Project management in the context of "Construction management"

Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, threats) including uncertainty in international markets, political instability, dangers of project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause. Retail traders also apply risk management by using fixed percentage position sizing and risk-to-reward frameworks to avoid large drawdowns and support consistent decision-making under pressure.

Two types of events are analyzed in risk management: risks and opportunities. Negative events can be classified as risks while positive events are classified as opportunities. Risk management standards have been developed by various institutions, including the Project Management Institute, the National Institute of Standards and Technology, actuarial societies, and International Organization for Standardization. Methods, definitions and goals vary widely according to whether the risk management method is in the context of project management, security, engineering, industrial processes, financial portfolios, actuarial assessments, or public health and safety. Certain risk management standards have been criticized for having no measurable improvement on risk, whereas the confidence in estimates and decisions seems to increase.

In marketing, a product is an object, or system, or service made available for consumer use as of the consumer demand; it is anything that can be offered to a domestic or an international market to satisfy the desire or need of a customer. In retailing, products are often referred to as merchandise, and in manufacturing, products are bought as raw materials and then sold as finished goods. A service is also regarded as a type of product.

In project management, products are the formal definition of the project deliverables that make up or contribute to delivering the objectives of the project.

Queueing theory is the mathematical study of waiting lines, or queues. A queueing model is constructed so that queue lengths and waiting time can be predicted. Queueing theory is generally considered a branch of operations research because the results are often used when making business decisions about the resources needed to provide a service.

Queueing theory has its origins in research by Agner Krarup Erlang, who created models to describe the system of incoming calls at the Copenhagen Telephone Exchange Company. These ideas were seminal to the field of teletraffic engineering and have since seen applications in telecommunications, traffic engineering, computing, project management, and particularly industrial engineering, where they are applied in the design of factories, shops, offices, and hospitals.

In project management, a task is an activity that needs to be accomplished within a defined period of time or by a deadline to work towards work-related goals. It is a small, essential piece of a job that serves as a means to differentiate various components of a project. A task can be broken down into assignments, which should also have a defined start and end date or a deadline for completion. One or more assignments on a task puts the task under execution. Completion of all assignments on a specific task normally renders the task completed. Tasks can be linked together to create dependencies.

Tasks completion generally requires the coordination of others. Coordinated human interaction takes on the role of combining the integration of time, energy, effort, ability, and resources of multiple individuals to meet a common goal. Coordination can also be thought of as the critical mechanism that links or ties together the efforts on the singular level to that of the larger task being completed by multiple members. Coordination allows for the successful completion of the otherwise larger tasks that one might encounter.

In economics, resource allocation is the assignment of available resources to various uses. In the context of an entire economy, resources can be allocated by various means, such as markets, or planning.

In project management, resource allocation or resource management is the scheduling of activities and the resources required by those activities while taking into consideration both the resource availability and the project time.

Systems engineering is an interdisciplinary field of engineering and engineering management that focuses on how to design, integrate, and manage complex systems over their life cycles. At its core, systems engineering utilizes systems thinking principles to organize this body of knowledge. The individual outcome of such efforts, an engineered system, can be defined as a combination of components that work in synergy to collectively perform a useful function.

Issues such as requirements engineering, reliability, logistics, coordination of different teams, testing and evaluation, maintainability, and many other disciplines, aka "ilities", necessary for successful system design, development, implementation, and ultimate decommission become more difficult when dealing with large or complex projects. Systems engineering deals with work processes, optimization methods, and risk management tools in such projects. It overlaps technical and human-centered disciplines such as industrial engineering, production systems engineering, process systems engineering, mechanical engineering, manufacturing engineering, production engineering, control engineering, software engineering, electrical engineering, cybernetics, aerospace engineering, organizational studies, civil engineering and project management. Systems engineering ensures that all likely aspects of a project or system are considered and integrated into a whole.

In organizational studies, resource management is the efficient and effective development of an organization's resources when they are needed. Such resources may include the financial resources, inventory, human skills, production resources, or information technology (IT) and natural resources.

In the realm of project management, processes, techniques and philosophies as to the best approach for allocating resources have been developed. These include discussions on functional vs. cross-functional resource allocation as well as processes espoused by organizations like the Project Management Institute (PMI) through their Project Management Body of Knowledge (PMBOK) methodology of project management. Resource management is a key element to activity resource estimating and project human resource management. Both are essential components of a comprehensive project management plan to execute and monitor a project successfully. As is the case with the larger discipline of project management, there are resource management software tools available that automate and assist the process of resource allocation to projects and portfolio resource transparency including supply and demand of resources.

The Project Management Institute (PMI, legally Project Management Institute, Inc.) is a U.S.-based not-for-profit professional organization for project management.