scholarly journals Identification of Risks Pertaining to Abandoned Housing Projects in Malaysia

2015 ◽  
Vol 2015 ◽  
pp. 1-12 ◽  
Author(s):  
Hamzah Abdul-Rahman ◽  
Chen Wang ◽  
Nur Hamizah Ariffin
Keyword(s):  
Construction Projects ◽  
Quantitative Methods ◽  
Management Strategies ◽  
Mitigation Strategies ◽  
Housing Projects ◽  
Qualitative And Quantitative Methods ◽  
Risk Management Strategies ◽  
Housing Industry ◽  
Ground Condition ◽  
Very High

Housing industry is one of the most dynamic, risky, and challenging industries. In Malaysia, this industry has a poor reputation for managing risks, with many major projects failing to be completed within the allotted time. Due to the inherent risks involved in construction projects, it is essential to recognize the risks that cause problems associated with abandoned housing projects. Therefore, this study aims to identify the risks that contribute to issues of abandoned housing projects and to propose mitigation strategies. The methodologies used in this study are combination of qualitative and quantitative methods of literature review, questionnaire survey, and interview. The results show that many risks are involved in housing project, including risks related to environmental impacts, construction, politics, law, management, finance, materials, and economy, of which the probability of risks from unexpected ground condition, project delays, bureaucracy, contractual disputes between developer and landlord, weakness in management by inexperience developer, and financial crisis is very high. It was also found that all relevant parties involved in housing industry are required to have extensive cooperation in advance and should perform systematic risk management strategies in order to mitigate the risks leading to problems associated with abandoned housing projects.

Risk Management Strategies for Project Success

2018 ◽  
pp. 250-267
Author(s):  
Vittal S. Anantatmula ◽  
Yang Fan
Keyword(s):  
Risk Management ◽  
Project Success ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Management Plan ◽  
Mitigation Strategies ◽  
Risk Management Plan ◽  
Industrial Sectors ◽  
Risk Management Strategies ◽  
Risk Mitigation Strategies

As projects are associated with risks due to the presence of uncertainties and unknowns, risk management assumes importance in project success. This chapter is an attempt to examine various risk mitigation strategies that are commonly employed if different industrial sectors. The chosen risk strategy would also largely depend either on individual's or organization's propensity to take risks. The authors summarize the findings of a research study in this chapter. The research results show that effort and details of a risk management for a project are governed by risks associated with cost and time and not necessarily with the project scope. Also, many organizations prefer a contingency budget to the project plan to developing a detailed risk management plan.

scholarly journals Risk Assessment of Additional Works in Railway Construction Investments Using the Bayes Network

2019 ◽  
Vol 11 (19) ◽  
pp. 5388 ◽  
Author(s):  
Agnieszka Leśniak ◽  
Filip Janowiec
Keyword(s):  
Risk Assessment ◽  
Construction Projects ◽  
Risk Mitigation ◽  
Management Strategies ◽  
Risk Identification ◽  
Bayes Network ◽  
Risk Management Strategies ◽  
Significant Extension ◽  
Development Goals ◽  
Mitigation Methods

The implementation of railway infrastructure construction projects including sustainable development goals is a complex process characterized by a significant extension of individual investment stages. The need for additional works has a big impact on construction railway projects, representing a risk which is the result of many different factors. During the execution of works, both the design assumptions and the conditions of the project’s implementation can be changed. An attempt to eliminate potential risks is a key element of construction projects. The article proposes a proprietary management method for the risk of additional works in railway projects. A methodology for creating risk management strategies using a standard algorithm that includes risk identification, risk analysis, and risk assessment is presented. The original elements of the work include risk identification followed by analysis using Bayesian networks. Using the example of a scenario of events, it is shown that a well-programmed network can be used to implement risk mitigation methods. Using the network, it is possible to compare different ways to reduce risk, check the effect of reducing the risk factors, and determine a satisfactory level of effects, e.g., increased financial resources as a result of additional works.

Identifying risks and mitigation strategies in private sector participation (PSP) in power generation projects in Ghana

2017 ◽  
Vol 15 (2) ◽  
pp. 153-169 ◽  
Author(s):  
Collins Ameyaw ◽  
Hans Wilhelm Alfen
Keyword(s):  
Power Generation ◽  
Private Sector ◽  
Management Strategies ◽  
Case Study Research ◽  
Mitigation Strategies ◽  
Content Type ◽  
Private Sector Participation ◽  
Risk Management Strategies ◽  
Private Investors

Purpose The purpose of this paper is to identify the risks associated with private sector participation (PSP) in power generation (PG) projects, how they were allocated and the strategies used to mitigate their likely adverse effects. Design/methodology/approach The paper adopts case study research method and cross-case analyses to unearth the key risks and the contractual instruments used to manage them. Findings The paper identified 30 risk factors associated with four major private sector PG projects in Ghana. The allocation and mitigation strategies of these risks are also reported. Originality/value This is the first study to create a risk register of PSP PG projects. Private investors and government have been provided with a comprehensive list of risks associated with PG infrastructure. Would-be investors have also been armed with some potential risk management strategies for proper project structuring.

scholarly journals Analysis Of Project Success Inhibition Factors

2021 ◽  
Vol 1 (1) ◽  
pp. 36-40
Author(s):  
Zulyaden Zulyaden ◽  
Rinaldy Rinaldy
Keyword(s):  
Construction Projects ◽  
Quantitative Methods ◽  
Total Sample ◽  
Successful Implementation ◽  
Validity And Reliability ◽  
Qualitative And Quantitative Methods ◽  
Inhibiting Factors ◽  
Aceh Province ◽  
Construction Services ◽  
Contract Specification

In the implementation of activities we often find what is called a project. The project is an activity that must be completed in accordance with the specified target and time, so that the project can be regarded as a success in project implementation. One of the projects in ques-tion is the construction project. Construction projects in their implementation we often encounter various kinds of problems that arise from the elements involved in them, so this can hamper the success of a project that is being implemented. One problem that arises from the contractor factor and contract specification. The purpose of this study is to find out one of the main inhibiting factors in the successful implementation of construction projects in Aceh Province. Classification of construction services for respondents is all construction ser-vices from the middle class (M) to large classes (B). The data obtained the total population of construction services as many as 508 con-tactors from observations of projects that have been completed from 2010-2015 with funds from the Aceh Budget (APBA). By using the Slovin formula a total sample of 84 contractors was found. The method used in this study is a combined method, namely qualitative and quantitative methods through questionnaires. The independent variables reviewed are the contractor factor and the contract specification factor while the dependent variable is the success of the project. For statistical analysis the data process is done by using validity and reliability tests, while analyzing the data is done by using multiple linear regression with the help of Product Solution and Service Statis-tics (SPSS) version 22. The results of the study indicate that the contractor factor is one of the main inhibiting factors in the successful implementation of the project in Aceh Province.

scholarly journals Optimizing Risk Management Strategies for the Control of Philornis downsi—A Threat to Birds in the Galápagos Islands

2021 ◽  
Vol 2 ◽  
Author(s):  
Irene Bueno ◽  
Randall S. Singer ◽  
Charles Yoe ◽  
Rees Parrish ◽  
Dominic A. Travis ◽  
...  
Keyword(s):  
Management Strategies ◽  
Insect Growth Regulator ◽  
Mitigation Strategies ◽  
Quantitative Risk Assessment ◽  
Bird Populations ◽  
Critically Endangered Species ◽  
Philornis Downsi ◽  
Mode Of Application ◽  
Risk Management Strategies

One of the most concerning threats to Galápagos bird populations, including some critically endangered species, is the invasive parasitic fly Philornis downsi. While long-term sustained solutions are under study, immediate actions are needed to reduce the impacts of this fly. Application of permethrin to birds's nests has been successfully done, but there might be potential long-term reproductive effects to birds. Cyromazine, an insect growth regulator, has been proposed as an alternative, but its risks and effectiveness are unknown. The goal of this study was to assist managers to determine which combination of chemical (permethrin or cyromazine) and mode of application (injection, spray, and self-fumigation) was likely to be most effective to control P. downsi while minimizing toxicity to small land birds in Galápagos, given data available and high levels of uncertainty in some cases. This study is presented as a semi-quantitative risk assessment employing the use of a multi-criteria decision analysis (MCDA) model. For the six potential alternatives resulting from the combination of chemical and mode of application, the criteria were given a score from 1 to 6 supported by available evidence from the literature and from expert opinion. In addition, three different scenarios with different sets of weights for each criterion were assessed with stakeholder's input. Considering the scenario with higher weight to effectiveness of the method against P. downsi while also weighing heavily to minimize the toxicity to birds, cyromazine spray followed by permethrin injection were the preferred strategies. Self-fumigation was the mode of application with highest uncertainty but with much potential to be further explored for its feasibility. The approach taken here to evaluate mitigation strategies against an important threat for avian species in Galápagos can also be used in other conservation programs when making real time decisions under uncertainty.

scholarly journals Identifying Political Risk Management Strategies in International Construction Projects

2018 ◽  
Vol 2018 ◽  
pp. 1-11 ◽  
Author(s):  
Tengyuan Chang ◽  
Bon-Gang Hwang ◽  
Xiaopeng Deng ◽  
Xianbo Zhao
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Strategies ◽  
Political Risk ◽  
Implementation Phase ◽  
Construction Enterprises ◽  
International Construction ◽  
Political Risks ◽  
Risk Management Strategies ◽  
International Experts

International construction projects are plagued with political risk, and international construction enterprises (ICEs) must manage this risk to survive. However, little attention has been devoted to political risk management strategies in international construction projects. To fill this research gap, a total of 27 possible strategies were identified through a comprehensive literature review and validated by a pilot survey with 10 international experts. Appraisals of these 27 strategies by relevant professionals were collected using questionnaires, 155 of which were returned. Exploratory factor analysis was conducted to explore the interrelationships among these 27 strategies. The results show that all of the 27 strategies are important for political risk management in international construction projects. Moreover, these 27 strategies were clustered into six components, namely, (1) making correct decisions, (2) conducting favorable negotiations, (3) completing full preparations, (4) shaping a good environment, (5) reducing unnecessary mistakes, and (6) obtaining a reasonable response. The 6 components can be regarded as 6 typical management techniques that contribute to political risk management in the preproject phase, project implementation phase, and postevent phases. The findings may help practitioners gain an in-depth understanding of political risk management strategies in international construction projects and provide a useful reference for ICEs to manage political risks when venturing outside their home countries.

scholarly journals HUBUNGAN DAN PENGARUH FAKTOR - FAKTOR RISIKO DESIGN AND BUILD TERHADAP KESUKSESAN PROYEK PEMBANGUNAN SEKOLAH PERMANEN DI KABUPATEN PIDIE JAYA DAN BIREUEN

2019 ◽  
Vol 2 (4) ◽  
pp. 351-359
Author(s):  
Faisal Faisal ◽  
Abdullah Abdullah ◽  
Mochammad Afifuddin
Keyword(s):  
Risk Factors ◽  
Construction Projects ◽  
Quantitative Methods ◽  
Project Success ◽  
Public Works ◽  
Dominant Factor ◽  
Construction Technology ◽  
Qualitative And Quantitative Methods ◽  
Planning Ability ◽  
High Level

The earthquake on December 7, 2016 measuring 6.4 on the Richter Scale (SR), which hit the districts of Pidie, Pidie Jaya and Bireuen, has caused fatalities, damage to infrastructure and public facilities. In an effort to accelerate post-disaster rehabilitation and reconstruction, based on INPRES No. 5 of 2017, Aceh Provincial Building and Environmental Management Work Unit of the Ministry of Public Works and Public Housing, carried out the rebuilding of permanent schools using RISHA construction technology with a system of design and build contracts in Pidie Jaya District and Bireuen. This study aims to analyze the relationship and influence of design and build risk factors on the success of permanent school construction projects in Pidie Jaya and Bireuen Districts. This study uses qualitative and quantitative methods. Respondents were directed at 13 planning personnel, 25 implementing personnel, 21 construction management personnel and 13 owner staff. The independent variables in this study are the risk factors of design and build which consist of the owner management ability factor, procurement process, planning ability, implementation ability, project manager's ability, and project scope factors, while the dependent variable is the success of the project. The results of the study show that there is a low level of relationship between the factors of the project manager's ability, a sufficient level of relationships from the factors of implementation ability, procurement processes and project scope factors, a high level of relationship between planning ability factors and management owner's ability factors to project success. All design and build risk factors have a significant effect on project success, which is 68.8%. The dominant factor affecting project success is the project scope factor, with a regression coefficient of 0.162. In this case if the project scope factor is handled properly by all parties involved, then the success of the project will increase by 16.2%.

Risk Management Strategies in Construction Organizations

2021 ◽  
Vol 15 (1) ◽  
pp. 406-413
Author(s):  
Shabbab Ajami Alhammadi ◽  
Bassam A. Tayeh ◽  
Wesam S. Alaloul ◽  
Tareq J. Salem
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
Construction Projects ◽  
Gaza Strip ◽  
Management Strategies ◽  
Validity And Reliability ◽  
International Agencies ◽  
Construction Organizations ◽  
Risk Management Strategies ◽  
The Gaza Strip

Background: Construction projects are among the riskiest businesses due to the number of factors involved that are difficult to control; hence, the popularity of risk management as part of the decision-making process in construction organizations is increasing. Despite the advancements, there are various risks involved that lead to project failure. Aim: Thus, this study aims to assess the risk management strategies in construction organizations in the Gaza Strip, Palestine. Methods: Seventy questionnaires were distributed after subjecting them to pretesting and pilot study that confirmed the validity and reliability of the questions. The target respondents included engineers and consultants from the construction organizations, Ministry of Works and Housing, and international agencies. The questionnaire was retrieved with a 65.71% response rate. Results: Results indicated that the most popular method of risk factor determination in the Gaza Strip is the “checklist” (RII=84%). For tools/methods of risk analysis, relying on experience in the direct assessment is the most prominent, with an RII of 78%. For the methods of avoiding risk before the project implementation, dependence on experience in the work for preparing and planning was ranked highest (having RII of 81.6%). Finally, follow-up on the implementation to avoid rework, with an RII of 77.6%, was ranked highest among other factors of avoiding risk during the construction projects implementation. Conclusion: This study highlights the key risk management strategies that will be beneficial for the construction industry stakeholders to resolve the unwanted risk failures in the construction industry.

Modeling of Risk Management Strategies for SMEs Using ANN under Various Levels of Operational Risks

2012 ◽  
Vol 433-440 ◽  
pp. 1683-1691 ◽  
Author(s):  
Piyush Singhal ◽  
Gopal Agarwal ◽  
M L Mittal
Keyword(s):  
Risk Mitigation ◽  
Management Strategies ◽  
Network Models ◽  
Mitigation Strategies ◽  
Neural Network Models ◽  
Safety Stocks ◽  
Operational Risks ◽  
Multiple Sourcing ◽  
Risk Management Strategies ◽  
Artificial Neural Network Models

In competitive world, it becomes essential for the firms to consider the risks and uncertainties as the core concerns. To control the risks, various strategies like multiple sourcing, horizontal/ vertical integrations, buffer stocks etc are employed. But, out of many available risk mitigation strategies, SMEs usually prefer to keep excess safety stocks to manage the operational risks as they have feeble control and position in supply chain as well as limited means to employ other strategies, which requires skills and resources. Keeping appropriate safety stocks becomes a very complex and crucial problem for SMEs as excess stocks reduces the efficiency and shortage of it may make their position vulnerable in supply chains. Concerning to this issue, this paper focuses on operational risks with SME perspectives and explores the appropriate safety inventory levels using artificial neural network models and the results are further simulated with various settings of risk scenarios.

scholarly journals Optimal Investment in Cyber-Security under Cyber Insurance for a Multi-Branch Firm

Risks ◽  
2021 ◽  
Vol 9 (1) ◽  
pp. 24
Author(s):  
Alessandro Mazzoccoli ◽  
Maurizio Naldi
Keyword(s):  
Risk Management ◽  
Cyber Security ◽  
Management Strategies ◽  
Limited Liability ◽  
Optimal Investment ◽  
Cyber Insurance ◽  
Risk Management Strategies ◽  
Cyber Risk ◽  
Investment Choices ◽  
Very High

Investments in security and cyber-insurance are two cyber-risk management strategies that can be employed together to optimize the overall security expense. In this paper, we provide a closed form for the optimal investment under a full set of insurance liability scenarios (full liability, limited liability, and limited liability with deductibles) when we consider a multi-branch firm with correlated vulnerability. The insurance component results to be the major expense. It ends up being the only recommended approach (i.e., setting zero investments in security) when the intrinsic vulnerability is either very low or very high. We also study the robustness of the investment choices when our knowledge of vulnerability and correlation is uncertain, concluding that the uncertainty induced on investment by either uncertain correlation or uncertain vulnerability is not significant.

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