Download or read book Forecasting Potential Project Risks Through Leading Indicators to Project Outcome written by Ji Won Choi and published by . This book was released on 2007 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: During project execution, the status of the project is periodically evaluated, using traditional methods or standard practices. However, these traditional methods or standard practices may not adequately identify certain issues, such as lack of sufficient identification of warning signs that predict potential project failure. Current methods may lack the ability to provide real time indications of emerging problems that impact project outcomes in a timely manner. To address this problem, the Construction Industry Institute (CII) formed a research team to develop a new tool that can forecast the potential risk of not meeting specific project outcomes based on assessing leading indicators. Thus, the leading indicators were identified and then the new tool was developed and validated. A screening process was conducted through industry surveys after identifying potential leading indicators. Each time, industry professionals were asked to evaluate the negative impact of leading indicators on project outcomes that were identified to measure the impact of leading indicators on project health. Through this process, forty-three leading indicators were acquired finally. Using descriptive statistics, the amount of negative impact of each leading indicator on project outcomes was identified after the analysis of the survey results. Based on these impacts, the tool development was initiated. The tool concept is that no indication of problems based on assessing leading indicators results in the tool output score high. To comply with this concept, specific weights were assigned to each leading indicator to reflect the impact on each project outcome. By this procedure, the Project Health Indicator (PHI) tool was developed. The validation process of the PHI tool was conducted using completed projects and finally negative correlation was observed between project outcomes and health scores generated by the PHI tool.

Download or read book Forecasting Success on Large Projects written by John Rodney Turner and published by . This book was released on 2012 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: The authors aim to develop a set of leading performance indicators to enable managers of large projects to forecast during project execution how various stakeholders will perceive success months or even years into the operation of the output. Project success is measured not just by completion of the scope of work to time, cost, and quality but also by performance of the project's output, outcomes, impacts, and thereby the achievement of the desired business objectives. Large projects have many stakeholders who have different objectives for the project, its output, and the business objectives they will deliver. The output of a large project may have a lifetime that lasts for years, or even decades, and ultimate impacts that go beyond its immediate operation. How different stakeholders perceive success can change with time, and so the project manager needs leading performance indicators that go beyond the traditional triple constraint to forecast how key stakeholders will perceive success or even years later. The authors develop a model for project success that identifies how project stakeholders might perceive success in the months and years following a project. It identifies success or failure factors that will facilitate or mitigate against achievement of those success criteria, and a set of potential leading performance indicators that forecast how stakeholders will perceive success during the life of the project's output. The authors conducted a scale development study with 152 managers or large projects and identified two project success factor scales and seven stakeholder satisfaction scales that can be used by project managers to predict stakeholder satisfaction on projects and so may be used by the managers of large projects for the basis of project control.

Download or read book Practical Risk Analysis for Project Planning written by Galit Shmueli and published by Axelrod Schnall Publishers. This book was released on 2016-07-14 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt: Projects are investments of resources for achieving a particular objective or set of objectives. Resources include time, money, manpower, and sometimes lives. Objectives include financial gain, social and health benefits, national goals, educational and scientific achievements, and reduction of suffering, among many others. Projects are undertaken by large and small organizations, by governments, non-profit organizations, private businesses, and by individuals. Determining whether to execute a project, or which project to execute among a set of possibilities is often a challenge with high stakes. Assessing the potential outcomes of a project can therefore be detrimental, leading to the importance of making informative decisions. Practical Risk Analysis for Project Planning is a hands-on introduction to integrating numerical data and domain knowledge into popular spreadsheet software such as Microsoft Excel or Google Spreadsheets, to arrive at informed project-planning decisions. The focus of the book is on formalizing domain expertise into numerical data, providing tools for assessing potential project performance, and evaluating performance under realistic uncertainty. The book introduces basic principles for assessing potential project performance and risk under different scenarios, by addressing uncertainty that arises at different levels. It describes measures of expected performance and risk, presents approaches such as scenario building and Monte Carlo simulation for addressing uncertainty, and introduces methods for comparing competing projects and reducing risk via project portfolios. No special software is required except Excel or another spreadsheet software. While the book assumes no knowledge of statistics, operations research, or management science, it does rely on basic familiarity with Excel. Chapter exercises and examples of real projects are aimed at hands-on learning. For more information visit RiskAnalysisBook.com

Download or read book Exploring the Relationship Between Engineering Design Project Characteristics and Risk Indicators written by Rachel L. Yim and published by . This book was released on 2013 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: Engineering design projects are implemented to accomplish a variety of goals in organizations. As the complexity of each project grows, the risk and uncertainty accompanying each project increases as well. As a result project managers must identify potential risks to projects and create plans to avoid realized risks leading to project failures. A risk indicator is a set of circumstances that are indicative of the strong likelihood of a risk event occurring during a project. This research was created to explore the relationship between risk indicators and various project characteristics, including project classification (the type of business goals the project was created to fill) and project type (whether the project was a first or a second attempt to solve an engineering design problem). The results of this research are applicable to engineering managers who are responsible for the successful completion of design projects. The research questions addressed in this study were: 1) Is there a difference in the frequency of occurrence between the 36 risk indicator codes? 2) If there is a difference, in the risk indicator frequencies, which risk indicator codes occur most often? 3) Which risk indicator codes are the most prevalent in association with certain project characteristics? These research questions were explored with the intent of discovering the risk indicators that are most important for project managers to consider in creating risk management plans based upon project characteristics. The goal of this research is to contribute to the project management body of knowledge and to provide insight into the nature of the relationship between various project characteristics and risk indicators. To achieve this objective, eleven medium-complexity engineering design projects were selected for study. Two interview protocols were developed to elicit information about critical events occurring during the life cycles of these engineering design projects. Employees from a variety of job functions, who were directly involved in the selected projects, were interviewed. Multiple researchers coded transcripts created from the interviews. Researchers used a code scheme, developed from the literature on project success factors. The text from interview transcripts was analyzed to identify similarities and differences in the frequencies of different risk indicator codes for different project characteristics. Frequently occurring risk indicators were noted and implications for project managers were identified. The projects were divided into groups with similar project characteristics. Differences in the rates of occurrence of risk indicators were used to identify risk indicators, based on these specific project characteristics. Similarities and differences in the rates of occurrence of risk indicators in the different groups of projects were analyzed for emergent themes. The results provided strong evidence for significant differences in the frequency of occurrence for risk indicators based on project characteristics. The most frequently occurring risk indicators differed for three project classifications (strategic, compliance, and operational). The most frequently occurring risk indicators also differed for original and rework projects. Nonparametric statistical tests were also applied to the data to test between significant differences across all risk indicators, using the same project characteristics. Communication challenges were prevalent for all types of projects. Research has shown that inadequate communication can cause time and cost overruns on projects and can lead to rework projects. The types of communication challenges that were the most frequent differed between project classifications. For compliance projects, the most predominant communication risk was between the organization and suppliers. Communication risks between the organization and the customers occurred most often in operational projects. Finally in strategic projects, the most frequently occurring risks to communication occurred internally, between different business and engineering groups within the organization. Another important theme was the need for standard procedures to provide adequate documentation to the different groups involved in projects. Risks associated with a lack of information provided to the different business and engineering groups working together on projects, were common among all projects. Many interviewees suggested the need for standard procedures to provide all necessary information to all groups assigned to each project, in order to facilitate the coordination of the work. A lack of up front planning was detrimental for both original and rework projects. A lack of up front planning in original projects, at times, resulted in project failure, thereby creating the need for a rework project. In rework projects, planning at the beginning of a project was sometimes rushed due to the urgency of the project, thereby causing additional risks to the success of rework projects later on in the project life cycle. Project managers can use the findings from this research to create more effective risk management plans tailored to the characteristics of a particular project. Knowledge of the risk indicators with the highest frequency of occurrence in each type of project can direct managers to the most effective use of risk management resources. The results of this research also add to the project management body of knowledge and provide a deeper understanding of the relationship between project characteristics and specific risk factors. The results also provide evidence that the project classification and project type are important determinants of the types of risks that will likely be faced in the course of a project. The approach used for this study can be applied to other industries and other types of projects to further extend the understanding of the relationship between project characteristics and risks. While there was evidence that some risks are typical to all design projects, a larger study is needed to generalize these findings beyond design projects and beyond the engineering organization studied.

Download or read book How to Measure Anything in Project Management written by Douglas W. Hubbard and published by Wiley. This book was released on 2025-03-25 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Uncover common project management myths to improve project success How to Measure Anything in Project Management explains why popular methods for measurement in project management are flawed and describes how to conduct measurements that better inform decisions, reduce project risks, and improve the chance of project success. The authors argue that anything that matters to project management at all is measurable and that these measurements address many of the problems in project management. The authors leverage an exclusive survey on the state-of-the-art of measuring projects, new case studies of things that are seemingly hard to measure and a database, collected by Oxford Global Projects, of thousands of projects in software development, construction, energy, and many other fields, including some of the biggest projects in history. The book is accompanied by a set of useful spreadsheet-based "power tools" that support the more technical aspects of quantifying project risk, forecasting outcomes, and conducting seemingly difficult measurements. In this book, readers will learn: Why many of the methods they have been taught to use are little more than a type of “analysis placebo” Why many popular methods lead to extreme overconfident in estimates How some of the most important measurements a project could conduct are currently rarely used How to Measure Anything in Project Management earns a well-deserved spot on the bookshelves of managers, executives, auditors, controllers, and consultants seeking to improve project performance through superior measurement methodology.

Download or read book Projecting Environmental Trends from Economic Forecasts written by Peter B Meyer and published by Routledge. This book was released on 2017-11-22 with total page 155 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title was first published in 2000: Sustainable development offers visions of the future, but implementation of new sustainable policies seems slow. This text presents a forecasting method directed to overcome some barriers to the implementation of more sustainable economic policy. Using a case study, the authors describe how economic and environmental forecasts can be developed that are relevant to the immediate concerns of policy-makers and are more likely to lead to policy changes. A combination of forecasting methods are shown to evaluate a range of current alternatives in the future. Similar techniques have been used in developing countries, but here the techniques are applied to an already industrialized economy.

Download or read book Software Sizing Estimation and Risk Management written by Daniel D. Galorath and published by CRC Press. This book was released on 2006-03-15 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: To achieve consistent software project success under the pressures of today's software development environment, software organizations require achievable plans including viable estimates of schedule, resources, and risks. To estimate realistically, you must understand how to apply sound estimation processes, tools, and data. Software Sizing

Download or read book Navigating Strategic Decisions written by John E. Triantis and published by CRC Press. This book was released on 2013-06-12 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on four decades of experience and research, Navigating Strategic Decisions: The Power of Sound Analysis and Forecasting explains how to improve the decision-making process in your organization through the use of better long-term forecasts and decision support. Filled with time-tested methodologies and models, it provides you with the tools to establish the organization, processes, methods, and techniques required for analyzing and forecasting strategic decisions. Describing how to foster the conditions required for forecasts to materialize, this book will help you rank project valuations and select higher value creation projects. It also teaches you how to: Assess the commercial feasibility of large projects Apply sanity checks to forecasts and assess their resource implications Benchmark best-in-class strategic forecasting organizations, processes, and practices Identify project risks and manage project uncertainty Analyze forecasting models and scenarios to determine controllable levers Pinpoint factors needed to ensure that forecasted future states materialize as expected This book provides you with the benefit of the author’s decades of hands-on experience. In this book, John Triantis shares valuable insights on strategic planning, new product development, portfolio management, and business development groups. Describing how to provide world-class support to your corporate, market, and other planning functions, the book provides you with the tools to consistently make improved decisions that are based on hard data, balanced evaluations, well considered scenarios, and sound forecasts.

Download or read book Business Forecasting written by Michael Gilliland and published by John Wiley & Sons. This book was released on 2021-04-28 with total page 432 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover the role of machine learning and artificial intelligence in business forecasting from some of the brightest minds in the field In Business Forecasting: The Emerging Role of Artificial Intelligence and Machine Learning accomplished authors Michael Gilliland, Len Tashman, and Udo Sglavo deliver relevant and timely insights from some of the most important and influential authors in the field of forecasting. You'll learn about the role played by machine learning and AI in the forecasting process and discover brand-new research, case studies, and thoughtful discussions covering an array of practical topics. The book offers multiple perspectives on issues like monitoring forecast performance, forecasting process, communication and accountability for forecasts, and the use of big data in forecasting. You will find: Discussions on deep learning in forecasting, including current trends and challenges Explorations of neural network-based forecasting strategies A treatment of the future of artificial intelligence in business forecasting Analyses of forecasting methods, including modeling, selection, and monitoring In addition to the Foreword by renowned researchers Spyros Makridakis and Fotios Petropoulos, the book also includes 16 "opinion/editorial" Afterwords by a diverse range of top academics, consultants, vendors, and industry practitioners, each providing their own unique vision of the issues, current state, and future direction of business forecasting. Perfect for financial controllers, chief financial officers, business analysts, forecast analysts, and demand planners, Business Forecasting will also earn a place in the libraries of other executives and managers who seek a one-stop resource to help them critically assess and improve their own organization's forecasting efforts.

Download or read book Mechanical Engineers Handbook Volume 3 written by Myer Kutz and published by John Wiley & Sons. This book was released on 2015-03-02 with total page 880 pages. Available in PDF, EPUB and Kindle. Book excerpt: Full coverage of manufacturing and management in mechanical engineering Mechanical Engineers' Handbook, Fourth Edition provides a quick guide to specialized areas that engineers may encounter in their work, providing access to the basics of each and pointing toward trusted resources for further reading, if needed. The book's accessible information offers discussions, examples, and analyses of the topics covered, rather than the straight data, formulas, and calculations found in other handbooks. No single engineer can be a specialist in all areas that they are called upon to work in. It's a discipline that covers a broad range of topics that are used as the building blocks for specialized areas, including aerospace, chemical, materials, nuclear, electrical, and general engineering. This third volume of Mechanical Engineers' Handbook covers Manufacturing & Management, and provides accessible and in-depth access to the topics encountered regularly in the discipline: environmentally benign manufacturing, production planning, production processes and equipment, manufacturing systems evaluation, coatings and surface engineering, physical vapor deposition, mechanical fasteners, seal technology, statistical quality control, nondestructive inspection, intelligent control of material handling systems, and much more. Presents the most comprehensive coverage of the entire discipline of Mechanical Engineering Focuses on the explanation and analysis of the concepts presented as opposed to a straight listing of formulas and data found in other handbooks Offers the option of being purchased as a four-book set or as single books Comes in a subscription format through the Wiley Online Library and in electronic and other custom formats Engineers at all levels of industry, government, or private consulting practice will find Mechanical Engineers' Handbook, Volume 3 an "off-the-shelf" reference they'll turn to again and again.

Download or read book Master s Theses Directories written by and published by . This book was released on 2007 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Education, arts and social sciences, natural and technical sciences in the United States and Canada".

Download or read book A Study of Risky Business Outcomes written by Torben Juul Andersen and published by Emerald Group Publishing. This book was released on 2023-09-29 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: The research presented here is developed from analyses of extensive European and North American datasets (1995-2019) spanning periods of economic expansion, recession, and recovery and explores how firms manage in a world with extreme exposures and how their failure and success affect the distribution of financial returns.

Download or read book Managing Risk written by Romney Beecher Duffey and published by John Wiley & Sons. This book was released on 2008-09-15 with total page 568 pages. Available in PDF, EPUB and Kindle. Book excerpt: The human element is the principle cause of incidents and accidents in all technology industries; hence it is evident that an understanding of the interaction between humans and technology is crucial to the effective management of risk. Despite this, no tested model that explicitly and quantitatively includes the human element in risk prediction is currently available. Managing Risk: the Human Element combines descriptive and explanatory text with theoretical and mathematical analysis, offering important new concepts that can be used to improve the management of risk, trend analysis and prediction, and hence affect the accident rate in technological industries. It uses examples of major accidents to identify common causal factors, or “echoes”, and argues that the use of specific experience parameters for each particular industry is vital to achieving a minimum error rate as defined by mathematical prediction. New ideas for the perception, calculation and prediction of risk are introduced, and safety management is covered in depth, including for rare events and “unknown” outcomes Discusses applications to multiple industries including nuclear, aviation, medical, shipping, chemical, industrial, railway, offshore oil and gas; Shows consistency between learning for large systems and technologies with the psychological models of learning from error correction at the personal level; Offers the expertise of key leading industry figures involved in safety work in the civil aviation and nuclear engineering industries; Incorporates numerous fascinating case studies of key technological accidents. Managing Risk: the Human Element is an essential read for professional safety experts, human reliability experts and engineers in all technological industries, as well as risk analysts, corporate managers and statistical analysts. It is also of interest to professors, researchers and postgraduate students of reliability and safety engineering, and to experts in human performance. “...congratulations on what appears to be, at a high level of review, a significant contribution to the literature...I have found much to be admired in (your) research” Mr. Joseph Fragola – Vice President of Valador Inc. “The book is not only technically informative, but also attractive to all concerned readers and easy to be comprehended at various level of educational background. It is truly an excellent book ever written for the safety risk managers and analysis professionals in the engineering community, especially in the high reliability organizations...” Dr Feng Hsu, Head of Risk Assessment and Management, NASA Goddard Space Flight Center “I admire your courage in confronting your theoretical ideas with such diverse, ecologically valid data, and your success in capturing a major trend in them....I should add that I find all this quite inspiring . ...The idea that you need to find the right measure of accumulated experience and not just routinely used calendar time makes so much sense that it comes as a shock to realize that this is a new idea”, Professor Stellan Ohlsson, Professor of Psychology, University of Illinois at Chicago

Download or read book Environmental Change and Security Project Report written by and published by . This book was released on 1999 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Engineering Project Management written by Neil G. Siegel and published by John Wiley & Sons. This book was released on 2020-02-18 with total page 422 pages. Available in PDF, EPUB and Kindle. Book excerpt: A hands-on guide for creating a winning engineering project Engineering Project Management is a practical, step-by-step guide to project management for engineers. The author – a successful, long-time practicing engineering project manager – describes the techniques and strategies for creating a successful engineering project. The book introduces engineering projects and their management, and then proceeds stage-by-stage through the engineering life-cycle project, from requirements, implementation, to phase-out. The book offers information for understanding the needs of the end user of a product and other stakeholders associated with a project, and is full of techniques based on real, hands-on management of engineering projects. The book starts by explaining how we perform the actual engineering on projects; the techniques for project management contained in the rest of the book use those engineering methods to create superior management techniques. Every topic – from developing a work-breakdown structure and an effective project plan, to creating credible predictions for schedules and costs, through monitoring the progress of your engineering project – is infused with actual engineering techniques, thereby vastly increasing the effectivity and credibility of those management techniques. The book also teaches you how to draw the right conclusions from numeric data and calculations, avoiding the mistakes that often cause managers to make incorrect decisions. The book also provides valuable insight about what the author calls the social aspects of engineering project management: aligning and motivating people, interacting successfully with your stakeholders, and many other important people-oriented topics. The book ends with a section on ethics in engineering. This important book: Offers a hands-on guide for developing and implementing a project management plan Includes background information, strategies, and techniques on project management designed for engineers Takes an easy-to-understand, step-by-step approach to project management Contains ideas for launching a project, managing large amount of software, and tips for ending a project Structured to support both undergraduate and graduate courses in engineering project management, Engineering Project Management is an essential guide for managing a successful project from the idea phase to the completion of the project.

Download or read book The Success Healthcheck for IT Projects written by J. A. Flinn and published by John Wiley & Sons. This book was released on 2010-08-26 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: Downsizing, outsourcing and the accelerating pace of change have led to project management becoming one of today's hottest disciplines. Project management is about managing ad hoc, one-off projects instead of ongoing operations. Effective project management delivers better ROI, better benefits realization. Focusing on diagnostics, tangible outcomes and solutions, The Success Healthcheck for IT Projects identifies 8 leading indicators of success, ranging from how the project is set-up, to it's ability to deliver results within the business. The book covers how to assess the likely success of the project using the current IT project portfolio track record and provides diagnostics for a specific project. It shares over 35 real life stories from projects in a direct, pacey conversational style. On the $10,000 project, these methods provide focus. In very large IT based transformation projects, these methods have saved up to $30,000,000 and improved benefits between 20-80%. This is for project team, project manager, portfolio managers, CIOs and the business executives who want business benefits to be realized. This books helps project sponsors and project managers deliver Predictable Accountable Results (PAR) from projects.

Download or read book Implementing Enterprise Risk Management written by John R. S. Fraser and published by John Wiley & Sons. This book was released on 2014-10-27 with total page 692 pages. Available in PDF, EPUB and Kindle. Book excerpt: Overcome ERM implementation challenges by taking cues from leading global organizations Implementing Enterprise Risk Management is a practical guide to establishing an effective ERM system by applying best practices at a granular level. Case studies of leading organizations including Mars, Statoil, LEGO, British Columbia Lottery Corporation, and Astro illustrate the real-world implementation of ERM on a macro level, while also addressing how ERM informs the response to specific incidents. Readers will learn how top companies are effectively constructing ERM systems to positively drive financial growth and manage operational and outside risk factors. By addressing the challenges of adopting ERM in large organizations with different functioning silos and well-established processes, this guide provides expert insight into fitting the new framework into cultures resistant to change. Enterprise risk management covers accidental losses as well as financial, strategic, operational, and other risks. Recent economic and financial market volatility has fueled a heightened interest in ERM, and regulators and investors have begun to scrutinize companies' risk-management policies and procedures. Implementing Enterprise Risk Management provides clear, demonstrative instruction on establishing a strong, effective system. Readers will learn to: Put the right people in the right places to build a strong ERM framework Establish an ERM system in the face of cultural, logistical, and historical challenges Create a common language and reporting system for communicating key risk indicators Create a risk-aware culture without discouraging beneficial risk-taking behaviors ERM is a complex endeavor, requiring expert planning, organization, and leadership, with the goal of steering a company's activities in a direction that minimizes the effects of risk on financial value and performance. Corporate boards are increasingly required to review and report on the adequacy of ERM in the organizations they administer, and Implementing Enterprise Risk Management offers operative guidance for creating a program that will pass muster.