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Understanding and managing risks in large engineering projects

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Published by Alfred P. Sloan School of Management, Massachusetts Institute of Technology in [Cambridge, Mass .
Written in English


Book details:

About the Edition

Large engineering projects are high-stakes games characterized by substantial irreversible commitments, skewed reward structures in case of success, and high probabilities of failure. Drawing on 60 real life projects, this article shows that successful projects are not selected but shaped with risk resolution in mind. Rather than evaluating projects at the outset based on projections of the full sets of benefits, costs and risks over their lifetime, successful sponsors start with project ideas that have the possibility of becoming viable. Successful sponsors then embark on shaping efforts to influence risk drivers. Keywords: Risk Management, Project Finance, Institutional Strategy, Governance.

Edition Notes

StatementDonald Lessard [and] Roger Miller.
SeriesSloan working paper -- 4214-01, Working paper (Sloan School of Management) -- 4214.
ContributionsMiller, Roger LeRoy., Sloan School of Management.
The Physical Object
Pagination17 leaves :
Number of Pages17
ID Numbers
Open LibraryOL17936524M
OCLC/WorldCa50823171

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  Understanding and managing risks in projects especially large engineering initiatives are challenging tasks. Risks first need to be dissected into categories such as (1) market-related: demand, financial and supply; (2) completion: technical, construction and operational; (3) institutional: regulatory, social acceptibility and by: Largeengineeringprojectsarehigh-stakesgamescharacterizedby substantialirreversiblecommitments,skewedrewardstructuresincaseof success,andhighprobabilitiesoffailure. Understanding and managing risks in large engineering projects.   Buy Understanding and managing risks in large engineering projects by Lessard, Donald R, Miller, Roger LeRoy, Sloan School of Management (ISBN: ) from Amazon's Book Store. Everyday low prices and free delivery on eligible : Donald R Lessard, Roger LeRoy Miller.

Understanding and managing risks in large engineering projects. Author(s) Lessard, Donald R.; Miller, Roger LeRoy. (Kb) Understanding and managing risks in large engineering projects. Author(s) Lessard, Donald R.; Miller, Roger LeRoy. (Kb). Understanding and Managing Risk in Your Project To manage projects effectively you need to be able to recognize and manage risk. Risk is the possibility that you may not achieve your product, schedule, or resource targets because something unexpected occurs or . Full text of "Understanding and managing risks in large engineering projects" See other formats MIT LIBRARIES 3 HDM oi a DEWEY 9(? v^SL MIT Sloan School of Management Sloan Working Paper October UNDERSTANDING AND MANAGING RISKS IN LARGE ENGINEERING PROJECTS Donald Lessard, Roger Miller This paper also can be downloaded .   For smaller projects, risk management might mean a simple, prioritized list of high, medium and low priority risks. How to Manage Risk. Jason Westland, CEO, , offers his take on why you should care about project risk. He also offers some practical measures to apply to managing risk when in the midst of your project.

  In addition to managers and scholars of large-scale projects, the book will be of interest to those studying the relationship between institutions and strategy, risk management, and corporate governance in general. Contributors Bjorn Andersen, Richard Brealey, Ian Cooper, Serghei Floricel, Michel Habib, Brian Hobbs, Reviews: 3. This paper aims to identify, classify and analyze the most significant risks inherent in large engineering or construction projects, with particular attention to the group of economic risks and. Large engineering projects are high-stakes games characterized by substantial irreversible commitments, skewed reward structures in case of success, and high probabilities of failure. Drawing on 60 real life projects, this article shows that successful projects are not selected but shaped with risk resolution in mind. Understanding and managing risks in large engineering projects Large engineering projects are high-stakes games characterized by substantial irreversible commitments, skewed reward structures in case of success, and high probabilities of failure.