Sustainability of Business through Project Risk Identification with Use of Expert Estimates

Katarina Buganova, Maria Luskova, Jozef Kubas, Michal Brutovsky and Jaroslav Slepecky
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Katarina Buganova: Department of Crisis Management, Faculty of Security Engineering, University of Žilina, 010 26 Žilina, Slovakia
Maria Luskova: Department of Technical Sciences and Informatics, Faculty of Security Engineering, University of Žilina, 010 26 Žilina, Slovakia
Jozef Kubas: Department of Crisis Management, Faculty of Security Engineering, University of Žilina, 010 26 Žilina, Slovakia
Michal Brutovsky: Department of Crisis Management, Faculty of Security Engineering, University of Žilina, 010 26 Žilina, Slovakia
Jaroslav Slepecky: Department of Legal Sciences and Security Studies, The College of European and Regional Studies, 370 01 České Budějovice, Czech Republic

Sustainability, 2021, vol. 13, issue 11, 1-17

Abstract: Projects are a tool that enables enterprises to implement innovation and development activities and achieve the goals in the set time, costs and required quality but they also bring risks that need to be adequately identified, analyzed and assessed. Important tools that can be used in project management in the process of risk identification are expert estimates. However, little attention is paid to determining the accuracy of expert estimates. To verify the accuracy of expert estimates, an analysis of all completed projects for a certain period of enterprise that implemented them was performed. The purpose of the study was to determine the accuracy of expert estimates in the enterprise implementing projects. This was ascertained by analyzing all available completed projects and by Barnard’s test at the significance level of α = 0.05. The Phi coefficient of association was used to determine its extent. In the paper, we pointed out how inappropriate expert estimates affect the completion of the project within the specified period.

Keywords: sustainable entrepreneurship; risk management; project management; risk identification; expert estimates (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2021
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