In order to achieve specific goals, the discipline of planning, organizing, motivating, and the control of resources are used, in order to manage the project. All the project goals and objectives, must be achieved in project management, and the preconceived constraints must be honored as well. In today’s paper, an advanced dynamic risk modeling and analysis was performed, in order to assess project management risks.
Time, quality and budget, are usually not achieved in many projects, because all projects have risks, and researchers are not doing enough research on this area, in order to understand, risk management. If a project manager wants to minimize losses and enhance the project’s profitability, then he/she has to perform an advanced assessment of the risks of the project. Also the project manager has to make that assessment, an essential part of the overall project.
Project managers, have tools and resources available to them, which can help them assess the risks of their project. On the paper chosen this week, the Fuzzy Cognitive Maps (FCMs) tool was proposed as a support tool, for dynamic risk assessment tool for project managers. Among risk factors, uncertainties and complex interdependencies, are considered by the FCMs tool, which can help project managers predict the outcome of a project. The impact that each risk has on another risk, is also predicted by the FCMs tool, according to the article. Risk mitigation solutions, can also be better analyzed and found, by using the FCMs tool, because project managers, will be able to manage the risk of the project in a more effective and precise way. The largest and most complex projects, can benefit from the FCMs tools, when project managers want to minimize their losses.
Decision making can be difficult for a project manager when, the project is very large and complex. Things can go wrong very fast, and a lot of money, work, time and effort can be wasted, if the risks of the project have not been assessed properly, by project managers. The current thinking in Project Management (PM), is not going to be able to fulfill the future challenges and requirements, of the complex world we are developing. A new perspective in project management has to be adopted and such thinking is known as evolutionary project management. Due to the evolutionary systems and cybernetic systems, we have today as a new paradigm, project management has to move into a more evolutionary project management or EVO approach to project management.
During each step in EVO, an opportunity to deliver some useful results is presented, also developers and managers are able to learn more about their system, learn how unknowns really perform and be able to change fast according to the risks assessed. EVO allows project managers to break their project into a series of small incremental steps, in order to have better control of their system and really get the most out of their projects.
JAMSHIDIA, A., AIT-KADIB, D., & RUIZC, A. (2017). An advanced DYNAMIC RISK MODELING AND ANALYSIS in projects management. Journal Of Modern Project Management, 6(11). doi:10.19255/JMPM01301
Saynisch, M. (2010). Beyond frontiers of traditional project management: An approach to evolutionary, self-organizational principles and the complexity theory—results of the research program. Project Management Journal, 41(2), 21-37.