RISK RADAR: ADVANCED RISK MANAGEMENT STRATEGIES IN COMPLEX PROJECTS

Nicoleta Madalina Stan, Aurel-Mihail Titu and Maria Popa

Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, 2024, vol. 18, issue 1, 205-218

Abstract: In the ever-evolving field of modern project management, the ability to foresee, identify, and mitigate risks is crucial for the success of complex projects. This research explores the development and implementation of advanced risk management methodologies aimed at enhancing project resilience and performance. The study begins by highlighting the limitations of traditional risk management approaches, which often depend on static risk registers and subjective evaluations. In contrast, this research promotes a more proactive and data-driven strategy, utilizing advancements in artificial intelligence (AI), machine learning (ML), and big data analytics. By integrating these technologies, the study proposes a "Risk Radar" system that continuously monitors and analyzes project environments, identifies potential risks in real-time, and provides actionable insights. Key components of the Risk Radar system include predictive analytics to forecast potential risk events, sentiment analysis to gauge stakeholder concerns, and network analysis to understand the interdependencies within project elements. The system also incorporates adaptive learning algorithms that evolve based on historical data and emerging trends, ensuring that risk management strategies remain relevant and effective. To validate the efficacy of the Risk Radar system, a series of case studies across various industries, including construction, information technology, and healthcare were conducted. The results demonstrate a significant improvement in risk identification accuracy, response time, and overall project outcomes. Projects utilizing the Risk Radar system experienced fewer disruptions, reduced cost overruns, and improved stakeholder satisfaction compared to those employing conventional risk management techniques.

Keywords: Complex Projects; Machine Learning; Predictive Analytics; Risk Management. (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:rom:mancon:v:18:y:2024:i:1:p:205-218

DOI: 10.24818/IMC/2024/02.11

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