Significant risk factors in construction projects: Contractor's perception

2012 ◽  
Author(s):  
Nur Alkaf Abd Karim ◽  
Ismail Abd. Rahman ◽  
Aftab Hameed Memmon ◽  
Nurhidayah Jamil ◽  
Ade Asmi Abd. Azis
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Significant Risk

Developing a Model for Risk and Responsibility Management Share Amongst Stakeholders Consortium in Construction Projects

2013 ◽  
Vol 684 ◽  
pp. 639-643 ◽  
Author(s):  
Alireza Ghaffari
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Construction Industry ◽  
Construction Projects ◽  
Construction Project ◽  
Significant Risk ◽  
Interest Rate Risk ◽  
Extensive Literature ◽  
Productivity Cost ◽  
Management Techniques

The construction project is a complex sector which characterized with low productivity, cost and time overruns and conflicts. The major challenges in construction project risk assessment which may attributed to knowledge requirements for determining the level of uncertainty and development of complex models to predict . Portfolio theory and capital market theory stipulate that risk consists of two types, First, systematic risk, which cannot be controlled, emanates from external factors such as acts of God, natural disasters, market risk, interest-rate risk, and purchasing-power risk. Second, unsystematic risk, which can be controlled, relates to organization-specific factors such as business risk and financial risk (Fischer and Jordan 1996).) . To identifies the risk factors that influence the cost-effective management, operation, and maintenance of construction project, as well as how and when in the project life cycle the identified risk factors impact to the associated costs . The identification and design of risk is the first step of risk management. It contain the recognition of potential risk event conditions in a project and the clarification of risk responsibilities. A total of 50 risk factors on construction for stake holders (client , contractor ,consultant ) share projects were identified after conducting an extensive literature survey. A questionnaire survey was conducted from 60 project managers(20 from each category) in all three proficiencies with background experience in buildings ,road and bridges with minimum 15 years experience , to identify the most significant risk factors impact in construction projects . Interviews were conducted face to face, ensuring a 100 percent response rate. The questionnaire was amended by incorporating feedback of the experts to suit the local environments of the construction industry. The weight or rate of each risk factor gained by using a five-point Liker scale from a consolidated conceptual framework of all 50 risk factors identified from the deep literature work . The main aim of these research is to identify ,categorize and ranking common risks, exert management techniques to address those risks , effective risk management and risk status in the construction industry and to help stakeholders to take stock of their ongoing and future projects, with a focus on important risks, their management techniques and barriers to effective implementation of risk management systems.

scholarly journals A Suggested Module for Risk Framework of Water Control Construction Projects using Qualitative and Quantitative Techniques

2020 ◽  
Vol 9 (3) ◽  
pp. 1448-1454
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Quantitative Analysis ◽  
Construction Projects ◽  
Control Strategies ◽  
Significant Risk ◽  
Water Control ◽  
Global Challenge ◽  
Managing Risk ◽  
The Cost

Managing risk is an integral part of sound management and risk management helps to achieve projects objectives. Although the process of risk management is standardized to a great extent, risk control strategies depend on project circumstances and feature. One of the essential humanity’s challenges in the future, is surely ensuring water needs. Equitable and sustainable management of water resources is a major global challenge, and supply of clean fresh water is decreasing around all nations. Egypt is one of the countries hardest affected by climate change. Also challenges include population growth, increase in food demand and Lack of water and energy Leads to let managing risk for construction of water control structures projects on water streams in Egypt becomes more challenging and essential than ever before. Moreover, this study aims to show the effect of risk on cost and time targets for water control structure projects in Egypt .This study mainly identify a list of significant risk factors effecting on cost and time for these type of projects in Egypt through studying pervious publishing for risk management in construction projects and a questionnaire survey , then conducting a qualitative analysis using a Severity and Probability matrix (S/P matrix) techniques to assess the influence of risk factors and to isolate critical risk factors for a quantitative analysis. Finally, conducting a quantitative analysis by mean of Analytical Hierarchy Process (AHP) to determine the cost and time contingency, s the conclusion of this study shows that the cost contingency needed to account for the different critical risk factors is to increase the estimated cost by 12.35 % on the total estimated budget of the project. In addition that the time contingency needed to consider for different critical risk factors is to increase the scheduled time by 11.25% over the total originally scheduled of the project

scholarly journals Risk Assessment Model Based on Fuzzy Logic for Residential Buildings

2021 ◽  
Vol 29 (4) ◽  
pp. 37-48
Author(s):  
Namdeo Hedaoo ◽  
Amey Pawar
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Residential Buildings ◽  
Construction Project ◽  
Significant Risk ◽  
Fuzzy Model ◽  
Residential Building ◽  
Assessment Model ◽  
Response Strategy ◽  
Industry Professionals

Abstract Risk is involved in every construction project. Residential building construction projects comprise a variety of risks and are more likely to be affected due to their difficulty and many operations and threats. The study aims to identify the various risk elements and their effect on construction projects of residential buildings using a fuzzy approach with the help of MATLAB software. This study includes 60 risk factors recognised through an expert opinion and literature review. These factors are categorised into 7 major groups, i.e., construction, project manager, architect/consultant, contractor, owner, resources, and external environment-specific risk factors. A questionnaire was prepared and sent using emails based on the identified risk factors to be filled out by construction industry professionals in India and by conducting in-person interviews. Based on the risk severities obtained from the fuzzy model, the top 10 risk factors have been considered. As a result, for identified top severe risk factors, a significant risk response strategy was implemented.

Unravelling the risks of construction digitalisation in developing countries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Douglas Aghimien ◽  
Clinton Aigbavboa ◽  
Tsholofelo Meno ◽  
Matthew Ikuabe
Keyword(s):  
Risk Factors ◽  
Structural Equation ◽  
Construction Projects ◽  
Quantitative Research ◽  
Industrial Revolution ◽  
Significant Risk ◽  
Research Approach ◽  
Content Type ◽  
Security Issues ◽  
Security Operations

Purpose This study aims to present the result of an assessment of the risk of construction digitalisation with a view to sensitising and preparing construction organisations for unforeseen issues that might arise in the course of their digital transformation. Design/methodology/approach The study took a post-positivist stance through a quantitative research approach. A survey of construction professionals actively involved in construction projects in South Africa was conducted using a structured questionnaire. The analysis of the data gathered was done using mean item scores, Kruskal–Wallis H test, exploratory factor analysis (EFA) and structural equation modelling (SEM). Findings EFA revealed five principal risk factors (human and financial, technological, legal and security, operations and socioeconomic risk factors) associated with the digitalisation of construction organisations. However, SEM revealed that four out of these risk components have significant direct relationships with some selected digitalisation outcomes. These significant risk factors are technology, legal and security issues, operations and socioeconomic issues. Originality/value This study provides practical insight into the risk inherent in construction digitalisation, and its result can help organisations seeking to be digitally transformed make informed decisions. Theoretically, the study reveals the risks associated with construction digitalisation – an aspect that has not gained significant attention in the current fourth industrial revolution discourse. Therefore, its findings can form a basis for future studies on the risk of digitalising construction organisations.

SCHEDULE RISK ASSESSMENT IN GREEN BUILDING PROJECTS

2018 ◽  
Vol 5 (1) ◽  
Author(s):  
Asli Pelin Gurgun ◽  
Hasan Gokberk Bayhan ◽  
Gul Polat ◽  
Harun Turkoglu
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Construction Projects ◽  
Significant Risk ◽  
Green Building ◽  
Building Projects ◽  
Schedule Risk ◽  
Potential Risks ◽  
Potential Impact

Construction projects are subjected to a variety of risks eventually affecting the overall duration and green building projects are no exception. Use of risk assessment means in such projects is also critical to complete them within aimed schedule. In this study, risks that have potential schedule impacts in certified green building projects are identified and their impact and likelihood of occurrence values are researched. For this purpose, a survey is administered to construction professionals with green building experience. Based on the responses, risks are plotted to draw their potential impact on schedule/likelihood of occurrence in a graph to identify the most significant risk factors. This tool may help the practitioners to identify and prioritize potential risks and allocate resources in projects accordingly to prevent or minimize their possible impacts.

scholarly journals Loss Assessment for Sustainable Industrial Infrastructure: Focusing on Bridge Construction and Financial Losses

2020 ◽  
Vol 12 (13) ◽  
pp. 5316 ◽  
Author(s):  
Ji-Myong Kim ◽  
Taehui Kim ◽  
Sungjin Ahn
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
New Technologies ◽  
Rapid Development ◽  
Significant Risk ◽  
Sustainable Construction ◽  
Insurance Company ◽  
Estimation Model ◽  
Bridge Construction ◽  
Financial Losses

Bridges are important infrastructures for urban growth and the economic development of a country, because bridges allow a large volume of logistics and transportation by connecting rivers, canyons, islands and lands. As such, massive resources including financial, material and human resources are invested for bridge construction and management. However, although the latest bridge construction is undergoing rapid development of new technologies and designs, the management and prevention of risks still tend to rely on qualitative practices, which, as a result, calls for more quantified and systematic measurement and, thus, more sustainable management of potential risks. As part of efforts in managing risks to achieve quantitative risk management, this study aimed to predict losses of financial resources by identifying statistically significant risk factors based on the past record of insurance claim payouts (compensation for a loss that occurred as a result of a material damage in bridge construction projects) from a major insurance company in Korea, and conducted a multiple regression analysis to identify the loss indicators and to develop a loss estimation model. The statistical analysis confirmed that superstructure types, superstructure construction methods, and construction duration are the three significant risk factors that affects financial losses of bridge construction projects among the seven variables adopted as independent variables, which included the superstructure type, maximum span length, superstructure construction method, foundation type, floods, typhoons, and construction duration. Such findings, and the consequentially developed risk prediction model of this study, will contribute to sustainable construction management through cost reduction by predicting and preventing the future financial loss factors of bridge construction.

scholarly journals Appraisal of Risk Factors which Influence the Construction of the School Buildings in Northern Iraq

2019 ◽  
Vol 26 (2) ◽  
pp. 1-8
Author(s):  
Khalil Wali ◽  
Nazik Saber
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Storage System ◽  
Construction Materials ◽  
Significant Risk ◽  
Matrix Analysis ◽  
School Buildings ◽  
Northern Iraq ◽  
Quality Of Water ◽  
Importance Index

Construction projects have a unique nature which takes the high risk due to many interrelated parameters. This study aims to investigate and assess the influence of the risk factors that occurred during the lifecycle of a school project which comprises the design phases, implementation and operation and maintenance. In addition to examining the effects of the internal and external risk factors that contributed by the school’s construction, in order to avoid the risk occurrence during the lifecycle of the projects. A questionnaire was prepared and distributed to a number of engineers in the Governmental Sectors (School buildings sector, Kirkuk Governorate sector, and Municipal sector in Kirkuk Government and Buildings sector in Erbil Governorate) in northern Iraq. The collected data which were analyzed using the relative importance index (RII) and matrix analysis to prioritize the project risks. The analysis results were revealed that the most significant risk factors in the school’s project lifecycle and construction were providing a proper water supply and storage system to maintain a continuous good quality of water, incompetent contractors and sub-contractors for completing school buildings, using proper construction materials to avoid cracks in the building, lack of safety in project site, keep the toilets clean to avoid diseases, and providing an emergency exits were considered the most significant risk factors in construction of school buildings.

scholarly journals An Evaluation of Risk Factors and their Impact on Road Project

2018 ◽  
Vol 2 (2) ◽  
pp. 24-35
Author(s):  
Feyisetan Leo-olagbaye ◽  
Henry A. Odeyinka
Keyword(s):  
Risk Factors ◽  
Factor Analysis ◽  
Construction Projects ◽  
Significant Risk ◽  
Management Approach ◽  
Design Error ◽  
Road Projects ◽  
The Impact ◽  
Variance Explained ◽  
Civil Engineers

Construction projects are generally known to be susceptible to risks. This results in an inability to meet performance targets. This paper assessed the risk factors encountered in the delivery of road projects in Osun State, Nigeria. A questionnaire survey was used to obtain data from all the 146 construction professionals involved in the construction of the 34 road projects executed in the study area. The professionals comprised of 34 Consultant Civil Engineers, 34 Consultants’ Civil Engineers, 34 Consultant Quantity Surveyors, 34 Consultants’ Quantity Surveyors, one project financier and 9 Project Managers, making a total of 146 respondents. Using two-dimensional scaling, the respondents were asked to provide opinions on risk occurrence and their impacts on road projects. The data collected were analysed using mean ranking analysis and student t-test. A further analysis was carried out using factor analysis to reduce the factors impacting road projects into fewer factor components. The results revealed that the risk factors with high extent of occurrence are in the order of change in scope of work, defective design, error and re-work, change in design, delay in availability of design details and unforeseen adverse conditions. Surprisingly, the top ranking risk factors are not the ones with high impact based on the result of the analysis. Using factor analysis, 9 component factors regarding the extent of risk occurrence were obtained and they accounted for 73.73% of the variance explained while 4- component factors were obtained regarding the impact of risk occurrence and they accounted for 46.16% of the variance explained. The study concluded that professionals involved in the delivery of road projects need to be aware of the significant risk factors impacting road projects and put proactive risk management approach in place to deal with them to avoid surprises.Keywords: Performance, Projects, Risk factors, Risk impact, Road.

scholarly journals Identifying the Non-Traditional Safety Risk Paths of Employees from Chinese International Construction Companies in Africa

2021 ◽  
Vol 18 (4) ◽  
pp. 1990
Author(s):  
Chi Jin ◽  
Bo Li ◽  
Zhaoying Ye ◽  
Pengcheng Xiang
Keyword(s):  
Risk Factors ◽  
Structural Equation ◽  
Construction Projects ◽  
Significant Risk ◽  
Mediating Effect ◽  
Equation Modeling ◽  
Safety Risk ◽  
Construction Companies ◽  
International Construction ◽  
Risk Sources

In recent years, more and more construction enterprises are expanding into overseas markets, especially in underdeveloped regions such as Africa. Compared to domestic construction projects, international construction projects have been faced with more uncertainties and increased levels of safety risks to the employees in the context of political turmoil, racism, and religious conflict in the host country. This study aims to answer what risk factors contribute to the threat to the safety of overseas employees and how safety risk factors interact, using employees from Chinese international construction companies (CICCs) in Africa as an example. A total of 39 safety risk factors were selected by literature review and case study based on Heinrich’s Domino Theory of Accident Causation. To identify the critical safety risk sources and significant risk paths, a questionnaire survey was conducted among 208 professionals who have participated in construction projects in Africa. Using structural equation modeling (SEM), a total of twelve critical risk paths and five controllable risk sources were identified. The improper behaviors of the CICCs and their employees were shown to have the largest impact on the safety of Chinese employees, through the mediating effect of the criminal offense. This study provides some insights into safety risk management in international construction projects. Meanwhile, the quantitative approach proposed can also be used by other international companies or governments in identifying the safety risk paths of their overseas workers involved in international construction projects.

Venous Thromboembolism and High Grade Gliomas

1993 ◽  
Vol 70 (03) ◽  
pp. 393-396 ◽  
Author(s):  
Mandeep S Dhami ◽  
Robert D Bona ◽  
John A Calogero ◽  
Richard M Hellman
Keyword(s):  
Risk Factors ◽  
Venous Thromboembolism ◽  
Medical Center ◽  
Significant Risk ◽  
Bleeding Complications ◽  
Fisher Exact Test ◽  
High Grade ◽  
Chi Square ◽  
Exact Test ◽  
High Grade Gliomas

SummaryA retrospective study was done to determine the incidence of and the risk factors predisposing to clinical venous thromboembolism (VTE) in patients treated for high grade gliomas. Medical records of 68 consecutive patients diagnosed and treated at Saint Francis Hospital and Medical Center from January 1986 to June 1991 were reviewed. The follow up was to time of death or at least 6 months (up to December 1991). All clinically suspected episodes of VTE were confirmed by objective tests. Sixteen episodes of VTE were detected in 13 patients for an overall episode rate of 23.5%. Administration of chemotherapy (p = 0.027, two tailed Fisher exact test) and presence of paresis (p = 0.031, two tailed Fisher exact test) were statistically significant risk factors for the development of VTE. Thrombotic events were more likely to occur in the paretic limb and this difference was statistically significant (p = 0.00049, chi square test, with Yates correction). No major bleeding complications were seen in the nine episodes treated with long term anticoagulation.We conclude that venous thromboembolic complications are frequently encountered in patients being treated for high grade gliomas and the presence of paresis and the administration of chemotherapy increases the risk of such complications.

Sign in / Sign up

Export Citation Format

Share Document