2949775135

Ostrava 8.-9. zari 2010

5. mezinarodm konference Rfzem a modelovam finanćnfch rizik VŚB-TU Ostrava, Ekonomicka fakulta, katedra Financf

SWOT Analysis	•    Ensures equal focus on both threats and opportunities •    Offers a structured approach to identify threats and opportunities •    Focus on internal (organizational strengths and weaknesses) and external (opportunities and threats)	•    Focuses on intemally generated risks arising from organizational strengths and weaknesses, excludes external risks •    Tends to produce high-level generic risks, not project-specific	•    Good facilitation •    Strict adherence to the techniąue, to avoid confusing the four SWOT perspectives (i.e. between Strengths and Opportunities, or between Weaknesses and Threats)
System Dynamics	•    Exposes unexpected inter-relations between project elements (feedback and feed-forward loops) •    Can generate counterintuitive through other techniąues •    Produces overall impacts of all included events and risks	•    Reąuires specialized software and expertise to build models •    Focuses on impacts but difficult to include the concept of probability	•    Understanding of feedback •    Competence in applying tools and understanding their output •    Quality of the system model •    Accuracy of input data collected for the specific project
WSS Review	•    Ensures all elements of the project scope are considered •    Provides for risks related to different levels of detail (from high-level to those related to individual work packages)	• Excludes external risk or those not specifically related to WBS elements	• Good WBS

Table 1: Techniąues, examples and templales for identifying risks

Source: [11],

From among the methods enumerated in the table 1, brainstorming is particularly popular among companies in Poland. As emphasised by R. Mulcahy „(...) it can be used in risk identification or for other project management issues”[12]. Brainstorming belongs to the information collection techniąues and involves team work of the people who deal with planning and implementation of an investment project. It’s comfortable as it usually doesn’t reąuire a long preparation time before a discussion aimed at finding a solution to a specific problem can be held. Another popular techniąue is a SWOT analysis, which may be applied in any types of entities which carry out investment projects. Many companies in Poland also use check lists. They are created in companies and largely based on historical data, as well as the knowledge gained from execution of similar investment projects in the past. Summing up, practically every method listed in the table 1, to a lower or higher extent, is used in business practice. The leading construction and assembly companies in Poland, for example, use brainstorming as the key risk identification method. The research fmdings in this respect are presented in a figurę 2.