Developing a risk management strategy for profitable execution of energy storage projects in a global energy company : a case study of Export EnergyCo
Mustafayeva, Ulviyya (2023)
Diplomityö
2023
School of Engineering Science, Tuotantotalous
Kaikki oikeudet pidätetään.
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi-fe2023072791794
https://urn.fi/URN:NBN:fi-fe2023072791794
Tiivistelmä
Effective risk management is essential for the success of any organization. Due to rapid technological advancements, ever-increasing stakeholder expectations and turbulent global environment, risk management has become increasingly important for companies, with a strong emphasis on linking risk management with a strategy. It is critical for companies to identify potential risks and opportunities during the sales phase and to properly analyse and monitor these risks throughout the project lifecycle in a systematic way to ensure continuous performance.
This thesis aims to examine how a global energy company can improve its risk management process, with a particular focus on managing risks from the early sales stage. The study examines the various phases of the project, from the early sales phase to the project execution and closing phases, while lifecycle assessment is excluded from the scope. It analyses the risk management system in the company and the types of information necessary to support it effectively via continuous improvement.
To achieve this, an exploratory research study was conducted primarily utilizing a qualitative approach, supplemented by quantitative methods whenever applicable and feasible. The study drew on various data sources, including a literature review, interviews, workshops, and surveys to obtain expert insights. The data were analysed using content analysis. The study involved collaboration with the main stakeholders, the resulting framework was built also considering the strategic goals of the company. It should be noted that the company name utilized in this thesis work is purely fictional, referred to as "Export EnergyCo", to uphold confidentiality. The data pertaining to this company was extensively employed as an integral part of the research conducted for the master's program. Consequently, all confidential information has been either concealed or appropriately disguised to protect its sensitive nature.
The findings of the study highlight the importance of effective risk management in the context of energy storage projects. One of the key findings of this study is the development of a proposed framework that can assist companies to identify potential risks early in the sales phase, enabling them to make informed decisions and minimize the impact of those risks on project success. Furthermore, through iterative improvements the framework also facilitates the evaluation of the effectiveness of the company’s risk management process and aids in achieving the identified targets. Overall, this research contributes to the ongoing research, development, and iterative improvement process of a risk management framework within the context of energy storage projects.
This thesis aims to examine how a global energy company can improve its risk management process, with a particular focus on managing risks from the early sales stage. The study examines the various phases of the project, from the early sales phase to the project execution and closing phases, while lifecycle assessment is excluded from the scope. It analyses the risk management system in the company and the types of information necessary to support it effectively via continuous improvement.
To achieve this, an exploratory research study was conducted primarily utilizing a qualitative approach, supplemented by quantitative methods whenever applicable and feasible. The study drew on various data sources, including a literature review, interviews, workshops, and surveys to obtain expert insights. The data were analysed using content analysis. The study involved collaboration with the main stakeholders, the resulting framework was built also considering the strategic goals of the company. It should be noted that the company name utilized in this thesis work is purely fictional, referred to as "Export EnergyCo", to uphold confidentiality. The data pertaining to this company was extensively employed as an integral part of the research conducted for the master's program. Consequently, all confidential information has been either concealed or appropriately disguised to protect its sensitive nature.
The findings of the study highlight the importance of effective risk management in the context of energy storage projects. One of the key findings of this study is the development of a proposed framework that can assist companies to identify potential risks early in the sales phase, enabling them to make informed decisions and minimize the impact of those risks on project success. Furthermore, through iterative improvements the framework also facilitates the evaluation of the effectiveness of the company’s risk management process and aids in achieving the identified targets. Overall, this research contributes to the ongoing research, development, and iterative improvement process of a risk management framework within the context of energy storage projects.