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Risk Management Decisions and Organizational Structure in the Case of a Development Management Firm: Millennium Development International
Abstract
This case aims to analyze risk management practices of Millennium Development International (MDI) and suggest enhancements based on a theoretical framework derived from the literature while considering the implications to its organizational structure. Al-Shamiyah project in Makkah, Saudi Arabia, is used as an example to illustrate the practices of MDI. Due to a high level of risk associated with large-scale development projects, it is argued that the traditional risk management approach is not convenient to the context of these projects. Each large-scale project has a high level of uniqueness that renders benchmarks generated out of previous projects obsolete. Hence, a reactive risk management approach is being promoted. For the purpose of optimizing this approach, engaging necessary experts and securing the presence of key decision makers in the process, the formulated system defines key milestones at which risks need to be assessed and proper decisions need to be taken.
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