Benchmarking project management practices of Caribbean organizations using analytic hierarchy process

Effective management of projects is becoming increasingly important for any type of organization to remain competitive in today’s dynamic business environment due to pressure of globalization. The use of benchmarking is widening as a technique for supporting project management. Benchmarking can be described as the search for the best practices, leading to the superior performance of an organization. However, effectiveness of benchmarking depends on the use of tools for collecting and analyzing information and deriving subsequent improvement projects. This study demonstrates how analytic hierarchy process (AHP), a multiple attribute decision-making technique, can be used for benchmarking project management practices. The entire methodology has been applied to benchmark project management practice of Caribbean public sector organizations with organizations in the Indian petroleum sector, organizations in the infrastructure sector of Thailand and the UK. This study demonstrates the effectiveness of a proposed benchmarking model using AHP, determines problems and issues of Caribbean project management in the public sector and suggests improvement measures for effective project management.

Project risk management:a combined analytic hierarchy process and decision tree approach

Time, cost and quality achievements on large-scale construction projects are uncertain because of technological constraints, involvement of many stakeholders, long durations, large capital requirements and improper scope definitions. Projects that are exposed to such an uncertain environment can effectively be managed with the application of risk management throughout the project life cycle. Risk is by nature subjective. However, managing risk subjectively poses the danger of non-achievement of project goals. Moreover, risk analysis of the overall project also poses the danger of developing inappropriate responses. This article demonstrates a quantitative approach to construction risk management through an analytic hierarchy process (AHP) and decision tree analysis. The entire project is classified to form a few work packages. With the involvement of project stakeholders, risky work packages are identified. As all the risk factors are identified, their effects are quantified by determining probability (using AHP) and severity (guess estimate). Various alternative responses are generated, listing the cost implications of mitigating the quantified risks. The expected monetary values are derived for each alternative in a decision tree framework and subsequent probability analysis helps to make the right decision in managing risks. In this article, the entire methodology is explained by using a case application of a cross-country petroleum pipeline project in India. The case study demonstrates the project management effectiveness of using AHP and DTA.

Bridging the gap from the general to the specific by linking knowledge management to business process

A phenomenon common to almost all fields is that there is a gap between theory and practical implementation. However, this is a particular problem in knowledge management, where much of the literature consists of general principles written in the context of a ‘knowledge world’ that has few, if any, references to how to carry out knowledge management in organisations. In this chapter, we put forward the view that the best way to bridge this gap between general principles and the specific issues facing a given organisation is to link knowledge management to the organisation’s business processes. After briefly reviewing, and rejecting alternative ways in which this gap might be bridged, the chapter goes on to explain the justification for, and the potential benefits and snags of, linking knowledge management to business processes. Successful and unsuccessful examples are presented. We concentrate especially on the issues of establishing what knowledge is relevant to an organisation at present, the need for organisational learning to cope with the inevitable change, and the additional problems posed by the growing internationalisation of operations. We conclude that linking knowledge management in terms of business processes is the best route for organisations to follow, but that it is not the answer to all knowledge management problems, especially where different cultures and/or cultural change are involved.

Using decision support systems to facilitate the social process of knowledge management

The social processes involved in engaging small groups of 3-15 managers in their sharing, organising, acquiring, creating and using knowledge can be supported with software and facilitator assistance. This paper introduces three such systems that we have used as facilitators to support groups of managers in their social process of decision-making by managing knowledge during face-to-face meetings. The systems include Compendium, Group Explorer (with Decision Explorer) and V*I*S*A. We review these systems for group knowledge management where the aim is for better decision-making, and discuss the principles of deploying each in a group meeting. © 2006 Operational Research Society Ltd. All rights reserved.

The process of strategic change:a management perspective

This thesis is concerned with the management processes concerned with complex strategic decision in organisations. The research has sought to explore these processes by taking as its focus the reconstruction of decision processes a) on the basis of an historical study of an industry and in particular a major company in that industry; and b) the perception and understanding of strategic decision processes and change by managers involved in companies in that industry. The main body of analysis and theoretical contributions arise from the detailed analysis of extended depth interviews with managers carried out in 1980 and 1983 which trace thirteen years of the strategic development of a firm. In so doing, extensive use is made of verbatim accounts by managers of events and their interpretation of events. This is then compared with data gathered from.similar interviews with managers of two other companies and examined in the light of existing research and theory in the field. The thesis both provides a detailed insight into the processes associated with the identification and resolution of complex strategic issues and also generates a body of theory concerning the mechanisms by which strategic decisions and the processes of strategic change are interwoven with the cultural and political fabric of organisations. The thesis is divided into four parts. The first part deals with the background to the research, provid1ng a fuller summary of the purpose, structure and content of the thesis and a discussion of relevant previous research and the methodology employed herein. The second part mainly provides case studies of the industry and the main company studied. The third part is a detailed presentation and analysis of data. The fourth part is a synthesis of the findings and consolidation of the theoretical interpretation advanced in the thesis.

A process view of knowledge management:it ain't want you do, it's the way that you do it

Knowledge management needs to consider the three related elements of people, processes and technology. Much existing work has concentrated on either people or technology, often to the exclusion of the other two elements. Yet without thinking about process ? the way people, organisations and even technology actually do things ? any implementation of a knowledge management initiative is at best risky, and at worst doomed to failure. This paper looks at various ways in which a process view has appeared, expl icitly or implicitly, in knowledge management research and practice so far, and reflects on how more 'thinking about process' might improve knowledge management in the future. Consistent with this overall viewpoint, the issues generally centre less on wha t a process view would suggest should be done, but rather on the way that it would be implemented in practice.

Integrating strategic groups and the resource based perspective:understanding the competitive process

Although the strategic group and resource based perspectives are frequently presented as mutually exclusive, we argue otherwise. The resource based view informs strategic group analysis through a firm's product or service portfolio by offering a richer perspective on strategy and an additional lens for competitive group interpretation. Products act as the locus and bedrock for corporate decisions and form the backbone upon which market strategies are constructed. A "corporate genome" analogy is presented to illustrate how this process occurs within the U.K. pharmaceutical industry. © 2005 Elsevier Ltd. All rights reserved.

A process view of knowledge management:it ain't what you do, it's the way that you do it

Knowledge management needs to consider the three related elements of people, processes and technology. Much existing work has concentrated on either people or technology, often to the exclusion of the other two elements. Yet without thinking about process – the way people, organisations and even technology actually do things – any implementation of a knowledge management initiative is at best risky, and at worst doomed to failure. This presentation looks at various ways in which a process view has appeared, explicitly or implicitly, in knowledge management research and practice so far, and reflects on how more “thinking about process” might improve knowledge management in the future. Consistent with the presentation’s own overall viewpoint, the issues generally centre not on what a process view would suggest should be done, but on the way that it would be implemented in practice.

Process improvement and quality management systems in the financial services industry:the case for the OPEX quality management system and framework

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Reliability modelling and verification of manufacturing processes based on process knowledge management

Reliability modelling and verification is indispensable in modern manufacturing, especially for product development risk reduction. Based on the discussion of the deficiencies of traditional reliability modelling methods for process reliability, a novel modelling method is presented herein that draws upon a knowledge network of process scenarios based on the analytic network process (ANP). An integration framework of manufacturing process reliability and product quality is presented together with a product development and reliability verification process. According to the roles of key characteristics (KCs) in manufacturing processes, KCs are organised into four clusters, that is, product KCs, material KCs, operation KCs and equipment KCs, which represent the process knowledge network of manufacturing processes. A mathematical model and algorithm is developed for calculating the reliability requirements of KCs with respect to different manufacturing process scenarios. A case study on valve-sleeve component manufacturing is provided as an application example of the new reliability modelling and verification procedure. This methodology is applied in the valve-sleeve component manufacturing processes to manage and deploy production resources.

The risk of adverse selection and its management in the process of venture capital investment (The experience of Hungarian investors)

Venture capitalists can be regarded as financers of young, high-risk enterprises, seeking investments with a high growth potential and offering professional support above and beyond their capital investment. The aim of this study is to analyse the occurrence of information asymmetry between venture capital investors and entrepreneurs, with special regard to the problem of adverse selection. In the course of my empirical research, I conducted in-depth interviews with 10 venture capital investors. The aim of the research was to elicit their opinions about the situation regarding information asymmetry, how they deal with problems arising from adverse selection, and what measures they take to manage these within the investment process. In the interviews we also touched upon how investors evaluate state intervention, and how much they believe company managers are influenced by state support.

The state of emergency management 2000: The process of emergency management professionalization in the United States and Florida

This dissertation analyzes the current status of emergency management professionalization in the United States and Florida using a qualitative case study. I investigate the efforts of various organizations at the national and state levels in the private and public sectors to organize emergency management as a profession. I conceptualize emergency management professionalization as occurring in two phases: the indirect institutionalization of the occupation of emergency management and the formal advancement toward an emergency management profession. The legislative, organizational, and procedural developments that occurred between approximately 1900 and the late 1970s became the indirect institutionalization of the occupation of emergency management. Over time, as our society developed and became increasingly complex, more disasters affect the security of the population. In order to adapt to increasing risks and vulnerabilities the emergency management system emerged and with it the necessary elements upon which a future profession could be established providing the basis for the formal advancement toward an emergency management profession. ^ During approximately the last twenty years, the formal advancement toward an emergency management profession has encompassed two primary strategies—certification and accreditation—motivated by the objective to organize a profession. Certification applies to individual emergency managers and includes all training and education. Accreditation of state and local emergency management agencies is reached by complying to a minimum level of proficiency with established standards of performance. Certification and accreditation are the mechanisms used to create an emergency management profession and thus act as axes around which the field of emergency management is organizing. ^ The purpose of this research is to provide a frame of reference for whether or not the field of emergency management is a profession. Based on sociology of professions literature, emergency management can be considered to be professionalizing. The current emergency management professionalization efforts may or may not be sufficient to achieve the ultimate goal of becoming a legitimate profession based on legal and public support for the exclusive right to perform emergency management tasks (monopoly) as well as self-regulation of those tasks (autonomy). ^

Essays on the impact of stakeholders' sentiment on the financial decision making process

The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors’ sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure, any decision made for the same asset within the same time horizon will be different for different individuals. In other words, there will neither be homogeneity of beliefs nor the rational expectation prevalent in the market due to behavioral traits. This dissertation consists of three essays. In the first essay, “ Investor Sentiment and Intrinsic Stock Prices”, a new technical trading strategy was developed using a firm specific individual sentiment measure. This behavioral based trading strategy forecasts a range within which a stock price moves in a particular period and can be used for stock trading. Results indicate that sample firms trade within a range and give signals as to when to buy or sell. In the second essay, “Managerial Sentiment and the Value of the Firm”, examined the effect of managerial sentiment on the project selection process using net present value criterion and also effect of managerial sentiment on the value of firm. Final analysis reported that high sentiment and low sentiment managers obtain different values for the same firm before and after the acceptance of a project. Changes in the cost of capital, weighted cost of average capital were found due to managerial sentiment. In the last essay, “Investor Sentiment and Optimal Portfolio Selection”, analyzed how the investor sentiment affects the nature and composition of the optimal portfolio as well as the portfolio performance. Results suggested that the choice of the investor sentiment completely changes the portfolio composition, i.e., the high sentiment investor will have a completely different choice of assets in the portfolio in comparison with the low sentiment investor. The results indicated the practical application of behavioral model based technical indicator for stock trading. Additional insights developed include the valuation of firms with a behavioral component and the importance of distinguishing portfolio performance based on sentiment factors.