Modelling critical risk factors for Indian construction project using interpretive ranking process (IRP) and system dynamics (SD)

2017 ◽  
Vol 34 (9) ◽  
pp. 1451-1473 ◽  
Author(s):  
Tanmay Nitin Mhatre ◽  
J.J. Thakkar ◽  
J. Maiti
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Literature Review ◽  
Construction Industry ◽  
Performance Measures ◽  
Construction Project ◽  
Performance Measure ◽  
Content Type ◽  
Interpretive Ranking Process ◽  
Risk Parameters

Purpose The purpose of this paper is to employ an integrated approach of interpretive ranking process (IRP) and system dynamics (SD) for modelling the key risk factors for a typical construction project. Design/methodology/approach The risk parameters and performance measures applicable in the construction industry have been identified through extensive literature review and discussions with experts from the construction industry. Based on the literature review, a questionnaire was designed and 64 responses were considered. The list of 20 risk parameters and 32 performance measures relevant for a construction industry is reduced to five risk factors and five performance measure factors using factor analysis. IRP modelling is employed to examine the contextual relationships among risk factors and to rank them with respect to performance measure factors. Subsequently, the results of IRP model were utilised as inputs to SD analysis. The SD analysis is conducted for two models, namely, risk factor model and risk variable model to understand the impact of interventions offered by project management team on risk reduction and mitigation. Findings The developed IRP model shows that the risk factor dimension “construction management” has a high likeliness to occur during the construction phase. Research limitations/implications The research demonstrates an application of proposed approach for a typical construction environment and hence the results cannot be generalised. Originality/value This research addresses real life complexities in construction project by modelling critical risk factors using an integrate approach of IRP and SD. The proposed approach would facilitate project managers to devise appropriate risk mitigation strategies for a construction project.

The nexus between risk factor disclosures and short-run performance of IPOs – evidence from literature

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Krishan Lal Grover ◽  
Pritpal Singh Bhullar
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Literature Review ◽  
Research Papers ◽  
Content Type ◽  
Ipo Performance ◽  
Short Run ◽  
Research Gap ◽  
Review Study ◽  
Risk Disclosures

PurposeThe main purpose of the present study is to stretch the theoretical framework of existing stock of literature with reference to Risk Disclosures in IPO Prospectus and IPO performance. The systematic literature review study endows easy and quick access to researchers as well as categorization of the available literature.Design/methodology/approachFifty research papers, which has been published or presented from 2000 to 2019 and are related to IPO risk disclosures and IPO performance, have been finalized. Further, these research papers were categorized based upon the five different variables to identify the probable research gap in the selected topic.FindingsThis review provides a coherent summary of past studies related to topic and develop a comprehensive evidence on relationship between disclosure of risk factors and IPO underpricing in short run. It shows the existing research gap that needs to be fulfilled to expand the research horizon of future research studies.Research limitations/implicationsThe sole limitation of the study is that being a systematic literature review study, it does not carry any empirical results.Practical implicationsThe investors will be able to identify the key risk factors, disclosed in IPO prospectus, that may have probable dent on the short-term return from IPO. The findings will further help the investors and financial analyst to identify the degree of impact of risk disclosures that are listed in IPO prospectus.Originality/valueThe paper is a first of its kind to stretch the existing literature and develop theoretical framework in the context of risk factor discloses in IPO prospectus and IPO performance with reference to India. The present study is an attempt to integrate the existing gap between empirical research and existing literature and suggest the techniques to the future practitioners to widen the horizon of their research.

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.

Identification of specific metrics for sustainable lean manufacturing in the automobile industries

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Naveen Kumar ◽  
Mathiyazhagan Kaliyan ◽  
M. Thilak ◽  
Ángel Acevedo-Duque
Keyword(s):  
Literature Review ◽  
Performance Measures ◽  
Lean Manufacturing ◽  
Performance Metrics ◽  
Research Direction ◽  
Performance Measure ◽  
Extensive Study ◽  
Future Research ◽  
Content Type ◽  
Specific Performance

PurposeThis study explains the importance of performance measures and identifies the specific performance measures of sustainable lean manufacturing (SLM) for automobile industries. Awareness towards sustainability and continuous improvement approaches demand monitoring of the sustainable lean impact on organization/industry, and hence, identifying the specific performance metrics is of peak importance.Design/methodology/approachIn this study, specific metrics for social, economic and environmental performance are identified from a systematic literature review of 82 significantly related journal articles. The importance of the identified metrics is assessed with the help of questionnaire responses from a group of industrial experts.FindingsPerformance indicators are statistically analyzed category wise and assessed. The key metrics are summarized based on the survey data followed by a discussion with industrial experts. From this study, performance measures have been identified and validated through hypothesis testing for Indian automobile industries. Certification of IATF16949 implementation found an important vertical for SLM implementation. In this study, SLM implementation initiatives are discussed, and reward scheme for outstanding performers are identified as important initiatives are followed by small improvement culture.Practical implicationsThe proposed discussion of this study is useful for industrialist and researchers, as SLM performance measures are well explained for Indian automobile industries. In this study, future research direction is also explained related to other industries. These summarized performance measures will help to maintain SLM in industries.Originality/valueThis paper presents the original literature review based on the study of SLM, as no extensive study is available where SLM performance measure explained for automobile industries. Key initiatives and vertical of SLM are well explained for Indian automobile industries. This study proposed a complete framework for SLM implementation considering competitive manufacturing targets.

Modelling of risk factors for defence aircraft industry using interpretive structural modelling, interpretive ranking process and system dynamics

2019 ◽  
Vol 23 (3) ◽  
pp. 217-239
Author(s):  
Selladurai Pitchaimuthu ◽  
Jitesh J. Thakkar ◽  
P.R.C. Gopal
Keyword(s):  
Risk Factors ◽  
Risk Reduction ◽  
Reduction Process ◽  
Performance Measure ◽  
Survey Method ◽  
Extensive Literature ◽  
Aircraft Industry ◽  
Content Type ◽  
Interpretive Ranking Process ◽  
Risk Dimensions

Purpose Risk management in defence aircraft industry has considerable interest among academics and practitioners. The purpose of this paper is to develop interactions among risk factors dimensions (RFDs) and inspect the importance relationship among the performance measures in Indian aircraft industry and, finally, understand the effect of involvements provided by the managerial team on risk reduction process. Design/methodology/approach An extensive literature review was carried out to identify 26 risk parameters and 13 performance measure indices relevant for an aircraft industry. Survey method was used to obtain the importance of these parameters and measures. Further, these factors are grouped into five risk dimensions based on the brain storming session by the project managers. Initially, Risk factors for defense aircraft industry (RFDs) analyzed by Interpretative structural model (ISM) to know the contextual relationship among the RFDs and then applied Interpretive ranking process (IRP) to inspect the pre-eminence relationship among them. Finally, SD is applied to understand the effect of involvements provided by the managerial team on risk reduction process. Findings Government policy and legal RFDs has emerged as the key driving RFDs. In IRP modelling, technology RFD has emerged as more influential RFD which is the more relevant factor with respect to performance measure indices and this result is supported by detailed sensitivity analysis of system dynamic model. Originality/value The outcomes of this research can help project management team to identify the high severity risk factors which need immediate risk reduction/mitigation action.

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.

scholarly journals Venous anomalies as potentially lethal risk factors during ordinary catheterization

2015 ◽  
Vol 4 (2) ◽  
Author(s):  
Savino Occhionorelli ◽  
Sergio Gianesini ◽  
Lorenzo Marinelli ◽  
Marianna Daniele ◽  
Sara Chierici ◽  
...  
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Central Venous Catheter ◽  
Literature Review ◽  
Venous Catheter ◽  
Clinical Implications ◽  
Venous Malformations ◽  
Central Venous ◽  
Venous Anomalies ◽  
Technology Advancement

Venous malformations are rare but possible findings too, constituting a further risk factor for central venous catheter procedures. Herein we describe a case of death because of an innominate vein perforation by a catheter that incidentally was tucked into a sacciform malformation. Even if the technology advancement is constantly offering us new investigation tools, up to now diagnostic options are limited in the detection of those malformations that could potentially lead to dramatic complications as the described one. The present work raises the awareness about rare venous anomalies and their potential clinical implications. A proper literature review and diagnostic implementation proposal are reported.

scholarly journals Integrated model for the stressors, stress, stress-coping behaviour of construction project managers in the UK

2018 ◽  
Vol 11 (3) ◽  
pp. 761-782 ◽  
Author(s):  
Shamil George Naoum ◽  
Carlos Herrero ◽  
Charles Egbu ◽  
Daniel Fong
Keyword(s):  
Construction Industry ◽  
Structural Equation Modelling ◽  
Structural Equation ◽  
Construction Project ◽  
Project Managers ◽  
Stress Coping ◽  
Content Type ◽  
Equation Modelling ◽  
And Performance ◽  
The Impact

Purpose It is axiomatic that construction is a fast-paced and competitive industry, which goes hand in hand with many construction professionals suffering from stress including construction project managers (C-PMs). The role of C-PMs is crucial to achieving project success as they are responsible for planning the project, organising human resources, controlling operations and the budget, and forecasting probable difficulties. The purpose of this paper is to investigate the causal relationships between stressors, stresses, stress-coping behaviours and their impact on the performance of C-PMs. Design/methodology/approach To investigate the relationships between stress and performance among C-PMs, a questionnaire was designed based on the extensive literature, and was sent to 150 C-PMs who had amassed at least five years’ direct working experience in the construction industry. A total of 44 completed questionnaires were returned. Correlation analysis and structural equation modelling were employed to understand the integrated relationships between these factors. Based on the data collected and analysis of the results, an integrated structural equation model of the stresses and performances of C-PMs was developed using AMOS version 22.0. Findings The results of structural equation modelling reveal the following: burnout is the type of stress that has the highest impact on the performance of C-PMs, being detrimental to their interpersonal performance (IPP) and positive for their organisational performance (OP), whereas physiological stress worsens the task performance of C-PMs and objective stress improves their IPP. The most active stressor towards the performance of C-PMs is “workgroup cooperation”, which has an impact on the IPP in a positive way but is detrimental to the OP. Career-developing environment, poor organisational structure and role conflict affect both stress and performance together. Originality/value This study provides a comprehensive investigation into the impact of various types of stress on the performances of C-PMs. The result constitutes a significant step towards the stress management of C-PMs in the dynamic and stressful construction industry.

Risk analysis of construction of administration projects using Bayesian networks

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Osama ◽  
Aly Sherif ◽  
Mohamed Badawy
Keyword(s):  
Risk Factors ◽  
Life Cycle ◽  
Risk Analysis ◽  
Construction Industry ◽  
Construction Projects ◽  
Causal Relationships ◽  
Content Type ◽  
Project Life Cycle ◽  
Project Objectives ◽  
Project Life

Purpose This paper aims to enlighten the importance of the risk management process which is considered as a major procedure to effectively handle the potential inherent risks in the construction industry. However, most traditional risk analysis techniques are based on theories that deal with each risk factor as an independent, which does not take into consideration the causal relationships between risk factors. Design/methodology/approach This study aspires to identify the overall risk of the administrative construction projects in Egypt and to recognize the most influencing risk factors through the project life cycle by using Bayesian belief networks (BBN). Through a review of the literature, 27 risk factors were identified and categorized as the most common risk factors in the construction industry. A structured questionnaire was performed to estimate the probability and severity of these risks. Through site visits and interviews with experts in the construction field, 200 valid questionnaires were collected. A risk analysis model was developed using BBNs, then the applicability of this model was verified using a case study in Egypt. Findings However, the outcome showed that critical risks that manipulate administrative construction projects in Egypt were corruption and bribery, contractor financial difficulties, force majeure, damage to the structure and defective material installation. Practical implications The proposed study presents the possibilities available to the project parties to obtain a better forecast of the project objectives, including the project duration, total project cost and the target quality by examining the causal relationships between project risks and project objectives. Originality/value This study aspires to identify the overall risk of the administrative construction projects in Egypt and to recognize the most influencing risk factors through the project life cycle by using BBNs.

Stakeholder perceptions on the risk factors, challenges and benefits of business sustainability practices in the Singapore construction industry

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Chee Kwong Lau ◽  
Hexin Chen
Keyword(s):  
Risk Factors ◽  
Construction Industry ◽  
Design Methodology ◽  
Business Strategies ◽  
Business Risk ◽  
Content Type ◽  
Business Sustainability ◽  
Construction Firms ◽  
Sustainability Practices ◽  
Practical Implications

PurposeThis study examines the stakeholder perception of the sustainability risks, challenges and benefits arising from managing these risks in the Singapore construction industry.Design/methodology/approachA questionnaire consisting of 89 risk factors, challenges and benefits, was administered, with 216 responses received from various stakeholders. Regression analyses were used to estimate the relationships between sustainability and business risk factors, challenges and benefits associated with business sustainability practices.FindingsStakeholders recognise the importance of the emerging sustainability risk factors, and indeed rank these almost on a par with conventional business risk factors. The inherent business risks determine the nature of sustainability risk factors for construction firms, which in turn can affect their business risks and the performance and value creation of firms. However, most stakeholders, while acknowledging that business sustainability practices can provide benefits as well as posing challenges, do not believe that they can derive net benefits from such practices.Research limitations/implicationsThrough this perception study, there is an urgent need to turn the existing awareness of the importance of business sustainability (BS) practices into more consistent and solid actions among construction firms in Singapore.Practical implicationsThis study’s results imply construction firms to incorporate BS practices more systematically into their business strategies and operations, and to include sustainability risk factors alongside conventional business risks in their risk registers and risk management frameworks.Originality/valueThis study consolidates various variables and constructs of BS matters in the literature and practice into a meaningful framework for the management of BS in the construction industry.

scholarly journals What Really Causes Necrotising Enterocolitis?

2012 ◽  
Vol 2012 ◽  
pp. 1-9 ◽  
Author(s):  
Thomas Peter Fox ◽  
Charles Godavitarne
Keyword(s):  
Risk Factors ◽  
Risk Factor ◽  
Literature Review ◽  
Medical Knowledge ◽  
Necrotising Enterocolitis ◽  
Gastrointestinal Disorders ◽  
Mortality And Morbidity ◽  
Abdominal Emergency ◽  
Comprehensive Literature Review ◽  
Single Well

Background. One of the most serious gastrointestinal disorders occurring in neonates is necrotising enterocolitis (NEC). It is recognised as the most common intra-abdominal emergency and is the leading cause of short bowel syndrome. With extremely high mortality and morbidity, this enigmatic disease remains a challenge for neonatologists around the world as its definite aetiology has yet to be determined. As current medical knowledge stands, there is no single well-defined cause of NEC. Instead, there are nearly 20 risk factors that are proposed to increase the likelihood of developing NEC. Aims and Objectives. The aim of this project was to conduct a comprehensive literature review around the 20 or so well-documented and less well-documented risk factors for necrotising enterocolitis. Materials and Methods. Searches of the Medline, Embase, and Science direct databases were conducted using the words “necrotising enterocolitis + the risk factor in question” for example, “necrotising enterocolitis + dehydration.” Search results were ordered by relevance with bias given to more recent publications. Conclusion. This literature review has demonstrated the complexity of necrotising enterocolitis and emphasised the likely multifactorial aetiology. Further research is needed to investigate the extent to which each risk factor is implicated in necrotising enterocolitis.

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