P R I I K N O W
A RISKMAN subproject proposed by VTT Industrial Systems

1.1
Subproject full title:
1.2
Subproject Acronym:
P R I I K N O W
1.3
RISKMAN Research Area:
RA4: Business models promoting risk management
2.1 Proposing organisation:
VTT Industrial Systems
2.2 Contact person name:
Perttu Heino
2.3 Address:
Tekniikankatu 1, PO Box 1306, FIN-33101 Tampere, Finland
2.4 Tel:
+358 3 3163 283
2.5 Fax:
+358 3 3163 499
2.6 Email : perttu.heino@vtt.fi
2.7 Web site: www.vtt.fi
2.8 Participating organisations and companies, name and country :
VTT Industrial Systems, Finland
CORIS, Germany
Snamprogetti, Italy (not confirmed)
Loughborough University, UK
Technical University of Kosice, Slovakia

3. Proposal summary (1/3 page)
The aim of the PRIKNOW project is to build flexible and integrated methodology and software, which allows advanced and specialised networking project risk knowledge management, on the base of cumulated experience.
The stated objectives will be pursued through the realisation of a management system that will assist the management of risks and opportunities in any phase and aspect of a project. The system will be a tool for risk knowledge management and will be oriented to global projects.
The work packages that are required to perform the approach chosen are reported below.
WP1 : Integrated business project management theory
WP2 : Business risks in project initiation stage
WP3 : Experience-based project risk management
WP4 : Business risks in project execution stage
WP5 : Back-end information management
WP6 : Front-end information management
WP7 : Project management and dissemination of results
4. Objectives (1/3 page)
The objective is to create competitiveness for a network of enterprises, by providing them with the access to extended knowledge concerning project risks and opportunities. The results of the project will systematically enrich such knowledge with the lessons learnt from successes and failures of earlier projects.
Benefits given by the results consist in the access to new methods and support tools for risk conscious decision making. This implies that success of projects will be ensured and extra costs due to unforeseen risks will be avoided. Finally, the overall risk awareness in the organisations will be increased by shared competencies and experience.
The application of the result achieved will moreover deliver substantial help for different organisations or divisions co-operating on the same project from different locations. Besides a network of information, this will create a networked way of business.
5. Deliverables (new products, new processes and services, radical innovations; prime deliverable is expected to be a breakthrough in applicable knowledge to be transferred to industry and society)
Although the efforts around a system for project risk management seems quite widespread, PRIKNOW represents an innovative perspective on the issue. The research provides the market with a wide range of products and applications for the overall management of risks in project business. Nonetheless, the value added to the

creation of PRIKNOW is delivered by the development of a novel environment in which the application will operate. This consists in new business processes and organisational practices, and is enabled by the following characteristics of
PRIKNOW results:

Networking way of business

Self-learning system

Local/global domain
The stated objectives will be pursued through the realisation of a management system that will assist the management of risks and opportunities in any phase and aspect of a project. The management system (often called simply “system”) will be a tool for risk knowledge management and will be oriented to global projects.
Software based on the system will be structured and built up in order to support project management. In it corporate knowledge will be stored and elaborated. The knowledge will concern past experiences and actual risk management methodology.
The system software will comprise procedures for the storage, organisation and usage of the knowledge. In particular risk conscious business decision making will benefit of the system’s support.
Figure 2 represents the conceiving of the system. It shows the sequence that has been followed in the identification of the project workplan.
Project
Breakdown
Model
Phases:
S a y p s s p t t l l i i e c m a w
P i i
B t t h i
M i n
Figure 1: Conceiving of the system. t
’ t
’ i i s s o n t t t
S d e e y c s s v h t t e e n l l i i
S
Y
S
T
E
M m o c p
’ a
’ s l s l m e n
Component 1
Component 2
Component N
S y s t t e m
’ ’ s c o m p o s s i i t t i i o n a n d
System realisation g e n e r r a t t i i o n
6. Justification and potential impact (economic impact, direct and indirect economic benefits, European dimension, training and education, conformity with EC societal objectives: quality of life, health, safety, working conditions, employment, and environment)
The European dimension of PRIKNOW is given by the characteristics of present large projects in Europe: international dimension, hi-tech and social downstream effects suggest a European approach to project risk management.

The community added value consists in the benefit coming from knowledge sharing and in the establishment of infrastructures for networking and Internet applications.
The contribution to EC policies is given by the creation of standard procedures and support for co-operating European enterprises, and by the addressing of targets such as security and reliability.
7. Description of the work (technological approaches and methods, work tasks, their description, deliverables and work effort in person months) marked according to the following components (RTD = Research, technological development and innovationrelated activities, DEM = Demonstration activities, TRA = Training)
The work packages that are required to perform the approach chosen and exposed in
Fig. 2. are reported below.
WP1 : Integrated business project management theory
WP2 : Business risks in project initiation stage
WP3 : Experience-based project risk management
WP4 : Business risks in project execution stage
WP5 : Back-end information management
WP6 : Front-end information management
WP7 : Project management and dissemination of results
Integrated business project management theory
Business risk in project initiation stage
Experience-based project risk management
Business risk in project execution stage
“Self-learning”
Risk Knowledge
Management System
Automatic knowledge acquisition
Knowledge storage and organisation
Knowledge management: generation of solutions
Update
(Direct feed-up)
Update
(Indirect feed-up)
Back-end information management
Front-end information management
Figure 2 . PRIKNOW work package relations.
8. Partners involved, partner profiles (business idea, size, competence) and the role of each partner
To be added
9. Resources for total subproject and for each partner (resources needed: personnel, equipment etc; costs, work effort in person months)

To be added
10. Duration (starting date, duration in months)
1.12.2003 – 30.11.2005
11. Financial plan
To be added
12. Other issues (e.g. ethical, gender, EC policy related issues)
None