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Management of projects risk with Business Intelligence

Jiri Kriz (), Lenka Smolikova () and Vladena Stepankova ()
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Jiri Kriz: Brno University of Technology
Lenka Smolikova: Brno University of Technology
Vladena Stepankova: Brno University of Technology

No 141/2015, Working Papers from Institute of Economic Research

Abstract: Project management is characterize like the broader concept of a comprehensive set of management processes and activities that are limited in time and whose aim is to implement something specific, whether the introduction, change, etc. In project management, which aims to ensure effective management of a comprehensive package of activities to a greater or lesser extent, concerns virtually all organizations and from internal changes or activities, supply of products, the introduction of ICT technologies to large investment projects. Project management involves the application of knowledge, experience, skills, activities, tools and techniques so that the final project met its requirements and achieves its goals in a limited time interval. Between the initial and final state the project goes through several phases, including project risk. To eliminate these risks is determined by the risk management as an area focusing on analysis and risk reduction using various tools and techniques. If we seek to answer the question what is the risk, then in terms of project management it can be understood as the likelihood that an event occurs that is contrary to the assumption. The first stage is to identify risks. This is based on the areas covered by the project and cannot be generalized for different types of projects. For example, a project for the implementation of data warehouse will have different areas of risk than new product development. The next stage is risk analysis. At this stage, we try to find the level of risk and its impact on the completion of the project. We are looking for those risks which are important and have a significant influence on the project (priority risks). Following the planning and risk management, which proposes procedures to minimize risk, responsibility for the procedures and time frames in which the procedures are being implemented. The last phase is monitoring, which leads to elimination of risks, which are no longer relevant and to re-identify new risks. This entire process is appropriate to support software tool that allows us to their effective management. We can use Business Intelligence tools as one of the software tools, especially in the phase of risk identification and analysis. Identifying risks putting together a basic set of potential risks when the input use various available sources of information such as the previously identified risks files or lists the usual risks in managing similar projects. In the analysis phase, then we can make risk assessment of the potential risks, including the determination of their probabilities to create a catalogue of potential risks of the project, which must be addressed at the planning stage and management, Business Intelligence tools are with justification used for the suggestions to minimize risks. The article discusses the Business Intelligence tools and their application in the field of project’s risk management. This is an opportunity to create panels, tables, graphs and matrices, including analyses of data cubes and to a certain extent and use of prediction algorithms for determining the probability of the risk and its impact on the implementation of the project.

Keywords: risk management; Business Intelligence; Data Cube; Prediction Algorithms (search for similar items in EconPapers)
JEL-codes: O22 G32 D81 (search for similar items in EconPapers)
Date: 2015-05, Revised 2015-05
New Economics Papers: this item is included in nep-ppm and nep-rmg
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