scholarly journals Risk Management in the Context of Information Modeling Technologies for Construction Objects: Features and Opportunities

2020 ◽  
Vol 17 (3) ◽  
pp. 56-65
Author(s):  
V. V. Vereshchagin ◽  
T. Yu. Shemyakina
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Information Technologies ◽  
Construction Project ◽  
Structural Complexity ◽  
Risk Identification ◽  
Information Modeling ◽  
Management Service ◽  
Construction Methods ◽  
Risk Management Methodology

Risks are inevitable in any construction project. Risk management methodology is used to address or mitigate their impact in the management of construction projects. In recent years, in the fields of architecture and construction, the likelihood of risks is increased due to the increasing structural complexity, the volume of construction works of the project, the application of new and complex construction methods. However, experience with risk management has shown limited practical impact on the development of systemic risk management in the construction project. Information modeling (BIM) technologies play an important role in risk management during the design, construction and maintenance phases of a building facility. Based on the development of information technologies, risk management should be integrated with modern IT processes of construction project management. Since BIM implementation for risk management of construction projects is still limited, the BIM system implementation must be developed to address risks throughout the construction project lifecycle. This article discusses the applications of BIM for building risk management during the lifecycle of a project. These recommendations illustrate the use of BIM in risk identification, response and monitoring. The findings show that one of the most significant issues is the lack of regulations to align BIM with risk management in the project development and execution process. The development of regulations should cover the model of risk migration, cycles of risk management, flexible structure of the risk management service at all stages of the life cycle of the construction project.

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 Risk Management of Construction Projects

2020 ◽  
Vol 9 (1) ◽  
pp. 15
Author(s):  
Amer Abdullatef Mahmoud al-Mukahal
Keyword(s):  
Risk Management ◽  
Quantitative Analysis ◽  
Qualitative Analysis ◽  
Construction Projects ◽  
Probability Distributions ◽  
Construction Project ◽  
Risk Identification ◽  
Political Factors ◽  
Construction Companies ◽  
Cause And Effect Diagram

This study aims to Analyzing the nature of Construction Projects, Analyzing the Nature of Construction Projects Risk, and Analyzing The mechanism of Risk Management. This Study adopted The Quantitative Method. The Summary Concluded From The Study Lies in the Theoretical Study of construction Project`s Risk. The Construction Project Contains Many Risk Which Related to Different Factors: Legal, Organizational, Technical, Zoning, Financial, Social and Political Factors. The Process of Management of Construction Projects includes: Planning of Risk Management, Risk Identification By (Checklist Analysis, Questionnaire, Personal Interview, Brainstorming Technique, Delphi Technique), Risk Analysis By Qualitative Analysis By (Probability and Impact Assessment, Cause and Effect Diagram, Probability and Impact Matrix) and Quantitative Analysis By (Probability Distributions, interviews , Sensitivity Analysis, Fault tree, Events tree, Munte Carlo Simulation), Planning the Response to Risk By (Strategies for Response to Negative Risk , and Strategies to Positive Risks), and Risk Control and Cheek. Depending on The Conclusions, The Study Recommends the Following: Process of Assessing The Efficiency of Construction Companies. Use Qualitative Analysis and Quantitative Analysis in The Process of diagnosis, and Categorization of Risk in the Process of Risk Management. Studying Types of Contracts of Construction Projects.

scholarly journals Research for Risk Management of Construction Projects in Taiwan

2021 ◽  
Vol 13 (4) ◽  
pp. 2034
Author(s):  
Chien-Liang Lin ◽  
Bey-Kun Chen
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Structural Equation ◽  
Construction Projects ◽  
Construction Project ◽  
Equation Modeling ◽  
Analysis Model ◽  
Sustainable Operation ◽  
Management Procedure ◽  
Risk Managers

Risks inevitably exist in all stages of a project. In a construction project, which is highly dynamic and complex, risk factors affect the expected achievement rates of the three main performance goals, namely schedule, cost, and quality. A comprehensive risk management procedure requires three crucial steps: risk confirmation, analysis, and treatment. Risk analysis is the core of risk management. Through structural equation modeling, this study developed a risk analysis model that takes a different perspective and considered the occurrence probability of risk events and the extent to which these events affect a project. The contractor dimension was discovered to exert the strongest influence on an overall project, followed by the subcontractor and design dimensions. This paper proposes a novel construction project risk analysis model, which considers the entire project. The proposed model can be used as a reference for risk managers to make decisions about project risks, so as to achieve the ultimate goal of saving resources and the sustainable operation of the construction project.

scholarly journals Establishing Core Factors of Risk Management Influencing Performance Outcome of Small and Medium Firm's Construction Projects in Gauteng

2020 ◽  
Vol 25 (2) ◽  
pp. 93-127
Author(s):  
Berenger Yembi Renault ◽  
Justus Ngala Agumba ◽  
Nazeem Ansary
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
South African ◽  
Construction Projects ◽  
Geographical Area ◽  
Risk Identification ◽  
Influential Factors ◽  
Performance Outcome ◽  
Management Factors ◽  
Project Objectives

The quest for delivering successful construction projects has urged South African small and medium enterprises (SMEs) to adopt risk management in their projects. However, it has been evinced that SMEs projects in South Africa especially in the Gauteng province have encountered poor performances. Thus, this article determines core risk management factors influencing project outcome of SMEs. A deductive approach was embraced using a questionnaire. The data were collected from 181 conveniently sampled respondents in Gauteng, graded from Grade 1 to 6 of the CIDB (Construction Industry Development Board) grading system. The Statistical Package for the Social Science (SPSS) version 23 was used to analyse the data by computing exploratory factor analysis and multiple regression analysis. It was revealed that SMEs performance outcome is influenced by eight risk management factors. The influential factors are organisational environment, defining project objectives, resource requirements, risk measurement, risk identification, risk assessment, risk response and action planning and monitoring, review and continuous improvement. The risk management factors established in this article are reliable and valid in projects undertaken by SMEs in the South African construction industry and the findings can serve as a guideline for contractors to achieve success in this context. The study may be repeated in other countries globally, however, it cannot be generalised due to the restrictions pertaining to the geographical area.

Fuzzy Analytic Hierarchy in Project Risk Management - New Stadium Construction Project in Weifang City

2011 ◽  
Vol 243-249 ◽  
pp. 6362-6368
Author(s):  
Yan Zhang ◽  
Chang Jiang Liu
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Large Scale ◽  
Construction Project ◽  
Construction Project Management ◽  
Analytic Hierarchy ◽  
Project Risk ◽  
Management Case Study

In the field of engineering and construction, unqualified construction quality, time delays, cost more than expected phenomena to occur. Because of these characteristics such as its large-scale construction projects, long cycle, the production of single and complex, there is greater risk than the production of general products, the risk increases the difficulty of construction project management, operating costs and the possibility of potential losses, therefore, risk management emerged and become an increasingly important integral part of project management. In this paper, fuzzy analytic hierarchy be used to construction project risk assessment, and to order the sort of each risk in order to prevent significant risks. On an actual project - the new stadium construction in Weifang City risk management case study, the reduction of risk of project failure is expected, but also the project is hoped for other industries to provide some reference for risk management.

A MEASUREMENT INSTRUMENT FOR THE TECHNOLOGY EXTENT AND PROCESS EFFICIENCY IN BIM ENABLED CONSTRUCTION PROJECTS

2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Gozde Basak Ozturk
Keyword(s):  
Technology Use ◽  
Structural Equation ◽  
Construction Projects ◽  
Construction Project ◽  
Measurement Instrument ◽  
Information Modeling ◽  
Process Efficiency ◽  
Equation Modeling ◽  
Related Data ◽  
Building Information

Technology use in all fields can play an important role as the booster in creating lean and efficient processes. Technology use may result in reduced duplications and delays in workflows while helping to speed up task realization. Building Information Modeling (BIM) enhances knowledge share, use and reuse for better collaboration, communication, coordination, and monitoring as a knowledge base platform. BIM enhanced construction projects may positively affect the process efficiency. The aim of this paper is to define a measurement instrument of BIM usage as technology enhancer tool and of process efficiency of construction projects. Research leans on the prominent literature to concrete the measurement instrument. A survey is established to construction project professionals to understand the technology efficiency and process efficiency in BIM enabled construction projects. The research based on the related data collected from 92 professionals experienced both in traditional project delivery methods and BIM enabled construction projects. The respondents are the construction industry experts comprised of construction project managers, BIM managers, and BIM implementation experts (architects, civil engineers, mechanical engineers, electrical engineers etc.). Data is analyzed and tested with structural equation modeling software to verify the proposed measurement instrument. The technology efficiency and process efficiency factors for BIM enabled construction projects are tested and refined. Research findings present the measurement instrument for both technology and process efficiency in BIM enabled construction projects.

Developing a Model for Risk and Responsibility Management Share Amongst Stakeholders Consortium in Construction Projects

2013 ◽  
Vol 684 ◽  
pp. 639-643 ◽  
Author(s):  
Alireza Ghaffari
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Construction Industry ◽  
Construction Projects ◽  
Construction Project ◽  
Significant Risk ◽  
Interest Rate Risk ◽  
Extensive Literature ◽  
Productivity Cost ◽  
Management Techniques

The construction project is a complex sector which characterized with low productivity, cost and time overruns and conflicts. The major challenges in construction project risk assessment which may attributed to knowledge requirements for determining the level of uncertainty and development of complex models to predict . Portfolio theory and capital market theory stipulate that risk consists of two types, First, systematic risk, which cannot be controlled, emanates from external factors such as acts of God, natural disasters, market risk, interest-rate risk, and purchasing-power risk. Second, unsystematic risk, which can be controlled, relates to organization-specific factors such as business risk and financial risk (Fischer and Jordan 1996).) . To identifies the risk factors that influence the cost-effective management, operation, and maintenance of construction project, as well as how and when in the project life cycle the identified risk factors impact to the associated costs . The identification and design of risk is the first step of risk management. It contain the recognition of potential risk event conditions in a project and the clarification of risk responsibilities. A total of 50 risk factors on construction for stake holders (client , contractor ,consultant ) share projects were identified after conducting an extensive literature survey. A questionnaire survey was conducted from 60 project managers(20 from each category) in all three proficiencies with background experience in buildings ,road and bridges with minimum 15 years experience , to identify the most significant risk factors impact in construction projects . Interviews were conducted face to face, ensuring a 100 percent response rate. The questionnaire was amended by incorporating feedback of the experts to suit the local environments of the construction industry. The weight or rate of each risk factor gained by using a five-point Liker scale from a consolidated conceptual framework of all 50 risk factors identified from the deep literature work . The main aim of these research is to identify ,categorize and ranking common risks, exert management techniques to address those risks , effective risk management and risk status in the construction industry and to help stakeholders to take stock of their ongoing and future projects, with a focus on important risks, their management techniques and barriers to effective implementation of risk management systems.

scholarly journals Realizacja projektów inwestycyjno-budowlanych z wykorzystaniem Big Data

2017 ◽  
Vol 26 (2) ◽  
pp. 241-249 ◽  
Author(s):  
Jarosław Górecki ◽  
Jadwiga Bizon-Górecka ◽  
Karol Michałkiewicz
Keyword(s):  
Risk Management ◽  
Big Data ◽  
Construction Projects ◽  
Construction Project ◽  
Construction Companies ◽  
On Line ◽  
Line Survey ◽  
The Impact

A paper focuses on analyzing the impact of Big Data (BD) on minimizing the risk in investment and construction projects. The work presents the aspects of risk occurring during the execution of the construction project. It presents an on-line survey which was aimed at knowing the opinion of Polish construction companies on the BD, and checking their readiness to implement technologies supporting manipulation of the data. It was underlined that results of the BD analysis provide a powerful tool for risk management, however, it is hardly noticed by the Polish respondents.

scholarly journals Risk Management in the Design of the Organization and Technology for the Construction of Buried Structures in Conditions of Compacted Development

2021 ◽  
Vol 10 (1) ◽  
pp. 54-60
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Plan ◽  
Risk Identification ◽  
Risk Management Plan ◽  
Construction Technology ◽  
Buried Structures ◽  
Management Algorithm ◽  
Optimal Efficiency

The article substantiates the feasibility of developing and implementing a risk management plan for the implementation of construction projects in the conditions of compacted construction on the basis of risk identification at the stages of development of projects of organization and construction technology. The risk management algorithm is given. Design of construction of structures in conditions of compacted development usually requires consideration of many factors (risks) that affect the safety and quality of construction, but, as a rule, the most significant risks arise in the construction of the deepened part of the structure - "zero cycle". With this in mind, a Risk Management Plan for the construction of the "zero cycle" is proposed and emphasis is placed on the need to develop a strategy for the protection of the surrounding area and buildings. The conditions for achieving optimal efficiency of the Risk Management Plan are determined.

Sign in / Sign up

Export Citation Format

Share Document