Project

Motivation

In order to face the global competition, manufacturing processes are constantly evolving towards higher complexity, more personalisation of products, shorter delivery cycles and high quality-standards. This requires high qualification requirements in manufacturing departments and efficient communication between enterprises’ departments. Another trend is the increasing part of IT components involved in the production monitoring and control (smart manufacturing). In order to manage these challenges, a stringent and risk-differentiating project management is required as well as effective IT support.

Missing definitions and standards are one reason for the lack of project risk management in companies. The envisaged innovative pre-competitive demonstrator will support SMEs to automatically identify and easily understand the impact of project risks during the project planning process and to review the economic impacts of applied measures, way before the projects begins. Moreover, it supports SMEs at managing risks in complex contexts involving multiple projects, shared resources and presence of uncertainties. The project focuses primarily on the mechanical engineering sector as well as on IT development in Belgium and Germany.

Goal

The objective of PRiMa-Q is to develop a framework and implement a pre-competitive open-source tool to quantitatively manage project related risks in small and medium sized enterprises (SMEs). The innovative project risk quantification framework developed within the project will allow SMEs to better manage projects characterised by intrinsic complexity and interdependencies. Thus, it will also enable project prioritisation for SMEs as well as preventive and flexible reaction on the top prioritised project risks.

The focus on a quantitative risk management framework provides enterprises a standardised risk management process to manage projects. This approach empowers enterprises to track quantified key performance indicators (KPIs) with regard to costs, time and quality. This is crucial for successful multi project management and for the proper resource allocation considering risk-cost-optimal allocation. Furthermore, KPIs allow standardised and more objective as well as valid project reporting.

To address a large target group and consequently enable the use of the tool, one aim is to provide compatibility with other project management tools. 

Realisation

To accomplish the project’s goals, it is divided into a concept, realisation and validation phase. Within the concept phase, the main goal is to determine the state of the art in project risk management in companies and gathering specifications for the developed software tool. This is achieved by a survey. In addition, databases for project risks and risk management measures are built. In the realisation phase, the method for risk-based project planning and handling is developed while the main elements of the demonstrator are simultaneously elaborated, and integrated. In parallel, a decision support model for deriving the optimal trade-off between risk-costs and applied counter-measures is developed. The last phase, the validation phase, mainly consists of usability tests, verifying the integrated functionality and optimising the demonstrator and its content.

Project Duration

01.01.2017 - 31.12.2018