Applying Risk-Driven Project Management to Achieve Success in Complex, Innovative Projects

  Innovation   Risk Management   Knowledge Shelf  

In today’s fast moving world, innovative projects often must be completed in a very short time frame. After a thorough analysis of different project management methods and tools, the Risk-Driven project management method (RiD method) has been developed to facilitate the value creation/success of projects. The 12-point maturity-value-success metric (12-point MVS metric) as a risk management tool helps ensure proactive risk monitoring; and applying it together with lean and agile elements, the RiD method facilitates the efficient creation of project value. The ways the method helps enable effective project management for complex, innovative projects will be described and its application at the establishment of the HU-GO Electronic Road Toll System will be shown.

Introduction
Nowadays, as a consequence of increased competition, projects frequently have to be completed in an extraordinarily short time. In addition to this, there is a notable amount of uncertainty in today’s rapidly changing environments. This is well supported by the Advanced Computing Research Centre’s statement: “With changing needs companies must offer innovative solutions in ever decreasing timeframes” (2013). Under these circumstances, a project should still achieve its ultimate aim, which we define as contribution to corporate value.

The Concept of Project Success: Complex…

Please log in or sign up below to read the rest of the article.