Managing Project Risks

2015 ◽  
pp. 271-303
Keyword(s):  
Project Risks

Exploring the Benefits of Early Contractor Involvement (ECI) and the Mechanism for Automated 5D BIM Quantification Process in Offsite Modular Construction

2016 ◽  
Author(s):  
Tochukwu Moses ◽  
David Heesom ◽  
David Oloke ◽  
Martin Crouch
Keyword(s):  
Effective Means ◽  
Cost Effective ◽  
Modular Construction ◽  
Automated Quantification ◽  
Building Information ◽  
Project Risks ◽  
Value Add ◽  
The Uk ◽  
The Impact ◽  
Level 2

The UK Construction Industry through its Government Construction Strategy has recently been mandated to implement Level 2 Building Information Modelling (BIM) on public sector projects. This move, along with other initiatives is key to driving a requirement for 25% cost reduction (establishing the most cost-effective means) on. Other key deliverables within the strategy include reduction in overall project time, early contractor involvement, improved sustainability and enhanced product quality. Collaboration and integrated project delivery is central to the level 2 implementation strategy yet the key protocols or standards relative to cost within BIM processes is not well defined. As offsite construction becomes more prolific within the UK construction sector, this construction approach coupled with BIM, particularly 5D automated quantification process, and early contractor involvement provides significant opportunities for the sector to meet government targets. Early contractor involvement is supported by both the industry and the successive Governments as a credible means to avoid and manage project risks, encourage innovation and value add, making cost and project time predictable, and improving outcomes. The contractor is seen as an expert in construction and could be counter intuitive to exclude such valuable expertise from the pre-construction phase especially with the BIM intent of äóÖbuild it twiceäó», once virtually and once physically. In particular when offsite construction is used, the contractoräó»s construction expertise should be leveraged for the virtual build in BIM-designed projects to ensure a fully streamlined process. Building in a layer of automated costing through 5D BIM will bring about a more robust method of quantification and can help to deliver the 25% reduction in overall cost of a project. Using a literature review and a case study, this paper will look into the benefits of Early Contractor Involvement (ECI) and the impact of 5D BIM on the offsite construction process.

Management of Fiscal and Financial Risks Generated by PPPs: Conceptual Issues and Country Experiences

2018 ◽  
Author(s):  
Edgardo C. Demaestri ◽  
Cynthia Moskovits ◽  
Jimena Chiara
Keyword(s):  
Risk Management ◽  
Latin American ◽  
Institutional Capacity ◽  
Debt Management ◽  
Financial Risks ◽  
Successful Development ◽  
Contingent Liabilities ◽  
Project Risks ◽  
The Caribbean ◽  
Risks Assessment

This paper discusses the main issues concerning sovereign fiscal and financial risks from public–private partnerships (PPPs) with a focus on contingent liabilities (CLs). It is based on the presentations and discussions that took place during the XI Annual Meeting of the Group of Latin American and the Caribbean Debt Management Specialists (LAC Debt Group), held in Barbados in August 2015. The main issues discussed include PPP risks assessment, institutional framework for PPP risk management, and accounting and reporting of CLs generated by PPPs. Six country cases (Chile, Colombia, Costa Rica, Honduras, Suriname, and Turkey) are presented to illustrate experiences with different degrees of development regarding the management of risks and CLs related to PPPs. The document concludes that PPP risk management should encompass the whole lifecycle of a PPP project, risks need to be identified and CLs must be estimated and monitored, and the institutional capacity of governments to evaluate and manage PPP risks plays a central role in the successful development of PPP contracts. Although institutional capacities in this regard have improved in recent years, estimations of CLs involved in PPPs are not regularly performed, and there is still room for improvement on the assessment, measurement, registration, budgeting, and reporting of risks and CLs related to PPPs.

Assessing the Risks and Success Factors of Telehealth Development Projects in an Academic Setting

2022 ◽  
Vol 2 (1) ◽  
pp. 0-0
Keyword(s):  
Decision Support ◽  
Quality Function Deployment ◽  
Success Factors ◽  
Critical Role ◽  
Decision Support Tool ◽  
Development Projects ◽  
Early Assessment ◽  
Academic Setting ◽  
Support Tool ◽  
Project Risks

The development of a telehealth technology in an academic setting is a complex project that faces several obstacles. The early assessment of the project risks plays a critical role in the translation of promising telehealth innovations into healthcare practice. This paper presents a decision support tool based on Failure Mode and Effects Analysis (FMEA) and Quality Function Deployment (QFD) techniques to associate the project risks to relevant success factors. Certain modifications in both techniques are applied to deploy them for project risk assessment. The project risks and success factors used in the tool are identified from the literature. The proposed decision support tool enables researchers to manage the risks in their telehealth development projects and identify action items to overcome such risks. The application of the proposed tool is illustrated with a telehealth development project for virtual physical therapy.

Analysing project risks in Ghana’s real estate industry

2018 ◽  
Vol 16 (4) ◽  
pp. 413-428
Author(s):  
Charles Amoatey ◽  
Doreen Danquah
Keyword(s):  
Risk Factors ◽  
Real Estate ◽  
Construction Industry ◽  
Project Managers ◽  
Environmental Risks ◽  
Real Estate Industry ◽  
Content Type ◽  
Market Risks ◽  
Project Risks ◽  
Technical Risks

Purpose The purpose of this paper is to analyse project risks in Ghana’s real estate construction industry in terms of likelihood of occurrence, severity of impact and controllability. Design/methodology/approach A quantitative research approach was used in this study to address the research objective. The study population consisted project managers, architects, surveyors and contractors from 17 members of the Ghana Real Estate Developers Association (GREDA) in Ghana. Random stratified sampling technique was used to select 97 participants from these firms. A structured questionnaire was used to collect primary data, whereas descriptive statistics were used to present findings. Findings All risks identified have some level of likelihood of occurrence, extent of severity of impact and controllability. Market risks, technical risks and environmental risks are more likely to occur. Market risks, technical risks and environmental risks had the highest severity of impact. Financial risks, market risks, managerial risks and technical risks are the most controllable. Among all risks, environmental risks are the direst because they have high likelihood of occurrence and severity of impact but very low controllability. Real estate construction firms (developers) are therefore expected to prioritize remedy of environmental risks. Research limitations/implications The study is based on self-reported perception of project parties on the likelihood, severity of impact and controllability of real estate project risk factors. Firms outside of GREDA were not included in the survey. Therefore, generalisation of these risk factors for the entire construction industry should be done with caution. Practical implications The research results show that Ghanaian real estate developers are aware of the existence of the risks which impact on the performance of the industry. To effectively and efficiently manage these risk factors, project parties must understand the likelihood of occurrence, severity of impact and controllability of the risk factors, as well as individual firm’s responsibilities and capabilities to manage them. Such knowledge helps project managers to prioritise risks in managing them in the face of scarce resources. From an academic research perspective, the paper contributes to a conceptual risk assessment framework for the real estate industry. Originality/value The paper’s main contributions relate to the introduction of real estate construction sector-specific factors to project risk management modelling.

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