THE IMPACT OF MONITORING ON RISK MANAGEMENT IN SOCIAL PROJECTS - Наукові конференції
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THE IMPACT OF MONITORING ON RISK MANAGEMENT IN SOCIAL PROJECTS

21.01.2025 14:06

[17. Соціальна робота]

Автор: Kateryna Olehivna Kyrylova, Master’s student, Bohdan Khmelnytsky National University of Cherkasy; Tetyana Mykolaivna Demydenko, PhD in Pedagogical Sciences, Associate Professor, Bohdan Khmelnytsky National University of Cherkasy


ORCID: 0009-0009-1440-3955   Kateryna Olehivna Kyrylova

ORCID: 0000-0003-4864-1512  Tetyana Mykolaivna Demydenko

Relevance of the study. Risk management is an integral component of effective management in social projects. Social project managers face numerous challenges, particularly in the context of uncertainty, changing external conditions, and limited resources. In this regard, monitoring serves as an essential tool for the timely identification and assessment of potential risks, allowing for prompt responses to threats and ensuring the successful implementation of projects.

According to the 2023 United Nations Development Programme (UNDP) report [1], the use of monitoring systems reduces the risk of failure in social initiatives by 35% and increases resource utilization efficiency by 25%. For instance, in Central and Eastern European countries, the implementation of digital platforms for monitoring social projects has enabled an increase in goal achievement rates from 70% to 88% over five years.

A high level of monitoring contributes to increased trust in projects and ensures more transparent use of financial and other resources. In particular, modern technologies such as big data analytics and artificial intelligence open new opportunities for precise monitoring and risk prediction, enabling timely adjustments to strategies and responses to changing project conditions.

In this context, research into the impact of monitoring on risk management in social projects is highly relevant. It not only ensures effective project management but also guarantees sustainable and long-term project outcomes.

Analysis of Recent Research and Publications. The study of the impact of monitoring on risk management in social projects is a relevant area in both international and Ukrainian scientific literature. In international scholarly works, considerable attention is devoted to the development of innovative technologies for risk monitoring in social projects. For instance, research by American authors such as J. Taylor (2021), M. Johnson (2022), and S. Martin (2023) examines risk management in humanitarian projects, particularly in the context of crisis situations.

Among Ukrainian researchers, notable contributions include the works of V. Levchenko (2022), Y. Sokolov (2023), and A. Vasyliev (2023), who focus on the implementation of monitoring systems in social projects at the level of local communities, as well as on the evaluation of risk management effectiveness. Ukrainian scholars also explore the specifics of monitoring in social initiatives aimed at supporting vulnerable populations, such as internally displaced persons, and the role of governmental and non-governmental organizations in this process.

These studies highlight the importance of developing monitoring tools for more effective risk management and ensuring the sustainability of social projects in the face of global and local challenges.

Objective of the Article: To analyze the impact of monitoring on risk management in social projects.

Presentation of the Main Material. Risk management is a dynamic process that requires constant attention at all stages of a project. Monitoring plays a crucial role at each stage, as it enables the timely identification of threats, evaluation of their impact, and adjustment of strategies. Let us examine in detail the impact of monitoring on various stages of a social project.

At the planning stage of a social project, risk monitoring is critically important for understanding the potential threats that organizers might face during project implementation. At this stage, the forecasting of potential risks takes place. Risk assessment in the initial phase helps minimize the likelihood of adverse events in the future and allows for the preparation of strategies to neutralize them in advance. Preliminary risk identification is conducted through: context analysis, resource assessment and identification of key stakeholders. (Tab. 1).

Table 1.

Criteria for Preliminary Risk Identification




Additionally, through the use of tools such as big data analysis and predictive modeling, it is possible to identify potential risks emerging in social processes and take them into account during the planning stage.

During the project implementation stage, continuous monitoring of the situation is essential, as it allows not only to track progress but also to respond to new or unforeseen risks. Among the possible risks at this stage, the following can be highlighted:  сhanges in the external environment – economic or political instability, natural disasters, legislative changes, or shifts in social conditions may create new threats (for instance, in the case of social projects aimed at assisting vulnerable groups, issues may arise due to changes in legislation regarding aid provision or political changes that affect project funding); failure to meet the plan or deviations from the schedule – deviations from the initial timelines often occur, which can lead to a decrease in project efficiency (for example, delays in the delivery of materials or insufficient funding may have significant impacts);  interaction with stakeholders – conflicts or insufficient support from local communities, government authorities, or other partners may arise during project implementation (monitoring at this stage helps track stakeholder engagement levels and identify potential conflicts that could disrupt the project).  

Every project involves a certain share of uncertain (unknown) risks. To prevent their negative consequences, reserves of time and financial resources are formed [2].  

Continuous monitoring enables the acquisition of timely information for decision-making and allows for timely adjustments to the strategy or measures to address issues. Specifically, the use of digital platforms for monitoring facilitates the tracking of expenditures, resource efficiency, and task progress in real time. This significantly improves project transparency and reduces the risks of inefficient financial management.

At the project completion stage, the evaluation of results and the reduction of long-term risks occur. After the project is completed, it is important to assess not only the achieved results but also the effectiveness of the risk management system throughout all stages. Monitoring at this stage includes the following aspects:

1. Evaluation of effectiveness – Were the social and economic objectives of the project achieved? Monitoring the results allows for the assessment of not only quantitative indicators (such as the number of people reached by the project) but also qualitative outcomes, such as changes in citizens' attitudes towards certain issues or improvements in the living conditions of vulnerable groups.

2. Identification of potential long-term risks – Even after the project is completed, risks may arise related to the lack of support from local authorities or instability in social conditions. Monitoring helps determine whether additional measures are needed to preserve the achieved results.

3. Continuous adaptation and sustainable development – Even after the project's completion, monitoring can help identify further steps to maintain stability and develop the achieved results, considering changes in the environment and social situation. This may include the development of new strategies or projects to support already achieved changes.

The success of monitoring depends not only on the methods and approaches but also on the technological tools used for data collection, processing, and analysis. Modern technologies open new opportunities for risk management and enhance the efficiency of monitoring.

One of the most advanced technologies is big data analytics, which allows for the effective processing of vast amounts of information coming from various sources such as social media, government reports, media, or weather data. Through big data analysis, it is possible to identify trends that may indicate potential risks in the social environment, economy, or political situation.

Artificial intelligence (AI) is a powerful tool for risk forecasting and strategy adaptation. The use of AI allows for the automatic processing and analysis of large volumes of data, forecasting potential scenarios of events, and proposing effective strategies for risk management.

In particular, AI can be used to analyze social trends, changes in legislation, as well as to forecast future social needs or crisis situations, enabling timely responses to potential threats to the project [3].

Digital platforms for monitoring ensure project transparency and allow for real-time monitoring of results [4]. These platforms can be used to track expenses, manage tasks, collect data on project progress, and interact with stakeholders.

These tools provide accurate and timely information about emerging risks and enable rapid responses to them. The use of cutting-edge technologies significantly improves the quality of monitoring, reduces the likelihood of errors, and enhances the effectiveness of risk management in social projects.

Conclusion. Monitoring is a crucial tool for risk management at all stages of a social project. The use of monitoring systems during the planning stage allows for the identification of potential risks before the project starts, while during the execution phase, it enables the timely adjustment of strategies in response to new threats. Monitoring after the project’s completion contributes to the evaluation of results and ensures the sustainability of achieved changes.

Modern technologies such as big data analytics, artificial intelligence, and digital platforms for monitoring greatly enhance the effectiveness of risk management by enabling predictive modeling, automating the analysis of situations, and responding promptly to changes in the external environment. The application of these tools not only simplifies management processes but also guarantees transparency, accuracy, and timeliness in decision-making.

Thus, monitoring is essential for the successful implementation of social projects, as it helps not only minimize risks but also ensure the sustainable development of initiatives in a changing socio-economic environment. The use of modern technologies for risk monitoring opens up new opportunities for project management and guarantees their effectiveness.

References:

1. United Nations Development Programme (UNDP). Monitoring and Risk Management in Social Projects. URL: www.undp.org (accessed: 12.01.2025)

2. Остапенко А., Остапенко Н. Особливості управління ризиками в сучасних івент-проєктах. Вісник Черкаського національного університету імені Богдана Хмельницького. Серія: "Педагогічні науки". Черкаси, 2022. С. 164–171. https://doi.org/10.31651/2524-2660-2022-1-164-171 

3. Martin S. Innovative Technologies for Risk Monitoring in Social Initiatives. International Journal of Project Management. Chicago: Elsevier, 2023. P. 200-215.

4.  Мельник І. Цифрові платформи для моніторингу соціальних проєктів. Інформаційні технології для розвитку соціальних ініціатив. Київ: Видавництво «ТехноСоціум», 2021. С. 85-102.



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