Search results for: project risk management

Authors: Johnson Adafin, James O. B. Rotimi, Suzanne Wilkinson, Abimbola O. Windapo

Abstract:

An aspect of client expenditure management that requires attention is the level of accuracy achievable in design-stage elemental cost planning. This has been a major concern for construction clients and practitioners in New Zealand (NZ). Pre-tender estimating inaccuracies are significantly influenced by the level of risk information available to estimators. Proper cost planning activities should ensure the production of a project’s likely construction costs (initial and final), and subsequent cost control activities should prevent unpleasant consequences of cost overruns, disputes and project abandonment. If risks were properly identified and priced at the design stage, observed variance between design-stage elemental cost plans (ECPs) and final tender sums (FTS) (initial contract sums) could be reduced. This study investigates the variations between design-stage ECPs and FTS of construction projects, with a view to identifying risk factors that are responsible for the observed variance. Data were sourced through interviews, and risk factors were identified by using thematic analysis. Access was obtained to project files from the records of study participants (consultant quantity surveyors), and document analysis was employed in complementing the responses from the interviews. Study findings revealed the discrepancies between ECPs and FTS in the region of -14% and +16%. It is opined in this study that the identified risk factors were responsible for the variability observed. The values obtained from the analysis would enable greater accuracy in the forecast of FTS by Quantity Surveyors. Further, whilst inherent risks in construction project developments are observed globally, these findings have important ramifications for construction projects by expanding existing knowledge on what is needed for reasonable budgetary performance and successful delivery of construction projects. The findings contribute significantly to the study by providing quantitative confirmation to justify the theoretical conclusions generated in the literature from around the world. This therefore adds to and consolidates existing knowledge.

Keywords: Accuracy, design-stage, elemental cost plan, final tender sum, New Zealand.

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Authors: Julinda Keçi

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In many countries, governments have been promoting the involvement of private sector entities to enter into long-term agreements for the development and delivery of large infrastructure projects, with a focus on overcoming the limitations upon public fund of the traditional approach. The involvement of private sector through public private partnerships (PPP) brings in new capital investments, value for money and additional risks to handle. Worldwide research studies have shown that an objective, systematic, reliable and useroriented risk assessment process and an optimal allocation mechanism among different stakeholders is crucial to the successful completion. In this framework, this paper, which is the first stage of a research study, aims to identify the main risks for the delivery of PPP projects. A review of cross-countries research projects and case studies was performed to map the key risks affecting PPP infrastructure delivery. The matrix of mapping offers a summary of the frequency of factors, clustered in eleven categories: construction, design, economic, legal, market, natural, operation, political, project finance, project selection and relationship. Results will highlight the most critical risk factors, and will hopefully assist the project managers in directing the managerial attention in the further stages of risk allocation.

Keywords: Construction, infrastructure, public private partnerships, risks.

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Authors: A. Elbaz, K. Spang

Abstract:

Infrastructure projects are often subjected to delays and cost overruns and mistakenly described as unsuccessful projects. These projects have many peculiarities such as public attention, impact on the environment, subjected to special regulations, etc. They also deal with several stakeholders with different motivations and face unique risks. With this in mind we need to reconsider our approach to manage them, define their success factors and implement these success factors. Infrastructure projects are not only lacking a unified meaning of project success or a definition of success factors, but also a clear method to implement these factors. This paper investigates this gap and introduces a concept to implement success factors in an efficient way, taking into consideration the specific characteristics of infrastructure projects. This concept consists of six enablers such as project organization, project team, project management workflow, contract management, communication and knowledge transfer and project documentations. These enablers allow other success factors to be efficiently implemented in projects. In conclusion, this paper provides project managers as well as company managers with a tool to define and implement success factors efficiently in their projects, along with upgrading their assets for the coming projects. This tool consists of processes and validated checklists to ensure the best use of company resources and knowledge. Due to the special features of infrastructure projects this tool will be tested in the German infrastructure market. However, it is meant to be adaptable to other markets and industries.

Keywords: Infrastructure projects, enablers, project success, success factors, transportation projects.

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Authors: Shu-Hui Jan, Hui-Ping Tserng, Shih-Ping Ho

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Construction project control attempts to obtain real-time as-built schedule information and to eliminate project delays by effectively enhancing dynamic schedule control and management. Suitable platforms for enhancing an as-built schedule visually during the construction phase are necessary and important for general contractors. As the application of building information modeling (BIM) becomes more common, schedule management integrated with the BIM approach becomes essential to enhance visual construction management implementation for the general contractor during the construction phase. To enhance visualization of the updated as-built schedule for the general contractor, this study presents a novel system called the Construction BIM-assisted Schedule Management (ConBIM-SM) system for general contractors in Taiwan. The primary purpose of this study is to develop a web ConBIM-SM system for the general contractor to enhance visual as-built schedule information sharing and efficiency in tracking construction as-built schedule. Finally, the ConBIM-SM system is applied to a case study of a commerce building project in Taiwan to verify its efficacy and demonstrate its effectiveness during the construction phase. The advantages of the ConBIM-SM system lie in improved project control and management efficiency for general contractors, and in providing BIM-assisted as-built schedule tracking and management, to access the most current as-built schedule information through a web browser. The case study results show that the ConBIM-SM system is an effective visual as-built schedule management platform integrated with the BIM approach for general contractors in a construction project.

Keywords: BIM, Building information modeling, construction schedule management, as-built schedule management, BIM schedule updating mechanism.

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Authors: Babak H. Tabrizi, Seyed Farid Ghaderi

Abstract:

Concurrent planning of the resource constraint project scheduling and material ordering problems have received significant attention within the last decades. Hence, the issue has been investigated here with the aim to minimize total project costs. Furthermore, the presented model considers different discount options in order to approach the real world conditions. The incorporated alternatives consist of all-unit and incremental discount strategies. On the other hand, a modified version of the genetic algorithm is applied in order to solve the model for larger sizes, in particular. Finally, the applicability and efficiency of the given model is tested by different numerical instances.

Keywords: Genetic algorithm, material ordering, project management, project scheduling.

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Authors: Alessandra Agostini, Roberto Boselli, Flavio De Paoli, Riccardo Dondi

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The work presented in this paper focus on Knowledge Management services enabling CSCW (Computer Supported Cooperative Work) applications to provide an appropriate adaptation to the user and the situation in which the user is working. In this paper, we explain how a knowledge management system can be designed to support users in different situations exploiting contextual data, users' preferences, and profiles of involved artifacts (e.g., documents, multimedia files, mockups...). The presented work roots in the experience we had in the MILK project and early steps made in the MAIS project.

Keywords: Information Management Systems, InformationRetrieval, Knowledge Management, Mobile CommunicationSystems.

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Authors: Babak H. Tabrizi, Seyed Farid Ghaderi

Abstract:

Concurrent planning of project scheduling and material ordering has been increasingly addressed within last decades as an approach to improve the project execution costs. Therefore, we have taken the problem into consideration in this paper, aiming to maximize schedules quality robustness, in addition to minimize the relevant costs. In this regard, a bi-objective mathematical model is developed to formulate the problem. Moreover, it is possible to utilize the all-unit discount for materials purchasing. The problem is then solved by the E-constraint method, and the Pareto front is obtained for a variety of robustness values. The applicability and efficiency of the proposed model is tested by different numerical instances, finally.

Keywords: E-constraint method, material ordering, project management, project scheduling.

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Authors: Wang Liguang, Zhang Xueqing

Abstract:

The build-operate-transfer (BOT) project delivery system has provided effective routes to mobilize private sector funds, innovative technologies, management skills and operational efficiencies for public infrastructure development and have been widely used in China during the last 20 years. Many BOT projects in China will be smoothly transferred to the government soon and the transfer stage, which is considered as the last stage, must be studied carefully and handled well to achieve the overall success of BOT projects. There will be many issues faced by both the public sector and private sector in the transfer stage of BOT projects, including project post-assessment, technology and documents transfer, personal training and staff transition, etc. and sometimes additional legislation is needed for future operation and management of facilities. However, most previous studies focused on the bidding, financing, and building and operation stages instead of transfer stage. This research identifies nine key issues in the transfer stage of BOT projects through a comprehensive study on three cases in China, and the expert interview and expert discussion meetings are held to validate the key issues and give detail analysis. A proposed framework of transfer management is prepared based on the experiences derived and lessons drawn from the case studies and expert interview and discussions, which is expected to improve the transfer management of BOT projects in practice.

Keywords: BOT project, key issues, transfer management transfer stage.

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Authors: Jiří Barta

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The paper deals with results of a project “Interoperability Workplaces to Support Teaching of Security Management in a Computer Network". This project is focused on the perspectives and possibilities of "new approaches" to education, training and crisis communication of rescue teams in the Czech Republic. It means that common technologies considering new perspectives are used to educate selected members of crisis management. The main part concentrates on possibilities of application of new technology and computer-aided tools to education and training of Integrated Rescue System teams.This project uses the COST principle for the creation of specialized centers and for all communication between these workplaces.

Keywords: Communication of Crisis Management, Information System, Interoperability, specializedcenter, Security Oriented Information System.

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Authors: Pema Choejey, David Murray, Chun Che Fung

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Bhutan is becoming increasingly dependent on Information and Communications Technologies (ICTs), especially the Internet for performing the daily activities of governments, businesses, and individuals. Consequently, information systems and networks are becoming more exposed and vulnerable to cybersecurity threats. This paper highlights the findings of the survey study carried out to understand the perceptions of cybersecurity implementation among government organizations in Bhutan. About 280 ICT personnel were surveyed about the effectiveness of cybersecurity implementation in their organizations. A questionnaire based on a 5 point Likert scale was used to assess the perceptions of respondents. The questions were asked on cybersecurity practices such as cybersecurity policies, awareness and training, and risk management. The survey results show that less than 50% of respondents believe that the cybersecurity implementation is effective: cybersecurity policy (40%), risk management (23%), training and awareness (28%), system development life cycle (34%); incident management (26%), and communications and operational management (40%). The findings suggest that many of the cybersecurity practices are inadequately implemented and therefore, there exist a gap in achieving a required cybersecurity posture. This study recommends government organizations to establish a comprehensive cybersecurity program with emphasis on cybersecurity policy, risk management, and awareness and training. In addition, the research study has practical implications to both government and private organizations for implementing and managing cybersecurity.

Keywords: Awareness and training, cybersecurity, cybersecurity policy, risk management, security risks.

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Authors: Juha Kettunen

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This study presents a project that tests and adjusts active European learning and teaching methods in Indonesian universities to increase their external impact on enterprises and other organizations; it also assesses the implementation of the Erasmus+ projects funded by the European Union. The project is based on the approach of innovation pedagogy that responds to regional development needs and integrates applied research and development projects into education to create capabilities for students to participate in development work after graduation. The assessment of the Erasmus+ project resulted in many improvements that can be made to achieve higher quality and innovativeness. The results of this study are useful for those who want to improve the applied research and development projects of higher education institutions.

Keywords: Higher education, innovations, project management, networks.

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Authors: K. Schmidt, Z. Miodrag, C. Geiger

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Performance Measurement is still a difficult task for forwarding companies. This is caused on the one hand by missing resources and on the other hand by missing tools. The research project “Management Information System for Logistics Service Providers" aims for closing the gap between needed and disposable solutions. Core of the project is the development

Keywords: Forwarder, Logistics, Management Information, Performance Measurement.

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Authors: Amirali Shirazibeheshti, Tarik Radwan, Alireza Ettefaghian, Farbod Khanizadeh, George Wilson, Cristina Luca

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Anticholinergic medication has been associated with events such as falls, delirium, and cognitive impairment in older patients. To further assess this, anticholinergic burden scores have been developed to quantify risk. A risk model based on clustering was deployed in a healthcare management system to cluster patients into multiple risk groups according to anticholinergic burden scores of multiple medicines prescribed to patients to facilitate clinical decision-making. To do so, anticholinergic burden scores of drugs were extracted from the literature which categorizes the risk on a scale of 1 to 3. Given the patients’ prescription data on the healthcare database, a weighted anticholinergic risk score was derived per patient based on the prescription of multiple anticholinergic drugs. This study was conducted on 300,000 records of patients currently registered with a major regional UK-based healthcare provider. The weighted risk scores were used as inputs to an unsupervised learning algorithm (mean-shift clustering) that groups patients into clusters that represent different levels of anticholinergic risk. This work evaluates the association between the average risk score and measures of socioeconomic status (index of multiple deprivation) and health (index of health and disability). The clustering identifies a group of 15 patients at the highest risk from multiple anticholinergic medication. Our findings show that this group of patients is located within more deprived areas of London compared to the population of other risk groups. Furthermore, the prescription of anticholinergic medicines is more skewed to female than male patients, suggesting that females are more at risk from this kind of multiple medication. The risk may be monitored and controlled in a healthcare management system that is well-equipped with tools implementing appropriate techniques of artificial intelligence.

Keywords: Anticholinergic medication, socioeconomic status, deprivation, clustering, risk analysis.

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Authors: Thitaporn Thoopputra, Tipaporn Pongmesa, Shuchuen Li

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Aims: To evaluate the application of non-invasive diabetes risk assessment tool in community pharmacy setting. Methods: Thai diabetes risk score was applied to assess individuals at risk of developing type 2 diabetes. Interactive computer-based risk screening (IT) and paper-based risk screening (PT) tools were applied. Participants aged over 25 years with no known diabetes were recruited in six participating pharmacies. Results: A total of 187 clients, mean aged (+SD) was 48.6 (+10.9) years. 35% were at high risk. The mean value of willingness-to-pay for the service fee in IT group was significantly higher than PT group (p=0.013). No significant difference observed for the satisfaction between groups. Conclusions: Non-invasive risk assessment tool, whether paper-based or computerized-based can be applied in community pharmacy to support the enhancing role of pharmacists in chronic disease management. Long term follow up is needed to determine the impact of its application in clinical, humanistic and economic outcomes.

Keywords: Community pharmacy, intervention, prevention, risk assessment, type 2 diabetes.

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Authors: Vuk M. Popovic, Dunja D. Popovic

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Software maintenance phase is started once a software project has been developed and delivered. After that, any modification to it corresponds to maintenance. Software maintenance involves modifications to keep a software project usable in a changed or a changing environment, to correct discovered faults, and modifications, and to improve performance or maintainability. Software maintenance and management of software maintenance are recognized as two most important and most expensive processes in a life of a software product. This research is basing the prediction of maintenance, on risks and time evaluation, and using them as data sets for working with neural networks. The aim of this paper is to provide support to project maintenance managers. They will be able to pass the issues planned for the next software-service-patch to the experts, for risk and working time evaluation, and afterward to put all data to neural networks in order to get software maintenance prediction. This process will lead to the more accurate prediction of the working hours needed for the software-service-patch, which will eventually lead to better planning of budget for the software maintenance projects.

Keywords: Laboratory information system, maintenance engineering, neural networks, software maintenance, software maintenance costs.

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Authors: Juha Kettunen

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The purpose of this study is to develop a framework for the assessment of research and development projects. The assessment map is developed in this study based on the strategy map of the balanced scorecard approach. The assessment map is applied in a project that aims to reduce the inequality and risk of exclusion of young people from disadvantaged social groups. The assessment map denotes that not only funding but also necessary skills and qualifications should be carefully assessed in the implementation of the project plans so as to achieve the objectives of projects and the desired impact. The results of this study are useful for those who want to develop the implementation of the Erasmus+ Programme and the project teams of research and development projects.

Keywords: Non-formal learning, youth work, social inclusion, innovation.

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Authors: Karrar Raoof Kareem Kamoona, Enas Fathi Taher AlHares, Zeynep Isik

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The various disciplines in the construction industry and the co-existence of the people in the various disciplines are what builds well-developed, closely-knit interpersonal skills at various hierarchical levels thus leading to a varied way of leadership. The varied decision making aspects during the lifecycle of a project include: autocratic, participatory and last but not least, free-rein. We can classify some of the decision makers in the construction industry in a hierarchical manner as follows: project executive, project manager, superintendent, office engineer and finally the field engineer. This survey looked at how decisions are made during the construction period by the key stakeholders in the project. From the paper it is evident that the three decision making aspects can be used at different times or at times together in order to bring out the best leadership decision. A blend of different leadership styles should be used to enhance the success rate during the project lifecycle.

Keywords: Leadership style, construction, decision-making, built environment.

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Authors: K. Sekulová, M. Šimon

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The article demonstrates on a case study how it is possible to identify MSD risk. It is based on a dissertation Risk identification model of occupational diseases formation in relation to the work activity that determines what risk can endanger workers who are exposed to the specific risk factors. It is evaluated based on statistical calculations. These risk factors are main cause of upperextremities musculoskeletal disorders.

Keywords: Case study, upper-extremity musculoskeletal disorders, ergonomics.

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Authors: Yulia Stukalina

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This paper explores the main issues related to implementing a cross-disciplinary research project (LEARNIT) based on collaboration between universities from three European countries. The paper discusses the importance of using the holistic approach to managing scientific projects with due account for the complicated nature of the educational environment of a modern university. To illustrate this approach, the author describes some actions to be taken for supporting different focus areas of LEARNIT project, in the process using integrated tangible, non-tangible, and semi-tangible resources of the partner university. The methodology of the paper is based on the academic literature and research papers analysis within management discipline. The analysis reported in the paper is also based on the author’s professional experience in the area of managing international research projects in a university.

Keywords: LEARNIT, focus area, project management, resources.

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Authors: Mitsuhiro Taniyama, Yuu Hidaka, Masato Arai, Satoshi Kai, Hiromi Igawa, Hiroshi Yajima, Ryoichi Sasaki

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Along with the progress of our information society, various risks are becoming increasingly common, causing multiple social problems. For this reason, risk communications for establishing consensus among stakeholders who have different priorities have become important. However, it is not always easy for the decision makers to agree on measures to reduce risks based on opposing concepts, such as security, privacy and cost. Therefore, we previously developed and proposed the “Multiple Risk Communicator" (MRC) with the following functions: (1) modeling the support role of the risk specialist, (2) an optimization engine, and (3) displaying the computed results. In this paper, MRC program version 1.0 is applied to the personal information leakage problem. The application process and validation of the results are discussed.

Keywords: Decision Making, Personal Information Leakage Problem, Risk Communication, Risk Management

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Authors: Wei Lo, Ming-En Kuo

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While to minimize the overall project cost is always one of the objectives of construction managers, to obtain the maximum economic return is definitely one the ultimate goals of the project investors. As there is a trade-off relationship between the project time and cost, and the project delivery time directly affects the timing of economic recovery of an investment project, to provide a method that can quantify the relationship between the project delivery time and cost, and identify the optimal delivery time to maximize economic return has always been the focus of researchers and industrial practitioners. Using genetic algorithms, this study introduces an optimization model that can quantify the relationship between the project delivery time and cost and furthermore, determine the optimal delivery time to maximize the economic return of the project. The results provide objective quantification for accurately evaluating the project delivery time and cost, and facilitate the analysis of the economic return of a project.

Keywords: Time-Cost Trade-Off, Genetic Algorithms, Resource Integration, Economic return.

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Authors: Hatem A. Khater, A. Baith Mohamed, Sara M. Kamel

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Software Development Risks Identification (SDRI), using Fault Tree Analysis (FTA), is a proposed technique to identify not only the risk factors but also the causes of the appearance of the risk factors in software development life cycle. The method is based on analyzing the probable causes of software development failures before they become problems and adversely affect a project. It uses Fault tree analysis (FTA) to determine the probability of a particular system level failures that are defined by A Taxonomy for Sources of Software Development Risk to deduce failure analysis in which an undesired state of a system by using Boolean logic to combine a series of lower-level events. The major purpose of this paper is to use the probabilistic calculations of Fault Tree Analysis approach to determine all possible causes that lead to software development risk occurrence

Keywords: Software Development Risks Identification (SDRI), Fault Tree Analysis (FTA), Taxonomy for Software Development Risks (TSDR), Probabilistic Risk Assessment (PRA).

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Authors: Pavel Vazan, Pavol Tanuska, Michal Kebisek

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The paper gives the pilot results of the project that is oriented on the use of data mining techniques and knowledge discoveries from production systems through them. They have been used in the management of these systems. The simulation models of manufacturing systems have been developed to obtain the necessary data about production. The authors have developed the way of storing data obtained from the simulation models in the data warehouse. Data mining model has been created by using specific methods and selected techniques for defined problems of production system management. The new knowledge has been applied to production management system. Gained knowledge has been tested on simulation models of the production system. An important benefit of the project has been proposal of the new methodology. This methodology is focused on data mining from the databases that store operational data about the production process.

Keywords: data mining, data warehousing, management of production system, simulation

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Authors: Benmoussa Rachid, Deguio Roland, Dubois Sebastien, Rasovska Ivana

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Implementation of LARG (Lean, Agile, Resilient, Green) practices in the supply chain management is a complex task mainly because ecological, economical and operational goals are usually in conflict. To implement these LARG practices successfully, companies’ need relevant decision making tools allowing processes performance control and improvement strategies visibility. To contribute to this issue, this work tries to answer the following research question: How to master performance and anticipate problems in supply chain LARG practices implementation? To answer this question, a risk management approach (RMA) is adopted. Indeed, the proposed RMA aims basically to assess the ability of a supply chain, guided by “Lean, Green and Achievement” performance goals, to face “agility and resilience risk” factors. To proof its relevance, a logistics academic case study based on simulation is used to illustrate all its stages. It shows particularly how to build the “LARG risk map” which is the main output of this approach.

Keywords: Risk approach, lean supply chain, agile supply chain, green supply chain, resilient supply chain.

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Authors: Isabela Moreira Queiroz

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Slope stability analyses are largely carried out by deterministic methods and evaluated through a single security factor. Although it is known that the geotechnical parameters can present great dispersal, such analyses are considered fixed and known. The probabilistic methods, in turn, incorporate the variability of input key parameters (random variables), resulting in a range of values of safety factors, thus enabling the determination of the probability of failure, which is an essential parameter in the calculation of the risk (probability multiplied by the consequence of the event). Among the probabilistic methods, there are three frequently used methods in geotechnical society: FOSM (First-Order, Second-Moment), Rosenblueth (Point Estimates) and Monte Carlo. This paper presents a comparison between the results from deterministic and probabilistic analyses (FOSM method, Monte Carlo and Rosenblueth) applied to a hypothetical slope. The end was held to evaluate the behavior of the slope and consequent risk analysis, which is used to calculate the risk and analyze their mitigation and control solutions. It can be observed that the results obtained by the three probabilistic methods were quite close. It should be noticed that the calculation of the risk makes it possible to list the priority to the implementation of mitigation measures. Therefore, it is recommended to do a good assessment of the geological-geotechnical model incorporating the uncertainty in viability, design, construction, operation and closure by means of risk management. 

Keywords: Probabilistic methods, risk assessment, risk management, slope stability.

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Authors: Yusuf Garba Baba

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The construction industry and housing subsector are fraught with risks that have the potential of negatively impacting on the achievement of project objectives. The success or otherwise of most construction projects depends to large extent on how well these risks have been managed. The recent paradigm shift by the subsector to use of formal risk management approach in contrast to hitherto developed rules of thumb means that risks must not only be identified but also properly assessed and responded to in a systematic manner. The study focused on identifying risks associated with housing development projects and prioritisation assessment of the identified risks in order to provide basis for informed decision. The study used a three-step identification framework: review of literature for similar projects, expert consultation and questionnaire based survey to identify potential risk factors. Delphi survey method was employed in carrying out the relative prioritization assessment of the risks factors using computer-based Analytical Hierarchical Process (AHP) software. The results show that 19 out of the 50 risks significantly impact on housing development projects. The study concludes that although significant numbers of risk factors have been identified as having relevance and impacting to housing construction projects, economic risk group and, in particular, ‘changes in demand for houses’ is prioritised by most developers as posing a threat to the achievement of their housing development objectives. Unless these risks are carefully managed, their effects will continue to impede success in these projects. The study recommends the adoption and use of the combination of multi-technique identification framework and AHP prioritization assessment methodology as a suitable model for the assessment of risks in housing development projects.

Keywords: Risk identification, risk assessment, analytical hierarchical process, multi-criteria decision.

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Authors: Eberechi Weli, Michael Todinov

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The gap between the selection of risk-reduction options in the railway industry and the task of their effective implementation results in compromised safety and substantial losses. An effective risk management must necessarily integrate the evaluation phases with the implementation phase. This paper proposes an essential categorisation of risk reduction measures that best addresses a standard railway industry portfolio. By categorising the risk reduction options into design, operational, procedural and technical options, it is guaranteed that the efforts of the implementation facilitators (people, processes and supporting systems) are systematically harmonised. The classification is based on an integration of fundamental principles of risk reduction in the railway industry with the systems engineering approach.

This paper argues that the use of a similar classification approach is an attribute of organisations possessing a superior level of risk-reduction readiness. The integration of the proposed rational classification structure provides a solid ground for effective risk reduction.

Keywords: Cost effectiveness, organisational readiness, risk reduction, railway, system engineering.

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Authors: Sandija Zeverte-Rivza, Irina Pilvere, Baiba Rivza

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The use of renewable energy sources incl. biogas has become topical in accordance with the increasing demand for energy, decrease of fossil energy resources and the efforts to reduce greenhouse gas emissions as well as to increase energy independence from the territories where fossil energy resources are available.

As the technologies of biogas production from agricultural biomass develop, risk assessment and risk management become necessary for farms producing such a renewable energy. The need for risk assessments has become particularly topical when discussions on changing the biogas policy in the EU take place, which may influence the development of the sector in the future, as well as the operation of existing biogas facilities and their income level.

The current article describes results of the risk assessment for farms producing biomass from agriculture biomass in Latvia, the risk assessment system included 24 risks, that affect the whole biogas production process and the obtained results showed the high significance of political and production risks.

Keywords: Biogas production, risks, risk assessment.

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Authors: P. Aragonés-Beltrán, F. Chaparro-González, J. P. Pastor Ferrando, M. García-Melón

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In this paper the Analytic Network Process (ANP) is applied to the selection of photovoltaic (PV) solar power projects. These projects follow a long management and execution process from plant site selection to plant start-up. As a consequence, there are many risks of time delays and even of project stoppage. In the case study presented in this paper a top manager of an important Spanish company that operates in the power market has to decide on the best PV project (from four alternative projects) to invest based on risk minimization. The manager identified 50 project execution delay and/or stoppage risks. The influences among elements of the network (groups of risks and alternatives) were identified and analyzed using the ANP multicriteria decision analysis method. After analyzing the results the main conclusion is that the network model can manage all the information of the real-world problem and thus it is a decision analysis model recommended by the authors. The strengths and weaknesses ANP as a multicriteria decision analysis tool are also described in the paper.

Keywords: Multicriteria decision analysis, Analytic Network Process, Photovoltaic solar power projects.

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Authors: Nargess Mottaghi Golshan, Siti Zaleha Abdul Rasid

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Purpose:This paper aims to gain insights to the influential factors of ERM adoptions by public listed firms in Malaysia. Findings:The two factors of financial leverage and auditor type were found to be significant influential factors for ERM adoption. In other words the findings indicated that firms with higher financial leverage and with a Big Four auditor are more likely to have a form of ERM framework in place. Originality/Value:Since there are relatively few studies conducted in this area and specially in developing economies like Malaysia, this study will broaden the scope of literature by providing novel empirical evidence.

Keywords: Enterprise risk management, risk, public listed company.

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