This document discusses risks in construction projects due to inadequate risk management. It begins by introducing the topic and defining key terms like risk management. It then discusses sources of failure in construction projects when there is no initial risk assessment or risk management. Some of the major causes of project failure discussed include changes without documentation or tracking, incomplete status reports, and undefined parameters.
The document presents results from a questionnaire survey given to construction industry experts. The survey found that most companies have a poor understanding of managing troubled projects and not all project managers have the necessary skills. It then provides recommendations for recovering from failed projects, including conducting a review to identify lessons learned and causes of failure. Overall, the document advocates that systematic risk management can help construction projects
Underline the adjective and write the type of adjective also.
Type of adjective used here :
⇒ Adjective of quality
⇒ Adjective of Quantity
⇒ Adjective of Number
RISK MANAGEMENT IN CONSTRUCTION PROJECTS AS PER INDIAN SCENARIOIAEME Publication
Construction industry is highly risk prone, with complex and dynamic project
environments creating an atmosphere of high uncertainty and risk. The industry is
vulnerable to various technical, sociopolitical and business risks. The track record
to cope with these risks has not been very good in construction industry. As a
result, the people working in the industry bear various failures, such as, failure of
abiding by quality and operational requirements, cost overruns and uncertain delays
in project completion. In light of this, it can be said that an effective systems of risk
assessment and management for construction industry remains a challenging task
for the industry practitioners. The aim of the this research is to identify and evaluate
current risks and uncertainties in the construction industry through extensive
literature survey and aims to make a basis for future studies for development of a
risk management framework to be adopted by prospective investors, developers and
contractors
P
A
P
E
R
S
72 September 2009 ■ Project Management Journal ■ DOI: 10.1002/pmj
INTRODUCTION ■
A
ccording to the United Kingdom’s Royal Academy of Engineering, bil-
lions of pounds are wasted every year on new information technology
(IT) systems. Troubled public-sector IT projects such as the National
Health Service (NHS) National Programme for IT, the Child Support
Agency systems, and HM Revenue and Customs’ Tax Credits IT system have
attracted considerable negative press. They have overrun, cost millions of
pounds more than was budgeted, and, in some cases, have been cancelled
before their costs spiral even further out of control. Terms such as “nightmare”
and “disaster” tend to be attached to such projects. IT projects (the provision
of a service to implement systems and solutions, including a variety of hard-
ware and software products; (Howard, 2001) seem to be more problematic
than other types of projects, with a particularly high rate of failure (McGrew &
Bilotta, 2000; The Standish Group International, 2007; Whittaker, 1999).
Despite well-established best practice project management processes, project
managers appear to be ineffective in the light of such failure.
Organizations such as the Project Management Institute (PMI) and the
United Kingdom’s Association for Project Management (APM) promote best-
practice project management standards. As part of these standards, project risk
management is defined as the systematic process of identifying, analyzing, and
responding to risks. Risk is any project-related event, or managerial behavior,
that is not definitely known in advance but has the potential of adverse conse-
quences on a project objective (PMI, 2004). Project risk management claims to
enable project managers to effectively manage risk and minimize the adverse
influence of risk on the project outcome. However, we have found that IT proj-
ect managers often do not apply a process to manage risks. The reasons for this
vary. Nevertheless, the evidence behind this phenomenon is very scarce, often
descriptive, and inchoate. The purpose of this study was to investigate whether
best practice standards are applied, and if they are not, what reasons led the IT
project manager to decide not to actively approach and manage project risks.
The results show that IT project managers primarily face the problem of
cost justification. Facing costs and time constraints and the uncertainty of
the success of project risk management, they often decided not to actively
manage risks. However, with the benefit of hindsight, we see that such a
decision often turns out to be fatal. Not surprisingly, in projects where proj-
ect risk management is not used, a greater degree of risks materialize than in
those projects where the IT project manager does actively manage risks.
Project Risk Management
Risks may potentially endanger the ability of the project manager to meet
the predefined project objectives, such as scope, time, and cost; tasks may
The .
Underline the adjective and write the type of adjective also.
Type of adjective used here :
⇒ Adjective of quality
⇒ Adjective of Quantity
⇒ Adjective of Number
RISK MANAGEMENT IN CONSTRUCTION PROJECTS AS PER INDIAN SCENARIOIAEME Publication
Construction industry is highly risk prone, with complex and dynamic project
environments creating an atmosphere of high uncertainty and risk. The industry is
vulnerable to various technical, sociopolitical and business risks. The track record
to cope with these risks has not been very good in construction industry. As a
result, the people working in the industry bear various failures, such as, failure of
abiding by quality and operational requirements, cost overruns and uncertain delays
in project completion. In light of this, it can be said that an effective systems of risk
assessment and management for construction industry remains a challenging task
for the industry practitioners. The aim of the this research is to identify and evaluate
current risks and uncertainties in the construction industry through extensive
literature survey and aims to make a basis for future studies for development of a
risk management framework to be adopted by prospective investors, developers and
contractors
P
A
P
E
R
S
72 September 2009 ■ Project Management Journal ■ DOI: 10.1002/pmj
INTRODUCTION ■
A
ccording to the United Kingdom’s Royal Academy of Engineering, bil-
lions of pounds are wasted every year on new information technology
(IT) systems. Troubled public-sector IT projects such as the National
Health Service (NHS) National Programme for IT, the Child Support
Agency systems, and HM Revenue and Customs’ Tax Credits IT system have
attracted considerable negative press. They have overrun, cost millions of
pounds more than was budgeted, and, in some cases, have been cancelled
before their costs spiral even further out of control. Terms such as “nightmare”
and “disaster” tend to be attached to such projects. IT projects (the provision
of a service to implement systems and solutions, including a variety of hard-
ware and software products; (Howard, 2001) seem to be more problematic
than other types of projects, with a particularly high rate of failure (McGrew &
Bilotta, 2000; The Standish Group International, 2007; Whittaker, 1999).
Despite well-established best practice project management processes, project
managers appear to be ineffective in the light of such failure.
Organizations such as the Project Management Institute (PMI) and the
United Kingdom’s Association for Project Management (APM) promote best-
practice project management standards. As part of these standards, project risk
management is defined as the systematic process of identifying, analyzing, and
responding to risks. Risk is any project-related event, or managerial behavior,
that is not definitely known in advance but has the potential of adverse conse-
quences on a project objective (PMI, 2004). Project risk management claims to
enable project managers to effectively manage risk and minimize the adverse
influence of risk on the project outcome. However, we have found that IT proj-
ect managers often do not apply a process to manage risks. The reasons for this
vary. Nevertheless, the evidence behind this phenomenon is very scarce, often
descriptive, and inchoate. The purpose of this study was to investigate whether
best practice standards are applied, and if they are not, what reasons led the IT
project manager to decide not to actively approach and manage project risks.
The results show that IT project managers primarily face the problem of
cost justification. Facing costs and time constraints and the uncertainty of
the success of project risk management, they often decided not to actively
manage risks. However, with the benefit of hindsight, we see that such a
decision often turns out to be fatal. Not surprisingly, in projects where proj-
ect risk management is not used, a greater degree of risks materialize than in
those projects where the IT project manager does actively manage risks.
Project Risk Management
Risks may potentially endanger the ability of the project manager to meet
the predefined project objectives, such as scope, time, and cost; tasks may
The .
Indian EPC companies really needs rise their bar in execution of EPC projects ,there is substantial risk involved in those projects, needs rise the bar in design , procurement ,safety and integrated project management to successful completion of the project.
PAPERS20 April 2013 ■ Project Management Jou.docxdanhaley45372
P
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P
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R
S
20 April 2013 ■ Project Management Journal ■ DOI: 10.1002/pmj
INTRODUCTION ■
U
ncertainty is both a reality and great challenge for most projects
(Chapman & Ward, 2003; Hillson, 2010). The presence of risk creates
surprises throughout the project life cycle, affecting everything
from technical feasibility to cost, market timing, financial perform-
ance, and strategic objectives (Hillson, 1999; Loch, Solt, & Bailey, 2008;
Thieme, Song, & Shin, 2003). Yet, to succeed in today’s ultracompetitive envi-
ronment, management must deal with these risks effectively despite these
difficulties (Buchanan & O’Connell, 2006; Patil, Grantham, & Steele, 2012;
Shenhar, 2001; Shenhar, Milosevic, Dvir, & Thamhain, 2007; Srivannaboon &
Milosevic, 2006). This concerns executives, and it is not surprising that lead-
ers in virtually all organizations, from commerce to government, spend
much of their time and effort dealing with risk-related issues. Examples trace
back to ancient times that include huge infrastructure projects and military
campaigns. Writings by Sun Tzu articulated specific risks and suggested
mitigation methods 2,500 years ago (Hanzhang & Wilkinson, 1998). Risk
management is not a new idea. However, in today’s globally connected, fast-
changing business world with broad access to resources anywhere, and pres-
sures for quicker, cheaper, and smarter solutions, projects have become
highly complex and intricate. Many companies try to leverage their
resources and accelerate their schedules by forming alliances, consortia, and
partnerships with other firms, universities, and government agencies that
range from simple cooperative agreements to “open innovation,” a concept
of scouting for new product and service ideas anywhere in the world. In such
an increasingly complex and dynamic business environment, risks lurk in
many areas, not only associated with the technical part of the work, but also
including social, cultural, organizational, and technological dimensions. In
fact, research studies have suggested that much of the root cause of project-
related risks can be traced to the organizational dynamics and multidiscipli-
nary nature that characterizes today’s business environment, especially for
technology-based developments (R. Cooper, Edgett, & Kleinschmidt, 2001;
Torok, Nordman, & Lin, 2011). The involvement of many people, processes,
and technologies spanning different organizations, support groups, subcon-
tractors, vendors, government agencies, and customer communities com-
pounds the level of uncertainty and distributes risk over a wide area of the
enterprise and its partners (Thamhain, 2004; Thamhain & Wilemon, 1999),
often creating surprises with potentially devastating consequences. This
paradigm shift leads to changing criteria for risk management. To be effec-
tive in dealing with the broad spectrum of risk factors, project leaders must
go beyond the mechanics of analyzing the work a.
Similar to IRJET- Projects in Constructions due to Inadequate Risk Management (20)
NUMERICAL SIMULATIONS OF HEAT AND MASS TRANSFER IN CONDENSING HEAT EXCHANGERS...ssuser7dcef0
Power plants release a large amount of water vapor into the
atmosphere through the stack. The flue gas can be a potential
source for obtaining much needed cooling water for a power
plant. If a power plant could recover and reuse a portion of this
moisture, it could reduce its total cooling water intake
requirement. One of the most practical way to recover water
from flue gas is to use a condensing heat exchanger. The power
plant could also recover latent heat due to condensation as well
as sensible heat due to lowering the flue gas exit temperature.
Additionally, harmful acids released from the stack can be
reduced in a condensing heat exchanger by acid condensation. reduced in a condensing heat exchanger by acid condensation.
Condensation of vapors in flue gas is a complicated
phenomenon since heat and mass transfer of water vapor and
various acids simultaneously occur in the presence of noncondensable
gases such as nitrogen and oxygen. Design of a
condenser depends on the knowledge and understanding of the
heat and mass transfer processes. A computer program for
numerical simulations of water (H2O) and sulfuric acid (H2SO4)
condensation in a flue gas condensing heat exchanger was
developed using MATLAB. Governing equations based on
mass and energy balances for the system were derived to
predict variables such as flue gas exit temperature, cooling
water outlet temperature, mole fraction and condensation rates
of water and sulfuric acid vapors. The equations were solved
using an iterative solution technique with calculations of heat
and mass transfer coefficients and physical properties.
Forklift Classes Overview by Intella PartsIntella Parts
Discover the different forklift classes and their specific applications. Learn how to choose the right forklift for your needs to ensure safety, efficiency, and compliance in your operations.
For more technical information, visit our website https://intellaparts.com
Welcome to WIPAC Monthly the magazine brought to you by the LinkedIn Group Water Industry Process Automation & Control.
In this month's edition, along with this month's industry news to celebrate the 13 years since the group was created we have articles including
A case study of the used of Advanced Process Control at the Wastewater Treatment works at Lleida in Spain
A look back on an article on smart wastewater networks in order to see how the industry has measured up in the interim around the adoption of Digital Transformation in the Water Industry.
Hybrid optimization of pumped hydro system and solar- Engr. Abdul-Azeez.pdffxintegritypublishin
Advancements in technology unveil a myriad of electrical and electronic breakthroughs geared towards efficiently harnessing limited resources to meet human energy demands. The optimization of hybrid solar PV panels and pumped hydro energy supply systems plays a pivotal role in utilizing natural resources effectively. This initiative not only benefits humanity but also fosters environmental sustainability. The study investigated the design optimization of these hybrid systems, focusing on understanding solar radiation patterns, identifying geographical influences on solar radiation, formulating a mathematical model for system optimization, and determining the optimal configuration of PV panels and pumped hydro storage. Through a comparative analysis approach and eight weeks of data collection, the study addressed key research questions related to solar radiation patterns and optimal system design. The findings highlighted regions with heightened solar radiation levels, showcasing substantial potential for power generation and emphasizing the system's efficiency. Optimizing system design significantly boosted power generation, promoted renewable energy utilization, and enhanced energy storage capacity. The study underscored the benefits of optimizing hybrid solar PV panels and pumped hydro energy supply systems for sustainable energy usage. Optimizing the design of solar PV panels and pumped hydro energy supply systems as examined across diverse climatic conditions in a developing country, not only enhances power generation but also improves the integration of renewable energy sources and boosts energy storage capacities, particularly beneficial for less economically prosperous regions. Additionally, the study provides valuable insights for advancing energy research in economically viable areas. Recommendations included conducting site-specific assessments, utilizing advanced modeling tools, implementing regular maintenance protocols, and enhancing communication among system components.
The Internet of Things (IoT) is a revolutionary concept that connects everyday objects and devices to the internet, enabling them to communicate, collect, and exchange data. Imagine a world where your refrigerator notifies you when you’re running low on groceries, or streetlights adjust their brightness based on traffic patterns – that’s the power of IoT. In essence, IoT transforms ordinary objects into smart, interconnected devices, creating a network of endless possibilities.
Here is a blog on the role of electrical and electronics engineers in IOT. Let's dig in!!!!
For more such content visit: https://nttftrg.com/
We have compiled the most important slides from each speaker's presentation. This year’s compilation, available for free, captures the key insights and contributions shared during the DfMAy 2024 conference.
Understanding Inductive Bias in Machine LearningSUTEJAS
This presentation explores the concept of inductive bias in machine learning. It explains how algorithms come with built-in assumptions and preferences that guide the learning process. You'll learn about the different types of inductive bias and how they can impact the performance and generalizability of machine learning models.
The presentation also covers the positive and negative aspects of inductive bias, along with strategies for mitigating potential drawbacks. We'll explore examples of how bias manifests in algorithms like neural networks and decision trees.
By understanding inductive bias, you can gain valuable insights into how machine learning models work and make informed decisions when building and deploying them.
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Industrial Training at Shahjalal Fertilizer Company Limited (SFCL)MdTanvirMahtab2
This presentation is about the working procedure of Shahjalal Fertilizer Company Limited (SFCL). A Govt. owned Company of Bangladesh Chemical Industries Corporation under Ministry of Industries.
Harnessing WebAssembly for Real-time Stateless Streaming PipelinesChristina Lin
Traditionally, dealing with real-time data pipelines has involved significant overhead, even for straightforward tasks like data transformation or masking. However, in this talk, we’ll venture into the dynamic realm of WebAssembly (WASM) and discover how it can revolutionize the creation of stateless streaming pipelines within a Kafka (Redpanda) broker. These pipelines are adept at managing low-latency, high-data-volume scenarios.