Risk Effect in Management Complex and Long Term Projects

Question: Discuss about the Risk Effect in Management for Complex and Long Term Projects. Answer: Introduction Managing uncertainties and risks are the major responsibilities of a project manager to deal with complex and long term projects. In order to deal with the risks of the projects, organizational authorities should take conventional approaches and decisions in an optimized way. Risks can be raised from several areas in several forms such as economic downturns, product cost, high employee turnover rate, service quality and many others which must be tactfully handled with strategic planning and processes. Smart, aligned and agile reporting process should be developed to prioritize the risks so that mitigation can be easily done. In order to deal with project uncertainties, the whole project life cycle should be divided into strategic stages. At the first stage, the interest variables should be determined to find out the improvement areas. At the second stage, the technical team should list up all the key uncertainties of the development filed. If the uncertainties are overlooked in this stage, errors will continue throughout the project. In the next stage, the impacts of uncertainties are measured in terms of numerical value. After this calculation, the key uncertainties should be ranked in a league table to analyze its impacts on the entire business operation. At the last stage, these uncertainties should be managed by adopting optimum kind of solution. All these factors can help to minimize the adverse effects and creates potential opportunities which will accelerate the business growth significantly. However, it is observed that incapability of the project managers in identifying assets and managing the risks have negative impacts on the project returns, shareholder value, and stakeholder cash flow. While dealing with uncertainties and risks, project managers should depend on various methods to make sound and impact judgment for an organizational good fare. Challenges and risks are common to projects and cannot be mitigated entirely, but can be avoided to some extent by taking proper countermeasures. Integration of new technologies, processes, product innovations and globalization influence dynamic and complex decision making environment. Therefore, it is the responsibility of the project manager to prepare risk management and mitigation strategies which also helps to anticipate future outcomes of the project. In addition, the project managers should consider the large set of variables while dealing with impacts of risk such as behavioral responses of the employees, relationship between judgment and experience and the role of control and ownership. This paper focuses on two annotated bibliographies which are based on risk and uncertainty in project management. These two articles are selected to analyze the impacts of risks of project management in project managers roles, responsibilities, and decisions. In the following section, these articles will be evaluated on the basis of classification, ranks, impact factors and purpose. Based on the article class, its strengths, weaknesses and significance are identified and aligned with research aims and objectives. Furthermore, its limitations are also identified to use the research work for future uses. Based on this analysis and evaluation of suitable conclusion is drawn at the end of this assignment. Annotated bibliography Journal 1 ARTICLE SUMMARY Reference Koleczko, K. (2012). Risk and uncertainty in project management decision-making. Epublications.bond.edu.au. Retrieved 28 July 2016, From https://epublications.bond.edu.au/cgi/viewcontent.cgi?article=1055context=pib Article classification (academic conceptual, academic empirical) This article follows academic conceptual framework which is only based on theories and no practical implications are there. Journal ranking (ABDC quality journal listing) Unranked Impact factor Impact factor is unknown. Aim/Purpose of article The aim of this article is to analyze the impacts of risks and uncertainties in project management decision making. The major purpose of the author is to highlight the roles and responsibilities of project manager and their decision capabilities to handle the project risks, challenges, and uncertainties. (If a non-empirical paper) approach of author(s) In this article, the author has used own experiences and views of different authors in accordance with the selected research topic. The author generally provides theoretical concepts, and no practical implications of project management were used. The author has not used any experiments but use observation of the other writers and make the assumptions. The theories are clearly related to the risks and uncertainties which can arise while progressing with the research work from internal as well as the external business world. Throughout the study, the author tries to identify the roles and responsibilities of the project manager in order to handle project risks and challenges tactfully. At the end of the assignment, the author has concluded the fact that project manager should make sound decisions while dealing with project risks and uncertainties. The conclusion of the paper is based in theoretical approach only and no implication of data collection has been used. (If an empirical paper) research methodology employed (qual, quant, mixed methods); sampling strategy and sample size employed; context of study eg location, industry; method of data collection methods employed; method of analysis employed. Text not exceeding 150 words, with one sentence for each of the five parameters. (If an empirical paper) research findings and conclusions drawn by researchers Text not exceeding 150 words. Conclusions drawn by authors After completion of research work, the author has concluded the fact that since project management is faced lots of challenges throughput its life cycle, project managers decisions can be adversely affected. In this aspect, it has been observed that human behaviours and attitudes play a significant role in the decision making the prospect of project management. In this aspect, the project manager should take the proper and accurate initiatives to reduce the risks and uncertainties of the project at a desired level. Therefore, the author has suggested that managing uncertainty and risks need rigorous thinking to minimize its impacts on the organizational performance. CRITICAL INSIGHT Significance Significance of the article in relation to the topic generally, other articles in the literature, other articles in this bibliography assignment etc This article is one of the useful representations of the selected topic. Throughout the research study, the author has tried to highlight the fact that in times of uncertainties and risks, project managers should think rigorously and should take sound decisions to deal with them tactfully. The significance of this article is to analyze the impacts of risks and uncertainties on the project managers decision. To deal with that and to make the project successful, the project manager should take appropriate countermeasures and should make impactful decisions rather getting biased. In order to make relevant work, the author also takes the support from various sources such as journals, articles, and books to gain an accurate outcome. These articles have significant relevance which helps to analyze the topic in a more precise way. Analysis of project risks with decision making tools allows the organization to determine the probability of loss or success which helps to drive impactful decisi ons. This article is presented to address the fact that organizational goals and objectives should not be compromised while dealing with these involved risks. This responsibility totally depends on the managerial capabilities of a project manager who start, execute and end the project. Project managers should characterize the causes of identified risks and should prioritize them as per their impacts on organizational performance. Also, project managers should take the concerns of their team members which help to make a healthy relationship inside the organization. Therefore, this article is significant by the selected research topic. Strengths Personal evaluation required rather than simply repeating any authors suggestions. By analyzing the concepts of the author, it has been identified that proper distinctions between risks and uncertainties have done. All the risks and uncertainties of the project are properly evaluated in this article. The roles and responsibilities of the project manager are clearly identified to monitor their capabilities in handling challenges of the project. This is useful to make the project successful, which is very crucial in driving maximum profit and higher customer satisfaction. Weaknesses Personal evaluation required rather than simply repeating any authors suggestions. This article has clearly distinguished the risks and uncertainties of the project and defines the roles of the project manager. However, risk mitigation strategies are not clearly highlighted in this article. In addition, no such data collection and responses are used in this article which can help to analyse the facts regarding the management of risk and uncertainties of the project. Moreover, this article is based on theoretical approaches, but no practical implications are used. Limitations Personal evaluation required rather than simply repeating any authors suggestions. Throughout this article, no practical examples of situations like project management risks are given. Only theoretical concepts based on own experiences are not properly justified. Moreover, the readers do not get a clear understanding of the topic. Also, no project manager is involved in these works that have any practical experience regarding this. As a result, many areas of this research work are uncovered. Incorporation of this kind of analysis could enhance the quality work. Annotated bibliography Journal 2 ARTICLE SUMMARY Reference Fang, C., Marle, F. (2012). A simulation-based risk network model for decision support in project risk management. Decision Support Systems, 52(3), 635-644. Retrieved 28 July 2016, From https://hal.archives-ouvertes.fr/hal-01207061/document Article classification (academic conceptual, academic empirical) Since the research paper is based on experience and observation of the author, it is stated as an academic empirical article. Journal ranking (ABDC quality journal listing) The journal rating of this particular journal is A* Impact factor The impact factor of the journal is 1.687 Aim/Purpose of article The significant aim of the project is to introduce a decision support system for managing and modeling the risk interaction and project risk involved with the project. The second aim of the project is to analyze the effectiveness of the risk in the planning and its impact on project behavior. (If a non-empirical paper) approach of author(s) In the journal related to project risk management, the author has presented a new decision making model for managing the uncertainties and risks in the associated with the project. Furthermore, the author has conducted a detailed literature review on the previous models used for managing the risks in projects. The author has drawn significant conclusion in figuring out the literature and research gap in the previous models for managing the risks. The author has provided his personal experience and conducted a detailed comparison between his proposed decision support system and the existing traditional risk management system in a project. In this particular paper, the author has worked to provide the potential areas to manage the risks. In addition to that, the author has provided pros and cons of his proposed decision support system.' Moreover, the author has given evidence to the beneficial characteristics of his proposed system in this journal. (If an empirical paper) research methodology employed (qual, quant, mixed methods); sampling strategy and sample size employed; context of study eg location, industry; method of data collection methods employed; method of analysis employed. Text not exceeding 150 words, with one sentence for each of the five parameters. (If an empirical paper) research findings and conclusions drawn by researchers Text not exceeding 150 words. Conclusions drawn by authors The proposed Decision Support System introduced in this particular journal has successfully addressed and eliminated the various risks involved in conducting the project and in previous risk management models. The proposed model has been further tested for the project management of a musical show that has validated the satisfaction of the users. The proposed system has further able to monitor the risks and modifies the plan for risk management as required in accordance with the progress of the project. In addition to that, the proposed system allowed the user to select between different risk management plans that can be used for a project. CRITICAL INSIGHT Significance Significance of the article in relation to the topic generally, other articles in the literature, other articles in this bibliography assignment etc The selected article is useful in evaluating the Risk effect in management - Risk and uncertainty in management. In the selected journal, the author has discussed the impact of the risks and complexity of the project risk. Further, the author has discussed the various existing methods that are currently in used for managing the risks and uncertainty of the risks. In addition to that, in the chosen journal, the researcher has analyzed the influence of the effective decision making process and procedure for managing the risks. The author has further analyzed the proposed Decision Support System for the managing the risks. The selected journal has provided with the concept of different risks and uncertainties in the project, and the impact of those on the project. The selected topic has a detailed investigation on the existing relationship between the effect of the risks and the sole cause of the risks in the project. For supporting the study of the current project, the author has taken resources from the previous study including the researchers, journals, and articles from relevant work done by other authors. The article has provided the author with the significant and in-depth understanding of the previous researchers that allowed the author to gain access to a previous architecture of the risk management system followed in the different industry. In addition to that, the previous journal articles on the selected topic have allowed the author to understand the research gap and continue with the current research. Therefore, the selected topic and journal is appropriate in reviewing the topic. Strengths Personal evaluation required rather than simply repeating any authors suggestions. In this particular journal, the author has conducted a detailed analysis of the previous model of the risk management models in projects. The Journal introduces a new Decision Support System that monitors the risks in real time and modifies the management plan according to the progress of the project. Since risks changes according to the change in the environment the proposed system provides the real-time monitoring and management of risks. This is the significant strength. Weaknesses Personal evaluation required rather than simply repeating any authors suggestions. The selected journal research is conducted with the help of previous methods and experimental data between the comparison of the existing models and proposed model. Moreover, the system is tested with only one project i.e. a musical show. The lack of experiments on the various range and complexity of projects are rather weakens the effectiveness of the system. In addition to that, the conclusion is based on theoretical results rather than practical or data collection. Limitations Personal evaluation required rather than simply repeating any authors suggestions. In the selected journal article, the author has conducted the study based on theoretical approaches. The author has further considered all the risk in the project as undependable. Since, in real time project management, risks can be both independent and dependent, the conclusions are limited to the independent nature of the risks in projects. Also, the research is only limited to the understanding and theoretical knowledge of the author for drawing the appropriate conclusion. Conclusion The identification of risks are most crucial in the managing the risks and uncertainties in the project. The risks in project affect the progress of the project. In this particular paper, the selected two journals based on the topic Risk effect in management - Risk and uncertainty in management have efficiently addressed the risks and opportunities in project management. This paper provides a review of the selected journal for evaluating the different risks associated with project and efficient ways to manage and eliminate them form the project. In the first journal, Risk and uncertainty in project management decision-making, the principle and theory of mathematical expectation has been combined with decreasing the utility margin. The author has provided, theoretical studies and analysis of the risks associated with the project. The author has provided an efficient decision making an approach in the paper that effectively identified the embedded risks in a project and determined an approach to managing them. The author further concluded that the decision making and human interaction in a project has a significant impact in managing the risk and uncertainty. The author has efficiently highlighted the identification of different risks and uncertainty in a project. Simultaneously, the author fails to provide sufficient information about the procedure and strategies to manage the risk in the project. On the other hand, the selected article is conducted based on theoretical assumptions and the practical use of data collection and analysis has been eliminated in the research. The selected journal has effectively addressed the risk and uncertainties of the project based on the theoretical approach. In addition to that, the selected journal has provided light to the effect of the risks in project management. The second article A simulation-based risk network model for decision support in project risk management has been selected for reviewing the various ways to manage the risk in projects. In the second article, the author reviews the efficiency of the existing traditional approaches and design making system used for managing the risks in the project. In addition to that, the journal provides a detailed idea about the decision making procedure used in managing the risks in projects. The author has provided the detailed comparison between the traditional and proposed design making system in projects. The second journals have provided the detailed idea about the efficiency and effectiveness of using a decision making system in project management for eliminating the risks and uncertainties. The result of the second journal has provided the reader the way determines and understands the potential of risks in a project. Both the selected journal has its limitation in terms of providing appropriate results. But the detailed reviewing of the journals has provided effective information and data about the risk effect in the project and its management. Both the journals provide its conclusion based on the theoretical approach and knowledge related to the selected topic. Therefore, the selected two journals have been proved to be appropriate and effective in reviewing the risks and uncertainty in management. Bibliography Abed, H. S., Wittert, G. A., Leong, D. P., Shirazi, M. 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