Risk management standards for P5M

Risk can be managed, minimized, shared, transferred or accepted but it cannot be ignored. An effective and efficient risk management approach requires a proper and systematic methodology and, more importantly, knowledge and experience. Risk management are coordinated activities to direct and control an organization with regard to risk. Based on this definition, project risk management can be derivatively defined as coordinate activities to direct and control a project with regard to risk. In this way, it becomes an integral part of every aspect of managing the project. The goal of this paper is to present and compare the main standards for project risk management that are currently available today. Five international standards recognized world-wide were selected for comparison PMI, PRINCE2, IPMA, ISO 31000 and IEC 62198.Web of Science131341

The suitability of MSP for engineering infrastructure

This paper arose from empirical investigations of practitioner views of both governance and program definitions together with investigations of practitioner reference documents. These investigations indicated that some confusion had arisen in infrastructure project management as a result of approaches used in IT. This paper contributes to the literature evaluating project standards and methodologies by conducting an examination of the suitability of one such source (MSP) for use in engineering infrastructure program management. A deductive definitional approach is taken to identify features that could cause difficulty. Eight features were examined, and six were found to have difficulty in application to engineering infrastructure. The remaining two were found to be terminology differences that are unlikely to cause too much difficulty. The features causing difficulty include an inappropriate definition of a program, use of a non-generic process flow unsuitable for rolling programs, confusion of transformation projects with programs, the presumption of a board governance model, and confusion of large projects with programs. The paper concludes that MSP is quite poorly suited to managing rolling programs, whether they are in engineering infrastructure or IT. Various changes to MSP and PMI publications are recommended

A Management Maturity Model (MMM) for project-based organisational performance assessment

Common sense suggests that organisations are more likely to deliver successful projects if they have systems in place that reflect a mature project environment based on a culture of continuous improvement. This paper develops and discusses a Management Maturity Model (MMM) to assess the maturity of project management organisations through a customisable, systematic, strategic and practical methodology inspired from the seminal work of Darwin, Deming, Drucker and Daniel. The model presented is relevant to organisations, such as construction and engineering companies, that prefer to use the Project Management Body of Knowledge (PMBOK™ Guide) published by the Project Management Institute (PMI), but without the disadvantages of excessive time and cost commitments and a ‘one size fits all’ approach linked to rigid increments of maturity. It offers a game-changing advance in the application of project-based organisational performance assessment compared to existing market solutions that are unnecessarily complex. The feasibility of MMM is field-tested using a medium-sized data centre infrastructure firm in Tehran

A variable neighborhood search simheuristic for project portfolio selection under uncertainty

With limited nancial resources, decision-makers in rms and governments face the task of selecting the best portfolio of projects to invest in. As the pool of project proposals increases and more realistic constraints are considered, the problem becomes NP-hard. Thus, metaheuristics have been employed for solving large instances of the project portfolio selection problem (PPSP). However, most of the existing works do not account for uncertainty. This paper contributes to close this gap by analyzing a stochastic version of the PPSP: the goal is to maximize the expected net present value of the inversion, while considering random cash ows and discount rates in future periods, as well as a rich set of constraints including the maximum risk allowed. To solve this stochastic PPSP, a simulation-optimization algorithm is introduced. Our approach integrates a variable neighborhood search metaheuristic with Monte Carlo simulation. A series of computational experiments contribute to validate our approach and illustrate how the solutions vary as the level of uncertainty increases

Future Agribusiness Challenges: Strategic Uncertainty, Innovation and Structural Change

The IFAMR is published by the International Food and Agribusiness Management Association.(IFAMA) www.ifama.orgStrategic uncertainty, innovation, structural change, Agribusiness, Research and Development/Tech Change/Emerging Technologies, Risk and Uncertainty, ISSN #: 1559-2448,

Aligning a Service Provisioning Model of a Service-Oriented System with the ITIL v.3 Life Cycle

Bringing together the ICT and the business layer of a service-oriented system (SoS) remains a great challenge. Few papers tackle the management of SoS from the business and organizational point of view. One solution is to use the well-known ITIL v.3 framework. The latter enables to transform the organization into a service-oriented organizational which focuses on the value provided to the service customers. In this paper, we align the steps of the service provisioning model with the ITIL v.3 processes. The alignment proposed should help organizations and IT teams to integrate their ICT layer, represented by the SoS, and their business layer, represented by ITIL v.3. One main advantage of this combined use of ITIL and a SoS is the full service orientation of the company.Comment: This document is the technical work of a conference paper submitted to the International Conference on Exploring Service Science 1.5 (IESS 2015

Technical Debt Prioritization: State of the Art. A Systematic Literature Review

Background. Software companies need to manage and refactor Technical Debt issues. Therefore, it is necessary to understand if and when refactoring Technical Debt should be prioritized with respect to developing features or fixing bugs. Objective. The goal of this study is to investigate the existing body of knowledge in software engineering to understand what Technical Debt prioritization approaches have been proposed in research and industry. Method. We conducted a Systematic Literature Review among 384 unique papers published until 2018, following a consolidated methodology applied in Software Engineering. We included 38 primary studies. Results. Different approaches have been proposed for Technical Debt prioritization, all having different goals and optimizing on different criteria. The proposed measures capture only a small part of the plethora of factors used to prioritize Technical Debt qualitatively in practice. We report an impact map of such factors. However, there is a lack of empirical and validated set of tools. Conclusion. We observed that technical Debt prioritization research is preliminary and there is no consensus on what are the important factors and how to measure them. Consequently, we cannot consider current research conclusive and in this paper, we outline different directions for necessary future investigations

Strategies for Developing Sustainable Design Practice for Students and SME Professionals

Designers and engineers seem finally to be awakening to the challenge that sustainable development has given. Educators and students alike are keenly aware of the need to become more effective in the training and practice of their specific disciplines with respect to sustainability. \noindent In the past four years since this research has developed, there has been a marked change in the mass market appeal for sustainable products and services. Implementation of sustainable design practice from both recent graduates and also innovative small and medium enterprises (SMEs) at a local level is slow. One would assume that the consumer drive would push a change in design practice but perhaps the complexities of sustainable design along with the lack of experience in the field are providing barriers to designers and marketers alike. In addition the SME sector alone makes up the bulk of industry within the European Union (EU) varying in some countries from 80-95% of the total numbers of companies (Tukker et al. 2000). These industries by their nature find it difficult to dedicate expertise solely to sustainable development issues. The strategy outlined in this paper intended to introduce concepts of sustainable design thinking and practice to both SMEs and undergraduate students. \noindent This current and ongoing research qualitatively assesses appropriate models for educating for sustainable design thinking with SME employees and undergraduate design students. The sample groups include Industrial Design and Product Design undergraduate students in Ireland at the Institute of Technology, Carlow (IT Carlow), The University of Limerick (UL) and a sample of SMEs in the South East of Ireland, with broad national participation from other students of design and professionals from industry. Current levels of understanding of students and SME professionals of key environmental and social issues are measured

Sustainable R&D portfolio assessment.

Research and development portfolio management is traditionally technologically and financially dominated, with little or no attention to the sustainable focus, which represents the triple bottom line: not only financial (and technical) issues but also human and environmental values. This is mainly due to the lack of quantified and reliable data on the human aspects of product/service development: usability, ecology, ethics, product experience, perceived quality etc. Even if these data are available, then consistent decision support tools are not ready available. Based on the findings from an industry review, we developed a DEA model that permits to support strategic R&D portfolio management. We underscore the usability of this approach with real life examples from two different industries: consumables and materials manufacturing (polymers).R&D portfolio management; Data envelopment analysis; Sustainable R&D;