The ability of project managers to implement industry 4.0-related projects

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Internet of Things and Their Coming Perspectives: A Real Options Approach

Internet of things is developing at a dizzying rate, and companies are forced to implement it in order to maintain their operational efficiency. The high flexibility inherent to these technologies makes it necessary to apply an appropriate measure, which properly assesses risks and rewards. Real options methodology is available as a tool which fits the conditions, both economic and strategic, under which investment in internet of things technologies is developed. The contribution of this paper is twofold. On the one hand, it offers an adequate tool to assess the strategic value of investment in internet of things technologies. On the other hand, it tries to raise awareness among managers of internet of things technologies because of their potential to contribute to economic and social progress. The results of the research described in this paper highlight the importance of taking action as quickly as possible if companies want to obtain the best possible performance. In order to enhance the understanding of internet of things technologies investment, this paper provides a methodology to assess the implementation of internet of things technologies by using the real options approach; in particular, the option to expand has been proposed for use in the decision-making process

Underlying structures of risk response measures among small and medium contractors in South Africa

Although attention has been given to the measures used to respond to risk in the construction industry (CI), there is limited literature that scrutinizes underlying structures of risk response measures (RRMs) especially among small and medium enterprises (SMEs). This study, therefore, presents findings from an exploratory factor analysis (EFA) of RRMs. A positivist paradigm was adopted to collect empirical raw data from 181 conveniently sampled respondents in Gauteng, South Africa (SA), using a structured questionnaire. The results support the extant literature and empirically established the structural composition of risk response by two constructs. The construct with emerged measures was termed trailing measures while the one with popular measures was termed leading measures of risk response. However, the study yielded a two-factor model with all the six items supposed to measure risk response. Based on the results obtained, it seems that risk avoidance and risk mitigation are reliable measures for measuring risk response. This study could thus serve as a reference for the accurate measurement of risk response and for the development of agreed responses for each risk, including an appropriate strategy and specific responses to implement the chosen strategy. The study was limited to the CI and to a lesser extent, construction SMEs in Gauteng; hence the findings cannot be generalized to all SMEs in SA

Project managers and technical change : curriculum development in strategic technology management

Traditional business approaches do not take account of the rapid technological developments underpinning today's world. Further understanding the role of technology and its efficient management to build and maintain a competitive edge in business can allow project managers to more successfully manage organisations, and to adapt to and capitalise on, today’s rapidly changing environment. Strategic Technology Management links engineering, science and management principles to identify, choose, and implement the most effective means of attaining compatibility between internal skills and resources of an organisation and its competitive, economic and social environment. This paper reviews the rationale and the development of a new Strategic Technology Management subject in QUT’s Master of Project Management program. It discusses recent developments in the area of technology management from an international perspective, provides details of the curriculum developed and discusses the experience of completing two years of teaching the new program

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

Complexity in the Context of Information Systems Project Management

Complexity is an inherent attribute of any project. The purpose of defining and documenting complexity is to enable a project team to foresee resulting challenges in a timely manner, and take steps to alleviate them.The main contribution of this article is to present a systematic view of complexity in project management by identifying its key attributes and classifying complexity by these attributes. A “complexity taxonomy” is developed and discussed within three levels: the product, the project and the external environment.Complexity types are described through simple real-life examples. Then a framework (tool) is developed for applying the notion of complexity as an early warning tool.The article is intended for researchers in complexity, project management, information systems, technology solutions and business management, and also for information specialists, project managers, program managers, financial staff and technology directors

Understanding Occupational and Skill Demand in New Jersey's Construction Industry

The construction industry is integral to New Jersey's economy, employing over 160,000 people. Nationally and in New Jersey, the construction industry is thriving, injecting billions of dollars into the state. Jobs in the industry are changing with an influx of new technology and new building materials, requiring that workers have more technical expertise than in the past. This report summarizes the skill, knowledge, and educational requirements of key construction occupations and identifies strategies for meeting the key workforce challenges facing the industry

Collaborative knowledge management - A construction case study

Due to the new threats and challenges faced by the construction industry today, construction companies must seek new solutions in order to remain ahead of the competition. Knowledge has been identified to be a significant organisational resource, which if used effectively can provide competitive advantage. A lot of emphasis is being put on how to identify, capture and share knowledge in today's organisations. It has been argued over the years that due to the fragmented nature of the construction industry and ad-hoc nature of the construction projects, capture and reuse of valuable knowledge gathered during a construction project pose a challenge. As a result critical mistakes are repeated on projects and construction professionals have to kee

Influence of Portfolio Management in Decision-Making

Purpose: Today’s manufacturing facilities are challenged by highly customized products and just in time manufacturing and delivery of these products. In this study, a batch scheduling problem has been addressed to enable on-time completion of customer orders in a lean manufacturing environment. The problem is optimizing the partitioning of product components into batches and scheduling of the resulting batches where each customer order is received as a set of products made of various components. Design/methodology/approach: Three different mathematical models for minimization of total earliness and tardiness of customer orders are developed to provide on-time completion of customer orders and also, to avoid excess final product inventory. The first model is a non-linear integer programming model whereas the second is a linearized version of the first. Finally, to solve larger sized instances of the problem, an alternative linear integer model is presented. Findings: Computational study using a suit set of test instances showed that the alternative linear integer model is able to solve all test instances in varying sizes within quite shorter computer times compared to the other two models. It has also been showed that the alternative model is able to solve moderate sized real-world problems. Originality/value: The problem under study differentiates from existing batch scheduling problems in the literature owing to the inclusion of new circumstances that are present in real-world applications. Those are: customer orders consisting of multi-products made of multi-parts, processing of all parts of the same product from different orders in the same batch, and delivering the orders only when all related products are completed. This research also contributes to the literature of batch scheduling problem by presenting new optimization models.Peer Reviewe