Risk Management and Knowledge Management as Critical Success Factors of Sustainability Projects

Abstract

The paper is focused on the analysis of the key aspects of sustainability projects, namely advanced risk management and project knowledge. These aspects are recommended to the attention of institutions and project managers when designing and executing new projects simultaneously with quality and project status management. The aim of the paper is to point out the critical factors that have recently affected the success of sustainability projects, which is also its contribution. Empirical research focused on the identification of the application level of the post-project phases in project management in the Czech Republic in 2016 and 2017 was performed. The research was performed as qualitative research employing observation and inquiry methods in the form of a controlled semistructured interview. The research identified 21 most common reasons for not executing post-project phases. Ensuring good and efficient progress of post-project phases, in particular by the means of post-implementation system analysis and compilation of a set of improvement suggestions for subsequent project management, forms the practical background for application of knowledge management and project management principles. A case study focused on the application of fuzzy logic in project risk assessment has been elaborated. In practice, current project management requires the application of advanced risk analysis methods that will replace the simple risk values estimated by calculations of separate risk components.

The paper is focused on the analysis of the key aspects of sustainability projects, namely advanced risk management and project knowledge. These aspects are recommended to the attention of institutions and project managers when designing and executing new projects simultaneously with quality and project status management. The aim of the paper is to point out the critical factors that have recently affected the success of sustainability projects, which is also its contribution. Empirical research focused on the identification of the application level of the post-project phases in project management in the Czech Republic in 2016 and 2017 was performed. The research was performed as qualitative research employing observation and inquiry methods in the form of a controlled semistructured interview. The research identified 21 most common reasons for not executing post-project phases. Ensuring good and efficient progress of post-project phases, in particular by the means of post-implementation system analysis and compilation of a set of improvement suggestions for subsequent project management, forms the practical background for application of knowledge management and project management principles. A case study focused on the application of fuzzy logic in project risk assessment has been elaborated. In practice, current project management requires the application of advanced risk analysis methods that will replace the simple risk values estimated by calculations of separate risk components.