scholarly journals A Hybrid MCDM Technique for Risk Management in Construction Projects

Symmetry ◽  
2018 ◽  
Vol 10 (2) ◽  
pp. 46 ◽  
Author(s):  
Kajal Chatterjee ◽  
Edmundas Zavadskas ◽  
Jolanta Tamošaitienė ◽  
Krishnendu Adhikary ◽  
Samarjit Kar
Keyword(s):  
Risk Management ◽  
Construction Projects

Achieving sustainability through integrating risk management into the architectural design process

2018 ◽  
Vol 16 (1) ◽  
pp. 25-43 ◽  
Author(s):  
Ayman Ahmed Ezzat Othman ◽  
Nermeen Mohamed Amin Abdelwahab
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Field Study ◽  
Design Process ◽  
Construction Projects ◽  
Architectural Design ◽  
Sustainable Construction ◽  
Content Type ◽  
Scant Attention ◽  
Design Firms

Purpose The purpose of this paper is to develop a framework integrating risk management (RM) into the architectural design process (ADP) as an approach for delivering sustainable construction projects. Design/methodology/approach A research methodology, which consisted of literature review and field study, is designed to accomplish four objectives. First, to provide a comprehensive literature review of the concepts of sustainability, ADP and RM. Second, to present and synthesis the results of two relevant studies focused on identifying, quantifying and classifying the risks associated with ADP; and investigating the perception and application of Egyptian architectural design firms (ADFs) towards integrating RM into ADP as an approach for delivering sustainable construction projects. Third, to develop a framework that integrates RM into ADP towards delivering sustainable construction projects. Finally, to draw conclusions and recommendations to improve the practice of delivering sustainable construction projects among ADFs, construction professionals and governmental authorities. Findings ADP is a fundamental phase of the construction process because the decisions adopted during this phase affect the project performance throughout its life cycle. While RM is widely applied in different sectors of the construction industry, its application in ADP received scant attention in construction literature. The research identified 18 key risks that affect the sustainable delivery of construction projects during ADP. The architect, the client and the project manager are the highest ranked responsible parties for the occurrence of these key risks. The field study highlighted the need to develop a framework to facilitate integrating RM into ADP. Research limitations/implications This paper focused only on the integration of RM into ADP. Originality/value The conducted literature review and field study provided an in-depth understanding of the key risks that affect the sustainable delivery of construction projects during ADP. Through its five stages, the proposed framework is expected to serve as a foundation for integrating RM into ADP as an approach for delivering sustainable projects. This ideology has received scant attention in construction literature. The developed framework represents a synthesis that is novel and creative in thought and adds value to the knowledge in a manner that has not previously occurred.

scholarly journals Research for Risk Management of Construction Projects in Taiwan

2021 ◽  
Vol 13 (4) ◽  
pp. 2034
Author(s):  
Chien-Liang Lin ◽  
Bey-Kun Chen
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Structural Equation ◽  
Construction Projects ◽  
Construction Project ◽  
Equation Modeling ◽  
Analysis Model ◽  
Sustainable Operation ◽  
Management Procedure ◽  
Risk Managers

Risks inevitably exist in all stages of a project. In a construction project, which is highly dynamic and complex, risk factors affect the expected achievement rates of the three main performance goals, namely schedule, cost, and quality. A comprehensive risk management procedure requires three crucial steps: risk confirmation, analysis, and treatment. Risk analysis is the core of risk management. Through structural equation modeling, this study developed a risk analysis model that takes a different perspective and considered the occurrence probability of risk events and the extent to which these events affect a project. The contractor dimension was discovered to exert the strongest influence on an overall project, followed by the subcontractor and design dimensions. This paper proposes a novel construction project risk analysis model, which considers the entire project. The proposed model can be used as a reference for risk managers to make decisions about project risks, so as to achieve the ultimate goal of saving resources and the sustainable operation of the construction project.

scholarly journals Measuring the performance of project risk management: a preliminary model

2019 ◽  
Vol 11 (1) ◽  
pp. 1984-1991
Author(s):  
Alfredo Federico Serpell ◽  
Ximena Ferrada ◽  
Larissa Rubio
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Research Literature ◽  
Lessons Learned ◽  
Project Risk Management ◽  
Project Risk ◽  
Know How ◽  
Construction Companies ◽  
Important Concern ◽  
Preliminary Model

Abstract The function of project risk management (PRM) is to understand the uncertainty that surrounds a project and to identify the potential threats than can affect it as well as to know how to handle these risks in an appropriate way. Then, the measurement of the performance of PRM becomes an important concern, an issue that has not yet been addressed in the research literature. It is necessary to know how successful the application of the PRM process is and how capable is the process within the organization. Regarding construction projects, it is essential to know whether the selected responses to mitigate or eliminate identified risks were suitable and well implemented after the execution of the project. This paper presents a critical analysis of the relevance of measuring the performance of PRM and the benefits of doing so. Additionally, it presents a preliminary and pioneering methodology to measure the performance of PRM through the evaluation of the adequacy of responses applied to mitigate risks as well as to evaluate the resulting impacts as indicators of the effectiveness of these actions at the end of the project. This knowledge will allow construction companies to incorporate good practices, generate lessons learned, and thereby to promote a continuous improvement of the whole PRM process.

scholarly journals Establishing Core Factors of Risk Management Influencing Performance Outcome of Small and Medium Firm's Construction Projects in Gauteng

2020 ◽  
Vol 25 (2) ◽  
pp. 93-127
Author(s):  
Berenger Yembi Renault ◽  
Justus Ngala Agumba ◽  
Nazeem Ansary
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
South African ◽  
Construction Projects ◽  
Geographical Area ◽  
Risk Identification ◽  
Influential Factors ◽  
Performance Outcome ◽  
Management Factors ◽  
Project Objectives

The quest for delivering successful construction projects has urged South African small and medium enterprises (SMEs) to adopt risk management in their projects. However, it has been evinced that SMEs projects in South Africa especially in the Gauteng province have encountered poor performances. Thus, this article determines core risk management factors influencing project outcome of SMEs. A deductive approach was embraced using a questionnaire. The data were collected from 181 conveniently sampled respondents in Gauteng, graded from Grade 1 to 6 of the CIDB (Construction Industry Development Board) grading system. The Statistical Package for the Social Science (SPSS) version 23 was used to analyse the data by computing exploratory factor analysis and multiple regression analysis. It was revealed that SMEs performance outcome is influenced by eight risk management factors. The influential factors are organisational environment, defining project objectives, resource requirements, risk measurement, risk identification, risk assessment, risk response and action planning and monitoring, review and continuous improvement. The risk management factors established in this article are reliable and valid in projects undertaken by SMEs in the South African construction industry and the findings can serve as a guideline for contractors to achieve success in this context. The study may be repeated in other countries globally, however, it cannot be generalised due to the restrictions pertaining to the geographical area.

scholarly journals Identification and Qualitative Evaluation of Risk Factors in the Construction Projects in Iraq

2021 ◽  
Vol 14 (2) ◽  
pp. 91-101
Author(s):  
Noor Aletby ◽  
Hafeth Ibrahim
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Construction Projects ◽  
Qualitative Evaluation ◽  
Qualitative Assessment ◽  
Management Process ◽  
Risk Management Process ◽  
Questionnaire Method ◽  
High Level ◽  
The Impact

Construction projects in Iraq face many dangers that cause exceeding the estimated cost of the project and not completing the project on time, and since the risk management process in construction projects is of great importance in controlling and reducing the impact of risks in construction projects, so it is necessary to identify these risks and evaluate them correctly in order to increase accuracy and the health of the subsequent stages of the risk management process in construction projects. This paper aims to identify the most important risks in construction projects in Iraq and to conduct a qualitative assessment of the identified risks and arrange them according to their importance. The researcher adopted the questionnaire method as a tool to determine the risks and used the technique of probability and effect matrix to conduct the qualitative assessment of the identified risks. The study found that there are 48 risk factors that constitute the most dangerous factor in construction projects in Iraq, and 10 of the determining factors were within the high level of risk, and at the forefront of which was the inability of the owner to finance the project.

scholarly journals An Innovative Framework for Risk Management in Construction Projects in Developing Countries: Evidence from Pakistan

Risks ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 24 ◽  
Author(s):  
Ahsan Nawaz ◽  
Ahsan Waqar ◽  
Syyed Shah ◽  
Muhammad Sajid ◽  
Muhammad Khalid
Keyword(s):  
Risk Management ◽  
Developing Countries ◽  
Construction Projects ◽  
Management Practices ◽  
Project Success ◽  
Local Environment ◽  
Core System ◽  
Good Reputation ◽  
Management Techniques ◽  
Key Participants

Risk management is a comparatively new field and there is no core system of risk management in the construction industries of developing countries. In Pakistan, construction is an extremely risk-seeking industry lacking a good reputation for handling risk. However, it is gradually giving it more importance as a result of increased competition and construction activities. For this purpose, a survey-based study has been conducted which aims to investigate the risk management practices used in construction projects in Pakistan. To achieve the objective, data was collected from 22 contractor firms working on 100 diverse projects. The analysis indicates that risk management has been implemented at a low level in the local environment. The results also disclose that there is a higher degree of correlation between effective risk management and project success. The findings reveal the importance of risk management techniques, their usage, implication, and the effect of these techniques on the success of construction projects from the contractor’s perspective, thus convincing the key participants of projects about the use of risk management.

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