Addressing the problem of limited resources in Risk Management

Leopoulos, V; Kirytopoulos, K; Malandrakis, C

dc.contributor.author	Leopoulos, V	en
dc.contributor.author	Kirytopoulos, K	en
dc.contributor.author	Malandrakis, C	en
dc.date.accessioned	2014-03-01T02:49:42Z
dc.date.available	2014-03-01T02:49:42Z
dc.date.issued	2004	en
dc.identifier.issn	14706326	en
dc.identifier.uri	https://dspace.lib.ntua.gr/xmlui/handle/123456789/34696
dc.relation.uri	http://www.scopus.com/inward/record.url?eid=2-s2.0-11844262767&partnerID=40&md5=89cf5184b77f526bae347304be5fe8e3	en
dc.subject	Risk Identification	en
dc.subject	Risk Management	en
dc.subject	Risk Mitigation	en
dc.subject.other	Construction industry	en
dc.subject.other	Inventory control	en
dc.subject.other	Investments	en
dc.subject.other	Project management	en
dc.subject.other	Societies and institutions	en
dc.subject.other	Strategic planning	en
dc.subject.other	Risk identification	en
dc.subject.other	Risk mitigation	en
dc.subject.other	Risk-community	en
dc.subject.other	Tools-quiver	en
dc.subject.other	Risk management	en
dc.title	Addressing the problem of limited resources in Risk Management	en
heal.type	conferenceItem	en
heal.publicationDate	2004	en
heal.abstract	Although many years have passed since Project Risk Management was regarded as a secondary arrow in the best-in-class consulting firms' ""tools-quiver"", it has not yet earned the attention that it deserves, at least in the Greek Construction Industry. Thus, Project Managers avoid spending valuable resources in order to perform an extended Risk Management Process. The problem raised by this fact is that the typical Risk Management Cycle (Identification, Analysis, Mitigation and Follow Up) is not thoroughly executed. After examining several projects undertaken by one of the big five Greek construction companies, the authors of this paper have come to the conclusion that in the name of completion the ""so called"" risk team divides the available resources (time, budget) more or less equally between the four phases of the cycle. The aim of this paper is to challenge the soundness of such an approach that may lead to ambiguous results and impoverish the effort that Risk Managers put into persuading Projects Stakeholders about the benefits that Risk Management may bear. Instead of equally distributing the available resources, this paper suggests that the risk team should focus on specific phases such as Identification and Mitigation. The concept is also supported by the outcome of several projects, where the risk team followed the aforementioned proposition, one of which will be illustrated in the full paper.	en
heal.journalName	Management Information Systems	en
dc.identifier.volume	9	en
dc.identifier.spage	659	en
dc.identifier.epage	668	en