Application of the P3.Express Method in Risk Management in a Manufacturing Enterprise
Purpose: The purpose of this article is to evaluate the applicability of the P3.express method in the risk management process at a manufacturing company and to determine its impact on the effectiveness and efficiency of implemented projects. The study analyzed the risk management process, starting with risk identification, through the assessment of its impacts, to risk monitoring at various levels, using the principles of the P3.express method based on a case study from the manufacturing industry. Design/methodology/approach: A literature review and a case study were employed to assess the practical aspects of implementing the method. The research findings clearly indicate that the P3.express method supports the risk management process, improves organizational decision-making, and enhances control over project execution within the organization. The obtained results confirm that implementing the P3.express method in an organization can help mitigate the adverse effects of risk and improve the effectiveness of project management in the manufacturing industry. Findings: The results obtained indicate that the application of the P3.express method can serve as a valuable complement to existing project risk management approaches in manufacturing enterprises. The analysis demonstrated that the primary strength of this methodology lies in its integration of the fundamental principles of risk management with simplicity, enabling organizations to reduce barriers associated with excessive documentation, ineffective communication, and overly formalized approaches to project management. Originality/value: The article contains information that can be used to supplement an organization's risk management standards. It is primarily intended for professionals responsible for risk management within an organization.