This opinion piece draws on the author's experience as a thought leader and expert practitioner in risk management to explore possible routes to applying antifragility in the…
Abstract
Purpose
This opinion piece draws on the author's experience as a thought leader and expert practitioner in risk management to explore possible routes to applying antifragility in the organisational context, drawing on three metaphors from outside the business domain. Organisational responses to stressors have focused on the development of robustness and resilience. Recent global events have highlighted weaknesses in both these approaches. Antifragility might prove to be a valuable addition to the organisational armoury, but little progress has been made in finding practical implementations of the concept since it was first proposed over 10 years ago (Taleb, 2012).
Design/methodology/approach
Distinctions between robustness, resilience and antifragility are clarified. Descriptive analogy is used to expose ways in which antifragility might be implemented in practice, by comparison with three disparate metaphors.
Findings
Antifragility is currently not well understood or implemented, but it offers a potentially powerful additional organisational strategy in response to stress, to complement more traditional robustness and resilience approaches. Drawing on the three metaphors, four distinct types of antifragility are outlined which suggest how organisations might begin to develop antifragility in practice: innate antifragility, adaptive antifragility, rheopectic antifragility and emergent antifragility. These are presented as an organisational antifragility taxonomy that can support further research and practice.
Originality/value
The use of metaphor to explore antifragility is unique, providing insights into ways it might be applied.
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Risk identification often produces nothing more than a long list of risks, which can be hard to understand or manage. The list can be prioritised to determine which risks should…
Abstract
Risk identification often produces nothing more than a long list of risks, which can be hard to understand or manage. The list can be prioritised to determine which risks should be addressed first, but this does not provide any insight into the structure of risk on the project. Traditional qualitative assessment cannot indicate those areas of the project which require special attention, or expose recurring themes, concentrations of risk, or ‘hot‐spots’ of risk exposure. The best way to deal with a large amount of data is to structure the information to aid comprehension. For risk management, this can be achieved with a Risk Breakdown Structure )RBS) a hierarchical structuring of risks on the project. The RBS can assist in understanding the distribution of risk on a project or across a business, aiding effective risk management. Just as the Work Breakdown Structure (WBS) is an important tool for projects because it scopes and defines the work, so the RBS can be an invaluable aid in understanding risk. The WBS forms the basis for many aspects of the project management process; similarly, the RBS can be used to structure and guide the risk management process. This paper presents the concept of the RBS, and gives a number of examples drawn from different project types and industries. Although not necessarily based in FM, the concepts and experience can be applied to any project. The benefits of using the RBS are then outlined, including as an aid for risk identification or risk assessment, comparison of projects, providing a framework for cross‐project risk reporting, and structuring lessons to be learned for future projects. This paper shows how to use the RBS to gain these benefits.
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Many businesses recognise project management as a core competence and seek to deliver benefits to the business through effective management of projects. But how can an…
Abstract
Many businesses recognise project management as a core competence and seek to deliver benefits to the business through effective management of projects. But how can an organisation know whether its project management processes are adequate? Can a business compare itself with best practice or its competitors? Is there an accepted benchmark for organisational project management capability? The Project Management Maturity Model (ProMMM) has been developed to meet these needs. It describes four levels of increasing project management capability (Naive, Novice, Normalised and Natural), with each ProMMM level further defined in terms of four attributes, namely culture, process, experience and application. It presents a generic benchmarking framework applicable to project‐based organisations in any type of industry, including those responsible for facilities management projects, and does not presume any prior level of project management capability. ProMMM allows organisations to assess their project management capability against agreed criteria, set realistic targets for improvement, and measure progress towards enhanced capability. This paper outlines the structure of the ProMMM framework, and presents a case study where ProMMM has been used to support development of effective project management.
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Alessandra Girlando, Simon Grima, Engin Boztepe, Sharon Seychell, Ramona Rupeika-Apoga and Inna Romanova
Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on limited…
Abstract
Purpose: Risk is a multifaceted concept, and its identification requires complex approaches that are often misunderstood. The consequence is that decisions are based on limited perception rather than the full value and meaning of what risk is, as a result, the way it is being tackled is incorrect. The individuals are often limited in their perceptions and ideas and do not embrace the full multifaceted nature of risk. Regulators and individuals want to follow norms and checklists or overuse models, simulations, and templates, thereby reducing responsibility for decision-making. At the same time, the wider use of technology and rules reduces the critical thinking of individuals. We advance the automation process by building robots that follow protocols and forget about the part of risk assessment that cannot be programed. Therefore, with this study, the objective of this study was to discover how people define risk, the influencing factors of risk perception and how they behave toward this perception. The authors also determine how the perception differed with age, gender, marital status, education level and region. The novelty of the research is related to individual risk perception during COVID-19, as this is a new and unknown phenomenon. Methodology: The research is based on the analysis of the self-administered purposely designed questionnaires we distributed across different social media platforms between February and June 2020 in Europe and in some cases was carried out as a interview over communication platforms such as “Skype,” “Zoom” and “Microsoft Teams.” The questionnaire was divided into four parts: Section 1 was designed to collect demographic information from the participants; Section 2 included risk definition statements obtained from literature and a preliminary discussion with peers; Section 3 included risk behavior statements; and Section 4 included statements on risk perception experiences. A five-point Likert Scale was provided, and participants were required to answer along a scale of “1” for “Strongly Agree” to “5” for “Strongly Disagree.” Participants also had the option to elaborate further and provide additional comments in an open-ended box provided at the end of the section. 466 valid responses were received. Thematic analysis was carried out to analyze the interviews and the open-ended questions, while the questionnaire responses were analyzed using various quantitative methods on IBM SPSS (version 23). Findings: The results of the analysis indicate that individuals evaluate the risk before making a decision and view risk as both a loss and opportunity. The study identifies nine factors influencing risk perception. Nevertheless, it must be emphasized that we can continue to develop models and rules, but as long as the risk is not understood, we will never achieve anything.
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There is a significant knowledge gap in the common understanding regarding the value that investment leading to an increase in project management maturity brings to the…
Abstract
Purpose
There is a significant knowledge gap in the common understanding regarding the value that investment leading to an increase in project management maturity brings to the organisation. The purpose of this paper is to narrow this gap by investigating the relationship between an increase in the project management maturity level and the project's performance. Additionally, it advocates the investment roadmap approach.
Design/methodology/approach
This study is part of a worldwide research initiative into maturity in project management covering 447 global companies. For this purpose, survey data from experts from 194 select companies was analysed.
Findings
The cost of forthcoming projects depends on the level of maturity of project management and type of industry.
Research limitations/implications
The study is limited to three different industries (machinery, construction and information technology) and by the method of assessing their future project costs. New research directions are suggested.
Practical implications
The results of the study should help companies in allocating limited resources appropriately using the proposed roadmap.
Social implications
An increase in project management maturity can be achieved through different investment methods. This will benefit society as well.
Originality/value
The paper focuses on global companies dealing in machinery. The area has not been explored sufficiently from the project management perspective. It discusses the relationship between an increase in maturity and future project costs in three industries: machinery, construction and information technology. The paper suggests practical guidelines for project management and sequences in proper investments when resources are limited.
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The purpose of this paper is to identify the major trends and contributions published in the Advances in Project Management book series and place them in the context of the…
Abstract
Purpose
The purpose of this paper is to identify the major trends and contributions published in the Advances in Project Management book series and place them in the context of the findings and outputs from the Rethinking Project Management Network. A key aim is to address the concerns of project practitioners and explore the alternatives to the assumed linear rationality of project thinking. The paper further offers a guided catalogue to some of the key ideas, concepts and approaches offered to practitioners through the series.
Design/methodology/approach
This is a conceptual review paper that reflects on the main areas covered in a book series aimed at improving modern project practice and explores the implications on practice, knowledge and the relationship between research and practice. The topics are addressed through the prism of the Rethinking Project Management Network findings.
Findings
The paper explores new advances in project management practice aligning them with key trends and perspectives identified as part of the Rethinking Project Management initiative. It further delineates new areas of expertise augmenting those mentioned in the disciplinary canons of knowledge.
Research limitations/implications
The paper offers a new understanding of how knowledge is created in, for and by practice. Improving the relationship between theory and practice may demand a new appreciation of the role of practitioners and the value of their reflection in context.
Practical implications
The primary implication is to explore the new directions and perspectives covered by authors in the Advances in Project Management series, and identify main areas and topics that feature in the emerging discourse about project management practice. In addition, new conceptualisations of the role of practitioners in making sense of project realities are offered and considered.
Originality/value
New areas of interest and activity are identified and examined, offering a catalogue of new writing and perspectives in project practice. Reflection on the relationship between research and practice encourages fresh thinking about the crucial role of practitioner knowledge and reflection.
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Lawton Robert Burns, Jeff C. Goldsmith and Aditi Sen
Researchers recommend a reorganization of the medical profession into larger groups with a multispecialty mix. We analyze whether there is evidence for the superiority of these…
Abstract
Purpose
Researchers recommend a reorganization of the medical profession into larger groups with a multispecialty mix. We analyze whether there is evidence for the superiority of these models and if this organizational transformation is underway.
Design/Methodology Approach
We summarize the evidence on scale and scope economies in physician group practice, and then review the trends in physician group size and specialty mix to conduct survivorship tests of the most efficient models.
Findings
The distribution of physician groups exhibits two interesting tails. In the lower tail, a large percentage of physicians continue to practice in small, physician-owned practices. In the upper tail, there is a small but rapidly growing percentage of large groups that have been organized primarily by non-physician owners.
Research Limitations
While our analysis includes no original data, it does collate all known surveys of physician practice characteristics and group practice formation to provide a consistent picture of physician organization.
Research Implications
Our review suggests that scale and scope economies in physician practice are limited. This may explain why most physicians have retained their small practices.
Practical Implications
Larger, multispecialty groups have been primarily organized by non-physician owners in vertically integrated arrangements. There is little evidence supporting the efficiencies of such models and some concern they may pose anticompetitive threats.
Originality/Value
This is the first comprehensive review of the scale and scope economies of physician practice in nearly two decades. The research results do not appear to have changed much; nor has much changed in physician practice organization.
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Augustine Senanu Komla Kukah, De-Graft Owusu-Manu and David Edwards
Even though emotional intelligence (EI) is reported to have many benefits, yet it remains mainly unexplored in the construction industry. This paper aims to present a critical…
Abstract
Purpose
Even though emotional intelligence (EI) is reported to have many benefits, yet it remains mainly unexplored in the construction industry. This paper aims to present a critical review of EI research in the construction industry.
Design/methodology/approach
Search of literature was conducted by using Scopus engine. Relevant keywords were used to discover 146 publications. The titles, abstracts, keywords and full texts of the publications were examined to finally select 48 publications that were relevant. Scientometric analysis was undertaken with the aid of VOSViewer. Content analysis systematically reviewed the key themes.
Findings
The five topmost countries conducting research into EI in the construction industry are UK, Australia and the USA. The most influential authors in construction EI research are Goleman, D., Salovey, P. and Mayer, J.D. The significant impact of EI on leadership in the construction industry were that EI boosted transformational leadership style and EI influenced use of management-by-exception active style by construction leaders. Furthermore, EI leads to resilience against stress and EI enhances stress tolerance were the significant roles of EI on stress management.
Research limitations/implications
A limitation is in the number of publications reviewed. In spite of the critical review, the number of publications reviewed may not be exhaustive.
Practical implications
This research enhances knowledge and stimulates a deeper comprehension of EI research and also provides recommendations for further studies based on identified research gaps.
Originality/value
As a pioneering study that combines scientometrics and systematic review for EI research, this study enhances knowledge on EI in the construction industry.