Development of Course Learning Out comes and Graduate Attributes
This unit develops the learning required to deliverthe following Course Learning Outcomes:
Successful completion of this unit also contributes specifically to development of the following APIC GraduateAttributes:
Background of the Study: Kerzner and Kerzner (2017) cited that in any industrial project, uncertainty and risk management are the two most important part in dealing with the occurring challenges. Harrison and Lock (2017) opined that by incorporating effective and efficient risk and uncertainty management procedure, project manager maintains the sustainability of the overall project. It is to be noticed that a project manager cannot predict the appropriate uncertainties within the particular project. Therefore, the project manager should analyse the entire project management process for any particular project more than two times in a year in order to evaluate the possible uncertainties. Along with this uncertainty, Risk management is also an integral part of project management for any project. Project manager should take effective project approach to mitigate the risk and maintain the sustainability as well as efficiency within the particular project.
Haimes (2015) presumed that the creation of certainty is seeming to be the most appropriate fundamental tendency for human mind. Ironically it is appearing with much evidence in human mind and create the ability to manage uncertainty efficiently of a project. In these recent days, it is to be highlighted the awareness of the uncertainty and the risk management in the industrial project (Serpella et al. 2014). Risk and uncertainty management allows project manager can able to handle the sensational financial collapse within the project. This project is undertaken to identify the importance of risk and uncertainty management for the project of Brisbane Airport Redevelopment. Therefore, in order to justify the aim, this study explore the relationship of risk and uncertainty management process as well as its approaches for Brisbane Airport Redevelopment project. Through this study, it is explained that the approaches of risk and uncertainty management is considered to be the most advance standards of designing new runway within the airport.
Organisation of the Paper
This study is designed with the following sections:
Section 1: In this part, the research hypothesis and models of importance of risk and uncertainty management in industrial project is discussed. This chapter also explores several components such as information satisfaction, importance of risk and uncertainty management process as well as approaches for industrial project, etc.
Section 2: This chapter introduces the methodology that will used to conduct this study. In this chapter, research methods, data collection process, measurement development, reliability, validity, etc will discuss.
Section 3: This chapter presents the findings and results of the study as well as its sub-sections. Collected data is interpreted to demonstrate as well as justify the aim of the study.
Section 4: This chapter comprises with limitations, conclusions and future scopes of this research.
Designing of Hypothesis and Models
Hypothesis 1: There is a significant relation between the higher-level uncertainty and risk management processes and methods and the progress of Brisbane Airport Redevelopment project.
For achieving the statement of the developed hypothesis, the researcher would be using a Pearson’s product moment correlation co-efficient, in contradiction of the following variables such as progress of Brisbane Airport Redevelopment project and uncertainty and risk management process and approach levels. Thus, the focus would be on establishing positive correlation and significance level would be attained at the p ? 0.05 level. The study would help the investigator to find out the whether the project uncertainty and risk management approaches impact the progress and advancement of the Brisbane Airport Redevelopment project.
Moreover, the researcher would be able to understand the forms of uncertainty that leads the Brisbane Airport Redevelopment project either to success of loss. On the other hand, the findings of the hypothesis would be effective in knowing the process and approach of risk management, which would be useful in ensuring the effective flow of Brisbane Airport Redevelopment project and achieving the desired result. Apart from that, the researcher would be focusing on achieving figuring out correlation co-coefficient, which would prove that whether the developed hypothesis is to be rejected or accepted. The response of the project managers of the array of sector and project categories would help in understanding the link between the project uncertainty level and risk management process and approach and progress of Brisbane Airport Redevelopment project. Thus, the result of the hypothesis would support in fulfilling the research objectives.
Hypothesis 2: There is a considerable correlation between implementing risk management approaches and decreasing the uncertainty associated with Brisbane Airport Redevelopment project.
In the above scenario, the researcher can apply Wilcoxon (T) signed ranks test for achieving the desired outcome. This test would be useful in understanding the connection between the different forms of risk management, which would help in declining the uncertainty. It has been identified that uncertainty associated with the Brisbane Airport Redevelopment project would restrict the project managers in completing the project within the stipulated deadline. Therefore, the above mentioned test would help in determining the relation between the two variables. It can be pointed out that the significance level of p ?0.05 would be considered to attain the research objective. The findings of the hypothesis would help in understanding the views of the project managers on the successful implementation of risk management approaches and processes. In addition, the researcher would also be able to identify the issues that can create barriers in the application of the risk management process at optimal levels. On the other hand, it can be pointed out that the occurrence of the levels of applied risk management procedures would support in identifying whether the implementation of the risk management would help in figuring out the method that can help in decreasing the uncertainty level. It can be further mentioned that the researcher would be applying bivariate analysis in a graphical form. It would help in representing that on projects of high complexity, most of the project managers would be able to implement risk management process and approaches at optimum levels.
Hypothesis 3: There is significant connection between the perceived risk management methods and its implementation in advance of wide-ranging agreed industry risk management standards on projects, which project managers perceived to be have high scales of complexity.
For achieving the set hypothesis, the investigator would be using the Kolmogorov-Smrirnov test along with the applying the Binominal test. The significance point would be p?0.05 level. The outcome of the research would help in knowing the importance of implementing the risk management processes. It would also support in understanding determining the response regarding the in advance of general agreed sector risk management standards.
The study participants such as the worker of Brisbane Airport Redevelopment project will provide their response which can help in figuring out the best suggestion that can enable the respondents to determine the relation between the perceived risk management process and its application to the Brisbane Airport Redevelopment projects. On the other hand, the researcher can use both qualitative and quantitative approach to collect the information from the project managers, which can help in knowing the significance of implementing the perceived risk management approaches in advance in order to achieve the desired outcome for Brisbane Airport Redevelopment project. Apart from that, it can be pointed out that the researcher can figure out the types of complexities, which can impact the flow of project, thereby influencing the deliverables of the project. The Kolmogorov-Smrirnov test would be effective in discovering the perception of respondents in implementing the perceived risk management approaches.
Hypothesis 4:There is a considerable relation between uncertainty and risk management process and approach levels implemented and perceived project achievement by project managers, on projects which they identify as complex.
In order to prove the statement of the developed hypothesis, the researcher would use the combination of snowballing and self-selecting to select the sample, thereby collecting the required information. It can be further pointed out that Perason’s product moment correlation co-efficient test will be applied within Brisbane Airport Redevelopment project. This test will be applied against the following variables such as risk management method, procedures levels and perceived project success. On the other hand, for ensuring the correlation between the variables, the researcher would be focusing on achieving the significance level at p ? 0.05 level. Based on the finding of the research, the researcher would be able to know whether there is gap in the variables and would also ascertain the impact of variables on ensuring the success of the Brisbane Airport Redevelopment project. Apart from that, the researcher can be able to figure out the perceived project achievement by the project managers on projects, which are considered complex. The value of correlation coefficient would help in identifying whether there is strong, moderate and weak relationship. It can be further mentioned that the views of the project managers would help in identifying the decision taken by the project managers based on the perception to gain significant benefits from the Brisbane Airport Redevelopment projects.
Hypothesis 5: There is a significant relation between the perceived project success and overcoming the issue of uncertainty and risk associated with the Brisbane Airport Redevelopment project.
The test, which will be used for fulfilling the set research hypothesis, the investigator would be applying the Mann-Whitney (non-parametric) test for calculating the statistic. The participants will provide their responses, which will support in knowing that if the project managers succeed in dealing with the challenges of uncertainty and risk then it can support in attaining the perceived project success. It can be further mentioned that the research finding would help in figuring out whether the hypothesis to be accepted or rejected. The researcher would be able to know how to deal with the projects of similar complexity. Moreover, the investigator would be able to understand which risk management approaches and procedures need to be implemented in order to gain perceived success from the Brisbane Airport Redevelopment project.
Designing of Research Methodology
This particular chapter is comprising of research design and research methodology in order to address the research questions which are stated earlier. The research design procedure is summarized, along with the research logic and theoretical framework (Costantino, Di Gravio & Nonino, 2015). The features of positivist and phenomenological paradigm are followed in order to derive an appropriate research philosophy and that is generally post-positivist (Carvalho & Rabechini Junior, 2015). Not only that but the data collection processes and sampling techniques are also summarized and lastly the proposed statistical analysis approach is introduced.
There is major research paradigm are known as positivist and phenomenological. According to the context of the research, the positivistic paradigm works on the approaches which are utilized within the natural science. In comprises of explanation mentioning the causal relationships among the different variables through mentioning the fundamental laws and association them to an integrated or deductive theory (Renn, 2017). A positivist paradigm must be concerned with establishing that the concepts utilized can be operationalised or described in different ways which can be easily measured. On the other hand, a phenomenologist endeavors to ascertain various types of perception of phenomenon, looking towards comprehending what is happening in a circumstance and seeking for patterns that can be represented in different situations (Hillson & Murray-Webster, 2017).
“Risk” Management Approach Framework
This particular research aspire to make valuable contribution to the information and knowledge by emphasizing on the research results in order to make suitable suggestions or recommendation for enhanced management of risks and uncertainty on the projects, especially those projects which are characterized by immense level of complexities (Hillson, 2017). The major research questions are as follows:
In the projects of high complexities, does the risk and uncertainty management approach applied influence the project success?
Ensuring the context and Risk Management Planning:
Ensuring the context and risk management planning is established the different parameters in which the risks will be efficiently managed on the project (Burtonshaw-Gunn, 2017). It mainly comprises of the followings:
The process of Risk Identification
The process of risks identification comprises of following activities:
Participants and collection of Data
The research methodology in considered as the investigative survey and it does not signify the assumptions of the positivist framework with phenomenological elements. A sample of subjects is framed from the participants and effectively studied. (Martinsuo, Korhonen & Laine, 2014). The major objectives are to ascertain if there is any relationship among the different variables or not, the proposed extent of project complexities, the risk management approaches and the uncertainty and procedures followed and project success. The utmost care has been provided in order to reduce the biasness in the effort to attain as representative a sample as possible (Aharoni, 2015). The realistic goals set ‘is to eradicate as much sampling bias as possible’ and to ‘put effort for attaining as random a sample as possible’. The total number of sample size is 73. In order to collect the data, survey questionnaire is effectively designed in context to the research questions of this respective study and taking cognizance of the statistical analysis of the data (McNeil, Frey & Embrechts, 2015). The consideration was offered in order to obtain a good response rate. Apart from the sampling techniques, a wide range of technique was also utilized to accomplish this.
In context to the data collection methods, it is essential to offer utmost attention for balancing the predictive and analytical power gained through statistical analysis with the challenges of sample representatives, issues in measurement and the hazard of reductionism (Hopkin, 2017).
As for choosing information gathering techniques, as Hussey and Hussey (1997) brings up, watchful consideration is given to adjusting the diagnostic and prescient power picked up from factual investigation with the issues of test representativeness, mistakes in estimation and the risks of reductionism. Given the idea of this exploration (and principally positivist approach) the most sober minded inspecting strategy was thought to be a blend of snowballing and self-choosing (Pawar et al. 2015). Fundamentally however, a ramifications of utilizing snowballing as an inspecting system specifically, is the accomplishment of a non-likelihood test and the powerlessness to factually sum up the outcome (Hwang, Zhao & Toh, 2014). Significantly however, snowballing and self-choosing inspecting enabled the achievement of reactions from Project Managers, through task administration organizes specifically, who are not individuals from venture administration organizations/affiliations. This is examined encourage beneath. It is additionally critical to take note of that if the example comprised of individuals from one expert affiliation they may have a common comprehension of importance of terms (Webb, 2017). Moving past this, one may lose this seeing, yet then again a more extensive perspective of individuals, not affected by particular expert desires and recognitions is accomplished. Through a broad review, the mix of both snowballing and self-choosing strategies, with watchful consideration regarding keeping away from predisposition, a genuinely illustrative example is accepted to have been accomplished (examined promote in the introduction of the discoveries - information portrayal (Kendrick, 2015). Information was caught from Project Managers over a scope of industry divisions and task composes. Proficient task administration affiliations, venture administration systems and industry area systems were focused on all around and drew nearer for help in the exploration. Undertaking Managers were welcome to take an interest in an electronic poll (Lock, 2017). Procedures, for example, arrangement of the official rundown of the last report and affirmed secrecy of individual and authoritative subtle elements were offered trying to pull in look into members. The snowball test is especially focused at achieving a reaction from Project Managers who are not really adjusted to specific expert venture administration foundations and affiliations (Batkovskiy et al. 2016). Further to the remarks above individuals from venture administration foundations/affiliations might be impacted by the said establishment or affiliation's hazard administration models and rules.
The study addresses painstakingly address the exploration questions. In the plan of the poll, specific consideration was given to the structure and association of the numerical information, as for the factual examination that will take after. Critically, there was an emphasis on achieving and exhibiting information that gives a reasonable and unambiguous picture of what was found in the exploration think about (Taylan et al. 2014). The information is essentially quantitative and ordinal in nature, with some subjective components. The subjective information (especially, recommended upgrades to hazard administration methodologies and procedures) is broke down, after the factual investigation. The quantitative information is broke down through various clear and inferential (non-parametric) measurements - a non-likelihood test and ordinal information requires nonparametric insights (Khan & Hashemi, 2017). These were painstakingly thought to be through a system to guarantee that the most suitable measurable tests were utilized (Kaiser, El Arbi & Ahlemann, 2015). The theories are one-followed (directional), which is of further significance in deciding the most fitting factual test.
Development of Measurement
In order to make the research justified, a survey questionnaire has been prepared and shared with the selected respondents. In this work, I used the manifold technique to shade the light of scale based on the gauge of the questions. All the optional instrument item has been defined and constructed properly. Various scientific method is adopted to make the study sustainable.
Reliability and Validity of Instrument of Measurement
Unwavering quality is consistency inside a test or between rehashed employments of it in similar conditions. Unwavering quality alludes to the consistency or dependability of an estimating instrument. Legitimacy concerns whether a test measures what it was made to gauge i.e. it is worried about the degree to which the estimation gives an exact impression of the idea (Sayles, 2017).
Reliability and validity tests for this exploration were completed/affirmed on the key research factors – venture unpredictability, hazard administration methodologies and procedures and task achievement. The investigation compresses the tests on every one of these factors (Heckmann, Comes & Nickel, 2015). An exchange of these outcomes and further extension on legitimacy.
In-house consistency is a record with respect to the unfaltering quality of individual estimation parts across finished propagations from comparable data sources. We utilized the coefficient of Cronbach alpha to assess measures of unwavering quality (Bromiley et al. 2015). As outlined inside, coefficients of unwavering quality were decent for each build, fluctuating from 0.8786 for benefit information quality toward 0.6813 for social advantages. While each unwavering quality figure was over 0.56, the littlest middle of the road limit of Cronbach alpha that Wu and Ke (2015) proposed, factors with most minimal reliabilities underneath 0 merit additional alteration in forthcoming exploration (de Carvalho, Patah & de Souza Bido, 2015).
Content legitimacy for the hazard administration process structure is accomplished through procedures proclaimed by the accompanying unmistakable worldwide hazard administration measures, for example, Project Risk Management, Project Management Institute, Project Management Body of Knowledge, Chapter 11, 2004/2008. Hazard Management, Joint Australian/New Zealand Standard, AS/NZS 4360:2004. Project Risk Analysis and Management (PRAM) Guide, UK Association for Project Management (APM), 2004. Hazard Analysis and Management for Projects (RAMP), Institution of Civil Engineers and the Faculty and Institute of Actuaries, 2005. Hazard Management – Principles and Guidelines, Joint Australian/New Zealand Standard, AS/NZS ISO 31000:2009.
Results and Findings
This section exhibits the discoveries of the overview. The overview reaction and test estimate is passed on. Clear insights (critically demonstrating the attributes of the example) are then given, demonstrating a sensibly all around adjusted example for the reasons for this investigation (with some prominent inclination) and key patterns of the information (Turner, 2016). The subjective discoveries are then given regard to the utilization of 'cutting edge' vulnerability and hazard administration methodologies and procedures and Project Manager points of view in regards to enhancing vulnerability and hazard administration usage on complex tasks. Dependability and legitimacy tests are completed on the information, as for the key research factors. The Chronbach Alpha Test is directed to decide unwavering quality and legitimacy is talked about and affirmed. At long last, the exploration speculations are surveyed for contrasts and connection, with centrality decided through various measurable tests. These incorporate - Spearman's Rank Correlation, Wilcoxon (T) Signed Ranks Test, Mann-Whitney Test, Kolmogorov-Smirnov Test and the One Sample Binomial test. A rundown of the measurable tests is given.
The gender distribution is skewed towards a male example of 75% and 25% female Project Managers. This is potentially because of the moderately high reaction to the review from Project Managers in the development division, which is generally commanded by guys. The present breakdown for the main five task administration enterprises is 93.5% male and 6.5% female in development, 71% male and 29% female in counseling, 52.1% male and 47.9% female in budgetary administrations, 68.7% male and 31.3% female in data innovation and 73.4% male and 26.6% female in broadcast communications. The period of respondents over the informational index (N=73) is as per the following – 18-29 (4%); 30-39 (28%); 40-49 (31%); 50-59 (26%) and 60-69 (11%). It is detectable there are not very many respondents matured under 30, with the larger part of respondents being between the ages of 30 and 59. This is to be sensibly expected, as the focal point of the examination is on high intricacy ventures, drawing in more senior Project Managers, who might by and large deal with these and be more experienced and more seasoned.
It is recognized that the example is for the most part described by Project Managers with abnormal amounts of understanding. 55% of the respondents have more than 10 years venture administration encounter, with 20% having under 5 years encounter. Having such experience predominant through the example is considered conceivably invaluable for wise and important perspectives on hazard administration on more unpredictable tasks.
It has been investigated that 81% of the Project Managers in the example have some type of expert preparing. Of these, 83% have a particularly focused on venture administration capability. 17% have different Masters degrees noted as Business Administration, Psychology, Systems Management and Engineering. The different preparing classes are given in Table 14 above. The high number of Project Managers who have a Project Management Professional (PMI) capability (53%), mirrors the high number of respondents in the example who are individuals from the PMI (76%).
It is to be discovered that 77% of the respondents showed that they are individuals from a venture administration organization/affiliation. As passed on in the exploration procedure, the snowball test was a technique to achieve a portrayal in the example of Project Managers who are not individuals from an expert undertaking administration organization/affiliation. 23% has been accomplished, which is sure for this examination. Thought does however should be given to the inclination towards individuals from proficient task administration foundations/affiliations. The expert venture administration foundation/affiliation participation breakdown is given in Table 16, demonstrating a predisposition towards the Project Management Institute (PMI) at 76%. There is however likewise a spread of participations crosswise over other undertaking administration foundations/affiliations and other expert establishments. The perspectives of Project Manager members are in this manner liable to be illustrative of the hazard administration rules and comprehension of phrasing gave or preparing by the PMI.
The utilization of vulnerability and hazard administration approaches thought to be 'ahead of time' of general recommended chance administration norms. Undertaking Managers viewpoints as for enhancing vulnerability and hazard administration execution on complex tasks. Hazard administration methodologies and procedures thought to be 'ahead of time' of standard hazard administration norms were featured in the writing audit and further characterized in the exploration system. This is likewise broke down later in the proposal, with the specific spotlight on ventures apparent to have high multifaceted nature. In any case, in this spellbinding area a bi-variate evaluation of the whole example is made, as for the utilization of hazard administration methodologies and procedures saw as 'cutting edge' and the relating apparent level of venture unpredictability. Figure 14 above demonstrates that hazard administration approaches thought to be ahead of time are utilized transcendently on ventures apparent to have large amounts of unpredictability (64%), which naturally is not out of the ordinary. Notwithstanding, it needs to be noticed that N=14 sub test just compares to 19% of the whole example (N=73) of the Project Managers utilizing 'progressed' approaches.
Limitations, conclusion and Recommendations
The major objective of this particular research was to examine the association between the risk and uncertainty management approaches in context to the perceived project complexities. For the said purpose, a comprehensive review of the literature was also provided in this research. It discuss the elements in continued project failures, growing project complexities with the passage of time, industry risks management standards, etc which are not proficient in administrating the risks and uncertainty within the projects.
Summary: From the above mentioned comprehension, the research gap by offering empirical insight into the definite use of risk and uncertainty management approaches against the research questions conclude that:
Limitation of the Research:The limitations of this respective research are stated below:
Recommendation for Future research: Some of the recommendations for the future research are stated below:
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