I am eager to conduct a research on “Risks Associated with Management of Engineering Projects.” Currently, engineering projects just like any other economic undertakings are being conducted in an ever-changing business environment where a lot has to be done to them curb from the many unforeseen contingencies taking place. This topic is controversial one and will empower all would-be managers to acquire crucial skills necessary in thriving successfully in their future career endeavors. It will provide them with relevant knowledge and capability to handle risks influencing their projects successfully.
The increased occurrences of risks in sectors such as machinery manufacturing have subjected many, businesses both national and international in an extreme jeopardy. Even the most prudently planned engineering project can run into uncertain events or conditions, which if they take place, have an impact on at least one objective of the project. Engineering managers working in these industries should aim at identifying and evaluating these hazards and managing them to minimalize their effect on the project. However, not every risk is negative. Some occurrences and conditions, for instance, lower costs for particular materials, can assist a project. When this transpires, Jaafari, (2001) refers to it as an opportunity; but it is still treated simply like a risk.
Publicly available secondary data on “Risks Associated with Management of Engineering Projects” will be sourced from: https://data.gov.au/dataset? q=Risks+Associated+with+Management+of+Engineering+Projects&sort=extras_harvest_portal+asc%2C+score+desc%2C+metadata_modified+desc. Currently most of the available secondary data in this set is in PDF (Portable Document Format) format.
Risk in does not impact on all engineering projects equally but its effect depends on the efficiency of combined managerial measures dealing with specific unforeseen event. Effectiveness of engineering managers in detecting risks will be determined by the frequency and severity of hazards reported during the project life cycle. Mentis, (2015) suggests that effective project management of risk comprises of a convolutedly related set of variables, connected to work process, people, and organizational environment.
I will use terms such as “risks,” “engineering projects” “management” in the search engine and limit the literature to 2000 to avoid using archaic or outdated information for this research.
Bekefi, Epstein, & Yuthas, (2008) argue that a company’s effectiveness in handling risks depends entirely on the measures put in place to mitigate them when they take pace. World Health Organization, (2007) on the other hand, takes an opposing stance and points out that managers’ readiness and the capability to deal with unforeseen events are the key to alleviating the impact of any project risk. Butts, (2012) add that all stakeholders in a given firm should take part proactively and curtail occurrence of any possible risk from their level. According to her, risk management should not be viewed as a responsibility of the managers only but instead of all and sundry.
Bekefi, T., Epstein, M. J., & Yuthas, K. (2008). Managing opportunities and risks. CMA Canada.
Butts, J. B. (2012). Ethics in organizations and leadership.
Jaafari, A. (2001). Management of risks, uncertainties and opportunities on projects: time for a fundamental shift. International journal of project management, 19(2), 89-101.
Mentis, M. (2015). Managing project risks and uncertainties. Forest Ecosystems, 2(1), 2.
World Health Organization. (2007). Risk reduction and emergency preparedness: WHO six-year strategy for the health sector and community capacity development.