estimated using Monte Carlo Simulation. It investigates if the different cost elements in a construction project follow a specific probability distribution. The research examines the effect of correlation between different project costs on the result of the Monte Carlo Simulation. The paper finds out that Monte Carlo Simulation can be a helpful tool for risk managers and can be used for cost estimation of construction projects. The research has shown that cost distributions are positively skewed and cost elements seem to have some interdependent relationships.

Risks Associated with Unconventional Gas Extraction Projects. Induced Seismicity, NORM and Ecological Risks

International Nuclear Information System (INIS)

Rodrigo-Naharro, J.; Hurtado, A.; Eguilior, S.; Recreo, F.

2015-01-01

The latest technological advances in hydraulic fracturing (fracking) and horizontal drilling are globally driving the commercial extraction of unconventional resources. Although there is still no commercial exploitation of these resources within the EU, the fact that there are potential reserves in some countries, such as Spain, stimulates the need of performing preliminary studies to define the characteristics that an unconventional gas extraction project should consider. The object of these features are the safety of the project, thus minimizing the probabilities of negative environmental impacts, and especially since there is not any EU Framework Directive focusing on the regulation of the operation of such fossil fuels. A project of this nature, involving natural systems, must start from the knowledge of these systems and from an assessment of its features in order to reach the environmental safety of the operations. Moreover, the implementation of risk management systems, along with the existence of an appropriate legislation and supervision are key elements in the development of unconventional gas extraction projects that are environmentally friendly. The present report includes, among the overall risks associated with such projects, those related to: i) the induced seismicity; ii) the Naturally-Occurring Radioactive Materials (NORM); and iii) the ecology.

Modeling Decision Support and Uncertainty using @RISK: The COSIMA-ROAD Model

DEFF Research Database (Denmark)

Salling, Kim Bang; Leleur, Steen

This paper concerns a newly developed software model called COSIMA-ROAD for project evaluation in the Danish road sector. COSIMA-ROAD is developed as a combined effort in co-operation between the Danish Road Directorate and the Technical University of Denmark. The applied case study is developed...... by the Danish Road Directorate. The main purpose of this paper is primarily to describe how @RISK is used in COSIMA-ROAD. First the two main modules of COSIMA-ROAD are described as respectively a traditional cost-benefit analysis (deterministic point estimate) and a risk analysis using Monte Carlo Simulation...

Optimization of the cumulative risk assessment of pesticides and biocides using computational techniques: Pilot project

DEFF Research Database (Denmark)

Jonsdottir, Svava Osk; Reffstrup, Trine Klein; Petersen, Annette

This pilot project is intended as the first step in developing a computational strategy to assist in refining methods for higher tier cumulative and aggregate risk assessment of exposure to mixture of pesticides and biocides. For this purpose, physiologically based toxicokinetic (PBTK) models were...

RISK MANAGEMENT AUTOMATION OF SOFTWARE PROJECTS BASED ОN FUZZY INFERENCE

Directory of Open Access Journals (Sweden)

T. M. Zubkova

2015-09-01

Full Text Available Application suitability for one of the intelligent methods for risk management of software projects has been shown based on the review of existing algorithms for fuzzy inference in the field of applied problems. Information sources in the management of software projects are analyzed; major and minor risks are highlighted. The most critical parameters have been singled out giving the possibility to estimate the occurrence of an adverse situations (project duration, the frequency of customer’s requirements changing, work deadlines, experience of developers’ participation in such projects and others.. The method of qualitative fuzzy description based on fuzzy logic has been developed for analysis of these parameters. Evaluation of possible situations and knowledge base formation rely on a survey of experts. The main limitations of existing automated systems have been identified in relation to their applicability to risk management in the software design. Theoretical research set the stage for software system that makes it possible to automate the risk management process for software projects. The developed software system automates the process of fuzzy inference in the following stages: rule base formation of the fuzzy inference systems, fuzzification of input variables, aggregation of sub-conditions, activation and accumulation of conclusions for fuzzy production rules, variables defuzzification. The result of risk management automation process in the software design is their quantitative and qualitative assessment and expert advice for their minimization. Practical significance of the work lies in the fact that implementation of the developed automated system gives the possibility for performance improvement of software projects.

Developing a phenological model for grapevine to assess future frost risk in Luxembourg

Science.gov (United States)

Caffarra, A.; Molitor, D.; Pertot, I.; Sinigoy, P.; Junk, J.

2012-04-01

Late frost damage represents a significant hazard to grape production in cool climate viticulture regions such as Luxembourg. The main aim of our study is to analyze the frequency of these events for the Luxembourg's winegrowing region in the future. Spring frost injuries on grape may occur when young green parts are exposed to air temperature below 0°C. The potential risk is determined by: (i) minimum air temperature conditions and the (ii) the timing of bud burst. Therefore, we developed and validated a model for budburst of the grapevine (*Vitis vinifera)* cultivar Rivaner, the most grown local variety, based on multi-annual data from 7 different sites across Europe and the US. An advantage of this approach is, that it could be applied to a wide range of climate conditions. Higher spring temperatures were projected for the future and could lead to earlier dates of budburst as well as earlier dates of last frost events in the season. However, so far it is unknown if this will increase or decrease the risk of severe late frost damages for Luxembourg's winegrowing region. To address this question results of 10 regional climate change projections from the FP6 ENSEMBLES project (spatial resolution = 25km; A1B emission scenario) were combined with the new bud burst model. The use of a multi model ensemble of climate change projections allows for a better quantification of the uncertainties. A bias corrections scheme, based on local observations, was applied to the model output. Projected daily minimum air temperatures, up to 2098, were compared to the projected date of bud burst in order to quantify the future frost risk for Luxembourg.

Prevention of oil spill from shipping by modelling of dynamic risk.

Science.gov (United States)

Eide, Magnus S; Endresen, Oyvind; Breivik, Oyvind; Brude, Odd Willy; Ellingsen, Ingrid H; Røang, Kjell; Hauge, Jarle; Brett, Per Olaf

2007-10-01

This paper presents a new dynamic environmental risk model, with intended use within a new, dynamical approach for risk based ship traffic prioritisation. The philosophy behind this newly developed approach is that shipping risk can be reduced by directing efforts towards ships and areas that have been identified as high priority (high risk), prior to a potential accident. The risk model proposed in this paper separates itself from previous models by drawing on available information on dynamic factors and by focusing on the ship's surroundings. The model estimates the environmental risk of drift grounding accidents for oil tankers in real time and in forecast mode, combining the probability of grounding with oil spill impact on the coastline. Results show that the inherent dynamic risk introduced by an oil tanker sailing along the North Norwegian coast depends, not surprisingly, significantly upon wind and ocean currents, as well as tug position and cargo oil type. Results of this study indicate that the risk model is well suited for real time risk assessment, and effectively separates low risk and high risk situations. The model is well suited as a tool to prioritise oil tankers and coastal segments. This enables dynamic risk based positioning of tugs, using both real-time and projected risk, for effective support in case of a drifting ship situation.

Cost control and risk mitigation of major projects

International Nuclear Information System (INIS)

Caddy, D.G.

1993-01-01

In this paper and presentation, the four major types of estimates will be discussed, i.e., capacity factored, equipment factored, semi-detailed and detailed. Key relationships between particular portions of estimates will be discussed such as the relationship between direct field labor and indirect field costs. Having set the basis for developing a project's cost through estimating, the paper will then list and discuss the fifteen key steps which must be followed to control the costs of a project. Next, the subject of allowances and contingency will be discussed and defined and the differences between the two will be highlighted. Having established exactly what contingency is, the subject of risk analysis through RANGE estimating will be discussed. The methods used to establish a precise contingency and probability of an over/under run will be discussed. Finally, the paper will discuss the methods by which a project manager, owner or contractor can mitigate risks; that is to eliminate, transfer or minimize their effect

Spatial risk modelling for water shortage and nitrate pollution in the lower Jordan valley

International Nuclear Information System (INIS)

Loibl, W.; Orthofer, R.

2002-02-01

This report summarizes the results of the spatial risk modeling activities (work package WP-4.4, 'GIS Risk Modeling') of the INCO-DC project 'Developing Sustainable Water Management in the Jordan Valley'. The project was funded by European Commission's INCO-DC research program. The main objective of the project was to develop the scientific basis for an integral management plan of water resources and their use in the Lower Jordan Valley. The outputs of the project were expected to allow a better understanding of the water management situation, and to provide a sound basis for a better future water management - not only separately in the three countries, but in the overall valley region. The risk modeling was done by the ARCS Seibersdorf research (ARCS), based on information and data provided by the regional partners from Israel (Hebrew University, Jerusalem, HUJ), Palestine (Applied Research Institute, Jerusalem, Bethlehem, ARIJ) and Jordan (EnviroConsult Office, Amman, ECO). The land use classification has been established through a cooperation between ARCS and the Yale University Center for Earth Observation (YUCEO). As a result of the work, the spatial patterns of agricultural and domestic water demand in the Lower Jordan Valley were established, and the spatial dimension of driving forces for water usage and water supply was analyzed. Furthermore, a conceptual model for nitrate leakage (established by HUJ) was translated into a GIS system, and the risks for nitrate pollution of groundwater were quantified. (author)

The Fee Sensitive Risk Exposures of Project Authorized Person in Hong Kong

Directory of Open Access Journals (Sweden)

Sai-On Cheung

2012-11-01

Full Text Available Authorized Persons (AP play a critical role in the design and construction of building works in Hong Kong. Under the Building Ordinance, design and construction of building works need to be coordinated and monitored by an AP registered with the Buildings Department. Professionally qualified Architects, Engineers and Surveyors are eligible to register as AP after completing the prescribed assessment. In addition, the project AP is often appointed by the project owner to be the project team leader. In these capacities, a project AP is exposed to various risks. This paper seeks to identify the fee sensitive risk exposures of project APs. Through an ANOVA study, these risks exposures are those due to liabilities under the Building Ordinance at the construction stage, those towards the third parties and the clients.

A suite of models to support the quantitative assessment of spread in pest risk analysis

NARCIS (Netherlands)

Robinet, C.; Kehlenbeck, H.; Werf, van der W.

2012-01-01

In the frame of the EU project PRATIQUE (KBBE-2007-212459 Enhancements of pest risk analysis techniques) a suite of models was developed to support the quantitative assessment of spread in pest risk analysis. This dataset contains the model codes (R language) for the four models in the suite. Three

Minimizing Investment Risk of Integrated Rail and Transit-Oriented-Development Projects over Years in a Linear Monocentric City

Directory of Open Access Journals (Sweden)

Ding Liu

2016-01-01

Full Text Available Rail and transit-oriented-development (TOD projects are simultaneously optimized in this paper, with special consideration given to yearly variation and spatial and temporal correlation of population densities. In the proposed model, the objective is to minimize the investment risk of integrated rail and TOD projects with a given required expected return on investment. The investment risk is optimized based on closed-form solutions of the design variables, including rail line length, the number of TOD projects, and the number of housing units in each TOD project. The closed-form solutions are given explicitly under the assumption of social welfare maximization. It is found that underestimation exists for rail and TOD projects without consideration of the correlation of spatial and temporal population densities. TOD projects can greatly improve the return on investment of the rail operator. A numerical example is also presented.

Assessment of Large Transport Infrastructure Projects: the CBA-DK model

DEFF Research Database (Denmark)

Salling, Kim Bang; Banister, David

2008-01-01

The scope of this paper is to present a newly developed decision support model to assess transport infrastructure projects: CBA-DK. The model makes use of conventional cost-benefit analysis resulting in aggregated single point estimates and quantitative risk analysis using Monte Carlo simulation...... resulting in interval results. The embedded uncertainties within traditional CBA such as ex-ante based investment costs and travel time savings are of particular concern. The methodological approach has been to apply suitable probability distribution functions on the uncertain parameters, thus resulting...... in feasibility risk assessment moving from point to interval results. Decision support as illustrated in this paper aims to provide assistance in the development and ultimately the choice of action while accounting for the uncertainties surrounding transport appraisal schemes. The modelling framework...

Modelling of Transport Projects Uncertainties

DEFF Research Database (Denmark)

Salling, Kim Bang; Leleur, Steen

2012-01-01

This paper proposes a new way of handling the uncertainties present in transport decision making based on infrastructure appraisals. The paper suggests to combine the principle of Optimism Bias, which depicts the historical tendency of overestimating transport related benefits and underestimating...... to supplement Optimism Bias and the associated Reference Class Forecasting (RCF) technique with a new technique that makes use of a scenario-grid. We tentatively introduce and refer to this as Reference Scenario Forecasting (RSF). The final RSF output from the CBA-DK model consists of a set of scenario......-based graphs which functions as risk-related decision support for the appraised transport infrastructure project. The presentation of RSF is demonstrated by using an appraisal case concerning a new airfield in the capital of Greenland, Nuuk....

Risk Management Plan for Tank Farm Restoration and Safe Operations, Project W-314

International Nuclear Information System (INIS)

MCGREW, D.L.

2000-01-01

The Risk Management Plan for Project W-314 describes the systems, processes and procedures for implementation of applicable risk management practices described in HNF-0842, Volume IV, Section 2.6, ''Risk Management''. This plan is tailored specifically for use by Project W-314

A real option-based model for promoting sustainable energy projects under the clean development mechanism

International Nuclear Information System (INIS)

Lee, Hyounkyu; Park, Taeil; Kim, Byungil; Kim, Kyeongseok; Kim, Hyoungkwan

2013-01-01

The clean development mechanism (CDM) provides a way of assisting sustainable development in developing countries for developed countries to reduce greenhouse gas (GHG) emissions. Despite its intended benefits, the primary CDM market decreased from US$5.8 billion in 2006 to US$1.5 billion in 2010. One of the primary reasons for the reduction of market size is that developed countries as investors have a high level of risks caused by the volatility of the market price for certified emission reductions (CERs). Another issue to be resolved is that developing countries as host countries cannot claim any right to the CERs produced on their own land. This paper presents a real option-based model for both parties (developed and developing countries) to have their fair share of profits and risks by controlling the uncertainty associated with the future value of CERs. A case study illustrated that the proposed model can effectively attract investors to CDM projects leading to mitigation of climate change. - Highlights: ► This study focused on the risks associated with the uncertainty of future CER value in CDM projects. ► A real option-based model was developed for both parties in CDM to have fair share of profit and risk. ► Key variables and boundary conditions were identified for application of real option to CDM. ► The model allowed both parties to own options, which have an identical value. ► Hydropower plant projects in Indonesia were used to illustrate the implementation of the model

Permafrost Degradation Risk Zone Assessment using Simulation Models

DEFF Research Database (Denmark)

Daanen, R.P.; Ingeman-Nielsen, Thomas; Marchenko, S.

2011-01-01

In this proof-of-concept study we focus on linking large scale climate and permafrost simulations to small scale engineering projects by bridging the gap between climate and permafrost sciences on the one hand and on the other technical recommendation for adaptation of planned infrastructures...... to climate change in a region generally underlain by permafrost. We present the current and future state of permafrost in Greenland as modelled numerically with the GIPL model driven by HIRHAM climate projections up to 2080. We develop a concept called Permafrost Thaw Potential (PTP), defined...... as the potential active layer increase due to climate warming and surface alterations. PTP is then used in a simple risk assessment procedure useful for engineering applications. The modelling shows that climate warming will result in continuing wide-spread permafrost warming and degradation in Greenland...

Risk management of PPP project in the preparation stage based on Fault Tree Analysis

Science.gov (United States)

Xing, Yuanzhi; Guan, Qiuling

2017-03-01

The risk management of PPP(Public Private Partnership) project can improve the level of risk control between government departments and private investors, so as to make more beneficial decisions, reduce investment losses and achieve mutual benefit as well. Therefore, this paper takes the PPP project preparation stage venture as the research object to identify and confirm four types of risks. At the same time, fault tree analysis(FTA) is used to evaluate the risk factors that belong to different parts, and quantify the influencing degree of risk impact on the basis of risk identification. In addition, it determines the importance order of risk factors by calculating unit structure importance on PPP project preparation stage. The result shows that accuracy of government decision-making, rationality of private investors funds allocation and instability of market returns are the main factors to generate the shared risk on the project.

FIDIC contracts: analysis of the impact of general and particular conditions on the financial risk management in Romanian infrastructure projects

Directory of Open Access Journals (Sweden)

Constanţa-Nicoleta Bodea

2016-12-01

Full Text Available Construction projects are characterized by risks and uncertainties mainly due to technical and economic complexity. Risk management is an important tool in making decisions involving the identification and reduction, avoidance or transfer risk and uncertainties consequences of events that occurs during project implementation. For this reason, the objective of the contract between the beneficiary and the contractor is the allocation of risk. The distribution of risk in contracts for the execution of construction works was and is an ongoing challenge faced by parties having a significant impact on the type of contract is used. On the one hand, the beneficiaries tend to transfer to the contractors as many of the project risks and uncertainties, on the other hand, the contractors look to exploit any weakness contract, so as to reduce their impact on the expected profit. One of the most important risks assumed by the contractor by signing the contract which is also increasingly common in the current economic situation is the reduced financial capacity to support the project. A purely legal or purely technical interpretation is not meant to describe the complexity of issues related to implementation of construction projects. For this reason the authors have adopted a multi-disciplinary approach, which includes the legal issues related to the nature of the contract, but also the financial and technical aspects of construction projects. The paper aims to analyze how special contract clauses can influence the implementation of construction projects and in particular the financial management of contractors. The authors propose a model for analyzing the impact of FIDIC contract conditions applied on a case study of five transport infrastructure projects.

Predictive risk modelling under different data access scenarios: who is identified as high risk and for how long?

Science.gov (United States)

Johnson, Tracy L; Kaldor, Jill; Sutherland, Kim; Humphries, Jacob; Jorm, Louisa R; Levesque, Jean-Frederic

2018-01-01

Objective This observational study critically explored the performance of different predictive risk models simulating three data access scenarios, comparing: (1) sociodemographic and clinical profiles; (2) consistency in high-risk designation across models; and (3) persistence of high-risk status over time. Methods Cross-sectional health survey data (2006–2009) for more than 260 000 Australian adults 45+ years were linked to longitudinal individual hospital, primary care, pharmacy and mortality data. Three risk models predicting acute emergency hospitalisations were explored, simulating conditions where data are accessed through primary care practice management systems, or through hospital-based electronic records, or through a hypothetical ‘full’ model using a wider array of linked data. High-risk patients were identified using different risk score thresholds. Models were reapplied monthly for 24 months to assess persistence in high-risk categorisation. Results The three models displayed similar statistical performance. Three-quarters of patients in the high-risk quintile from the ‘full’ model were also identified using the primary care or hospital-based models, with the remaining patients differing according to age, frailty, multimorbidity, self-rated health, polypharmacy, prior hospitalisations and imminent mortality. The use of higher risk prediction thresholds resulted in lower levels of agreement in high-risk designation across models and greater morbidity and mortality in identified patient populations. Persistence of high-risk status varied across approaches according to updated information on utilisation history, with up to 25% of patients reassessed as lower risk within 1 year. Conclusion/implications Small differences in risk predictors or risk thresholds resulted in comparatively large differences in who was classified as high risk and for how long. Pragmatic predictive risk modelling design decisions based on data availability or projected

A multi-model analysis of risk of ecosystem shifts under climate change

International Nuclear Information System (INIS)

Warszawski, Lila; Ostberg, Sebastian; Frieler, Katja; Lucht, Wolfgang; Schaphoff, Sibyll; Buechner, Matthias; Piontek, Franziska; Friend, Andrew; Keribin, Rozenn; Rademacher, Tim Tito; Beerling, David; Lomas, Mark; Cadule, Patricia; Ciais, Philippe; Clark, Douglas B; Kahana, Ron; Ito, Akihiko; Nishina, Kazuya; Kleidon, Axel; Pavlick, Ryan

2013-01-01

Climate change may pose a high risk of change to Earth’s ecosystems: shifting climatic boundaries may induce changes in the biogeochemical functioning and structures of ecosystems that render it difficult for endemic plant and animal species to survive in their current habitats. Here we aggregate changes in the biogeochemical ecosystem state as a proxy for the risk of these shifts at different levels of global warming. Estimates are based on simulations from seven global vegetation models (GVMs) driven by future climate scenarios, allowing for a quantification of the related uncertainties. 5–19% of the naturally vegetated land surface is projected to be at risk of severe ecosystem change at 2 ° C of global warming (ΔGMT) above 1980–2010 levels. However, there is limited agreement across the models about which geographical regions face the highest risk of change. The extent of regions at risk of severe ecosystem change is projected to rise with ΔGMT, approximately doubling between ΔGMT = 2 and 3 ° C, and reaching a median value of 35% of the naturally vegetated land surface for ΔGMT = 4 °C. The regions projected to face the highest risk of severe ecosystem changes above ΔGMT = 4 °C or earlier include the tundra and shrublands of the Tibetan Plateau, grasslands of eastern India, the boreal forests of northern Canada and Russia, the savanna region in the Horn of Africa, and the Amazon rainforest. (letter)

Evaluating Sources of Risks in Large Engineering Projects: The Roles of Equivocality and Uncertainty

Directory of Open Access Journals (Sweden)

Leena Pekkinen

2015-11-01

Full Text Available Contemporary project risk management literature introduces uncertainty, i.e., the lack of information, as a fundamental basis of project risks. In this study the authors assert that equivocality, i.e., the existence of multiple and conflicting interpretations, can also serve as a basis of risks. With an in-depth empirical investigation of a large complex engineering project the authors identified risk sources having their bases in the situations where uncertainty or equivocality was the predominant attribute. The information processing theory proposes different managerial practices for risk management based on the sources of risks in uncertainty or equivocality.

Catchment Models and Management Tools for diffuse Contaminants (Sediment, Phosphorus and Pesticides): DIFFUSE Project

Science.gov (United States)

Mockler, Eva; Reaney, Simeon; Mellander, Per-Erik; Wade, Andrew; Collins, Adrian; Arheimer, Berit; Bruen, Michael

2017-04-01

The agricultural sector is the most common suspected source of nutrient pollution in Irish rivers. However, it is also often the most difficult source to characterise due to its predominantly diffuse nature. Particulate phosphorus in surface water and dissolved phosphorus in groundwater are of particular concern in Irish water bodies. Hence the further development of models and indices to assess diffuse sources of contaminants are required for use by the Irish Environmental Protection Agency (EPA) to provide support for river basin planning. Understanding connectivity in the landscape is a vital component of characterising the source-pathway-receptor relationships for water-borne contaminants, and hence is a priority in this research. The DIFFUSE Project will focus on connectivity modelling and incorporation of connectivity into sediment, nutrient and pesticide risk mapping. The Irish approach to understanding and managing natural water bodies has developed substantially in recent years assisted by outputs from multiple research projects, including modelling and analysis tools developed during the Pathways and CatchmentTools projects. These include the Pollution Impact Potential (PIP) maps, which are an example of research output that is used by the EPA to support catchment management. The PIP maps integrate an understanding of the pollution pressures and mobilisation pathways and, using the source-pathways-receptor model, provide a scientific basis for evaluation of mitigation measures. These maps indicate the potential risk posed by nitrate and phosphate from diffuse agricultural sources to surface and groundwater receptors and delineate critical source areas (CSAs) as a means of facilitating the targeting of mitigation measures. Building on this previous research, the DIFFUSE Project will develop revised and new catchment managements tools focused on connectivity, sediment, phosphorus and pesticides. The DIFFUSE project will strive to identify the state

Two Stage Fuzzy Methodology to Evaluate the Credit Risks of Investment Projects

OpenAIRE

O. Badagadze; G. Sirbiladze; I. Khutsishvili

2014-01-01

The work proposes a decision support methodology for the credit risk minimization in selection of investment projects. The methodology provides two stages of projects’ evaluation. Preliminary selection of projects with minor credit risks is made using the Expertons Method. The second stage makes ranking of chosen projects using the Possibilistic Discrimination Analysis Method. The latter is a new modification of a well-known Method of Fuzzy Discrimination Analysis.

Risks and opportunities management on laser Megajoule project: the development of a new knowledge

International Nuclear Information System (INIS)

Delafosse-Le Ber, H.; Deysson, St.; Briault, S.

2004-01-01

The interest of these six years spent to build the management through the Risks and the Opportunities (R and O) approach on the project Megajoule Laser as well did not hold with the practical application of a method as to the installation of a formal culture and to its evolution in time. This culture, it had to be progressively founded within a mainly technical project team. More qualitative with most quantitative aspects, the putting into practice of the R and O approach on project LMJ knew all the degrees of evolution and precision. The starting of the project saw being born the first analysis of its 'Project Risk' with a series of interviews, carried out by the Quality Manager at the time. This analysis took the shape of a technical item lists, which are identified in an empirical way. Then, some brainstorming meeting were led under the responsibility of the Technical Coordinator (which is the Project Manager assistant) in order to identify and to evaluate the 'Project Risk' on a qualitative way, but always keeping a strong technical connotation. The methodological reference of the 'Project Risk' was outlined taking into account the DGA AQ 923 without directly interaction with the other project processes (for example, the cost, the deadlines and the performance management). Initially, the project developed an Access database, which allows the storing of the risk files. Unfortunately, this database is isolated from the other project management data processing tools. In the second time, the project decided to obtain a dedicated organisation, hierarchically independent from the technical managers but however integrated into the project and attached to the assistant of the Control Project Manager. This organisation being called 'Risks and Opportunities Team', when the management of the opportunities supplemented the R and O approach. This team combines today the individual interviews and the Working Groups in order to identify and to evaluate the effects of the R

Collaborative modelling for active involvement of stakeholders in urban flood risk management

Directory of Open Access Journals (Sweden)

M. Evers

2012-09-01

Full Text Available This paper presents an approach to enhance the role of local stakeholders in dealing with urban floods. The concept is based on the DIANE-CM project (Decentralised Integrated Analysis and Enhancement of Awareness through Collaborative Modelling and Management of Flood Risk of the 2nd ERANET CRUE funding initiative. The main objective of the project was to develop and test an advanced methodology for enhancing the resilience of local communities to flooding. Through collaborative modelling, a social learning process was initiated that enhances the social capacity of the stakeholders due to the interaction process. The other aim of the project was to better understand how data from hazard and vulnerability analyses and improved maps, as well as from the near real-time flood prediction, can be used to initiate a public dialogue (i.e. collaborative mapping and planning activities in order to carry out more informed and shared decision-making processes and to enhance flood risk awareness. The concept of collaborative modelling was applied in two case studies: (1 the Cranbrook catchment in the UK, with focus on pluvial flooding; and (2 the Alster catchment in Germany, with focus on fluvial flooding. As a result of the interactive and social learning process, supported by sociotechnical instruments, an understanding of flood risk was developed amongst the stakeholders and alternatives for flood risk management for the respective case study area were jointly developed and ranked as a basis for further planning and management.

World energy projection system: Model documentation

Science.gov (United States)

1992-06-01

The World Energy Project System (WEPS) is an accounting framework that incorporates projects from independently documented models and assumptions about the future energy intensity of economic activity (ratios of total energy consumption divided by gross domestic product) and about the rate of incremental energy requirements met by hydropower, geothermal, coal, and natural gas to produce projections of world energy consumption published annually by the Energy Information Administration (EIA) in the International Energy Outlook (IEO). Two independently documented models presented in Figure 1, the Oil Market Simulation (OMS) model and the World Integrated Nuclear Evaluation System (WINES), provide projections of oil and nuclear power consumption published in the IEO. Output from a third independently documented model, and the International Coal Trade Model (ICTM), is not published in the IEO but is used in WEPS as a supply check on projections of world coal consumption produced by WEPS and published in the IEO. A WEPS model of natural gas production documented in this report provides the same type of implicit supply check on the WEPS projections of world natural gas consumption published in the IEO. Two additional models are included in Figure 1, the OPEC Capacity model and the Non-OPEC Oil Production model. These WEPS models provide inputs to the OMS model and are documented in this report.

World energy projection system: Model documentation

International Nuclear Information System (INIS)

1992-06-01

The World Energy Project System (WEPS) is an accounting framework that incorporates projects from independently documented models and assumptions about the future energy intensity of economic activity (ratios of total energy consumption divided by gross domestic product) and about the rate of incremental energy requirements met by hydropower, geothermal, coal, and natural gas to produce projections of world energy consumption published annually by the Energy Information Administration (EIA) in the International Energy Outlook (IEO) (Figure 1). Two independently documented models presented in Figure 1, the Oil Market Simulation (OMS) model and the World Integrated Nuclear Evaluation System (WINES) provide projections of oil and nuclear power consumption published in the IEO. Output from a third independently documented model, and the International Coal Trade Model (ICTM), is not published in the IEO but is used in WEPS as a supply check on projections of world coal consumption produced by WEPS and published in the IEO. A WEPS model of natural gas production documented in this report provides the same type of implicit supply check on the WEPS projections of world natural gas consumption published in the IEO. Two additional models are included in Figure 1, the OPEC Capacity model and the Non-OPEC Oil Production model. These WEPS models provide inputs to the OMS model and are documented in this report

Prioritization Risk Integration Simulation Model (PRISM) For Environmental Remediation and Waste Management - 12097

Energy Technology Data Exchange (ETDEWEB)

Pentz, David L.; Stoll, Ralph H.; Greeves, John T. [Predicus LLC, Issaquah, WA 98027 (United States); Miller, R. Ian [GoldSim Technology Group, LLC, Issaquah, WA 98027 (United States); Nutt, W. Mark [Argonne National Laboratory, Argonne, IL 60439 (United States)

2012-07-01

The PRISM (Prioritization Risk Integration Simulation Model), a computer model was developed to support the Department of Energy's Office of Environmental Management (DOE-EM) in its mission to clean up the environmental legacy from the Nation's nuclear weapons materials production complex. PRISM provides a comprehensive, fully integrated planning tool that can tie together DOE-EM's projects. It is designed to help DOE managers develop sound, risk-informed business practices and defend program decisions. It provides a better ability to understand and manage programmatic risks. The underlying concept for PRISM is that DOE-EM 'owns' a portfolio of environmental legacy obligations (ELOs), and that its mission is to transform the ELOs from their current conditions to acceptable conditions, in the most effective way possible. There are many types of ELOs - - contaminated soils and groundwater plumes, disused facilities awaiting D and D, and various types of wastes waiting for processing or disposal. For a given suite of planned activities, PRISM simulates the outcomes as they play out over time, allowing for all key identified uncertainties and risk factors. Each contaminated building, land area and waste stream is tracked from cradle to grave, and all of the linkages affecting different waste streams are captured. The progression of the activities is fully dynamic, reflecting DOE-EM's prioritization approaches, precedence requirements, available funding, and the consequences of risks and uncertainties. The top level of PRISM is the end-user interface that allows rapid evaluation of alternative scenarios and viewing the results in a variety of useful ways. PRISM is a fully probabilistic model, allowing the user to specify uncertainties in input data (such as the magnitude of an existing groundwater plume, or the total cost to complete a planned activity) as well as specific risk events that might occur. PRISM is based on the GoldSim software

Relationships Between Risks in an IT Project Development Portfolio

NARCIS (Netherlands)

Kusters, R.J.; Postema, J.J.; Trienekens, J.J.M.; Lavazza, L.; Oberhauser, R.; Martin, A.; Hassine, J.; Gebhart, M.; Jäntti, M.

2013-01-01

More and more it is seen that IT (Information Technology) projects are managed as a whole as part of a IT project portfolio. As one of the arguments for doing so, risk management at the portfolio level was identified as one of the advantages that could benefit from this. This was based on the notion

Global projections of drought hazard in a warming climate: a prime for disaster risk management

Science.gov (United States)

Carrão, Hugo; Naumann, Gustavo; Barbosa, Paulo

2018-03-01

Projections of drought hazard ( dH) changes have been mapped from five bias-corrected climate models and analyzed at the global level under three representative concentration pathways (RCPs). The motivation for this study is the observation that drought risk is increasing globally and the effective regulation of prevention and adaptation measures depends on dH magnitude and its distribution for the future. Based on the Weighted Anomaly of Standardized Precipitation index, dH changes have been assessed for mid-(2021-2050) and late-century (2071-2099). With a few exceptions, results show a likely increase in global dH between the historical years (1971-2000) and both future time periods under all RCPs. Notwithstanding this worsening trend, it was found that projections of dH changes for most regions are neither robust nor significant in the near-future. By the end of the century, greater increases are projected for RCPs describing stronger radiative forcing. Under RCP8.5, statistically significant dH changes emerge for global Mediterranean ecosystems and the Amazon region, which are identified as possible hotspots for future water security issues. Taken together, projections of dH changes point towards two dilemmas: (1) in the near-term, stake-holders are left worrying about projected increasing dH over large regions, but lack of actionable model agreement to take effective decisions related to local prevention and adaptation initiatives; (2) in the long-term, models demonstrate remarkable agreement, but stake-holders lack actionable knowledge to manage potential impacts far distant from actual human-dominated environments. We conclude that the major challenge for risk management is not to adapt human populations or their activities to dH changes, but to progress on global initiatives that mitigate their impacts in the whole carbon cycle by late-century.

MANAGEMENT OF TRANSURANIC (TRU) WASTE RETRIEVAL PROJECT RISKS SUCCESSES IN THE STARTUP OF THE HANFORD 200 AREA TRU WASTE RETRIEVAL PROJECT

International Nuclear Information System (INIS)

GREENWLL, R.D.

2005-01-01

A risk identification and mitigation method applied to the Transuranic (TRU) Waste Retrieval Project performed at the Hanford 200 Area burial grounds is described. Retrieval operations are analyzed using process flow diagramming. and the anticipated project contingencies are included in the Authorization Basis and operational plans. Examples of uncertainties assessed include degraded container integrity, bulged drums, unknown containers, and releases to the environment. Identification and mitigation of project risks contributed to the safe retrieval of over 1700 cubic meters of waste without significant work stoppage and below the targeted cost per cubic meter retrieved. This paper will be of interest to managers, project engineers, regulators, and others who are responsible for successful performance of waste retrieval and other projects with high safety and performance risks

An application of a hydraulic model simulator in flood risk assessment under changing climatic conditions

Science.gov (United States)

Doroszkiewicz, J. M.; Romanowicz, R. J.

2016-12-01

The standard procedure of climate change impact assessment on future hydrological extremes consists of a chain of consecutive actions, starting from the choice of GCM driven by an assumed CO2 scenario, through downscaling of climatic forcing to a catchment scale, estimation of hydrological extreme indices using hydrological modelling tools and subsequent derivation of flood risk maps with the help of a hydraulic model. Among many possible sources of uncertainty, the main are the uncertainties related to future climate scenarios, climate models, downscaling techniques and hydrological and hydraulic models. Unfortunately, we cannot directly assess the impact of these different sources of uncertainties on flood risk in future due to lack of observations of future climate realizations. The aim of this study is an assessment of a relative impact of different sources of uncertainty on the uncertainty of flood risk maps. Due to the complexity of the processes involved, an assessment of total uncertainty of maps of inundation probability might be very computer time consuming. As a way forward we present an application of a hydraulic model simulator based on a nonlinear transfer function model for the chosen locations along the river reach. The transfer function model parameters are estimated based on the simulations of the hydraulic model at each of the model cross-sections. The study shows that the application of a simulator substantially reduces the computer requirements related to the derivation of flood risk maps under future climatic conditions. Biala Tarnowska catchment, situated in southern Poland is used as a case study. Future discharges at the input to a hydraulic model are obtained using the HBV model and climate projections obtained from the EUROCORDEX project. The study describes a cascade of uncertainty related to different stages of the process of derivation of flood risk maps under changing climate conditions. In this context it takes into account the

Risk Management Affecting IS/IT Project Success Through Communicative Action

NARCIS (Netherlands)

de Bakker, K.F.C.; Boonstra, A.; Wortmann, J.C.

Project risk management is defined in the literature as being instrumental action based on rational problem solving. Research indicates limited positive effects of an exclusive focus of instrumental action on project success. This article proposes to extend this instrumental view through

Assessment of the Appalachian Basin Geothermal Field: Combining Risk Factors to Inform Development of Low Temperature Projects

Science.gov (United States)

Smith, J. D.; Whealton, C.; Camp, E. R.; Horowitz, F.; Frone, Z. S.; Jordan, T. E.; Stedinger, J. R.

2015-12-01

Exploration methods for deep geothermal energy projects must primarily consider whether or not a location has favorable thermal resources. Even where the thermal field is favorable, other factors may impede project development and success. A combined analysis of these factors and their uncertainty is a strategy for moving geothermal energy proposals forward from the exploration phase at the scale of a basin to the scale of a project, and further to design of geothermal systems. For a Department of Energy Geothermal Play Fairway Analysis we assessed quality metrics, which we call risk factors, in the Appalachian Basin of New York, Pennsylvania, and West Virginia. These included 1) thermal field variability, 2) productivity of natural reservoirs from which to extract heat, 3) potential for induced seismicity, and 4) presence of thermal utilization centers. The thermal field was determined using a 1D heat flow model for 13,400 bottomhole temperatures (BHT) from oil and gas wells. Steps included the development of i) a set of corrections to BHT data and ii) depth models of conductivity stratigraphy at each borehole based on generalized stratigraphy that was verified for a select set of wells. Wells are control points in a spatial statistical analysis that resulted in maps of the predicted mean thermal field properties and of the standard error of the predicted mean. Seismic risk was analyzed by comparing earthquakes and stress orientations in the basin to gravity and magnetic potential field edges at depth. Major edges in the potential fields served as interpolation boundaries for the thermal maps (Figure 1). Natural reservoirs were identified from published studies, and productivity was determined based on the expected permeability and dimensions of each reservoir. Visualizing the natural reservoirs and population centers on a map of the thermal field communicates options for viable pilot sites and project designs (Figure 1). Furthermore, combining the four risk

Flash flood forecasting, warning and risk management: the HYDRATE project

International Nuclear Information System (INIS)

Borga, M.; Anagnostou, E.N.; Bloeschl, G.; Creutin, J.-D.

2011-01-01

Highlights: → We characterize flash flood events in various regions of Europe. → We provide guidance to improve observations and monitoring of flash floods. → Flash floods are associated to orography and are influenced by initial soil moisture conditions. → Models for flash flood forecasting and flash flood hazard assessment are illustrated and discussed. → We examine implications for flood risk policy and discuss recommendations received from end users. - Abstract: The management of flash flood hazards and risks is a critical component of public safety and quality of life. Flash-floods develop at space and time scales that conventional observation systems are not able to monitor for rainfall and river discharge. Consequently, the atmospheric and hydrological generating mechanisms of flash-floods are poorly understood, leading to highly uncertain forecasts of these events. The objective of the HYDRATE project has been to improve the scientific basis of flash flood forecasting by advancing and harmonising a European-wide innovative flash flood observation strategy and developing a coherent set of technologies and tools for effective early warning systems. To this end, the project included actions on the organization of the existing flash flood data patrimony across Europe. The final aim of HYDRATE was to enhance the capability of flash flood forecasting in ungauged basins by exploiting the extended availability of flash flood data and the improved process understanding. This paper provides a review of the work conducted in HYDRATE with a special emphasis on how this body of research can contribute to guide the policy-life cycle concerning flash flood risk management.

Risk management in a large-scale CO2 geosequestration pilot project, Illinois, USA

Science.gov (United States)

Hnottavange-Telleen, K.; Chabora, E.; Finley, R.J.; Greenberg, S.E.; Marsteller, S.

2011-01-01

Like most large-scale infrastructure projects, carbon dioxide (CO 2) geological sequestration (GS) projects have multiple success criteria and multiple stakeholders. In this context "risk evaluation" encompasses multiple scales. Yet a risk management program aims to maximize the chance of project success by assessing, monitoring, minimizing all risks in a consistent framework. The 150,000-km2 Illinois Basin underlies much of the state of Illinois, USA, and parts of adjacent Kentucky and Indiana. Its potential for CO2 storage is first-rate among basins in North America, an impression that has been strengthened by early testing of the injection well of the Midwest Geological Sequestration Consortium's (MGSC's) Phase III large scale demonstration project, the Illinois Basin - Decatur Project (IBDP). The IBDP, funded by the U.S. Department of Energy's National Energy Technology Laboratory (NETL), represents a key trial of GS technologies and project-management techniques. Though risks are specific to each site and project, IBDP risk management methodologies provide valuable experience for future GS projects. IBDP views risk as the potential for negative impact to any of these five values: health and safety, environment, financial, advancing the viability and public acceptability of a GS industry, and research. Research goals include monitoring one million metric tonnes of injected CO2 in the subsurface. Risk management responds to the ways in which any values are at risk: for example, monitoring is designed to reduce uncertainties in parameter values that are important for research and system control, and is also designed to provide public assurance. Identified risks are the primary basis for risk-reduction measures: risks linked to uncertainty in geologic parameters guide further characterization work and guide simulations applied to performance evaluation. Formally, industry defines risk (more precisely risk criticality) as the product L*S, the Likelihood multiplied

Competency model for the project managers of technical projects

Science.gov (United States)

Duncan, William R.

1992-05-01

Traditional job description techniques were developed to support compensation decisions for hourly wage earners in a manufacturing environment. Their resultant focus on activities performed on the job works well in this environment where the ability to perform the activity adequately is objectively verifiable by testing and observation. Although many organizations have adapted these techniques for salaried employees and service environments, the focus on activities performed has never been satisfactory. For example, stating that a project manager `prepares regular project status reports' tells us little about what to look for in a potential project manager or how to determine if a practicing project manager is ready for additional responsibilities. The concept of a `competency model' has been developed within the last decade to address this shortcoming. Competency models focus on what skills are needed to perform the tasks defined by the job description. For example, a project manager must be able to communicate well both orally and in writing in order to `prepare regular project status reports.'

Fuzzy hierarchical model for risk assessment principles, concepts, and practical applications

CERN Document Server

Chan, Hing Kai

2013-01-01

Risk management is often complicated by situational uncertainties and the subjective preferences of decision makers. Fuzzy Hierarchical Model for Risk Assessment introduces a fuzzy-based hierarchical approach to solve risk management problems considering both qualitative and quantitative criteria to tackle imprecise information.   This approach is illustrated through number of case studies using examples from the food, fashion and electronics sectors to cover a range of applications including supply chain management, green product design and green initiatives. These practical examples explore how this method can be adapted and fine tuned to fit other industries as well.   Supported by an extensive literature review, Fuzzy Hierarchical Model for Risk Assessment  comprehensively introduces a new method for project managers across all industries as well as researchers in risk management.

Meeting CCS communication challenges head-on: Integrating communications, planning, risk assessment, and project management

Science.gov (United States)

Greenberg, S.; Gauvreau, L.; Hnottavange-Telleen, K.; Finley, R.; Marsteller, S.

2011-01-01

The Midwest Geological Sequestration Consortium, Schlumberger Carbon Services, and Archer Daniels Midland has implemented a comprehensive communications plan at the Illinois Basin - Decatur Project (IBDP), a one million metric tonne Carbon Capture and Storage project in Decatur, IL, USA funded by the U.S. Department of Energy's National Energy Technology Laboratory. The IBDP Communication Plan includes consortium information, funding and disclaimer citations, description of target audiences, media communications guidelines, paper and presentations guidelines, site visit information, crisis communication, on-site photography regulations, and other components. The creation, development, and implementation processes for the IBDP Communication Plan (the Plan) are shared in this paper. New communications challenges, such as how to address add-on research requests, data sharing and management, scope increase, and contract agreements have arisen since the Plan was completed in January 2009, resulting in development of new policies and procedures by project management. Integrating communications planning, risk assessment, and project management ensured that consistent, factual information was developed and incorporated into project planning, and constitutes the basis of public communications. Successful integration has allowed the IBDP to benefit from early identification and mitigation of the potential project risks, which allows more time to effectively deal with unknown and unidentified risks that may arise. Project risks and risks associated with public perception can be managed through careful planning and integration of communication strategies into project management and risk mitigation. ?? 2011 Published by Elsevier Ltd.

Linking models of human behaviour and climate alters projected climate change

Science.gov (United States)

Beckage, Brian; Gross, Louis J.; Lacasse, Katherine; Carr, Eric; Metcalf, Sara S.; Winter, Jonathan M.; Howe, Peter D.; Fefferman, Nina; Franck, Travis; Zia, Asim; Kinzig, Ann; Hoffman, Forrest M.

2018-01-01

Although not considered in climate models, perceived risk stemming from extreme climate events may induce behavioural changes that alter greenhouse gas emissions. Here, we link the C-ROADS climate model to a social model of behavioural change to examine how interactions between perceived risk and emissions behaviour influence projected climate change. Our coupled climate and social model resulted in a global temperature change ranging from 3.4-6.2 °C by 2100 compared with 4.9 °C for the C-ROADS model alone, and led to behavioural uncertainty that was of a similar magnitude to physical uncertainty (2.8 °C versus 3.5 °C). Model components with the largest influence on temperature were the functional form of response to extreme events, interaction of perceived behavioural control with perceived social norms, and behaviours leading to sustained emissions reductions. Our results suggest that policies emphasizing the appropriate attribution of extreme events to climate change and infrastructural mitigation may reduce climate change the most.

MARR project risk matrices in radiotherapy; Proyecto MARR: matrices de riesgo en radioterapia

Energy Technology Data Exchange (ETDEWEB)

Ramirez, M. L.; Perez Mulas, A.; Vilanova, J.; Prieto, C.; Delgado, J. M.; Alvarez, C.; Rodriguez, M.

2014-07-01

Radiotherapy is a complex process not without risk for the patient. The Council de Nuclear Safety (CSN), based on its cooperation with the health authorities regarding radiation protection of patient is promoting, through the project MARR, (Risk matrix in radiotherapy) the risk analysis in the radiotherapy departments of our country. This project represents the extension of methodologies applied in the nuclear sector other radiological practices. The aim is to share, with professional societies, the knowledge acquired by the CSN during its participation in the Ibero-American Forum of regulators (Forum) projects. (Author)

The MCRA model for probabilistic single-compound and cumulative risk assessment of pesticides.

Science.gov (United States)

van der Voet, Hilko; de Boer, Waldo J; Kruisselbrink, Johannes W; Goedhart, Paul W; van der Heijden, Gerie W A M; Kennedy, Marc C; Boon, Polly E; van Klaveren, Jacob D

2015-05-01

Pesticide risk assessment is hampered by worst-case assumptions leading to overly pessimistic assessments. On the other hand, cumulative health effects of similar pesticides are often not taken into account. This paper describes models and a web-based software system developed in the European research project ACROPOLIS. The models are appropriate for both acute and chronic exposure assessments of single compounds and of multiple compounds in cumulative assessment groups. The software system MCRA (Monte Carlo Risk Assessment) is available for stakeholders in pesticide risk assessment at mcra.rivm.nl. We describe the MCRA implementation of the methods as advised in the 2012 EFSA Guidance on probabilistic modelling, as well as more refined methods developed in the ACROPOLIS project. The emphasis is on cumulative assessments. Two approaches, sample-based and compound-based, are contrasted. It is shown that additional data on agricultural use of pesticides may give more realistic risk assessments. Examples are given of model and software validation of acute and chronic assessments, using both simulated data and comparisons against the previous release of MCRA and against the standard software DEEM-FCID used by the Environmental Protection Agency in the USA. It is shown that the EFSA Guidance pessimistic model may not always give an appropriate modelling of exposure. Crown Copyright © 2014. Published by Elsevier Ltd. All rights reserved.

Beyond theory : Towards a probabilistic causation model to support project governance in infrastructure projects

NARCIS (Netherlands)

Chivatá Cárdenas, Ibsen; Voordijk, Johannes T.; Dewulf, Geert

2017-01-01

A new project governance model for infrastructure projects is described in this paper. This model contains causal mechanisms that relate a number of project governance variables to project performance. Our proposed model includes relevant variables for measuring project governance in construction

Risk Management in Complex Construction Projects that Apply Renewable Energy Sources: A Case Study of the Realization Phase of the Energis Educational and Research Intelligent Building

Science.gov (United States)

Krechowicz, Maria

2017-10-01

Nowadays, one of the characteristic features of construction industry is an increased complexity of a growing number of projects. Almost each construction project is unique, has its project-specific purpose, its own project structural complexity, owner’s expectations, ground conditions unique to a certain location, and its own dynamics. Failure costs and costs resulting from unforeseen problems in complex construction projects are very high. Project complexity drivers pose many vulnerabilities to a successful completion of a number of projects. This paper discusses the process of effective risk management in complex construction projects in which renewable energy sources were used, on the example of the realization phase of the ENERGIS teaching-laboratory building, from the point of view of DORBUD S.A., its general contractor. This paper suggests a new approach to risk management for complex construction projects in which renewable energy sources were applied. The risk management process was divided into six stages: gathering information, identification of the top, critical project risks resulting from the project complexity, construction of the fault tree for each top, critical risks, logical analysis of the fault tree, quantitative risk assessment applying fuzzy logic and development of risk response strategy. A new methodology for the qualitative and quantitative risk assessment for top, critical risks in complex construction projects was developed. Risk assessment was carried out applying Fuzzy Fault Tree analysis on the example of one top critical risk. Application of the Fuzzy sets theory to the proposed model allowed to decrease uncertainty and eliminate problems with gaining the crisp values of the basic events probability, common during expert risk assessment with the objective to give the exact risk score of each unwanted event probability.

The use of biologically based cancer risk models in radiation epidemiology

International Nuclear Information System (INIS)

Krewski, D.; Zielinski, J.M.; Hazelton, W.D.; Garner, M.J.; Moolgavkar, S.H.

2003-01-01

Biologically based risk projection models for radiation carcinogenesis seek to describe the fundamental biological processes involved in neoplastic transformation of somatic cells into malignant cancer cells. A validated biologically based model, whose parameters have a direct biological interpretation, can also be used to extrapolate cancer risks to different exposure conditions with some confidence. In this article, biologically based models for radiation carcinogenesis, including the two-stage clonal expansion (TSCE) model and its extensions, are reviewed. The biological and mathematical bases for such models are described, and the implications of key model parameters for cancer risk assessment examined. Specific applications of versions of the TSCE model to important epidemiologic datasets are discussed, including the Colorado uranium miners' cohort; a cohort of Chinese tin miners; the lifespan cohort of atomic bomb survivors in Hiroshima and Nagasaki; and a cohort of over 200,000 workers included in the National Dose Registry (NDR) of Canada. (author)

High-school software development project helps increasing students' awareness of geo-hydrological hazards and their risks

Science.gov (United States)

Marchesini, Ivan; Rossi, Mauro; Balducci, Vinicio; Salvati, Paola; Guzzetti, Fausto; Bianchini, Andrea; Grzeleswki, Emanuell; Canonico, Andrea; Coccia, Rita; Fiorucci, Gianni Mario; Gobbi, Francesca; Ciuchetti, Monica

2015-04-01

In Italy, inundation and landslides are widespread phenomena that impact the population and cause significant economic damage to private and public properties. The perception of the risk posed by these natural geo-hydrological hazards varies geographically and in time. The variation in the perception of the risks has negative consequences on risk management, and limits the adoption of effective risk reduction strategies. We maintain that targeted education can foster the understanding of geo-hydrological hazards, improving their perception and the awareness of the associated risk. Collaboration of a research center experienced in geo-hydrological hazards and risks (CNR IRPI, Perugia) and a high school (ITIS Alessandro Volta, Perugia) has resulted in the design and execution of a project aimed at improving the perception of geo-hydrological risks in high school students and teachers through software development. In the two-year project, students, high school teachers and research scientists have jointly developed software broadly related to landslide and flood hazards. User requirements and system specifications were decided to facilitate the distribution and use of the software among students and their peers. This allowed a wider distribution of the project results. We discuss two prototype software developed by the high school students, including an application of augmented reality for improved dissemination of information of landslides and floods with human consequences in Italy, and a crowd science application to allow students (and others, including their families and friends) to collect information on landslide and flood occurrence exploiting modern mobile devices. This information can prove important e.g., for the validation of landslide forecasting models.

Managing the risks of a large-scale infrastructure project : The case of Spoorzone Delft

NARCIS (Netherlands)

Priemus, H.

2012-01-01

Risk management in large-scale infrastructure projects is attracting the attention of academics and practitioners alike. After a brief summary of the theoretical background, this paper describes how the risk analysis and risk management shaped up in a current large-scale infrastructure project in

Medical Updates Number 5 to the International Space Station Probability Risk Assessment (PRA) Model Using the Integrated Medical Model

Science.gov (United States)

Butler, Doug; Bauman, David; Johnson-Throop, Kathy

2011-01-01

The Integrated Medical Model (IMM) Project has been developing a probabilistic risk assessment tool, the IMM, to help evaluate in-flight crew health needs and impacts to the mission due to medical events. This package is a follow-up to a data package provided in June 2009. The IMM currently represents 83 medical conditions and associated ISS resources required to mitigate medical events. IMM end state forecasts relevant to the ISS PRA model include evacuation (EVAC) and loss of crew life (LOCL). The current version of the IMM provides the basis for the operational version of IMM expected in the January 2011 timeframe. The objectives of this data package are: 1. To provide a preliminary understanding of medical risk data used to update the ISS PRA Model. The IMM has had limited validation and an initial characterization of maturity has been completed using NASA STD 7009 Standard for Models and Simulation. The IMM has been internally validated by IMM personnel but has not been validated by an independent body external to the IMM Project. 2. To support a continued dialogue between the ISS PRA and IMM teams. To ensure accurate data interpretation, and that IMM output format and content meets the needs of the ISS Risk Management Office and ISS PRA Model, periodic discussions are anticipated between the risk teams. 3. To help assess the differences between the current ISS PRA and IMM medical risk forecasts of EVAC and LOCL. Follow-on activities are anticipated based on the differences between the current ISS PRA medical risk data and the latest medical risk data produced by IMM.

Quantile uncertainty and value-at-risk model risk.

Science.gov (United States)

Alexander, Carol; Sarabia, José María

2012-08-01

This article develops a methodology for quantifying model risk in quantile risk estimates. The application of quantile estimates to risk assessment has become common practice in many disciplines, including hydrology, climate change, statistical process control, insurance and actuarial science, and the uncertainty surrounding these estimates has long been recognized. Our work is particularly important in finance, where quantile estimates (called Value-at-Risk) have been the cornerstone of banking risk management since the mid 1980s. A recent amendment to the Basel II Accord recommends additional market risk capital to cover all sources of "model risk" in the estimation of these quantiles. We provide a novel and elegant framework whereby quantile estimates are adjusted for model risk, relative to a benchmark which represents the state of knowledge of the authority that is responsible for model risk. A simulation experiment in which the degree of model risk is controlled illustrates how to quantify Value-at-Risk model risk and compute the required regulatory capital add-on for banks. An empirical example based on real data shows how the methodology can be put into practice, using only two time series (daily Value-at-Risk and daily profit and loss) from a large bank. We conclude with a discussion of potential applications to nonfinancial risks. © 2012 Society for Risk Analysis.

The ChimERA project: Coupling mechanistic exposure and effect models into an integrated platform for ecological risk assessment

NARCIS (Netherlands)

Laender, de F.; Brink, van den P.J.; Janssen, C.R.; Guardo, Di A.

2014-01-01

Current techniques for the ecological risk assessment of chemical substances are often criticised for their lack of environmental realism, ecological relevance and methodological accuracy. ChimERA is a 3-year project (2013-2016), funded by Cefic's Long Range Initiative (LRI) that aims to address

Project Investment and Project Financing: A study on Business Case and Financing Models

OpenAIRE

Wang, Simiao

2012-01-01

Uncertainty is a very significant factor that must be taken into consideration in project front-end phase management. By taking into uncertainty, the planners can to a great extent make sure that the business case could be accurate between specific intervals, hence business case can be based on to make decision. In a highly uncertain environment; the project sponsors should prefer other means to finance the project rather than using debt. Risk management is extremely important in project fina...

The Symbiose project: an integrated framework for performing environmental radiological risk assessment

International Nuclear Information System (INIS)

Gonze, M.A.; Mourlon, C.; Garcia-Sanchez, L.; Beaugelin, K.; Chen, T.; Le Dizes, S.

2004-01-01

Human health and ecological risk assessments usually require the integration of a wide range of environmental data and modelling approaches, with a varying level of detail dependent on the management objectives, the complexity of the site and the level of ignorance about the pollutant behaviour/toxicity. Like most scientists and assessors did it recently, we recognized the need for developing comprehensive, integrated and flexible approaches to risk assessment. To meet these needs, IRSN launched the Symbiose project (2002-2006) which aims first, at designing a framework for integrating and managing data, methods and knowledge of some relevance in radiological risk to humans/biota assessment studies, and second, at implementing this framework in an information management, modelling and calculation platform. Feasibility developments (currently completed) led to the specification of a fully integrated, object-oriented and hierarchical approach for describing the fate, transport and effect of radionuclides in spatially-distributed environmental systems. This innovative approach has then been implemented in a platform prototype, main components of which are a user-friendly and modular simulation environment (e.g. using GoldSim toolbox), and a hierarchical object-oriented biosphere database. Both conceptual and technical developments will be presented here. (author)

Risk assessment of flood disaster and forewarning model at different spatial-temporal scales

Science.gov (United States)

Zhao, Jun; Jin, Juliang; Xu, Jinchao; Guo, Qizhong; Hang, Qingfeng; Chen, Yaqian

2018-05-01

Aiming at reducing losses from flood disaster, risk assessment of flood disaster and forewarning model is studied. The model is built upon risk indices in flood disaster system, proceeding from the whole structure and its parts at different spatial-temporal scales. In this study, on the one hand, it mainly establishes the long-term forewarning model for the surface area with three levels of prediction, evaluation, and forewarning. The method of structure-adaptive back-propagation neural network on peak identification is used to simulate indices in prediction sub-model. Set pair analysis is employed to calculate the connection degrees of a single index, comprehensive index, and systematic risk through the multivariate connection number, and the comprehensive assessment is made by assessment matrixes in evaluation sub-model. The comparison judging method is adopted to divide warning degree of flood disaster on risk assessment comprehensive index with forewarning standards in forewarning sub-model and then the long-term local conditions for proposing planning schemes. On the other hand, it mainly sets up the real-time forewarning model for the spot, which introduces the real-time correction technique of Kalman filter based on hydrological model with forewarning index, and then the real-time local conditions for presenting an emergency plan. This study takes Tunxi area, Huangshan City of China, as an example. After risk assessment and forewarning model establishment and application for flood disaster at different spatial-temporal scales between the actual and simulated data from 1989 to 2008, forewarning results show that the development trend for flood disaster risk remains a decline on the whole from 2009 to 2013, despite the rise in 2011. At the macroscopic level, project and non-project measures are advanced, while at the microcosmic level, the time, place, and method are listed. It suggests that the proposed model is feasible with theory and application, thus

Managing geotechnical risk on US design-build transport projects

Directory of Open Access Journals (Sweden)

Kevin McLain

2014-03-01

Full Text Available Awarding design-build (DB contracts before a complete subsurface investigation is completed, makes mitigating the risk of differing site conditions difficult, if not impossible. The purpose of the study was to identify effective practices for managing geotechnical risk in DB projects, and it reports the results of a survey that included responses from 42 of 50 US state departments of transportation and a content analysis of DB requests for proposals from 26 states to gauge the client’s perspective, as well as 11 structured interviews with DB contractors to obtain the perspective from the other side of the DB contract.  A suite of DB geotechnical risk manage tools is presented based on the results of the analysis. Effective practices were found in three areas: enhancing communications on geotechnical issues before final proposals are submitted; the use of project-specific differing site conditions clauses; and expediting geotechnical design reviews after award. The major finding is that contract verbiage alone is not sufficient to transfer the risk of changed site conditions. The agency must actively communicate all the geotechnical information on hand at the time of the DB procurement and develop a contract strategy that reduces/retires the risk of geotechnical uncertainty as expeditiously as possible after award.

Constrained bayesian inference of project performance models

OpenAIRE

Sunmola, Funlade

2013-01-01

Project performance models play an important role in the management of project success. When used for monitoring projects, they can offer predictive ability such as indications of possible delivery problems. Approaches for monitoring project performance relies on available project information including restrictions imposed on the project, particularly the constraints of cost, quality, scope and time. We study in this paper a Bayesian inference methodology for project performance modelling in ...

Integrating knowledge for managing risk in infrastructure projects : the case of tunnel works

NARCIS (Netherlands)

Chivatá Cárdenas, Ibsen

2012-01-01

The objective of traditional approaches to project risk management is to identify risks that can lead to project failure and to implement effective strategies to manage them. Information on the relevant causes and conditions in which failures arise is usually required as necessary input for

Modelling and Risk Management in the Offshore and Marine Industry Supply Chain

Directory of Open Access Journals (Sweden)

Carman Lee

2012-03-01

Full Text Available Supply chain risk management is primarily a process that involves the identification, assessment and mitigation of risks that arise in a particular supply chain system. Pertaining to that, the offshore and marine industry is one of the many industries that have seldom received much consideration when it comes to management of the supply chain system. The rig building facet of the offshore and marine industry was thus chosen as the main focus of the project to manage the risks that arise in a particular oil rig building project. A risk mitigation plan framework was proposed to act as a guideline to identify as much risk as possible, eliminate trivial ones, and subsequently, prioritizing the remaining ones. The final step involves the formulation of a mathematical model based on the selected risk. In this case, the risk of raw material price fluctuation is studied. The demonstration of the Monte Carlo simulation using the Risk Solver program was also done to quantify the risks. Two case scenarios were then developed along with the implementation of risk management techniques in order to observe the effectiveness of the risk management of the overall rig building supply chain.

Spiral model pilot project information model

Science.gov (United States)

1991-01-01

The objective was an evaluation of the Spiral Model (SM) development approach to allow NASA Marshall to develop an experience base of that software management methodology. A discussion is presented of the Information Model (IM) that was used as part of the SM methodology. A key concept of the SM is the establishment of an IM to be used by management to track the progress of a project. The IM is the set of metrics that is to be measured and reported throughout the life of the project. These metrics measure both the product and the process to ensure the quality of the final delivery item and to ensure the project met programmatic guidelines. The beauty of the SM, along with the IM, is the ability to measure not only the correctness of the specification and implementation of the requirements but to also obtain a measure of customer satisfaction.

Influence of the Risk-Contributing Factors on the Financing of the Investment Project for Building of Intelligent Buildings

Directory of Open Access Journals (Sweden)

Voytolovskiy Nikolay

2017-01-01

Full Text Available This article provides the generic classification of risks of the investment projects for the construction of intelligent buildings which differ by the detachment of the subjective perception of risk by the investor. Risk and uncertainty were justified as system characteristics of the investment projects for the construction of intelligent buildings. Characteristics of the development was given in the context of project management. Methodical schemes of the development of the investment project risks were specified on the basis of interconnection of risk and project effectiveness. Risk management procedure at realization of the developer project was developed.

Annual effective dose due to residential radon progeny in Sweden: Evaluations based on current risk projections models and on risk estimates from a nation-wide Swedish epidemiological study

Energy Technology Data Exchange (ETDEWEB)

Doi, M [National Inst. of Radiological Sciences, Chiba (Japan); Lagarde, F [Karolinska Inst., Stockholm (Sweden). Inst. of Environmental Medicine; Falk, R; Swedjemark, G A [Swedish Radiation Protection Inst., Stockholm (Sweden)

1996-12-01

Effective dose per unit radon progeny exposure to Swedish population in 1992 is estimated by the risk projection model based on the Swedish epidemiological study of radon and lung cancer. The resulting values range from 1.29 - 3.00 mSv/WLM and 2.58 - 5.99 mSv/WLM, respectively. Assuming a radon concentration of 100 Bq/m{sup 3}, an equilibrium factor of 0.4 and an occupancy factor of 0.6 in Swedish houses, the annual effective dose for the Swedish population is estimated to be 0.43 - 1.98 mSv/year, which should be compared to the value of 1.9 mSv/year, according to the UNSCEAR 1993 report. 27 refs, tabs, figs.

Annual effective dose due to residential radon progeny in Sweden: Evaluations based on current risk projections models and on risk estimates from a nation-wide Swedish epidemiological study

International Nuclear Information System (INIS)

Doi, M.; Lagarde, F.

1996-12-01

Effective dose per unit radon progeny exposure to Swedish population in 1992 is estimated by the risk projection model based on the Swedish epidemiological study of radon and lung cancer. The resulting values range from 1.29 - 3.00 mSv/WLM and 2.58 - 5.99 mSv/WLM, respectively. Assuming a radon concentration of 100 Bq/m 3 , an equilibrium factor of 0.4 and an occupancy factor of 0.6 in Swedish houses, the annual effective dose for the Swedish population is estimated to be 0.43 - 1.98 mSv/year, which should be compared to the value of 1.9 mSv/year, according to the UNSCEAR 1993 report. 27 refs, tabs, figs

Study on optimized decision-making model of offshore wind power projects investment

Science.gov (United States)

Zhao, Tian; Yang, Shangdong; Gao, Guowei; Ma, Li

2018-02-01

China’s offshore wind energy is of great potential and plays an important role in promoting China’s energy structure adjustment. However, the current development of offshore wind power in China is inadequate, and is much less developed than that of onshore wind power. On the basis of considering all kinds of risks faced by offshore wind power development, an optimized model of offshore wind power investment decision is established in this paper by proposing the risk-benefit assessment method. To prove the practicability of this method in improving the selection of wind power projects, python programming is used to simulate the investment analysis of a large number of projects. Therefore, the paper is dedicated to provide decision-making support for the sound development of offshore wind power industry.

Engineering risk assessment for emergency disposal projects of sudden water pollution incidents.