RIAM; A Developed Risk Impact Assessment Model for Risk Factors Affecting Large Construction Projects

2018 ◽  
pp. 155-178
Author(s):  
Ahmed Mohammed Abdelalim
Keyword(s):  
Risk Factors ◽  
Impact Assessment ◽  
Construction Projects ◽  
Assessment Model ◽  
Factors Affecting

Developing a fuzzy risk assessment model for guaranteed maximum price and target cost contracts in South Australia

Facilities ◽  
2014 ◽  
Vol 32 (11/12) ◽  
pp. 624-646 ◽  
Author(s):  
Daniel W.M. Chan ◽  
Joseph H.L. Chan ◽  
Tony Ma
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Construction Projects ◽  
South Australia ◽  
Assessment Model ◽  
Risk Assessment Model ◽  
Content Type ◽  
Risk Levels ◽  
Target Cost ◽  
Fuzzy Risk Assessment

Purpose – This paper aims to develop a fuzzy risk assessment model for construction projects procured with target cost contracts and guaranteed maximum price contracts (TCC/GMP) using the fuzzy synthetic evaluation method, based on an empirical questionnaire survey with relevant industrial practitioners in South Australia. Design/methodology/approach – A total of 34 major risk factors inherent with TCC/GMP contracts were identified through an extensive literature review and a series of structured interviews. A questionnaire survey was then launched to solicit the opinions of industrial practitioners on risk assessment of such risk factors. Findings – The most important 14 key risk factors after the computation of normalised values were selected for undertaking fuzzy evaluation analysis. Five key risk groups (KRGs) were then generated in descending order of importance as: physical risks, lack of experience of contracting parties throughout TCC/GMP procurement process, design risks, contractual risks and delayed payment on contracts. These survey findings also revealed that physical risks may be the major hurdle to the success of TCC/GMP projects in South Australia. Practical implications – Although the fuzzy risk assessment model was developed for those new-build construction projects procured by TCC/GMP contracts in this paper, the same research methodology may be applied to other contracts within the wide spectrum of facilities management or building maintenance services under the target cost-based model. Therefore, the contribution from this paper could be extended to the discipline of facilities management as well. Originality/value – An overall risk index associated with TCC/GMP construction projects and the risk indices of individual KRGs can be generated from the model for reference. An objective and a holistic assessment can be achieved. The model has provided a solid platform to measure, evaluate and reduce the risk levels of TCC/GMP projects based on objective evidence instead of subjective judgements. The research methodology could be replicated in other countries or regions to produce similar models for international comparisons, and the assessment of risk levels for different types of TCC/GMP projects (including new-build or maintenance) worldwide.

scholarly journals Developing an AHP Risk Assessment Model for PPP Projects in Jordan

2021 ◽  
Author(s):  
Maram Almuhisen ◽  
◽  
Hüseyin Gökçekuş ◽  
Tahir Çelik ◽  
◽  
...  
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Success Factors ◽  
Quantitative Model ◽  
Public Private Partnership ◽  
Assessment Model ◽  
Study Phase ◽  
Private Partnership ◽  
Factors Affecting ◽  
Goods And Services

For the Jordanian government, meeting the growing demand for goods and services on its own is very difficult, leading to the increased dependence on other sectors of society. This research is aimed at understanding the critical success factors of local public-private partnership projects, identifying the most vital risk factors affecting projects, and establishing a quantitative model for risk assessment. The model can assist public-private partnership contributors by transforming the basic risk assessment principles into a more facilitated and systematic arithmetical based approach. The results showed that the risk factors with the highest ranks (respectively) are transfer phase, organizational risks, financing phase, project management risks, and feasibility study phase. The research is ultimately aimed at developing a framework for the risk evaluation of public-private partnerships within the construction industry in Jordan.

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.

A fuzzy model for evaluating risk impacts on variability between contract sum and final account in government-funded construction projects

2015 ◽  
Vol 13 (1) ◽  
pp. 45-69 ◽  
Author(s):  
Ernest Effah Ameyaw ◽  
Albert P.C. Chan ◽  
De-Graft Owusu-Manu ◽  
Ekow Coleman
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Fuzzy Model ◽  
High Impact ◽  
Assessment Model ◽  
Research Approach ◽  
Principal Component Factor Analysis ◽  
Related Factors ◽  
Content Type ◽  
Client Factors

Purpose – The purpose of this paper is to identify and then evaluate perceived risk factors influencing variability between contract sum and final count, and to develop a fuzzy risk assessment model for evaluating the overall impact of established critical risk factors impacting on variability between contract sum and final account in government-funded construction projects. Construction projects are characterised by risk factors that significantly impact on variability between the contract sum and final account. Design/methodology/approach – A research approach integrating questionnaire survey, mean scoring ranking and principal component factor analysis (PCFA) methods was adopted to evaluate and classify the critical risk factors. A fuzzy synthetic evaluation method was sequentially applied to compute the overall risk impact (ORI) of eight critical risk factors’ impact on variability between contract sum and final account. Findings – Initial results showed that eight critical risk factors have high impact on variations between contract sum and final account, namely (in order): project funding problems, underestimation of quantities, variations by client, change in scope of works, inadequate specification, change in design by client, defects in design and unexpected site (ground) conditions. PCFA produced two factor solutions: “professional-related factors” and “client factors”. The fuzzy model further showed that the ORI is 5.48, indicating that these risk factors have a high impact on variability between contract sum and final account in public construction projects. The client factors have a very high impact (5.59), while the professional-related factors indicated a high impact (5.41) on project cost variability. Originality/value – A practical model is proposed to evaluate the key risks associated with cost overruns in public projects. By giving effective and sustained attention to these factors, variability between contract sum and final account, a common situation in Ghana, can be controlled to achieve cost savings in public infrastructure projects.

scholarly journals Identification and assessment of risk factors affecting construction projects

HBRC Journal ◽  
2017 ◽  
Vol 13 (2) ◽  
pp. 202-216 ◽  
Author(s):  
Mohamed Sayed Bassiony Ahmed Abd El-Karim ◽  
Omar Aly Mosa El Nawawy ◽  
Ahmed Mohamed Abdel-Alim
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Factors Affecting

scholarly journals Risk factors affecting the ability for earned value management to accurately assess the performance of infrastructure projects in Australia

2019 ◽  
Vol 19 (4) ◽  
pp. 550-569 ◽  
Author(s):  
Maan Nihad Ibrahim ◽  
David Thorpe ◽  
Muhammad Nateque Mahmood
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Project Performance ◽  
Value Management ◽  
Earned Value ◽  
Related Factors ◽  
Earned Value Management ◽  
Content Type ◽  
Factors Affecting ◽  
Factors Influencing

Purpose The purpose of this paper is to investigate a set of risk-related factors influencing the earned value management (EVM) concept as an assessment technique in evaluating the progress of modern sustainable infrastructure construction projects. Design/methodology/approach A qualitative research approach has been adopted for identifying risk-related factors influencing EVM concept from a literature review and through interviewing industry personnel, followed by an inductive process to form sets of key factors and their measuring items. Findings EVM is a common method for assessing project performance. A weakness of this approach is that EVM assessment in its current form does not measure the impact of a number of project performance factors that result from the complexity of modern infrastructure construction projects, and thus does not accurately assess their impact in this performance. This paper discusses and explains a range of potential risk factors to evaluating project performance such as sustainability, stakeholder requirements, communication, procurement strategy, weather, experience of staff, site condition, design issues, financial risk, subcontractor, government requirements and material. In addition, their measuring items were identified. Practical implications This research assists projects managers to improve the evaluation process of infrastructure construction performance by incorporating a range of factors likely to impact on that performance and which are not included in current EVM calculations. Originality/value This research addresses the need to include in the EVM calculation a range of risk factors affecting the performance of infrastructure projects in Australia and therefore makes this calculation a more reliable tool for assessing project performance.

scholarly journals IDENTIFICATION OF RISK FACTORS AFFECTING CONSTRUCTION OF PROJECTS: THE CASE OF EMERGING ECONOMY

2018 ◽  
Vol 7 (4-2) ◽  
pp. 247-260
Author(s):  
Chipo Mellania Maseko
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Construction Projects ◽  
Conceptual Analysis ◽  
Project Success ◽  
Factors Affecting ◽  
Daunting Task ◽  
Project Risks ◽  
Political Category ◽  
Technical Construction

Controlling project risks has become a daunting task in construction and this can be attributed to issues such as the nature of modern projects. The challenge is that risk appears unannounced at any project phase for various reasons and thereby affecting the performance and the success of unprepared projects. The current studies that explored risk matters include Pehlivan and Öztemir (2015), Katre, and Ghaitidak (2016) amongst others. However, there is absence of unanimity from these studies on risk factors in construction. Thus, this article was instigated in order to identify and classify risk factors that affect the chances of project success. The research methodology selected for this article comprised of peer-reviewed articles between the periods of 2007 to 2017. This approach involved a comprehensive scrutiny into scholarly articles to comprehend risks in construction projects. Following a conceptual analysis, eighty factors were identified and classified under the following; technical, construction, financial, socio-political, physical, organisational, and environmental and other risks. From these categories, political instability was, found to be the most influential risk factor in construction projects and this factor was classified within the socio-political category and this category has total of 11 factors. Finding suggests the need for further empirical study.

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