Risk management for SMEs: Tools to use and how

Authors: Leopoulos, V. N.; Kirytopoulos, K. A.; Malandrakis, C.

Source: Production Planning and Control, Volume 17, Number 3, April 2006 , pp. 322-332(11)

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Abstract:

Business endeavours have transformed to project based efforts for many years now. Most companies usually operate more than one project. Day by day risk management is earning `credits of appreciation' even in the very competitive, project-based operating environment. The aim of this paper is to attempt a presentation of basic risk management tools along with their key features. Although other qualitative risk analysis tools exist, this paper presents only those with explicit quantitative analysis capabilities. Sixteen software tools have been indicated and ranked in terms of the features available. Indicative results of one of those tools are presented using a short case study. The study demonstrates that the use of appropriate software tools may enhance project-related operations and reduce costs, especially when the user is an SME.

Keywords: Risk management; Project oriented small- and medium-size enterprise; Tools; Market research; Case study

Document Type: Research article

DOI: http://dx.doi.org/10.1080/09537280500285136

Affiliations: 1: National Technical University of Athens, Mechanical Engineering Department, Iroon Polytechnioy 9 Zografos, Athens 157 80, Greece

Publication date: 2006-04-01

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