Organizations find advanced risk management tools to be a vital function of professional project management
Dubai - Collaboration Management and Control Solutions (CMCS), the Pertmaster Middle East and Africa representative, today urged organizations in the Middle East to deploy advanced risk management tools as an integral part of their project management implementations. Proper risk management will allow project managers to evaluate complex risk data and carry out in-depth analysis in an efficient, effective and timely manner. CMCS also stressed that companies which do not manage their risks may actually be forced out of business.
"The demands for delivering a project are extremely difficult and the desire to deliver projects cheaper and faster while moving closer to the boundaries of innovative design exponentially increases the risk profile of a project." said Bassam Samman, CEO and founder of CMCS. "Professional risk management tools are vital to prevent unexpected project crises and issues. They also assist in gaining competitive advantage because they will allow the commercial teams to price their projects more accurately. If they can decrease overall project variances and thereby increase the probability of project success, they clearly have a better chance of achieving the project on cost and on schedule."
Project management risk is narrowly defined as a possible event or circumstance that can have negative influences on a project. Its influence can be on the schedule, the resources, the scope and/or the quality. In project management idiom, when a risk escalates, it becomes a liability, a negative circumstance that hinders projects. In practical terms, failure to recognize and take account of these risks could well result in business failure.
"If one looks at the current construction market, it soon becomes clear that risk factors such as raw material increases and changing labour laws were not taken into consideration by many subcontractors who bid for projects on a fixed cost basis. These subcontractors are now being forced to absorb these losses, and some of them are being forced out of business." added Samman.
The main function of professional risk management applications is to simulate scenarios using ranges of data for durations, resources and costs. The simulation model translates this uncertainty at into the potential impact on objectives, providing a statistical distribution of calculated results. This determines the probability of completing the project on any specific day, for any specific cost and the probability of any task being on the critical path. Nearly all projects carry penalties for late completion, be they in the form of direct cash fines, or lost opportunities. Identifying and managing project risks thus has a direct impact on the commercial viability of the project.
"There is a growing awareness of the importance of using risk management applications in the Middle East as most organizations who are adopting professional project management are finding risk management to be a vital element of successful implementation. Although one can say that almost every organization does use some kind of tool to identify, assess, quantify and manage risk, few organizations use advanced risk management tools such as PertMaster. Nevertheless, we are now seeing a growing interest from many organizations." concluded Samman.
CMCS launched its direct operations in the UAE in 2005 with the establishment of its offices at the Dubai Internet City (DIC) and a regional partners' network across the Middle East. With the team's collective experience of over twenty years in project and risk management, CMCS offers complete project management solutions based on implementing best practices, coupled with supporting professional development and training programs.
For information on our solutions, training calendar and our periodic project and risk management seminars, please visit www.cmcs.ae
-Ends-About CMCS
CMCS provides global cutting-edge solutions based on implementing best practices, coupled with professional development and training programs. CMCS applications integrate strategies and action plans into a single database providing executives with a road map to achieve their visions and desired results.
CMCS project portfolio management prioritizes actions which are managed by transforming ideas and needs into products and services, implementing proven project management practices and assessing results.
CMCS's mission is to provide proven project, portfolio and risk management solutions for organizations whose growth depends on the creation and maintenance of assets. These assets include facilities, information technology and human resources, among others.
CMCS provides its broad range of solutions in the following countries: UAE, Kuwait, Qatar, Bahrain, Oman, Iraq, Yemen, Lebanon, Jordan, Syria, and Afghanistan. CMCS is also present through its partner (IPMS) in Saudi Arabia, Libya, Morocco, Tunisia, Algeria, and Mauritania.
About PertmasterAs a well established risk management software company, Pertmaster specializes in providing project analytics to enterprise projects. Closing the loop on traditional scheduling techniques, Pertmaster provides a comprehensive cost and schedule Monte Carlo risk analysis for both MS Project and Primavera based schedules. Pertmaster ensures that projects are completed on time and to budget for both high-level milestone schedules and highly complex, multi-project environments. Closely aligned with recognized and accepted risk methodologies, Pertmaster's Project Risk and Risk Expert tools provide unmatched risk management solutions.
For more information, please contact:
Bita Riahi
CMCS
Management Solutions Manager
Tel: + 9714 3432148
Fax: +9714 3438756
Nic Labuschagne
ASDA'A Public Relations
Tel: +971 4 3344550
Fax: +971 4 3344556
Shereen El-Sharif
ASDA'A Public Relations
Tel: +971 4 3344550
Fax: +971 4 3344556
© Press Release 2005
