Measuring risk management performance within a capital program

2014 ◽  
Vol 12 (2) ◽  
pp. 158-171 ◽  
Author(s):  
Anthony J. Perrenoud ◽  
Brian C. Lines ◽  
Kenneth T. Sullivan
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Complete Analysis ◽  
Capital Projects ◽  
Content Type ◽  
Project Costs ◽  
Management Plans ◽  
Project Risks ◽  
Internal Stakeholders ◽  
The University

Purpose – The purpose of this study is to describe how the University of Minnesota's capital program implemented risk management metrics on 266 construction projects and to present the results of the risk metrics. Design/methodology/approach – The implementation of Weekly Risk Reports (WRR) on the university construction projects captured information on the internal and external efforts related to minimizing project risks. The report implemented captured project risks, management plans, cost changes and schedule delays. Findings – Findings reveal that the university was able to effectively capture project risk metrics through the WRR. The risk metrics identified the risks categories that impacted the 266 project costs and schedules. Through these findings, the university has a better understanding of how their internal stakeholders create the greatest risk to impacting the project cost and schedule. This paper presents the risk impacts collected from the 266 projects. Research limitations/implications – A complete analysis of the risk metrics was limited in this research due to the extensive measurements collected. Future analysis will provide additional findings from the risk information. Originality/value – The paper presents both the implementation and the risk management measurements used within a capital program of a major university to provide understanding of the common risks that are involved with capital projects.

Achieving sustainability through integrating risk management into the architectural design process

2018 ◽  
Vol 16 (1) ◽  
pp. 25-43 ◽  
Author(s):  
Ayman Ahmed Ezzat Othman ◽  
Nermeen Mohamed Amin Abdelwahab
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Field Study ◽  
Design Process ◽  
Construction Projects ◽  
Architectural Design ◽  
Sustainable Construction ◽  
Content Type ◽  
Scant Attention ◽  
Design Firms

Purpose The purpose of this paper is to develop a framework integrating risk management (RM) into the architectural design process (ADP) as an approach for delivering sustainable construction projects. Design/methodology/approach A research methodology, which consisted of literature review and field study, is designed to accomplish four objectives. First, to provide a comprehensive literature review of the concepts of sustainability, ADP and RM. Second, to present and synthesis the results of two relevant studies focused on identifying, quantifying and classifying the risks associated with ADP; and investigating the perception and application of Egyptian architectural design firms (ADFs) towards integrating RM into ADP as an approach for delivering sustainable construction projects. Third, to develop a framework that integrates RM into ADP towards delivering sustainable construction projects. Finally, to draw conclusions and recommendations to improve the practice of delivering sustainable construction projects among ADFs, construction professionals and governmental authorities. Findings ADP is a fundamental phase of the construction process because the decisions adopted during this phase affect the project performance throughout its life cycle. While RM is widely applied in different sectors of the construction industry, its application in ADP received scant attention in construction literature. The research identified 18 key risks that affect the sustainable delivery of construction projects during ADP. The architect, the client and the project manager are the highest ranked responsible parties for the occurrence of these key risks. The field study highlighted the need to develop a framework to facilitate integrating RM into ADP. Research limitations/implications This paper focused only on the integration of RM into ADP. Originality/value The conducted literature review and field study provided an in-depth understanding of the key risks that affect the sustainable delivery of construction projects during ADP. Through its five stages, the proposed framework is expected to serve as a foundation for integrating RM into ADP as an approach for delivering sustainable projects. This ideology has received scant attention in construction literature. The developed framework represents a synthesis that is novel and creative in thought and adds value to the knowledge in a manner that has not previously occurred.

Comparing co-production approaches to dynamic risk assessments in a forensic intellectual disability population: outcomes of a clinical pilot

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Deborah J. Morris ◽  
Elanor L. Webb ◽  
Inga Stewart ◽  
Jordan Galsworthy ◽  
Paul Wallang
Keyword(s):  
Risk Management ◽  
Intellectual Disability ◽  
Management Plan ◽  
Risk Assessments ◽  
Risk Management Plan ◽  
Convenience Sample ◽  
Content Type ◽  
Dynamic Risk ◽  
Management Plans ◽  
The Impact

Purpose A co-produced clinical practice that aims to improve outcomes through a partnership with service users is becoming increasingly important in intellectual disability (ICD) services, yet these approaches are under-evaluated in forensic settings. This study aims to explore and compare the feasibility of two approaches to co-production in the completion of dynamic risk assessments and management plans in a secure setting. Design/methodology/approach A convenience sample of adults admitted to a secure specialist forensic ICD service (N = 54) completed the short dynamic risk scale (SDRS) and drafted risk management plans under one of two conditions. In the first condition, participants rated the SDRS and risk management plan first, separately from the multidisciplinary team (MDT). In the second condition, participants and MDTs rated the SDRS and risk management plan together. Findings In total, 35 (65%) participants rated their risk assessments and 25 (47%) completed their risk management plans. Participants who rated their risk assessments separately from the MDT were significantly more likely to complete the SDRS (p = 0.025) and draft their risk management plans (p = 0.003). When rated separately, MDT scorers recorded significantly higher total SDRS scores compared to participants (p = 0.009). A series of Mann-Whitney U tests revealed significant differences between MDT and participant ratings on questions that required greater skills in abstraction and social reasoning, as well as sexual behaviour and self-harm. Originality/value Detained participants with an intellectual disabilities will engage in their dynamic risk assessment and management plan processes. The study demonstrates the impact of different co-production methodologies on engagement and highlights areas for future research pertaining to co-production.

Project risk planning in high-tech new product development

2016 ◽  
Vol 29 (2) ◽  
pp. 110-124 ◽  
Author(s):  
Jorge Ayala-Cruz
Keyword(s):  
Risk Management ◽  
New Product Development ◽  
New Product ◽  
High Tech ◽  
Project Risk ◽  
Content Type ◽  
Management Framework ◽  
Risk Management Framework ◽  
Project Risks

Purpose The purpose of this paper is to present the implementation and testing of a modified project risk management framework that integrates PMI’s framework with Monte Carlo simulation to improve the effectiveness in high-tech new product development (NPD) projects. Design/methodology/approach The modified framework considers three bodies of knowledge: project management, risk management, and Monte Carlo simulation to produce an enhance project risk management framework. Its application is shown through a case study. Findings Using the integrated framework in a recent case study project and prior NPD projects measures (as benchmarks), it was shown that it could help to enhance risk responses caused by task durations and costs’ uncertainties. The framework proved to be better than segregated generic best practices and was key in providing insight to the issue of early project risk assessment. Research limitations/implications More experimental replications are required for enhancement effectiveness assertions of the framework, through the application of the framework to similar case studies. Furthermore, this could improve its reliability and soundness. Practical implications Future directions for research could include case and empirical studies that include hypothesis’s testing, and the integration of optimization procedure for improved NPD project’s planning and execution. Originality/value This paper outlines a way to close the gap of project risks management planning in NPD’s initiatives. It was motivated by a relatively new tendency in exploring integrated frameworks to deal with complex project risks issues.

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.

University’s multi-scale initiatives for redefining city development

2017 ◽  
Vol 18 (1) ◽  
pp. 50-62 ◽  
Author(s):  
Natalia Ratajczyk ◽  
Iwona Wagner ◽  
Agnieszka Wolanska-Kaminska ◽  
Tomasz Jurczak ◽  
Maciej Zalewski
Keyword(s):  
Green Infrastructure ◽  
Large Scale ◽  
Natural Capital ◽  
Legal Protection ◽  
Education Institution ◽  
City Development ◽  
Capital Projects ◽  
Content Type ◽  
The University ◽  
The City

Purpose The purpose of this paper is to present the varied roles played by the University of Lódz (UL) in maintaining and restoring the natural capital of a city as a driver for sustainable city development. The higher education institution can be perceived as visionary, originator and executor of natural capital projects. Design/methodology/approach The paper analyses three cases performed by the Faculty of Biology and Environmental Protection, UL, in the city of Lódz. The activities are based on different scales ranging from city-wide to local, e.g. river and green infrastructure, and which vary in character from policy planning to implementation. Findings Natural capital projects influence city development on different levels: by the initiation of legal protection, by the implementation of rehabilitation concepts for rivers and by influencing the strategic documents for mid-term and long-term urban development. Originality/value The university has the potential for multidisciplinary engagement in the development of urban sustainability. In large-scale projects, academics play a more conceptual role, in capacity building and knowledge transfer, while in local-scale implementations, their role includes innovation, know-how and technology transfer. Moreover, it may act as a reinforcement hub, by safeguarding and strengthening the natural capital of the city.

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.

Key risks in the supply chain of large scale engineering and construction projects

2018 ◽  
Vol 23 (4) ◽  
pp. 336-350 ◽  
Author(s):  
Christian A. Rudolf ◽  
Stefan Spinler
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Construction Projects ◽  
Large Scale ◽  
Supply Chain Risk Management ◽  
Supply Chain Risk ◽  
Content Type ◽  
New Perspective ◽  
Risk Taxonomy ◽  
Supply Chain Risks

Purpose Large-scale projects are the typical delivery model in the engineering and construction industry, with their very own characteristics. Even though well established, only 1 in 1,000 large-scale projects is successful (Flyvbjerg, 2011). A lack of effective supply chain risk management (SCRM) has repeatedly been identified as one of the main causes. While the SCRM body of knowledge seems increasingly well established, a lack of effective methods meeting the specific requirements of large-scale projects can be observed. Design/methodology/approach This paper presents a structured and prioritized view on the supply chain risk portfolio in this sector: first, the authors identified and categorized the key supply chain risks in the recent literature. Next, the authors surveyed large-scale project managers across multiple industries, mainly coming from the domains of supply chain management and project management. Finally, the authors provide a contextualized risk taxonomy for engineering, procurement and construction (EPC) projects. Findings The identified risk portfolio deviates from generic projects significantly and shows a very high inherent risk exposure of large-scale projects. In particular, behavioral risks are identified as crucial. Additionally, a bias to considerably underestimate risks at project beginning is found. Originality/value The contextualized SCRM taxonomy offers a systematic and structured view on the key supply chain risks in EPC large-scale projects. The identified risks are considerably different in their characteristics compared to generic projects or classical SCRM approaches. The authors thus provide a new perspective on SCRM in this specific setting and complement traditional risk and project risk management techniques.

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.

Validation of an integrated influential factors (IIFs) model as a panacea to curb projects completion delay in Yemen

2019 ◽  
Vol 10 (3) ◽  
pp. 793-811
Author(s):  
Najib Al-Fadhali ◽  
Dodo Mansir ◽  
Rozlin Zainal
Keyword(s):  
Construction Projects ◽  
Construction Project ◽  
Adaptive Controller ◽  
Specific Model ◽  
Influential Factors ◽  
Project Delivery ◽  
Cost Overrun ◽  
Local Conditions ◽  
Content Type ◽  
Internal Stakeholders

Purpose Influential factors attributed to causing project completion delay (PCD) differ because of prevailing variability of local conditions. Construction projects specifically in Yemen (and other developing countries) experience devastating effects of PCD which include litigation, cost overrun, arbitration, abandonment and failure. While existing works have investigated the causes and effects of PCD, not much exist on approaches to optimizing its occurrence in Yemen. In a bid to enhance the effects of PCD in Yemen, the integrated influential factors (IIFs), which is a construction-party specific model, was developed to mitigate the effects of PCD in Yemen. As a build up to the development of this model, this paper aims to validate the IIFs model with a view to foster its application to enhance PCD in construction project delivery in Yemen. Design/methodology/approach The validation of the IIFs model was done through seeking the opinions of 12 selected construction industry experts. This involved using a structured questionnaire to seek information on the sustainability of implementing the IIFs model. Findings The findings revealed that if the IIFs model is vigorously implemented, it would go a long way in curbing delay in the delivery of construction projects, making construction delivery less risky due to the effects of delay. Research limitations/implications The study is limited to only influential factors of internal stakeholders of the construction phase. Similarly, the study was only conducted in the state of Sana'a, Yemen. The implication of the adoption of the IIFs model is that it can hopefully serve as an adaptive controller to construction project delivery relative to the specific parameters and factors investigated in this study. Originality/value The IIFs model is a novel approach to optimizing PCD in Yemen specific to both the construction-phase and internal stakeholders. Existing studies on PCD in Yemen, although investigating the causes and effect of PCD, hardly proffer any approach to optimizing PCD for successful construction project delivery.

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