Cognitive Factors and Risk Management of Concurrent Product Realisation

Lidija Rihar, Tomaz Berlec and Janez Kusar

A chapter in Theory and Application on Cognitive Factors and Risk Management - New Trends and Procedures from IntechOpen

Abstract: In projects of development and industrialization of new products or to improvement of the existing ones not only quality and costs but also the time of product entering the market and delivery time to the client are important. This can be achieved by efficient project management, where classic methods of project management need to be upgraded by elements of concurrent engineering. In this chapter, a method for risk management in cyclically recurrent projects is demonstrated, in which conventional models of risk management based on an assessment of probability of risk event occurrence and an assessment of their consequences are supplemented by a third parameter--assessment of frequency of recurrence of risk events. An important advantage of the suggested solution lies in that a project manager and team members take into account cognitive factors, when managing recurrence of risk events which are usually due to poorly organized business processes of a company. A template was created in the Microsoft Project environment, by means of which the project team tested the suggested methodology on an example of concurrent realization of a pedal assembly of a car.

Keywords: cognitive factors; risk management; project risk; activity risk; critical success factors (search for similar items in EconPapers)
JEL-codes: M11 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:113245

DOI: 10.5772/intechopen.68398

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