Lecture

Risk Management in Project Analysis

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In courses (2)

MGT-427: Project management and risk analysis

Ce cours a pour objectif de présenter l'approche générale du management de projet en intégrant la gestion du risque dans toutes les étapes du projet. ...

MGT-426: Logistics and demand analysis

La logistique, fonction transversale par excellence, intègre toutes les dimensions des processus industriels à ajout de valeur, de l'approvisionnement à la distribution aux clients et au-delà en intégrant le développement durable. Un focus particulier sera ...

Description

This lecture covers the importance of risk management in project analysis, focusing on concepts such as order, rigor, and lean management as solutions to identify and eliminate unnecessary elements, innovate, and improve processes. It also discusses the implementation of 'firewalls' for risk control, the use of numerical simulation in project management, and the economic evaluation of project variants. The instructor emphasizes the significance of risk analysis, probabilistic approaches, and the integration of risks in decision-making processes.

Instructor

Philippe Wieser

Philippe Wieser obtained his diploma of engineer in mechanics at the EPFL in 1977 and he received his PhD in 1981. After a few years working in a engineering consulting company, he joined the EPFL as lecturer. His fields of research and teaching deal with logistics, supply chain management, information systems and integrated logistics, health supply chain and project management. Since May 2000, Philippe Wieser is the executive director of IML: International Institute for the Management of Logistics (EPFL - Lausanne and ENPC - Paris). In 2008 he was appointed Professeur titulaire at EPFL. Philippe Wieser teaches in EPFL-Lausanne (Minor, Master and Executive Master MSL), ENPC-Paris (Executive Master) and other European and African Universities. He is author or co-author of more than ninety publications and international conferences.

Official source

Related concepts (31)

Lean manufacturing

Lean manufacturing is a production method aimed primarily at reducing times within the production system as well as response times from suppliers and to customers. It is closely related to another concept called just-in-time manufacturing (JIT manufacturing in short). Just-in-time manufacturing tries to match production to demand by only supplying goods which have been ordered and focuses on efficiency, productivity (with a commitment to continuous improvement) and reduction of "wastes" for the producer and supplier of goods.

Financial risk management

Financial risk management is the practice of protecting economic value in a firm by managing exposure to financial risk - principally operational risk, credit risk and market risk, with more specific variants as listed aside. As for risk management more generally, financial risk management requires identifying the sources of risk, measuring these, and crafting plans to address them. See for an overview. Financial risk management as a "science" can be said to have been born with modern portfolio theory, particularly as initiated by Professor Harry Markowitz in 1952 with his article, "Portfolio Selection"; see .

Lean construction

Lean construction is a combination of operational research and practical development in design and construction with an adoption of lean manufacturing principles and practices to the end-to-end design and construction process. Unlike manufacturing, construction is a project-based production process. Lean Construction is concerned with the alignment and holistic pursuit of concurrent and continuous improvements in all dimensions of the built and natural environment: design, construction, activation, maintenance, salvaging, and recycling (Abdelhamid 2007, Abdelhamid et al.

Risk management plan

A risk management plan is a document that a project manager prepares to foresee risks, estimate impacts, and define responses to risks. It also contains a risk assessment matrix. According to the Project Management Institute, a risk management plan is a "component of the project, program, or portfolio management plan that describes how risk management activities will be structured and performed." Moreover, according to the Project Management Institute, a risk is "an uncertain event or condition that, if it occurs, has a positive or negative effect on a project's objectives.

Risk management

Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.

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