A conventional Risk Management Process (RMP) contains two main phases: (a) risk assessment that includes risk identification and risk analysis, and (b) risk response that decides what, if anything, should be done about the analyzed risks. Based on a traditional tendency, most studies in state of- the art RMP have ample emphasis on risk assessment, but we can find limited studies on the subject of risk response. This paper aims to oppose the mentioned traditional view. The paper introduces a generic RMP, namely Two-Pillar Risk Management (TPRM) that considers an equivalent importance for both risk assessment and risk response. The paper compares the TPRM with the last version of the RMP provided in the standard of PMBoK. Application of the proposed model in projects in the construction industry shows a tremendous total risk level improvement. We believe that applying the TPRM helps project managers in a most effective and efficient manner in dealing with their risk management programs.

Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and its backing lenders. Prompt monitoring and resilient contractual designed as inflation risk detection, man Project finance investments are a key backbone for a wide range of sustainable and bankable new infrastructures; being long term investments, they are highly exposed to inflation risk, which in Public Private Partners hips is mostly borne by the private counterpart and its backing lenders Prompt monitoring and resilient contractual designed as inflation risk detection, management and mitigation, together with proper and flexible financial modelling, alleviating its potentially is erupting impact, especially if unpredictable or chronically enduring. Inflation risk periodically emerges as an extreme-albeit hardly perceived-event, to which infrastructural investments especially in developing countries are particularly vulnerable, creating disrupting agency costs among different take holders. An increasingly wide target audience of both practitioners and academics is interested in the precocious detection, assessment and management of this relevant interdisciplinary problem, so as to find resilient solutions able to mitigate its potentially devastating systemic repercussion segment and mitigation, together with proper and flexible financial modelling, alleviating its potentially disrupting impact, especially if unpredictable or chronically enduring. Inflation risk periodically emerges as an extreme hardly perceived-event, to which infrastructural investments especially in developing countries are particularly vulnerable, creating disrupting agency costs among different take holders. An increasingly wide target audience of both practitioners and academics is interested in the precocious detection, assessment and management of this relevant interdisciplinary problem, so as to find resilient solutions able to mitigate its potentially devastating systemic repercussions.

Being observed frequently that projects cannot achieve to their plan duration and their budget. Utilizing retrospective method is one of the reasons for this problem. In this research two method, Earned Duration Management and risk management, has been used to remove the gap of the plan and the reality; this enable the project to utilize both high accuracy of the first method and prophecy of the second tool. First, control limits were made by Monte Carlo simulation; then, the risks were recognized, after that, project was simulated under the condition that assumed critical risk has happened.At the end, if the simulated indexes violate the limits it will be a signal that program should be revised. The final estimated duration is about two month more than the row plan, that it shows the necessity of taking accounts of risks during planning.

Background and Objective: The necessity of risk management in construction projects targeted toward the reduction of accidents, achievement of the project goals, guarantee of the organization survival, and achievement of customer satisfaction is inevitable. Therefore, attention to the risk management issue as a part of the macro risk raised in the Project Management Body of Knowledge (PMBOK) can play a significant role in the identification, assessment, and control of the HSE risks.Materials and Methods: This cross-sectional descriptive-analytical study was conducted in 2016-2017 with the aim of analyzing 38 types of risks in four categories of HSE risk in a macro construction project with the PMBOK standard approach. The combined risk assessment was based on the risk matrix, including probability of occurrence and severity factors.Results: The results showed that project cost, quality, and emergency conditions were at a very high-risk level among the four groups of HSE risks in the Work Breakdown Structure. Furthermore, the lack of cost allocation for the employment of HSE supervisor, expert, and officer according to project phases was identified as the highest risk source.Conclusion: This study facilitated an evolution in approaching the project managers' viewpoint to the HSE factors. Moreover, it provided a new approach for the identification of major project risks, examination of the different dimensions of the accident consequences in the project, and application of different areas of PMBOK standard in risk assessment. Consequently, the findings of the present study can be used as a suitable substitute for common risk assessment methods in this industry and similar industries.

In the context of the scope, time, cost, and quality constraints, failure is not uncommon in project management. While small projects have 70% chances of success, large projects virtually have no chance of meeting the quadruple constraints. While there is no dearth of research on project risk management, the manifestation of barriers to project risk management is a less dwelt topic.The success of project management is oftentimes based on the understanding of barriers to effective risk management, application of appropriate risk management methodology, proactive leadership to avoid barriers, workers’ attitude, adequate resources, organizational culture, and involvement of top management. This paper represents various risk categories and barriers to risk management in domestic and international projects through literature survey and feedback from project professionals. After analysing the various modelling methods used in project risk management literature, interpretive structural modelling (ISM) and MICMAC analysis have been used to analyse interactions among the barriers and prioritize them. The analysis indicates that lack of top management support, lack of formal training, and lack of addressing cultural differences are the high priority barriers, among many others.

Recent Studies has shown that for 3 reasons: ineffective cultures, lack of organizational knowledge management and useless controls, risk management has become unsuccessful. The extreme growth of inexpensive and rapid information technologies has created remarkable and significant organizational innovations and as a result of this operational complication, risk management is enforced in order to be competitive and fast response towards market changes. If you want to be a leader in the market, should hunt the new opportunities and it requires fast response. At this stage a question is propounded: if you spend a long time for studying about the investment, the opportunity may not be alive anymore. Therefore, information is some how part of the risk management problem and also part of the solution. But information gathering without concerning to its inner knowledge would be unsafe. Accordingly lots of risk management problems are not due to lack of information, but the more is knowledge failure and its interpretation.

Risk management is one of the most important phases of project management and is the most recently used by many researchers. In this paper, a fuzzy based method was proposed which identifies different kinds of risks through the project life cycle.Then, the project risk magnitude can be obtained in regards to five factors, namely “severity”, “occurrence”, and “not detection” which form fuzzy FMEA and also two other factors namely project phase weights and risks weights. These two factors in addition to risk priority number (RPN) factors can lead to the application of better risk management. Based on the project risk magnitude, the appropriate risk response should be selected. The proposed model covers three parts of risk management process: 1. Risk identification, 2. Quantitative risk analysis and 3. Risk response planning. Finally, this model was applied by a numerical example, and project risk magnitude was calculated for an assumed company, to verify the proposed method.