Study of Risk Management in the Project of the Oil Industry in Yemen

Mohammed Ahmed Yousef Al-qadhi; Guotie Chen

doi:doi:10.11648/j.ijafrm.20210604.12

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Study of Risk Management in the Project of the Oil Industry in Yemen

Mohammed Ahmed Yousef Al-qadhi, Guotie Chen

Published in International Journal of Accounting, Finance and Risk Management (Volume 6, Issue 4)

Received: 18 September 2021 Accepted: 8 October 2021 Published: 19 October 2021

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Abstract

This paper aims to identify the significant risks affecting Yemen's oil sector projects and devise practical solutions to mitigate important risks. It demonstrates mismanagement of the oil sector, Corruption and bribery, wars and ongoing conflicts, exchange rate volatility, a lack of modern technology, and economic and financial crises which have produced economic calamity in the country. A survey has been conducted through the one hundred one executives and staff of the oil sector in Yemen, which is concluded a statistical review of the top five risks. According to the results of this report, the risk of war conflicts and Corruption, bribery is nearly 78% to 81%, the rate of exchange and financial crises nearly to 76% to 78%, and lack of modern technology is 75%. The major contribution of the manuscript, conducting informal interviews with different levels of the Yemen Petro government, the mitigation measures were drafted. However, some project management officials have described different mitigation strategies for these significant risks mentioned above. Companies can operate safely, teach project managers, and implement contractor evaluation using multiple technical standards to strengthen the powers of project staff. An administrative and supervisory change is recommended. The conclusion of this study can be mitigated to managed highly impacted risks to resolve conflicts and rebuild what has been destroyed, hiring qualified consultants to assess the oil industry's work in light of the mortgage situation, and a training project. Strengthening law enforcement requires the right people, staff, a focus on teamwork, and improving the climate for non-complicit bidding. For effective risk mitigation, empower people.

Published in	International Journal of Accounting, Finance and Risk Management (Volume 6, Issue 4)
DOI	10.11648/j.ijafrm.20210604.12
Page(s)	102-111
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

Oil Industry Projects in Yemen, Risk Factors, Risk Management, Yemen Petro Project, Enterprise Strategies

References

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Mohammed Ahmed Yousef Al-qadhi, Guotie Chen. (2021). Study of Risk Management in the Project of the Oil Industry in Yemen. International Journal of Accounting, Finance and Risk Management, 6(4), 102-111. https://doi.org/10.11648/j.ijafrm.20210604.12

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Mohammed Ahmed Yousef Al-qadhi; Guotie Chen. Study of Risk Management in the Project of the Oil Industry in Yemen. Int. J. Account. Finance Risk Manag. 2021, 6(4), 102-111. doi: 10.11648/j.ijafrm.20210604.12

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AMA Style

Mohammed Ahmed Yousef Al-qadhi, Guotie Chen. Study of Risk Management in the Project of the Oil Industry in Yemen. Int J Account Finance Risk Manag. 2021;6(4):102-111. doi: 10.11648/j.ijafrm.20210604.12

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@article{10.11648/j.ijafrm.20210604.12,
  author = {Mohammed Ahmed Yousef Al-qadhi and Guotie Chen},
  title = {Study of Risk Management in the Project of the Oil Industry in Yemen},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {6},
  number = {4},
  pages = {102-111},
  doi = {10.11648/j.ijafrm.20210604.12},
  url = {https://doi.org/10.11648/j.ijafrm.20210604.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20210604.12},
  abstract = {This paper aims to identify the significant risks affecting Yemen's oil sector projects and devise practical solutions to mitigate important risks. It demonstrates mismanagement of the oil sector, Corruption and bribery, wars and ongoing conflicts, exchange rate volatility, a lack of modern technology, and economic and financial crises which have produced economic calamity in the country. A survey has been conducted through the one hundred one executives and staff of the oil sector in Yemen, which is concluded a statistical review of the top five risks. According to the results of this report, the risk of war conflicts and Corruption, bribery is nearly 78% to 81%, the rate of exchange and financial crises nearly to 76% to 78%, and lack of modern technology is 75%. The major contribution of the manuscript, conducting informal interviews with different levels of the Yemen Petro government, the mitigation measures were drafted. However, some project management officials have described different mitigation strategies for these significant risks mentioned above. Companies can operate safely, teach project managers, and implement contractor evaluation using multiple technical standards to strengthen the powers of project staff. An administrative and supervisory change is recommended. The conclusion of this study can be mitigated to managed highly impacted risks to resolve conflicts and rebuild what has been destroyed, hiring qualified consultants to assess the oil industry's work in light of the mortgage situation, and a training project. Strengthening law enforcement requires the right people, staff, a focus on teamwork, and improving the climate for non-complicit bidding. For effective risk mitigation, empower people.},
 year = {2021}
}

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TY  - JOUR
T1  - Study of Risk Management in the Project of the Oil Industry in Yemen
AU  - Mohammed Ahmed Yousef Al-qadhi
AU  - Guotie Chen
Y1  - 2021/10/19
PY  - 2021
N1  - https://doi.org/10.11648/j.ijafrm.20210604.12
DO  - 10.11648/j.ijafrm.20210604.12
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 102
EP  - 111
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20210604.12
AB  - This paper aims to identify the significant risks affecting Yemen's oil sector projects and devise practical solutions to mitigate important risks. It demonstrates mismanagement of the oil sector, Corruption and bribery, wars and ongoing conflicts, exchange rate volatility, a lack of modern technology, and economic and financial crises which have produced economic calamity in the country. A survey has been conducted through the one hundred one executives and staff of the oil sector in Yemen, which is concluded a statistical review of the top five risks. According to the results of this report, the risk of war conflicts and Corruption, bribery is nearly 78% to 81%, the rate of exchange and financial crises nearly to 76% to 78%, and lack of modern technology is 75%. The major contribution of the manuscript, conducting informal interviews with different levels of the Yemen Petro government, the mitigation measures were drafted. However, some project management officials have described different mitigation strategies for these significant risks mentioned above. Companies can operate safely, teach project managers, and implement contractor evaluation using multiple technical standards to strengthen the powers of project staff. An administrative and supervisory change is recommended. The conclusion of this study can be mitigated to managed highly impacted risks to resolve conflicts and rebuild what has been destroyed, hiring qualified consultants to assess the oil industry's work in light of the mortgage situation, and a training project. Strengthening law enforcement requires the right people, staff, a focus on teamwork, and improving the climate for non-complicit bidding. For effective risk mitigation, empower people.
VL  - 6
IS  - 4
ER  -

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Author Information

Mohammed Ahmed Yousef Al-qadhi

Engineering Management, Fujian University of Technology, Fuzhou, China
Guotie Chen

School of Management, Fujian University of Technology, Fuzhou, China

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Plain Text BibTeX RIS

APA Style

Mohammed Ahmed Yousef Al-qadhi, Guotie Chen. (2021). Study of Risk Management in the Project of the Oil Industry in Yemen. International Journal of Accounting, Finance and Risk Management, 6(4), 102-111. https://doi.org/10.11648/j.ijafrm.20210604.12

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ACS Style

Mohammed Ahmed Yousef Al-qadhi; Guotie Chen. Study of Risk Management in the Project of the Oil Industry in Yemen. Int. J. Account. Finance Risk Manag. 2021, 6(4), 102-111. doi: 10.11648/j.ijafrm.20210604.12

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AMA Style

Mohammed Ahmed Yousef Al-qadhi, Guotie Chen. Study of Risk Management in the Project of the Oil Industry in Yemen. Int J Account Finance Risk Manag. 2021;6(4):102-111. doi: 10.11648/j.ijafrm.20210604.12

Copy | Download

@article{10.11648/j.ijafrm.20210604.12,
  author = {Mohammed Ahmed Yousef Al-qadhi and Guotie Chen},
  title = {Study of Risk Management in the Project of the Oil Industry in Yemen},
  journal = {International Journal of Accounting, Finance and Risk Management},
  volume = {6},
  number = {4},
  pages = {102-111},
  doi = {10.11648/j.ijafrm.20210604.12},
  url = {https://doi.org/10.11648/j.ijafrm.20210604.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijafrm.20210604.12},
  abstract = {This paper aims to identify the significant risks affecting Yemen's oil sector projects and devise practical solutions to mitigate important risks. It demonstrates mismanagement of the oil sector, Corruption and bribery, wars and ongoing conflicts, exchange rate volatility, a lack of modern technology, and economic and financial crises which have produced economic calamity in the country. A survey has been conducted through the one hundred one executives and staff of the oil sector in Yemen, which is concluded a statistical review of the top five risks. According to the results of this report, the risk of war conflicts and Corruption, bribery is nearly 78% to 81%, the rate of exchange and financial crises nearly to 76% to 78%, and lack of modern technology is 75%. The major contribution of the manuscript, conducting informal interviews with different levels of the Yemen Petro government, the mitigation measures were drafted. However, some project management officials have described different mitigation strategies for these significant risks mentioned above. Companies can operate safely, teach project managers, and implement contractor evaluation using multiple technical standards to strengthen the powers of project staff. An administrative and supervisory change is recommended. The conclusion of this study can be mitigated to managed highly impacted risks to resolve conflicts and rebuild what has been destroyed, hiring qualified consultants to assess the oil industry's work in light of the mortgage situation, and a training project. Strengthening law enforcement requires the right people, staff, a focus on teamwork, and improving the climate for non-complicit bidding. For effective risk mitigation, empower people.},
 year = {2021}
}

Copy | Download

TY  - JOUR
T1  - Study of Risk Management in the Project of the Oil Industry in Yemen
AU  - Mohammed Ahmed Yousef Al-qadhi
AU  - Guotie Chen
Y1  - 2021/10/19
PY  - 2021
N1  - https://doi.org/10.11648/j.ijafrm.20210604.12
DO  - 10.11648/j.ijafrm.20210604.12
T2  - International Journal of Accounting, Finance and Risk Management
JF  - International Journal of Accounting, Finance and Risk Management
JO  - International Journal of Accounting, Finance and Risk Management
SP  - 102
EP  - 111
PB  - Science Publishing Group
SN  - 2578-9376
UR  - https://doi.org/10.11648/j.ijafrm.20210604.12
AB  - This paper aims to identify the significant risks affecting Yemen's oil sector projects and devise practical solutions to mitigate important risks. It demonstrates mismanagement of the oil sector, Corruption and bribery, wars and ongoing conflicts, exchange rate volatility, a lack of modern technology, and economic and financial crises which have produced economic calamity in the country. A survey has been conducted through the one hundred one executives and staff of the oil sector in Yemen, which is concluded a statistical review of the top five risks. According to the results of this report, the risk of war conflicts and Corruption, bribery is nearly 78% to 81%, the rate of exchange and financial crises nearly to 76% to 78%, and lack of modern technology is 75%. The major contribution of the manuscript, conducting informal interviews with different levels of the Yemen Petro government, the mitigation measures were drafted. However, some project management officials have described different mitigation strategies for these significant risks mentioned above. Companies can operate safely, teach project managers, and implement contractor evaluation using multiple technical standards to strengthen the powers of project staff. An administrative and supervisory change is recommended. The conclusion of this study can be mitigated to managed highly impacted risks to resolve conflicts and rebuild what has been destroyed, hiring qualified consultants to assess the oil industry's work in light of the mortgage situation, and a training project. Strengthening law enforcement requires the right people, staff, a focus on teamwork, and improving the climate for non-complicit bidding. For effective risk mitigation, empower people.
VL  - 6
IS  - 4
ER  -

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