Critical risk factors in international construction projects

2020 ◽  
Vol 27 (5) ◽  
pp. 1169-1190 ◽  
Author(s):  
Satish Kumar Viswanathan ◽  
Kumar Neeraj Jha
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Construction Projects ◽  
International Market ◽  
The Body ◽  
Content Type ◽  
Specific Risk Factor ◽  
International Construction ◽  
Specific Risk ◽  
Overall Performance

Purpose International construction projects encompass various risks, and it is essential to evaluate and manage them to achieve project and firms’ success. As approaches to addressing international market risks vary from one country to another, the purpose of this paper is to identify the critical risk factors of embarking on international construction projects according to Indian experiences. Design/methodology/approach After primarily verifying the identified 26 risk variables, a questionnaire survey was conducted to draw upon the views of experts who possess international project experience. The 105 responses were analyzed using univariate and multivariate techniques. An analysis of variance identified the significant variables that influence overall performance on international construction projects, which were then grouped according to underlying relationships using factor analysis to determine the specific risk factors. Furthermore, considering these risk factors as independent variables and overall project performance as a dependent variable, a stepwise regression analysis was carried out to identify relatively critical risk factors. Findings The results revealed that of the identified four risk factors, the project-specific risk factor emerged as the foremost critical risk factor, the economic and market-specific risk factor was the second most critical risk factor, the firm-specific risk factor was the third most critical risk factor and the political-specific risk factor was the least critical risk factor. These findings were also validated appropriately. Research limitations/implications This study was limited to the data acquired from Indian construction firms, predominantly consultants and contractors. Though the survey respondents possessed adequate familiarity in international construction, commonly perceived limitations in self-reported surveys such as the lack of conscientious responses and reporting bias were not an exception in this research. Practical implications The risk factors and their criticality – as identified in this study – can aid the multinational firms and international aspirants to prioritize the critical aspects and develop a suitable risk mitigation strategy to achieve greater project success in international market. Originality/value By investigating the various risk factors that influence overall performance of international construction projects, this research considerably contributes to the body of knowledge pertaining to international construction risk management that will enable firms from India and similar developing nations to emphasize on critical risk factors.

A stakeholder-based risk assessment and intervention framework for international construction projects

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tao Wang ◽  
Shangde Gao ◽  
Pinchao Liao ◽  
Tsenguun Ganbat ◽  
Junhua Chen
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Intervention Strategies ◽  
The Body ◽  
Content Type ◽  
International Construction ◽  
Project Objectives

Purpose The purpose of this paper is to construct a two-stage risk management framework for international construction projects based on the meta-network analysis (MNA) approach. A plethora of international construction studies seems to assume risks as independent and therefore, risk intervention strategies are usually critiqued as ineffective. Design/methodology/approach In the risk assessment stage, a multi-tiered risk network structure was developed with the project objectives, risk events, risk factors and stakeholders, and critical risk factors were selected based on a series of calculations. In the risk intervention stage, targeted risk intervention strategies were proposed for stakeholders based on the results of the first stage. A highway construction project in Eastern Europe was selected as a case study. Findings The results showed that 17 risk factors in three categories – external, stakeholder-related and internal – are critical, and the project manager, construction management department, supplier and contract department are the most critical stakeholders that affect the entire project performance. Based on the critical risk factors and project stakeholders, targeted risk intervention strategies were proposed. The risk assessment results of MNA were found to be more reliable and consistent with the project conditions than the risk matrix method; the risk intervention strategies of MNA can effectively address project objectives. Originality/value This study modeled risk priorities based on risk associations and put forward a new method for risk management, supplementing the body of knowledge of international construction. The results of this study are of critical importance in management practices.

Risk mitigation modelling of international construction projects executed by Indian firms: a structural equation modelling approach

2020 ◽  
Vol 27 (9) ◽  
pp. 2687-2713
Author(s):  
Satish Kumar Viswanathan ◽  
Kumar Neeraj Jha
Keyword(s):  
Risk Factors ◽  
Structural Equation ◽  
Construction Projects ◽  
Risk Mitigation ◽  
Mitigation Measures ◽  
Content Type ◽  
Construction Firms ◽  
International Construction ◽  
Equation Modelling ◽  
International Projects

PurposeA number of previous studies have investigated international construction project risks and have proposed risk mitigation measures without examining their interdependence. The purpose of the current study is to identify the influence of various risk mitigation measures on macro-level risk factors in the international marketplace.Design/methodology/approachThe authors initially identified 26 risk variables and nine risk mitigation measures through a literature review, which were then verified for their pertinence to international projects by three experts. Subsequently, 105 questionnaire survey responses were collected and analysed using factor analysis and structural equation modelling to test the interrelations between the risk variables and mitigation measures.FindingsThe findings suggest that joint ventures with local partners is emerged as the most critical risk mitigation measure that influences the international projects, which are exposed to political, project and firm-specific risk factors. Further, it is worth noting that among the recognised risk mitigation measures in international projects, offering more local employment is the least critical mitigation measure in the international projects.Research limitations/implicationsThe findings of this study are based on the macro-risk factors encountered by Indian construction firms in international projects, mostly from specific Asian and African regions. Thus, the opinions of construction firms from the developed countries might be different.Originality/valueThe main contribution of this study to existing knowledge is empirical evidence of the interrelationships between risk mitigation measures and risk factors that are portrayed as latent variables of different manifest risk variables. The generated model can assist construction firms in emphasising several risk mitigation methods, in order to reduce risk and enhance performance in international construction projects.

Theoretical review on critical risk factors in oil and gas construction projects in Yemen

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mukhtar A Kassem ◽  
Muhamad Azry Khoiry ◽  
Noraini Hamzah
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Literature Review ◽  
Construction Projects ◽  
Oil And Gas ◽  
Project Success ◽  
Oil And Gas Industry ◽  
Gas Industry ◽  
Content Type ◽  
Oil And Gas Sector

PurposeThe oil and gas construction projects are affected negatively by the drop in oil price in recent years. Thus, most engineering, procurement and construction (EPC) companies are opting to optimize the project mainly to mitigate the source of risks in construction to achieve the project expectation. Risk factors cause a threat to the project objectives regarding time, cost and quality. It is additionally a vital component in deviating from the client's expectation of productivity, safety and standards. This research aims to investigate the causes of risk in the oil and gas construction projects in Yemen.Design/methodology/approachA comprehensive literature review from various sources including books, conference proceedings, the Internet project management journals and oil and gas industry journals was conducted to achieve the objectives of this study. This initial work was predicated strictly on a literature review and the judgments of experts to develop the risk factor framework for the oil and gas construction projects in Yemen.FindingsThe authors found a few studies related to risk factors in oil and gas construction projects and shared a similar view about general construction projects. However, only a fraction of the factors accepted have included the variances of other studies on a regional basis or specific countries, such as the Yemen situation, due to the differences between the general construction industry and oil and gas industry. Moreover, the factors of these attributes were still accepted due to their applicability to the oil and gas industry, and no significant variances existed between countries. Research has indicated that 51 critical factors cause risks in the oil and gas construction projects in Yemen. Such risk factors can be divided into two major groups: (1) internal risk factors, including seven critical sources of risks, namely client, contractor, consultant, feasibility study and design, tendering and contract, resources and material supply and project management; and (2) external risk factors, including six sources of critical risk factors, namely national economic, political risk, local people, environment and safety, security risk and force-majeure-related risk factors. A risk factor framework was developed to identify the critical risk factors in the oil and gas construction projects in Yemen.Research limitations/implicationsThis research was limited to the oil and gas construction projects.Practical implicationsPractically, this study highlights the risk factors that cause a negative effect on the success of oil and gas construction projects in Yemen. The identification of these factors is the first step in the risk management process to develop strategic responses for risks and enhance the chances of project success.Social implicationsThe identification of risks factors that cause the failure of construction projects helps develop response strategies for these risks, thereby increasing the chances of project success reflected in the oil and gas sector, which is a main tributary of the national economy in developing countries.Originality/valueThis research is the pioneer for future investigations into this vital economic sector. Given the lack of resources and studies in the field of construction projects for the Yemeni oil and gas sector, the Yemeni government, oil companies and researchers in this field are expected to benefit from the results of this study. The critical risk factors specific to the oil and gas construction projects in Yemen should be further investigated with focus only on Yemen and its oil and gas industry players.

An Unusual Case of Pulmonary Hemorrhage in a Term Neonate without Any Specific Risk Factor

2019 ◽  
Author(s):  
F. Prato ◽  
G. Genoni ◽  
R. Broglia Franchin ◽  
C. Vivenza ◽  
B. Loperfido ◽  
...  
Keyword(s):  
Risk Factor ◽  
Unusual Case ◽  
Pulmonary Hemorrhage ◽  
Term Neonate ◽  
Specific Risk Factor ◽  
Specific Risk

Underlying factors for successful project management to construct sustainable built assets

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Marios Stanitsas ◽  
Konstantinos Kirytopoulos
Keyword(s):  
Project Management ◽  
Construction Projects ◽  
Sustainability Indicators ◽  
The Body ◽  
Senior Management ◽  
Sustainable Construction ◽  
Online Questionnaire ◽  
Content Type ◽  
Theoretical Contribution ◽  
Sustainable Economic Growth

PurposeThis study aims to investigate the underlying factors that give rise to the set of sustainability indicators which are used for the implementation of sustainable construction projects and eventually the production of sustainable built assets.Design/methodology/approachTo accomplish the purpose of this research, an online questionnaire survey was administered to a sample of 200 experts. By employing the statistical method of exploratory factor analysis (EFA), five distinct dimensions (factors) of stakeholders' attitudes were revealed.FindingsThe findings indicate that the sustainability indicators are based on five underlying factors, namely (1) sustainable competitiveness; (2) stakeholder engagement; (3) sustainable economic growth; (4) social sustainability; and (5) resource conservation and environmental policy.Research limitations/implicationsMore studies would be welcome to verify the underlying factors revealed in this paper.Practical implicationsThe knowledge of the underlying factors enables senior management to maintain a balance of choices during the project management (PM) phase in order to implement and deliver sustainable construction projects. Furthermore, the findings deepen the understanding toward sustainable PM practices by providing insights on its core attributes.Originality/valueAs a theoretical contribution to knowledge, this study enhances the body of knowledge by revealing the underlying factors that give rise to the predefined set of the 82 sustainability indicators which are used to enable sustainable construction projects. In practice, the findings aid senior management in adopting strategies that enhance the delivery of sustainable construction projects.

Previous Experiences With Illness and Traumatic Experiences: A Specific Risk Factor For Hypochondriasis?

2014 ◽  
Vol 55 (4) ◽  
pp. 362-371 ◽  
Author(s):  
Florian Weck ◽  
Julia M.B. Neng ◽  
Kathrin Göller ◽  
Alexis M. Müller-Marbach
Keyword(s):  
Risk Factor ◽  
Traumatic Experiences ◽  
Specific Risk Factor ◽  
Specific Risk

Significant risk factors associated with facilities management (FM) outsourcing

2015 ◽  
Vol 22 (6) ◽  
pp. 771-796 ◽  
Author(s):  
Dubem I. Ikediashi ◽  
Stephen O. Ogunlana
Keyword(s):  
Risk Factors ◽  
Significant Risk ◽  
The Body ◽  
Healthcare Sector ◽  
Public Healthcare ◽  
Facilities Management ◽  
Content Type ◽  
Healthcare Facilities ◽  
Factors Associated ◽  
Body Of Knowledge

Purpose – The purpose of this paper is to extend the body of knowledge on healthcare facilities management (FM) by investigating the risks associated with outsourcing of FM services in hospitals. Design/methodology/approach – The paper relied on two strands of methodology common with pragmatic research. Questionnaire survey (QS) used data from 208 respondents representing ten hospitals while three out of the ten hospitals involved in the QS were selected based on their willingness to enter the case study (CS) interview. Data collected were analysed using descriptive and inferential statistics for QS and using narrative techniques by discussing themes, sub-themes for the CS. Findings – Findings established 24 out of the 35 risk factors as critical, four factors as somehow critical, and five factors as not critical. Besides, nine risk factors were found to be significantly loaded on the five risk categories. The rank analysis also revealed that the top five critical risk factors are: inexperience and lack of requisite skills; possibility of fraud by vendor; financial failure of chosen vendor; vendor opportunism; and fall in morale of employees. Originality/value – The study provides an unambiguous contribution to exiting body of knowledge on outsourcing risks as it relates to healthcare FM. It reinforces the theory that risks exist in any form of relationship but developed a distinct body of factors associated with outsourcing of FM services particularly from the context of Nigeria’s public healthcare sector.

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