Title: Risk management methodological approach in the EU co-funded projects: the case of Greece

Authors: Vassilis Orfanos, Michalis Evripiotis, Dimitris Tsatsanis

Addresses: Greek Telecommunications Organization, 99, Kifissias Av., 15124, Greece; Hellenic Open University, Greece 18, Parodos Aristotelous St., 26 335, Patras, Greece. ' Greek Telecommunications Organization, 99, Kifissias Av., 15124, Greece; Hellenic Open University, Greece 18, Parodos Aristotelous St., 26 335, Patras, Greece. ' Greek Telecommunications Organization, 99, Kifissias Av., 15124, Greece; University of Piraeus, Karaoli & Dimitriou 80, 18534, Piraeus, Greece

Abstract: This paper deals with the methodologies for risk management used in Greece in the EU co-funded projects. The role of risk management in modern economies is of utmost importance and its applications cover the majority of business activities. Particularly in the organisations, risk analysis and risk management contribute to handling or avoiding risky projects and concentrating the available resources to value-enhancing activities. Despite its rapid development during the last years and its scientific background strengthening, risk management was encountered as an add-on process to the ordinary running of the organisation. Lately, the full incorporation of risk management in the project management has taken place, which offers great opportunities, not only in terms of risk mitigation but also in the most efficient and timely decision making. The aim of this article is to analyse the risk management within the frame of Greece-EU co-funded projects.

Keywords: risk analysis; risk management; project management; EU; European Union; co-funded projects; co-financed projects; Greece; funding; financing; modern economies; business activities; risky projects; available resources; value-enhancing activities; add-on processes; risk mitigation; decision making; decision sciences; risk management.

DOI: 10.1504/IJDSRM.2011.040751

International Journal of Decision Sciences, Risk and Management, 2011 Vol.3 No.1/2, pp.129 - 152

Published online: 20 Jun 2011 *

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