Strategic Risk Visualization for Proactive Engineering Project Management

Abstract: Engineering projects are by nature complicated and frequently exposed to a range of risks that may affect their outcome. In order to make educated decisions and guarantee that project objectives are fulfilled, project stakeholders must effectively manage these risks. The importance of visualizing risk factors in engineering project management is examined in this work, which also provides a thorough analysis using visualizations based on MATLAB. The study represents and analyzes many aspects of project risks using a variety of visualization techniques, such as risk matrices, spider charts, and Monte Carlo simulations. We are able to recognize patterns, rank hazards, and offer insights into how risks change over time thanks to these visual aids. The results deepen our understanding of how risk factors interact in engineering projects and provide practitioners and decision-makers with useful instruments for proactive risk management. The purpose of this study is to close current gaps in the literature about risk factor visualization and to promote the use of visual analytics into conventional project management procedures. Keywords: Engineering projects, Risk factors, Project management, Risk visualization, Decision-making, Pro, Visual analytics, MATLAB. Title: Strategic Risk Visualization for Proactive Engineering Project Management Author: Shabuj Mia, Md Rahat Hossain, Md Saikat Ahmed, Syeda Fatema Jannat, Shahab Anas Rajput International Journal of Novel Research in Engineering and Science ISSN 2394-7349 Vol. 11, Issue 2, September 2024 - February 2025 Page No: 8-13 Novelty Journals Website: www.noveltyjournals.com Published Date: 19-September-2024 DOI: https://doi.org/10.5281/zenodo.13796593 Paper Download Link (Source) https://www.noveltyjournals.com/upload/paper/Strategic%20Risk%20Visualization%20for%20Proactive-19092024-2.pdf