PROJECT MANAGEMENT AND RESOURCE ALLOCATION OPTIMIZATION IN CONDITIONS CHARACTERIZED BY RISK

• Main Author: Andrei-Stelian ZIDARU
• Format: Article
• Language: English
• Published: Editura Academiei Oamenilor de Știință din România 2013-05-01
• Series: Annals: Series on engineering sciences (Academy of Romanian Scientists)
• Subjects: risk; project management; planning; resources; optimization
• Online Access: http://aos.ro/wp-content/anale/TVol5Nr1Art.10.pdf

Project management represents the transformation of a vision into reality. The vision is a future state which put into practice will help up improve the company’s performance, solve a problem or exploit an opportunity for a higher profit. Project management is a structured process through which we can deliver successfully this future state. Risks have a great impact on costs thus making the risk analysis and resource allocation optimization a must. There are positive risks and negative risks - some of which will be accepted as normal and usually have a low cost associated or, on the other hand, there are inevitable risks which shall have to be dealt with through contingency plans.