Decision Making in Risk Management: Quantifying Intangible Risk Factors in Projects (Manufacturing and Production Engineering)

Description

Project risk management is regarded as a necessary dimension of effective project delivery. Current practices tend to focus on tangible issues such as late delivery of equipment or the implications of technology. This book introduces a framework to identify emergent behavior-centric intangible risks and the conditions that initiate them. Decision Making in Risk Management: Quantifying Intangible Risk Factors in Projects identifies the quantitative measures to assess behavior-induced risks by presenting a framework that limits the interpersonal tension of addressing behavioral risks. Included in the book is an illustrative case study from the oil and gas sector that demonstrates the use of the framework. The missing dimension of behavior-centric intangible risk factors in current risk identification is explored. The book goes on to cover management processes, providing a systematic analytical approach to mitigate subjectivity when addressing behavioral risks in projects. This book is useful to those working in the fields of Project Management, Systems Engineering, Risk Management, and Behavioral Science. Cover Half Title Series Page Title Page Copyright Page Dedication Contents Preface Acknowledgments Author Chapter 1: Introduction 1.1. Introduction 1.2. Project Risk and Performance 1.3. Intangible Risk Factors 1.4. Goal and Objectives for Book 1.5. Outline of Book Chapter 2: Setting the Context 2.1. Introduction 2.2. Projects and Project Portfolios 2.3. Project Management Frameworks 2.4. Risk Identification and Assessment 2.5. Intangible Risk 2.5.1. Behavior-Centric Intangible Risk 2.6. Summary Chapter 3: Systems, Networks, and Metanetwork Analysis 3.1. Introduction 3.2. Systems Theory 3.2.1. System-of-Systems Engineering 3.3. Network Science 3.3.1. Sociotechnical Networks 3.3.2. Metanetwork Analysis 3.4. Summary Chapter 4: Intangible Risk Assessment Methodology for Projects 4.1. Introduction 4.2. Conceptual Framework 4.3. Frameworks and the Intangible Risk Breakdown Structure 4.4. Behavior-Centric Intangible Risk Assessment in Projectsand Portfolios 4.4.1. Intangible Risk Breakdown Structure 4.4.2. Causal Factors 4.4.3. Risk Inducement Matrix 4.5. Process For Implementation 4.5.1. Step 1: Initial Information Gathering 4.5.2. Step 2: Subject-Matter Expert Workshop 4.5.3. Step 3: Information Verification 4.5.4. Step 4: Survey Analysis and Validation 4.5.5. Step 5: Project Team Workshops and Data Consolidation 4.5.6. Step 6: Initial Assessment and Recommendations 4.5.7. Step 7: Decision Support An 4.6. Summary Chapter 5: Metanetwork Analysis and Measures 5.1. Introduction 5.2. Conceptual Framework 5.2.1. Sociotechnical System of Systems 5.2.2. Metanetwork 5.3. Metanetwork and Network Analysis Measures 5.3.1. Subnetwork Construct 5.3.2. Subnetwork Population 5.3.3. Metanetwork Simulation 5.3.4. Network Analysis Measures 5.4. Summary Chapter 6: Putting It All Together 6.1. Introduction 6.2. OilCo Project Delivery Performance 6.3. Interviews and Surveys to Validate the Issues 6.4. Project Workshops to Identify Risk and Factor Prevalence 6.5. Assessment of Project Portfolio Stages 6.6. Metanetwork Development 6.7. Metanetwork Analysis 6.7.1. Validation 6.7.2. Identification 6.7.2.1. Clarify Roles, Responsibilities, and Authorities 6.7.2.2. Increase Communication Effectiveness and Decision-Making 6.7.2.3. Align Priorities and Objectives 6.7.2.4. Impact Teamwork 6.7.2.5. Challenge the Culture 6.7.3. Evaluation 6.7.4. Recommendation Chapter 7: Conclusions and Looking Forward 7.1. Introduction 7.2. Objective 1 7.3. Objective 2 7.4. Objective 3 7.5. Looking Forward References Index