Strategic risks †thinking about them differently Essay Example for Free

Strategic risks — thinking about them differently Essay One of the most important aspects to put into consideration when taking up a project is project risk management. A project risk is an event / condition, which is uncertain that, upon it occurrence brings either a positive or a negative impact on the project. A positive manager should consider this as one of the ten knowledge areas where competence is highly regarded. Risk management is critical, especially to organizations working in multi-project environments and the maturity for risk is high (Loftus, 1999). A wide range of risks is apparent when working in projects involving construction among other engineering work. These risks are mostly attributed to government policy, diversity in stakeholders’ aspirations and the challenges of adding multiple projects. For a good risk management process, there must be a clear statement and understanding of roles and responsibilities, proper skills on technical analysis and the prevailing organizational factors should support the project. Project risk management involves identifying, assessing and prioritizing of risks: and thereafter putting resources to use in order to reduce, monitor and control those risks that could affect the project negatively and increase realizing of opportunities (Jaafari, 2001). This report seeks to outline the knowledge acquired on management of risk in projects among other basic knowledge gathered on management of projects. Discussion             All organizations exist for their own different purposes, and that of public engineering organizations in the construction business, the purpose is to deliver a service, which brings a beneficial result in the public/ stakeholders interest (Harrison, 2004). Decisions to pump resources into investments on capital infrastructure are prompted by needs that are meant to enhance the achievement of the major purpose. According to Flanagan and Norman (1993), the benefits of efficient risk management are evident especially in projects involving capital infrastructure because they are dynamic in nature and bring positive cost implications from the construction related decisions. Risk management should be taken as an intrinsic part of capital infrastructure investment decisions mainly because, as project, ventures get more elaborate, the role of risk management is exemplified (Kutsch Hall, 2010). Regarding this realization, some countries have enacted government policies o n constructors emphasizing on the need to incorporate risk management in capital infrastructure schemes (Uher Loosemore, 2004). Risk is therefore, in many occasions, viewed as a condition or event whose occurrence will have adverse effects on the project and may hinder the attainment of set objectives. Hence, risk management relates decisions to such probable harmful effects (Chapman et al, 2012). This philosophical approach to risk management enables the process to be broken down into four fundamental sub-processes (Culp, 2001). These involve identification, analysis, response and monitoring. The former step of identification is the most critical step because it has the biggest effect on decisions emanating from the process of risk management. Reviewing risk management, in his article, Williams (1995), notes that there is little structured work in publication about typical risks. According to Chapman (1998), as much as risk identification is critical on the risk assessment and response phases, very little empirical evidence is available at this early phase. The heavier task in risk management remains in the analysis and response to the risk, yet the reasoning stands that unless the risks are identified, they cannot be analyzed and responded to. For most engineers, the need to have a set out program is critical for it provides an umbrella under which all current projects fall so that an outcome can be delivered massively in general, and greater than the total sum of all others. A program is usually temporary, and flexible; created to direct and oversee the implementation of a set of related projects and activities for the deliverance of beneficial outcomes that relate to the organization’s strategic objectives. Several projects are undertaken under this umbrella. This explicitly differentiates between program management outcomes and project management outputs. However, there is a link between projects and strategy through the program. Risk management is becoming an increasingly important process due to external pressures in existence. However, good risk management is seen as a critical attribute of organizational success in the field of engineering. The assumption that programs are merely extensions of projects should cease to exist because many will tend to reflect program risk management to project risk management (Allan, 2008). Program management is a broad extension of the varied, yet related, projects. On projects, it is important to define one or more objective functions like capital expenditure and completion time to represent it to measure the probability of achieving the set targets. Risk management then goes on to model the project’s objectives against the projects variables like costs and the quantity of inputs. These variables are usually uncertain as time goes on, hence the uncertainty of a hundred percent achievement of the objectives set. The most ideal situation would be identifying and characterizing the variables in advance providing that they will remain unchanged by time. This would make it easy to estimate the possible risks and the consequent variance of the project’s objective(s). However, not all project variables can be identified as new variables might surface as the project goes on while the probability of occurrence of the initial variables may vary (Kerzner Saladis, 2009). The impacts of the initial variables, both positive and negative, may c hange too hence making risk management even more hard (Drummond, 1999). Certainty and uncertainty of realizing a project’s objectives are measurable, only ideally. The possibility of a project not breaking even could be considered as a representative of the whole project: and then used in turn to evaluate against the variable and try to reduce the risks involved. This becomes a basis for decision-making. Some projects may proceed normally in a stable environment, hence making the uncertainty high at the time it is conceptualized. Pro-active planning and making prudent decisions will see the uncertainty reduce (Royer, 2001). However, uncertainty in complex projects within a changing environment will not necessarily reduce/ diminish as time goes by Chapman (1998). It is necessary to keep on checking on the project’s variables and re-evaluating of the objective function’s status to facilitate adjustments in the project’s strategies. Uncertainty surrounds many parts of a project; hence early resolution of variables may not be poss ible always. Variables change over time leading to exposure to new threats and risks along the way. This fact should not be refuted and a lot of work is required in the planning evaluating phases, where most of the critical work is done. In spite of all the uncertainty and complexity surrounding risk management and project management, it is important to seek methods of improving the project’s base value (Drummond, 1999). Conceptualization, planning, and implementation of a project are complex process that requires management based on set strategic objectives, which vary from time to time. The objectives should be integrative and holistic in the sense that it caters for social, political, environmental, and community aspects (Sears et al, 2010). Traditionally, planning in project management should form the basis of planning, alongside other functions of project management including; human resource, time, scope, integration, quality and procurement. These should be the fundamental factors f consideration along each phase. A variety of guidebooks, protocols and codes of practice in the engineering field have been made available for use in risk management in project management. In the United Kingdom, the ‘Orange book’ is a framework that is set to offer guidance on basic risk management concepts and as a resource for developing risk management processes and implementing them I the public sec tor (Aritua et al 2011). It is also aimed at using a risk based decision-making on investment. There have been many more publications and publications aimed at dictating hoe risk management should look like. These guidelines have offered a basis upon which projects are appraised and their investment viability tested. This has enhanced the process and shifted its reception and perception from project risk management to a risk management strategic level (Melton, 2011). In engineering and construction professions, program management and project management came to existence due to the changing procurement environment (Cox et al 2006). In the United Kingdom, procurement of infrastructural assets was done in a sequential manner, which involved a clear differentiation in the project life cycle phases. Currently there are three major procurement systems. These systems are prime contracting, Design and Build procurement and Private Finance Initiative (Aritua et al 2011). These methods were because of the need to adopt integrative and collaborative project delivery methods. The procurement systems have features like framework agreements, the use of specifications that are output based, and more importantly, emphasis on the lifelong value of the structures (Shehu and Akintoye, 2009). The office of Government Commerce has facilitated the change in construction procurement in the public sector too. The agency’s main agenda is to ensure that policies ar e followed and enhancing promotion of the best performance practices. These systems ensure that the project undertaken is of high quality and regard set policies and guidelines. These sanctions in the public works and construction sector have acted as strategic risk management tools for they ensure quality assurance as well as proper quality management. Project management should incorporate the use of a strategy-based management approach. This will facilitate the integration of planning, risk management and decision-making hence ensuring real time real time realization of an optimum of the project’s strategic objective against its variables (Schmidt, 2009). The project’s promoters are not always the investors. Investors are not always actively involved in the management of the project, but invest resources into the project hoping to get dividends. The promoters’ objective, on the other hand, is to deliver a facility that will ensure a long term balanced and financially viable business entity. The project is therefore a compromise between the attainment of investors’ interests and that of the community (Pinto Morris, 2010). Project development should be based on a set of strategic objectives, which stamp the project as a business and entwining project decisions to strategic business decisions (Wearne, 198 9). Amid all risks, the project should be planned proactively regarding its variables and with a focus on the life cycle objective functions (Westland, 2007). All life cycle functions should be observed. These are: financial functions, customer satisfaction, and policy observance/ adherence to statutory concerns. Statutory concerns could be like those regarding projects adjacent to ecological systems or highly populated areas (Jha, 2011). Proactive planning of the project ensures real time minimization of risk. Effective risk management ensures that there is typical conceptualization of projects and their subsequent implementation using strategic objectives. It also ensures any further variables are assessed and managed accordingly to optimize the project’s strategic outcome, that which of a business entity (Heagney, 2011). Since projects are subjected to changes in objectives and variables due to external factors, it is important to incorporate a continuous risk management p rocess that involves continuous risk and uncertainty management process conducted in real time to bring value to the project manager. Strategies made from risk analysis are a basis upon which decision-making is based going forward. Objectives of the life cycle are the vessel for analysis. Ethical practices are important factors to put into consideration when taking up/ procuring a project (Ralf et al, 2014). There exists codes of conduct and these codes may vary depending on the government regulations from one country to another. These codes guide management of projects, operations and supervision of work, and the technical aspect of the project, which is building. Since the work done is of great importance, the designed code of conduct and ethical measures should be used as they set standards for the output as well as achieving business objectives with the community in regard (Haukur et al, 2011). Reflective assessment Group activities that included vast research and group projects were vital in broadening my understanding of the project management theory, which of great importance to establishing and undertaking successful projects. According to Turner (1993), scope management is what the project management theory regards. Scope management involves three fundamental issues; ensuring that an adequate amount of work has been done, avoiding doing any unnecessary work and ensuring that the work done fulfills the intended business purpose as stated. The recognition of the sequential state in which activities are undertaken helped us as a group in determining what had to be done at a particular time and by what particular persons as well as accounting for what had been spent on completed work in anticipation of costs that would be accrued in the next steps. I came to understand project management by likening it to production operations management. The crystallization of project management theory to oper ations management theories made it easy for us to recognize the resounding reliance on the transformational theory, which is production oriented. This is because project management involves injecting inputs on which transformational processes occur to bring the result, which is the output (Nell, 1998). Goals are set on the output, upon which a basis for control is placed: control systems are put in place to ensure activities align with achieving intended goals and putting improvement measures in place. This deep understanding of the theory has been enhanced mainly by the critical analysis and discourse that we have engaged ourselves with in the group to widen knowledge on the process. Relevant knowledge on management theories on planning, execution and control has expanded from these activities as well as project theories pertaining flow of production (which projects have been likened with) (Sulliman, 2014). These productions method include incorporating techniques such as lean prod uction and just in time (JIT) (Gilbereath, 1922). Ethical practices in governance for contemporary organizations are also a major factor for consideration (Ralf et al, 2014). Conclusively, exploration on the area of project management has instilled in me management skills, which are very critical in handling projects and managing every aspect in them including risk. References Allan, N., Davis, J., 2006. Strategic risks — thinking about them differently.Proceedings of ICE 159 Aritua B., Nigel J. Smith, Denis Bower (2011) International Journal of Project Management. United Kingdom: University of Leeds Chapman, C. B., Ward, S., Chapman, C. B. (2012). How to manage project opportunity and risk: Why uncertainty management can be a much better approach than risk management : the updated and re-titled 3rd ed of Project risk management, processes, insights and technoiques. Chichester, West Sussex: Wiley. Cox, A., Ireland, P., Townsend, M. (2006). Managing in construction supply chains and markets: Reactive and proactive options for improving performance and relationship management. London: Thomas Telford. Culp, C. L. (2001). The Risk Management Process: Business Strategy and Tactics. New York: John Wiley Sons. Drummond H 1999. Are we any closer to the end Escalation and the case of Taurus? International Journal of Project Management Flanagan, R., Norman, G. (1996). Risk management and construction. Oxford [u.a.], Blackwell Science.Gilbreath, R. D. (1992). Managing construction contracts: Operational controls for commercial risks. New York: Wiley. Harrison, F. L., Lock, D. (2004). Advanced project management: A structured approach. Aldershot, England: Gower. Haukur, I. J., Ingason, H. T. (2013). Project ethics. Farnham, Surrey: Gower. Heagney, J. (2011). Fundamentals of Project Management. New York: AMACOM. Jaafari A. (2001) International Journal of Project Management. Sydney: University of Sydney Jha, K. N. (2011). Construction project management: Theory and practice. New Delhi: Dorling Kindersley. Kerzner, H., Saladis, F. P. (2009). Project management workbook and PMP/CAPM exam study guide. Hoboken, N.J: Wiley. Kutsh E. Hall M. (2010) International Journal Paper of Project Management. United Kingdom Loftus, J. (1999). Project management of multiple projects and contracts. London: Thomas Telford. Means, J. A., Adams, T. (2005). Facilitating the Project Lifecycle the Skills Tools to Accelerate Progress for Project Managers, Facilitators, and Six Sigma Project Teams. Hoboken, John Wiley Sons. http://www.123library.org/book_details/?id=9130. Melton, T. (2008). Real project planning developing a project delivery strategy. Amsterdam, Butterworth-Heinemann. Nell, E. J. (1998). The general theory of transformational growth: Keynes after Sraffa. New York: Cambridge University Press. Pinto, J. K., Morris, P. (2013). The wiley guide to project, program, and portfolio management. Hoboken, N.J: Wiley. Ralf M., Rodney T., Erling S.A, Jingting S., Oyvind K. (2014). Ethics, Trust, and Governance in Contemporary Organizations. Norway: Project Management Institute Royer, P. S. (2001). Project risk management: A proactive approach. Vienna, Virg: Management Concepts. Schmidt, T. (2009). Strategic project management made simple: Practical tools for leaders and teams. Hoboken, N.J: John Wiley Sons. Sears, S. K., Sears, G. A., Clough, R. H. (2010). Construction Project Management: A Practical Guide to Field Construction Management. New York: John Wiley Sons, Inc. Shehu, Z., Akintove, A., 2010. Major challenges to the successful implementationand practice of programme management in the constructionenvironment: a critical analysis. International Journal of Project Management Suliman Saleh Al Fredi (2014) International Journal of Science and Technology. Saudi Arabia: Al Qassim University Uher, T. E., Loosemore, M. (2004). Essentials of construction project management. Sydney: UNSW Press. Westland, J. (2007). The project management life cycle: a complete step-by-step methodology for initiating, planning, executing closing a project successfully. Williams, T., 1995. A classified bibliography of recent research relating to project risk management. European Journal of Operational Research Zhang Lianying et al (2012) Procedia Engineering. China: Tianjin University Source document

Trigonometry :: essays research papers

Trigonometry Trigonometry uses the fact that ratios of pairs of sides of triangles are functions of the angles. The basis for mensuration of triangles is the right- angled triangle. The term trigonometry means literally the measurement of triangles. Trigonometry is a branch of mathematics that developed from simple measurements. A theorem is the most important result in all of elementary mathematics. It was the motivation for a wealth of advanced mathematics, such as Fermat's Last Theorem and the theory of Hilbert space. The Pythagorean Theorem asserts that for a right triangle, the square of the hypotenuse is equal to the sum of the squares of the other two sides. There are many ways to prove the Pythagorean Theorem. A particularly simple one is the scaling relationship for areas of similar figures. Did Pythagoras derive the Pythagorean Theorem or did he piece it together by studying ancient cultures; Egypt, Mesopotamia, India and China? What did these ancient cultures know about the theorem? Where was the theorem used in their societies? In "Geometry and Algebra in Ancient Civilizations", the author discusses who originally derived the Pythagorean Theorem. He quotes Proclos, a commentator of Euclid's elements, "if we listen to those who wish to recount the ancient history we may find some who refer this theorem to Pythagoras, and say that he sacrificed an ox in honor of his discovery". If this statement is considered as a statement of fact, it is extremely improbable, for Pythagoras was opposed to the sacrifice of animals, especially cattle. If the saying is considered as just a legend, it is easy to explain how such a legend might have come into existence. Perhaps the original form of the legend said something like he who discovered the famous figure sacrificed a bull in honor of his discovery. Van der Waerden goes on to comment that he believes the original discoverer was a priest, before the time of Babylonian texts, who was allowed to sacrifice animals and also was a mathematician. This question can never be answered, but evidence that societies used the theorem before the time of Pythagoras can be found. The Theorem is useful in everyday life. For example, at a certain time of day, the sun's rays cast a three foot shadow off a four foot flag pole. Knowing these two lengths, and the fact that the pole forms a ninety degree angle with the ground, the distance from the end of the shadow to the top of the pole can be found without measuring. The first step is to substitute the given data

Autumn on the Seine, Argenteuil by Claude Monet

Autumn on the Seine, Argenteuil The following is an analysis and an interpretation of Autumn on the Seine, Argenteuil. This oil on canvas painting can be found in the High Museum of Art. Claude Monet, the artist of this piece painted this in 1873, right as the Impressionism Movement was beginning. Monet played the important role of one of the founders of the Impressionism Movement with his works like Autumn on the Seine, Argenteuil. Autumn on the Seine, Argenteuil is from a series of paintings that Monet did while in Argenteuil. In the artwork Autumn on the Seine, Argenteuil, the lighting used throughout the painting, brushstroke techniques, perspective, and color all play an important role in the piece, as well as in the Impressionism Movement. Impressionist artists attempted to capture candid shots of their subjects outdoors showing the effects of sunlight on different objects at different times of day. Claude Monet was no exception to this statement. Like in Claude Monet’s Rouen Cathedral: The Portal (in Sun) (Garnier, 824), sunlight is an important part in scene created in Autumn on the Seine, Argenteuil, though is not the real subject of the piece like it is in Rouen Cathedral: The Portal (in Sun). In Autumn on the Seine, Argenteuil, Claude Monet used darker hues of the colors to capture the light and the absence of light throughout the painting. The sun itself cannot be seen, but the intensity of the colors orange, yellow, white, green, and red throughout the tree suggest that there is some sunlight present. The sky is spotted with clouds almost to the point where you can’t see the sky, but there is some blue still seen through the clouds. Monet was obviously wanting to capture the essence of the Autumn season, and did so with the right use of lighting that would not have been possible without the brushstrokes Monet used. The brushstrokes that are used throughout a painting can help classify what movement the painting may have came out of. Impressionist painters created a distinctive short, choppy brushstroke to create better lighting. In painting Autumn on the Seine, Argenteuil, Monet uses this technique all over the canvas. At close inspection, the colors red, white, yellow and blue placed side by side looked unintelligible as they are placed throughout the trees on the left side of the painting. At a distance, however, the colors begin to mix into different variations of orange, green, yellow, white, blue, and red, making the palette more interesting. This technique is used on the entire painting. The water’s reflection of the trees uses the same technique. Like in Claude Monet’s first major Impressionism painting, Impression: Sunrise (Garnier, 823), the painting Autumn on the Seine, Argenteuil also uses the brushy strokes. Both use a body of water’s reflection in the piece, making the water itself more interesting, and giving Autumn on the Seine, Argenteuil perspective. The technique most artists use to project an illusion of the three-dimensional world onto a two-dimensional surface is called perspective. Objects are painted smaller the farther away from the audience is supposed to be, and are painted bigger the closer the audience is supposed to be. A vanishing point is helpful in creating perspective. This technique helps to make up a sense of depth in a piece of art. In Autumn on the Seine, Argenteuil, perspective is created by the body of water that is in the foreground of painting. This body of water is going off into the distance in which you cannot see it’s end. In the background, there are buildings that are barely visible, making them appear to be farther away. This technique draws the audience’s eye to the center of the piece, perhaps at the building that is set of into the distance. Color has value, hues, and intensities that differ from piece to piece. Color can also be broken down into color schemes. Color is always a very important part to any work of art. Impressionism painters usually only used the primary colors blue, red, and yellow in their works, like Monet did in Autumn on the Seine, Argenteuil. They did this so they could place the primary colors side by side to create secondary colors like the greens and oranges seen in the trees in Autumn on the Seine, Argenteuil. This technique was used because Impressionists believed that color is not a permanent characteristic and changes due to weather, lighting, or reflection, which is true in this painting as the leave are all changing colors. The color of the water in Autumn on the Seine, Argenteuil effects the colors of the reflections of the trees, boats, and buildings very little. Impressionism paintings have an overall luminosity because the painters avoided blacks and earth colors. Shadows in the painting are composed of many complimentary colors, like on the sides of the boats on the left side of the water in Autumn on the Seine, Argenteuil. Autumn on the Seine, Argenteuil by Claude Monet was interesting and very tranquil to analysis and an interpret. This oil on canvas painting can be found in the High Museum of Art, but was originally painted in 1873 in France, right as the Impressionism Movement was beginning. Monet played the important role of one of the founders of the Impressionism Movement with his works like Autumn on the Seine, Argenteuil. In the artwork Autumn on the Seine, Argenteuil, the lighting used throughout the painting, brushstroke techniques, perspective, and color all play an important role in the piece, as well as in the Impressionism Movement. Autumn on the Seine, Argenteuil is an amazing work of art that will not soon be forgotten by its many adoring fans.

Aristophanes Vs Socrates - 1472 Words

ARISTOPHANES VERSES PLATO’S VIEW OF SOCRATES Student’s Name Course Name Date Introduction The historical story of Socrates depicts why he was able to attract critics and followers from different geographical locations. A more profound assessment of his biography reveals how his arrogance put him on the wrong side of the law on many occasions throughout his life. It is essential to note that the significance of Socrates contribution to the society cannot be sidelined based on the dynamics which still expose his attributes in line with the perspectives of many experts of the ancient and present times. For example, both Aristophanes and Plato were determined to present their opinions over the life of Socrates . However,†¦show more content†¦His decision to use the comedic tactic in the play might be avowed to be an effective method which squeezed the interests of the public. This concept is in connection to their views and desires to evaluate Socrates’ legit contribution in the stabilization of westernization and democracy not only in Athens but also, in othe r parts of the world Aristophanes’ Viewpoints The comic play, the Clouds, by Aristophanes negatively mocks Socrates professionalism. In this play, Socrates is portrayed as an unethical character who is willing to use his authority and power to corrupt the minds of the young people who came seeking for his advice. Strepsiades and Pheidippides are used as baits to bring to light how Socrates besmirched the goodwill of the masses and how he mobilized the society to overlook all the laws which were elevated by the authority. He is exposed as the protagonist and the enemy of development and the people. He is described as a head teacher of the Thinkery institution who participates in weird activities like experiments to investigate the number of flea-feet fleas that jump . At this point, it can be argued that the primary objective of the playwright was to show how arrogance can shape the ego of an individual. To clarify further, the philosopher is depicted as a man who trusted his perspectives. He firmly believed that he was the brigh test individual, and therefore, he had the power and ability to understandShow MoreRelatedEssay Clouds vs. The Apology1649 Words   |  7 Pages Clouds vs. The Apology In Aristophanes Clouds and in Platos Apology we see extensive fictional representations of the historical figure, Socrates, who left us no literary works under his own name. When comparing these two representations, readers often assume, as a result of the nature of the comedic genre, that Aristophanes portrayal of Socrates is exaggerated and fallacious. On the other hand, Platos account is often taken more seriously as a result of the philosophical genre and theRead MoreClassics Essay on the Play Wasps1699 Words   |  7 Pages * Provide supporting evidence from the literary text you have written Plan Intro Wasps, Aristophanes, symbolism, theme Main Body One Symbolism, how Cleon is portrayed Main Body Two P educated by B, symbolism of a new world. Old vs. new Main Body Three Trial of the dogs, symbolism of greed in the old society, Laches/Labes Con A summary and overall evaluation In the play Wasps written by Aristophanes there is a focus on a single contemporary political issue, the abuse of the judicial systemRead MoreThe Question of Socrates Obedience3243 Words   |  13 Pagesï » ¿The Question of Socrates Obedience, Supported by Confucius Introduction Is it right to act in ones own best interest, or to obey the state? In other words, was Socrates right to obey the orders of the state of Athens to take poison, or should he have acted to preserve his own life by choosing exile or escaping? In The Trial and Death of Socrates, the question is posed to the philosopher whether it is right to act in ones own best interest or to obey the State. Crito argues that the StatesRead MoreThe Influence of Martin Luther King Jr.3372 Words   |  14 Pagesrather across the Red Sea, through the wilderness on toward the promised land. And in spite of its magnificence, I wouldnt stop there. I would move on by Greece, and take my mind to Mount Olympus. And I would see Plato, Aristotle, Socrates, Euripides and Aristophanes assembled around the Parthenon as they discussed the great and eternal issues of reality. But I wouldnt stop there. I would go on, even to the great heyday of the Roman Empire. And I would see developments around there, through various