scholarly journals Risk management in construction projects in Somalia

2021 ◽  
Vol 2 (2) ◽  
pp. 38-41
Author(s):  
Abdirahman Jibril ◽  
Belal A. Shaban
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Risk Tolerance ◽  
Construction Companies ◽  
Use Of Resources ◽  
Foreign Countries ◽  
Project Risks ◽  
Negative Impacts ◽  
Building Project

These days, risk management and analysis are serious issues in the effective management of construction projects, because construction projects are likely to be very dynamic, productive, diverse and increasingly competitive. Risk management helps project parties such as clients, contractors and vendors/suppliers to meet their obligations to reduce negative impacts on their works. The outcomes of the risk management method include the analysis and detection of risks, the creation of building project management systems and the efficient use of resources. The aim of this article is to find out how the Somalian construction companies see the value of construction project risks and how to manage it by dispatching a questionnaire. The total questions of the questionnaire are seventeen questions and were distributed by various participants such as clients, contractors and designers. The findings show that in the implementation of risk management techniques, the Somalian construction industry varies greatly from building companies in foreign countries. The contractor needs to consider risk obligations, dynamics of risk incidents, risk tolerance and risk control skills to handle the risks effectively and efficiently. Due to the insufficiency of experience in the attitude of Somalian entrepreneurs towards risk management is very hard to change. However, as a component of their project management, the construction companies must include risk analysis in projects. The application of risk management in Somalian construction companies is small to moderate, with little difference between organizations' types, sizes and risk tolerances and individual respondents' experience.

scholarly journals RISK MANAGEMENT IN PROJECTS: PECULIARITIES OF LITHUANIAN CONSTRUCTION COMPANIES / RIZIKOS VALDYMAS PROJEKTUOSE: LIETUVOS STATYBOS ĮMONIŲ SAVITUMAI

2011 ◽  
Vol 15 (1) ◽  
pp. 60-73 ◽  
Author(s):  
Nerija Banaitienė ◽  
Audrius Banaitis ◽  
Artūras Norkus
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Construction Project ◽  
Critical Factor ◽  
Construction Project Management ◽  
Construction Companies ◽  
Use Of Resources ◽  
Risk Management Process ◽  
Negative Impacts

Risk analysis and management is nowadays a critical factor to successful construction project management, as construction projects tend to be more complex, dynamic, always unique, and competition increasingly tougher. risk management helps the project participants—client, contractor or developer, consultant, and supplier—to meet their commitments and minimize negative impacts on construction project scope, cost, schedule (and quality, as a Result). The benefits of the risk management process include identifying and analyzing risks, and improvement of construction project management processes and effective use of resources. This paper reports the research that aims to discover how construction companies perceive the significance of the construction projects risks they face and the extent to which they employ potential risk responses. Santrauka Šiandien rizikos analizė ir valdymas yra svarbūs sėkmingam statybos projektų valdymui, nes statybos projektai tampa vis sudėtingesni, dinamiškesni, visada unikalūs, o konkurencija tarp statybos bendrovių taip pat didėja. Rizikos valdymas padeda projekto dalyviams—užsakovui, plėtotojui, rangovui, konsultantui ir tiekėjui—vykdyti savo įsipareigojimus ir sumažinti neigiamą taką statybos projekto apimčiai, išlaidoms, tvarkaraščiui ir kokybei kaip rezultatui. Rizikos valdymo proceso metu sistemingai nustatomi, analizuojami ir reaguojama į potencialius rizikos veiksnius, todėl statybos projektai valdomi efektyviau, veiksmingai naudojami ištekliai. Šiame straipsnyje trumpai pristatomas tyrimas, kuriuo siekiama sužinoti, kaip statybos bendrovės suvokia statybos projektų rizikos veiksnius, su kuriais jiems tenka susidurti, ir kokią reagavimo strategiją ir atsakomuosius veiksmus jos renkasi.

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.

Educating Project Managers to Deal With Project Risks

2018 ◽  
pp. 1606-1632
Author(s):  
Radu-Ioan Mogos ◽  
Constanta-Nicoleta Bodea ◽  
Stelian Stancu ◽  
Augustin Purnus ◽  
Maria-Iuliana Dascalu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Education And Training ◽  
Project Managers ◽  
Project Risk Management ◽  
Curriculum Management ◽  
Management Competencies ◽  
Project Risk ◽  
Project Risks ◽  
And Training

During the last years, the development of the project risk management competencies became a ubiquitous objective for education and training in project management due to the increasing constraints which companies face on the implementation of their projects. Alignment to the professional standards and usage of innovative methods in designing and delivery of instruction represent common requirements that education and training providers should consider and fulfill. The authors examine the main challenges in addressing project risk management subject in the education programmes and identify how these challenges could be dealt by using curriculum management systems. In order to implement the identified improvements, the authors propose an innovative architecture for a curriculum management system, which can be adopted by those universities interested in developing competencies-based programmes in project management. Some preliminary results are presented and discussed.

scholarly journals Maturing Construction Management Up The Bim Model & Scheduling Using Primavera

2018 ◽  
Vol 7 (3.10) ◽  
pp. 1 ◽  
Author(s):  
T Subramani ◽  
A Ammai
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Management ◽  
Construction Projects ◽  
Hazard Management ◽  
Project Completion ◽  
Schedule Delay ◽  
Venture Management ◽  
Construction Risk ◽  
Timely Project Completion

Poor hazard management is among significant difficulties confronting the construction business on issues of timely project completion. Although hazard factors are various, the nature of construction projects being inclined to changes amid execution makes it hard to satisfactorily catch chance perspectives identified with scheduling and timely project completion. Conventional 2D PC based devices don't enough use digitized calculable data, along these lines constrained in capturing construction risk. Hence, derive the benefit  of prominent BIM to pass over this gap is presently being noted in growth  venture management. This examination researches the utilization of BIM in managing scheduling risk of construction projects. In our study, to properly minimize the risk of schedule delay in projects; construction sequencing exercises should be satisfactorily digitized and BIM offers the total chance to integrate vital aspects of project management that  management enhance scheduling risk management.  

Fuzzy Analytic Hierarchy in Project Risk Management - New Stadium Construction Project in Weifang City

2011 ◽  
Vol 243-249 ◽  
pp. 6362-6368
Author(s):  
Yan Zhang ◽  
Chang Jiang Liu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Large Scale ◽  
Construction Project ◽  
Construction Project Management ◽  
Analytic Hierarchy ◽  
Project Risk ◽  
Management Case Study

In the field of engineering and construction, unqualified construction quality, time delays, cost more than expected phenomena to occur. Because of these characteristics such as its large-scale construction projects, long cycle, the production of single and complex, there is greater risk than the production of general products, the risk increases the difficulty of construction project management, operating costs and the possibility of potential losses, therefore, risk management emerged and become an increasingly important integral part of project management. In this paper, fuzzy analytic hierarchy be used to construction project risk assessment, and to order the sort of each risk in order to prevent significant risks. On an actual project - the new stadium construction in Weifang City risk management case study, the reduction of risk of project failure is expected, but also the project is hoped for other industries to provide some reference for risk management.

Review of the Development of Project Portfolio Management

2013 ◽  
Vol 838-841 ◽  
pp. 3131-3134
Author(s):  
Na Guo ◽  
Shi Rui Xiao
Keyword(s):  
Project Management ◽  
Construction Industry ◽  
Portfolio Management ◽  
Construction Projects ◽  
Current Situation ◽  
Project Portfolio ◽  
Project Portfolio Management ◽  
Construction Companies ◽  
Fast Development ◽  
Complex Construction

With the fast development of the construction industry, traditional project management cannot deal with some complex construction projects. This paper reviewed the development of the project portfolio management and the current situation of the Chinese construction industry. We suggest that project portfolio management is applicable and should be adopted in Chinese construction companies.

scholarly journals Network Theory-Based Analysis of Construction Project Risks

2016 ◽  
Vol 5 (2) ◽  
pp. 24
Author(s):  
Hafida Lmoussaoui ◽  
Hicham Jamouli
Keyword(s):  
Risk Management ◽  
Network Theory ◽  
Construction Projects ◽  
Construction Project ◽  
Risk Identification ◽  
Project Risk Management ◽  
Monitoring And Control ◽  
Project Risk ◽  
Novel Approach ◽  
Project Risks

<p>Because of their specific and complex characteristics, construction projects are exposed to numerous risks of various natures, which make their management more difficult. In this setting, Project Risk Management is an indispensable activity for their successful delivery. It consists in the risk identification, assessment, prioritization, treatment, monitoring and control. This paper presents a novel approach for the identification of construction project risks and a network theory-based methodology for their modelling and analysis. These models serve as a powerful tools comparing to classical methods and provide a support for decision-making regarding Project Risk Management. A case study of a real construction project is used to illustrate these findings.</p>

scholarly journals AN INVESTIGATION INTO CONTRACTORS’ EVALUATION OF RISKS ASSOCIATED WITH THE JBCC PRINCIPAL BUILDING AGREEMENT IN SOUTH AFRICA

2011 ◽  
Vol 1 (1) ◽  
pp. 1-26
Author(s):  
Ayman Othman ◽  
Nishani Harinarain
Keyword(s):  
South Africa ◽  
Risk Management ◽  
Construction Projects ◽  
Validity And Reliability ◽  
Classification Framework ◽  
Data Collection And Analysis ◽  
Risk Management Process ◽  
Unbiased Manner ◽  
Project Risks ◽  
The Relationship

Construction is a risky business, and risk management is an essential responsibility in managing construction projects and organisations. Hence, construction contracts have been developed to organise the relationship between project participants and manage associated risks. This paper provides an investigation into the contractors’ responses and feedback obtained through the application of an innovative framework developed by the authors towards identifying, quantifying and classifying the risks associated with the Joint Building Contractors Committee Principal Building Agreement Series 2000 (JBCC PBA) in South Africa. Qualitative and quantitative techniques have been used in this study for data collection and analysis. Purposive sampling was adopted to identify the respondents, and 9 construction managers were interviewed. The interviews were structured so that they were carried out in a free and unbiased manner and responding contractors were asked to complete a questionnaire. Analysis of responses showed that the developed Identification, Quantification and Classification Framework (IQCF) is an innovative and accepted tool that is able to fill the gap in managing project risks and will complement current practices. It is seen to be of benefit to firms in assisting with training of employees and helping junior employees understands and uses the JBCC (PBA). Investigating the validity and reliability of the developed framework is of prime importance to ensure its suitability to manage risks associated with the JBCC (PBA). For this reason contractor’s responses and feedback are based on the practical application of the framework which ultimately increases its value and contribution to the construction industry. The adoption and application of the framework will enable contractors to enhance the risk-management process in South Africa.

scholarly journals Realizacja projektów inwestycyjno-budowlanych z wykorzystaniem Big Data

2017 ◽  
Vol 26 (2) ◽  
pp. 241-249 ◽  
Author(s):  
Jarosław Górecki ◽  
Jadwiga Bizon-Górecka ◽  
Karol Michałkiewicz
Keyword(s):  
Risk Management ◽  
Big Data ◽  
Construction Projects ◽  
Construction Project ◽  
Construction Companies ◽  
On Line ◽  
Line Survey ◽  
The Impact

A paper focuses on analyzing the impact of Big Data (BD) on minimizing the risk in investment and construction projects. The work presents the aspects of risk occurring during the execution of the construction project. It presents an on-line survey which was aimed at knowing the opinion of Polish construction companies on the BD, and checking their readiness to implement technologies supporting manipulation of the data. It was underlined that results of the BD analysis provide a powerful tool for risk management, however, it is hardly noticed by the Polish respondents.

scholarly journals Contractor's Attitude towards Risk and Risk Management in Construction in Two Western Provinces of Vietnam

2020 ◽  
Vol 10 (6) ◽  
pp. 6418-6421
Author(s):  
V. T. Phan
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
Construction Management ◽  
Construction Projects ◽  
Risk Identification ◽  
Research Data ◽  
Important Task ◽  
Structured Interviews ◽  
Perception Of Risk ◽  
Negative Impacts

Risk management is an important task in construction management that helps the contractor to actively identify, evaluate, control, and minimize negative impacts of risks on the project, thereby ensuring its effectiveness. People involved in the construction industry need to be well - equipped with information and knowledge to manage risks adequately and systematically. The purpose of this research is to explore the attitude towards risk and risk management in construction projects of the Vietnamese construction industry, with emphasis on the perspective of contractors. The research data are collected through a questionnaire associated with in-depth semi-structured interviews. The results indicate that the perception of risk within the Vietnamese construction industry includes both threats and opportunities. The majority of professionals in the industry have a risk-neutral approach, contrary to previous research. The importance of implementing effective risk management is shared, in the planning and production phase while risk identification was perceived to be the most important out of the four core processes.

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