Abstract:
Purpose: This study aims to investigate the identification and evaluation of potential risks affecting projects and select projects based on the level of risk in the project-based organizations. Design/methodology/approach: After organizing a decision-making team and identification of potential risks influencing projects, the risks have been weighted by the VIKOR method. Then, potential risks in projects have been received by project managers and the final risks of each project have been estimated. Findings: Findings indicate that the application of this method may invoke as a useful management tool for selecting projects with acceptable risk in a multi-project organization. Research limitations/implications: The findings are limited to the current projects of the focused company. Also, the results are limited to the potential risks identified and the evaluations related to comments and the VIKOR approach for the considered time interval. Practical implications: One of the most important management challenges in project-based organizations is the selection of projects with acceptable risk of implementation. Risk Analysis in portfolio management is a strategy that helps managers in selecting, supporting, and managing a set of projects. Originality/value: The focus of Previous studies was mostly on risk identification and prioritization in specific projects. In contrast, the developed approach in this paper can be used as a fast and reliable method for selecting projects in a multi-project organization based on risk management.
Machine summary:
Risk-based project assessment in multi-project organizations Meysam Azimian Industrial Engineering Group, Industrial Engineering and management Department, Maleke- Ashtar University of Technology, Tehran, Iran, meysamazimian@yahoo.
Design/methodology/approach: After organizing a decision-making team and identification of potential risks influencing projects, the risks have been weighted by the VIKOR method.
In contrast, the developed approach in this paper can be used as a fast and reliable method for selecting projects in a multi-project organization based on risk management.
This study aims to assess and identify projects’ potential risks in the multi-project organization and prioritize the projects based on their risk values.
The research contribution comprises: i) identifying the project potential risks in multi-project organizations; ii) quantitative assessment and identification of risks’ weight; iii) determining the existence of risks in projects; and iv) selecting appropriate projects by a final projects risk evaluation and ranking them by the VIKOR method.
In the following, literature on the project risk assessment and management, MCDM methods, and VIKOR method is briefly reviewed and subsequently, the research methodology is developed and examined in a practical case.
Among these studies, Barghi and Sikari (2020) presented a qualitative and quantitative project risk assessment using a hybrid PMBOK model developed under uncertainty conditions.
Kuo and lu (2013) used a fuzzy approach to Multiple-Criteria Decision-Making (MCDM) for risk assessment of Taiwan's capital construction projects.
The results of this research were obtained considering the identified potential risks in the studied organization, based on surveying the projects’ managers using the VIKOR model for risks assessment.