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An IT-based holistic methodology for analyzing and managing building life cycle risk
Published in Symeon E. Christodoulou, Raimar Scherer, eWork and eBusiness in Architecture, Engineering and Construction, 2017
H. Pruvost, T. Grille, R.J. Scherer
The intended approach relies first on the identification of the main objectives and related important performance criteria. Then main threats can be identified and accordingly analyzed. In this context, concepts from the risk management field can become very useful. For example, Beasley et al. (2011) say about ERM that it provides the opportunity for organizational leaders to achieve a robust and holistic enterprise-wide view of potential risks that may affect the achievement of the organization’s objectives. As in ERM a building project is an organized and collaborative activity that aims at the achievement of a final product with regard to precise requirements expressed as performances. In view of that, a good overview of it risks is necessary to support design and investment decisions that minimize the probability of performance mismatches. In order to enable a holistic view and efficient control of risk, the concept of Key Risk Indicator (KRI) is introduced.
Enterprise Risk Management
Published in Charles Yoe, Principles of Risk Analysis, 2019
ERM includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. Insurance and financial firms gave birth to ERM in the mid-twentieth century. ERM arises from a distinct business orientation that distinguishes it from other risk analysis and risk management models. Since its humble beginnings, ERM has spread rapidly to nonfinancial firms of all types and is now making inroads with many public institutions. One of its principle distinguishing characteristics is the buy-in of the board of directors and other top-level management of the firm who integrate risk management with the achievement of the organization's strategic objectives.
Enterprise risk management
Published in Charles Yoe, Primer on Risk Analysis, 2019
ERM includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. Insurance and financial firms gave birth to ERM in the mid-twentieth century. ERM arises from a distinct business orientation that distinguishes it from other risk analysis and risk management models. Since its humble beginnings, ERM has spread rapidly to nonfinancial firms of all types and is now making inroads with many public institutions. One of its principle distinguishing characteristics is the buy-in of the Board of Directors and other top-level management of the firm who integrate risk management with the achievement of the organization's strategic objectives.
Using artificial neural networks (ANN) in projects monitoring dashboards’ formulation
Published in HBRC Journal, 2018
Although the aim of the study is not to introduce new criteria for selection rather than to evaluate and build on the current one, meetings were held with representatives of different project management offices: “Enterprise Project Management Office EPMO and Agencies” PMOs (A total of 7 PMOs to run the business and matters of projects). These meetings aimed to validate how satisfactory is it to build the model based on the current selection criteria (explained later). It was concluded that initial criteria are acceptable while adding additional factors may be investigated by future researches. (74% agreed with the current criteria while 14% believe that they need improvement and 12% suggested new criteria). The current practice for selecting important projects has the following factors: (1) project strategic relevance (Strategic Initiative “SI”), (2) project total budget, (3) current-year approved budget, (4) project type (construction/non-construction/internal), (5) project duration, and (6) ownership of the project among agencies and/or sectors. The forced-in or forced-out projects are a mandatory considered criterion. The above factors were considered when building the neural network model as explained later, except for forced-in and out (it is inevitable to make the selection fully intelligent), with the aim of having an initial projects’ list in the most intelligent way based on available information. Another aim of the study was to validate the consistency of the existing selection (forcing-in or forcing-out of projects will still be allowed). As per the project management policy adopted [9], five categories of projects are defined. These categories are shown in “Table 1” where the following factors are considered: (1) cost, (2) duration, (3) type, and (4) special nature (forced-in). Another considered factor is the “Risk Score-(RS)”. In this organization, the risk performance is regularly measured through enterprise risk Management system (ERM) via a Risk Score which considers: Identification, Risk Treatment, Risk Monitoring, Risk Reporting, and Risk Culture.