The strategic management represents current direction of management. It is applied in all types of enterprises, including small and medium sized ones. Using principles of process management within SMEs has its limitations caused mainly by size of the enterprise and the related focus on operational management. Other specificities are function accumulation, informal leadership, preference for ora...

Professional standards are a significant issue for professions such as IT and Project Management, where certification and licensure are either necessary to practice or to demonstrate individual competence and capability. In many professions there is no basis for international reciprocity of professional standards. This paper documents the development of a standard for global reciprocity between...

The most important aim of every project is on time completion, budget consideration and reaching the highest possible quality, based on contract. This paper suggests a methodology for risk management in engineering, procurement, and construction (EPC) projects. Risk management enables project teams to perform with minimum deviation from predetermined goals. The proposed methodology identifies a...

The rationale for using heuristics to establish a risk premium that is added to the risk-free rate to obtain the value of an investment is questioned and an alternative method, termed decoupled net present value (DNPV), is proposed. Rather than using utility theory concepts to decrease the value of uncertain cash flows, the risks associated with project cash flows are discretely quantified usin...