Risk management in JZR Development Programme

Purpose: The main purpose of undertaken research was the analysis of risk management, especially, the adequate identification of risk factors and planning actions reducing their adverse effects. Ongoing monitoring of these risks is crucial to achieve the effects of investment project implementation. Design/methodology/approach: The authors present the research results concerning risk management in JZR (Jastrzębskie Zakłady Remontowe) Development Programme. Risk is an immanent element in the activity of a production company. Therefore, it requires an adequate approach in order to achieve the maximization of economic effects. The JZR Development Programme is a good example of the complexity of processes that should be taken into account in risk management of an investment project. Findings: The specificity of machine building enterprises determines the scope and scale of the necessary activities for efficient and effective risk management. The main scientific problem focuses on the analysis and categorization of risk factors. As a result, the authors determine appropriate responses to identified risks in the JZR Development Programme. Originality/value: The development of risk response is crucial for the success of the analysed project. These actions allow to reduce the negative impact of risk factors on the project’s timeliness, project’s budget as well as economic and technical-technological effects. Another necessary process within risk management is constant monitoring of a project implementation in accordance with the adopted methodology, which enables current updating of emerging new threats to the project implementation and developing necessary actions to minimize the threats.