Risk Navigation in One-of-a-Kind Production

Abstract:

One-of-kind production is synonymous with project and thus can use management approaches from project management. The relationship between operations management and project management is briefly discussed and a project execution model with project phases and decision gates is introduced. Decisions are essential in any project as they introduce uncertainty and at the same time is the main tool for controlling the project. Three types of decisions are discussed: select, authorization and plan decisions. Uncertainty leads to risks and opportunities. Three types of risks can be distinguished: operational, strategic and contextual risks. The intersection between these creates a risk triangle within which one can navigate. A framework for project risk navigation contains three components: a governance system, a decision process, and strategic planning.

• Periodical: Advanced Materials Research (Volume 1039)
• Pages: 627-636
• DOI: https://doi.org/10.4028/www.scientific.net/AMR.1039.627
• Online since: October 2014
• Authors: Asbjørn Rolstadås*
• Keywords: Decision-Making, One-of-a-Kind Production, Project Management, Risk Management (RM)

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