scholarly journals Method of Assessing the Risk of Implementing Railway Investments in Terms of the Cost of Their Implementation

2021 ◽  
Vol 13 (23) ◽  
pp. 13085
Author(s):  
Jan Kowalski ◽  
Mieczysław Połoński ◽  
Marzena Lendo-Siwicka ◽  
Roman Trach ◽  
Grzegorz Wrzesiński
Keyword(s):  
Construction Projects ◽  
Original Method ◽  
Project Managers ◽  
Simple Method ◽  
Construction Companies ◽  
Risk Forecasting ◽  
Specific Object ◽  
Effective Cost ◽  
The Cost ◽  
The Impact

Exceeding the approved budget is often an integral part of the implementation of construction projects, especially those where unforeseen threats may occur. Therefore, each construction investment should contain elements of risk forecasting, mainly in terms of the cost of its implementation. Only a small number of institutions apply effective cost control methods, taking into account the specifics of a given industry. Especially small construction companies that participate in the structure of the implementation of large construction projects as subcontractors. The article presents a method by which it is possible to determine, with certain probability, the final cost of railway construction investments carried out in Poland. The method was based on a reliable database of risk factors published in sources. In this article, the main presumptions of the original method are presented, which take into account the impact of potential, previously recognized, risks specific to railway investments, and enable project managers to relate them to the conditions where the implementation of a specific object is planned. The authors assumed that such a relatively simple method, supported by a suitable computational program, would encourage teams that plan to implement railway projects to use it and increase the credibility of their schedules.

scholarly journals Estimation of cost overrun in construction projects using Fuzzy Logic

2021 ◽  
Vol 23 (05) ◽  
pp. 797-805
Author(s):  
Neelakash Haloi ◽  
◽  
Tapas Goyal ◽  
Faizan Zahoor ◽  
Harsh Jain ◽  
...  
Keyword(s):  
Fuzzy Logic ◽  
Construction Projects ◽  
Cost Overrun ◽  
Time Data ◽  
Construction Companies ◽  
Five Factors ◽  
Spss Software ◽  
The Cost ◽  
The Impact ◽  
Published Research

In recent years, the impact of the construction industry on the economy of India is increasing. However, there are a number of problems that are being faced by the construction companies or contractors or other relevant stakeholders, in the completion of a construction project. One of the major problems being faced is time and cost overrun. Thus, it is important to find ways of mitigating this critical problem. One of the solutions that is being used is the prediction of the amount and time that a project might overrun beforehand i.e. estimating the overrun during the design phase itself. This prediction can be done using a number of different techniques, the important one of which used in this paper is through the use of Fuzzy Logic. It also provides a brief description about the factors that are responsible for causing this cost overrun. The factors are identified by conducting a questionnaire survey and gathering responses from the relevant stakeholders which include contractors, project engineers, architects and consultants. The responses collected are further processed and analysed using SPSS software. The top 5 factors have been selected after the analysis and further used in preparation of the fuzzy logic model in the fuzzy toolbox of MATLAB. Further, the validation of this model has been done with real-time data of projects from various published research papers. Thus, the model developed provided prediction of the percentage of the cost overrun based on the percentage input of the top five factors.

scholarly journals Identifying Challenges of Internet of Things on Construction Projects Using Fuzzy Approach

2021 ◽  
Vol 11 (3) ◽  
pp. 215-227
Author(s):  
Benedict Amade ◽  
Cosmas Ifeanyi Nwakanma
Keyword(s):  
Internet Of Things ◽  
Construction Projects ◽  
Structural Model ◽  
Project Managers ◽  
The Internet ◽  
Fuzzy Decision Making ◽  
Fuzzy Dematel ◽  
Construction Companies ◽  
The Impact ◽  
The Internet Of Things

Abstract This study presents a fuzzy decision-making trial and evaluation laboratory (DEMATEL) analysis of the internet challenges of the internet of things (IoT) implementation of construction projects in Nigeria. The identification of the IoT challenges was carried out through a thorough literature search and discussions with 27 built environmental experts. In addition, DEMATEL, an expert judgement-based tool, was used to pick, design, and evaluate a structural model consisting of a causal relationship between defined IoT challenges. Subsequently, the fuzzy DEMATEL was deployed with a view to constructing a structural relationship between the various challenging factors by visualising the dynamic associations between them. Based on the findings of the literature survey and expert evaluation, 18 obstacles to the implementation of IoT in construction projects were classified into cause and effect classes based on their relative parameters of impact. The results suggest that 8 challenges were categorised into the cause group, while 10 were listed into the impact group. The results of this study will enable construction companies, construction industry experts, project managers in Nigeria to enhance their search to design and execute an effective and productive IoT application for their construction projects.

scholarly journals The impact of project risk audits on construction project success

2020 ◽  
Vol 10 (2) ◽  
pp. 103-115
Author(s):  
Kennedy Obondi
Keyword(s):  
Construction Projects ◽  
Project Success ◽  
Construction Project ◽  
The United States ◽  
Project Managers ◽  
Business Success ◽  
Construction Companies ◽  
Construction Organizations ◽  
Simple Logistic ◽  
The Impact

Risk audit is often poorly implemented in construction projects because of the absence of constant auditing of risks by construction project managers. Construction companies are experiencing large financial deficits because of managers failing to audit and monitor project risks. The purpose of this study was to examine whether the utilization of risk audit correlates with project success in construction projects. An electronic survey instrument was used to collect data from a sample of 50 construction project managers in the Dallas-Fort Worth area of Texas in the United States. Spearman's rho correlational analysis and simple logistic regressions were used to examine the relationship between risk audit and project success. The results of this study indicated that there is a positive and significant association between risk audit and project success in terms of schedule performance, cost performance, customer satisfaction, and business success. One of the recommendations presented in this study was to expand the study to developing countries to see whether the findings from the study remain the same. The study concluded that construction organizations should regularly consider the importance and usage of risk audit techniques to improve the success rate of a project.

scholarly journals The Method of Planning the Implementation of Railway Investments Including Risk

2019 ◽  
Vol 65 (3) ◽  
pp. 45-60 ◽  
Author(s):  
J. Kowalski ◽  
M. Poloński
Keyword(s):  
Research Effort ◽  
Original Method ◽  
Project Managers ◽  
The Other ◽  
Investment Planning ◽  
Construction Market ◽  
Computational Program ◽  
Risk Forecasting ◽  
The One ◽  
The Impact

AbstractAlmost every construction investment should contain elements of risk forecasting, whose validity depends, among other things, on the correct assessment of potential threats. These risks were defined by the Authors as risk factors that were characterized and then grouped on the basis of performed research in the scope of their identification. Due to lack of method of scheduling railway investments on the construction market, including risk assessment, a research effort was undertaken [14-17], the result of which is the proposed method. The article presents the main assumptions of the original method of rail investment planning, which on the one hand, will take into account the impact of potential threats identified previously by the Authors, and, on the other, will allow project managers to refer to the conditions in which the implementation of a specific facility is planned. The assumption was made that the method, relatively easy to implement, supported by an appropriate computational program, will encourage teams planning the implementation of railway undertakings to its application and will improve the reliability of the schedules they develop.

Investigation of Cost-Influencing Factors Potentially ‎Controllable by Main Contractors in Construction Projects in ‎Iraq

2020 ◽  
Vol 38 (7A) ◽  
pp. 1069-1076
Author(s):  
Layth T. Ali ◽  
Raid S. Abid Ali ◽  
Zeyad S. M. Khaled
Keyword(s):  
Construction Projects ◽  
Project Managers ◽  
Cost Overrun ◽  
Public And Private ◽  
Importance Index ◽  
Labor Recruitment ◽  
Supply Planning ◽  
Major Factors ◽  
And Control ◽  
The Impact

Cost overrun in construction projects is a common phenomenon in Iraq. This might occur due to diversity of factors. This study aims to identify the factors influencing construction projects cost that are potentially controllable by main contractors. A field study through a questionnaire survey was directed to a sample of related Iraqi professional engineers from general contracting companies at both public and private sectors. Their opinions on the impact and frequency of each factor were investigated. The questionnaire offered (59) factors classified in (8) categories namely; legislations, financial and economic, design, contractual, site management, material, labor and equipment. The factors were ranked according to the highest Relative Importance Index (RII). The study revealed (10) major factors that are potentially controllable by main contractors namely; labor productivity, sub-contractors and suppliers performance, equipment productivity, site organization and distribution of equipment, experience and training of project managers, scheduling and control techniques, planning for materials supply, planning for equipment supply, materials delivery and planning for skilled labor recruitment. Recommendations to aid contractors and owners in early identification of these factors are also included in this study.

scholarly journals Exploring the Impact of Early Decisions in Variable Ordering for Constraint Satisfaction Problems

2018 ◽  
Vol 2018 ◽  
pp. 1-14
Author(s):  
José Carlos Ortiz-Bayliss ◽  
Ivan Amaya ◽  
Santiago Enrique Conant-Pablos ◽  
Hugo Terashima-Marín
Keyword(s):  
Constraint Satisfaction ◽  
Constraint Satisfaction Problems ◽  
Search Cost ◽  
High Quality ◽  
Simple Method ◽  
Variable Ordering ◽  
It Performance ◽  
The Cost ◽  
The Impact ◽  
Variable Ordering Heuristics

When solving constraint satisfaction problems (CSPs), it is a common practice to rely on heuristics to decide which variable should be instantiated at each stage of the search. But, this ordering influences the search cost. Even so, and to the best of our knowledge, no earlier work has dealt with how first variable orderings affect the overall cost. In this paper, we explore the cost of finding high-quality orderings of variables within constraint satisfaction problems. We also study differences among the orderings produced by some commonly used heuristics and the way bad first decisions affect the search cost. One of the most important findings of this work confirms the paramount importance of first decisions. Another one is the evidence that many of the existing variable ordering heuristics fail to appropriately select the first variable to instantiate. Another one is the evidence that many of the existing variable ordering heuristics fail to appropriately select the first variable to instantiate. We propose a simple method to improve early decisions of heuristics. By using it, performance of heuristics increases.

scholarly journals An assessment of cost escalation in building construction project

2021 ◽  
Vol 39 (4) ◽  
pp. 1029-1034
Author(s):  
A. Nazif ◽  
A.K. Mustapha ◽  
F. Sani
Keyword(s):  
Construction Projects ◽  
Building Construction ◽  
Project Cost ◽  
Mean Values ◽  
Design Error ◽  
Project Construction ◽  
Effective Cost ◽  
Building Project ◽  
The Impact ◽  
The Relationship

Estimating of cost for building construction projects with minimum error at the conceptual stage of project development is quite  essential for planning. This study seeks to evaluate factors responsible for cost escalation of building construction projects.  Questionnaires were administered to examine and assess these factors. Subsequently, the mean score value of each factor was determined. In addition, Correlation and Linear regression analyses were used to establish the relationship between these factors. Factors responsible for cost escalation in projects were examined as well as the impact of those factors, and occurrence of those factors on project cost. The result of the analysis showed that, the most agreed factors responsible for project cost escalation were; inadequate supervision, irregular payment, and design error, having high mean values of 4.25, 4.20, and 4.15, respectively. Also, correlation analysis result established that the factors responsible for cost escalation and the impact of cost escalation had significant R and R2 of 0.81 and 0.70 respectively. Addressing these factors would go a long way in reducing the escalation of building project cost. Never the less, an effective cost management strategy is absolutely necessary to safeguard and sustain the construction  industry. Keywords: cost escalation, building project, construction, regression analysis

scholarly journals ANALISIS KETERLAMBATAN PROYEK SERTA DAMPAKNYA TERHADAP BIAYA DAN WAKTU PELAKSANAAN PROYEK

2019 ◽  
Vol 5 (1) ◽  
pp. 13-19
Author(s):  
Fitri Nur Kharina ◽  
Kusno Adi Sambowo
Keyword(s):  
Construction Projects ◽  
Construction Project ◽  
Project Performance ◽  
Project Work ◽  
Earned Value ◽  
Time Period ◽  
Review Period ◽  
The Difference ◽  
The Cost ◽  
The Impact

Construction projects in all regions continues to be developed for the creation of facilities that can be utilized by the community. One of them is the construction of apartments which are now being intensively carried out to meet residential needs for the community. Making a construction project plan always refers to estimates that exist at the time development plan is made, therefore problems can arise if there is a discrepancy between the plans that have been made and the actual reality. So the impact that often occurs is the delay in the time of project implementation which can also be accompanied by an increase in the cost of implementing the project. In the construction project of Cinere Terrace Suites Apartemen & Citywalk, Jakarta there was a delay resulting in a late payment of monthly bill progress by the owner. Based on the above reasons, this research was conducted to find out how the project performance was seen from the cost and time period of the review period. how is the estimated cost and time to complete the overall project work. The method used in the analysis of this study is the Earned Value Method. Based on the results of the analysis carried out for 29 weeks the project performance on schedule has been delayed and cost shows a positive value. For the estimated completion time of the project there is an increase in time whose duration increases from the planned 98 weeks or 685 days to 109,624 weeks or 768 days. While the estimated cost of completing the project from the results of the analysis obtained a value of Rp. 270,147,448,569.16 smaller than the planned cost of Rp. 315,272,727,272.73. With the difference VAC of Rp. 45,125,278,703.57 this shows that there are benefits obtained by the contractor.

FACTORS CAUSING PROBLEMS IN MANAGING CONSTRUCTION PROJECTS IN A COUNTRY UNDER MILITARY OCCUPATION: Contractors’ Perspective

2016 ◽  
Vol 05 (07) ◽  
pp. 01-07
Author(s):  
Akram Subhe Suleiman ◽  
Jafar Subhi Hardan Abahre
Keyword(s):  
Construction Industry ◽  
Construction Projects ◽  
Project Managers ◽  
Project Manager ◽  
Military Occupation ◽  
The Political ◽  
Clear Understanding ◽  
Team Members ◽  
Political Situation ◽  
The Impact

An exhaustive literature search revealed that not much research has been done on factors causing problems in managing a construction project in a country under military occupation like Palestine. So, it is the main goal of this research is to identify these factors which could be used by the decision makers to select the appropriate project manager who bosses the suitable skills and competencies to deal with these problems. The study is a step toward determining means to improve the effectiveness of projects through identifying project manager competencies. It is important for Palestinian construction industry to progress in terms of project success; the problems that face the project managers must be determined and identified, in order to achieve the best results with less risk. A clear understanding of such problems helps the Palestinian construction industry of finding the suitable solutions to overcome these problems. A questionnaire survey was carried out to achieve the main aim of this research. The respondents were engineers have more than 3 years in the position of project manager in the Palestinian construction industry. The survey was based on factors drawn from findings of another researches in different countries, together with special factors identified as potentially affecting Palestine. The results identified many factors created problems; they were clustered in eight groups. These groups were arranged according to respondents in descending order as follows: the political situation of Palestine, lack of consultants` technical competencies, lack of resources, insufficient planning, team members uncommitted, conflicts between departments, breakdowns in communications, and changes in goals. As a result of this study one could conclude that managing a project in Palestine is as difficult as the complication of the political situation of the country. The project manager should have a complicated mixture of skills and competencies from dealing with Israeli occupation to dealing with stakeholders to lack of resources and unclear goals. The study has recommended to the Palestinian government to improve the regulations and laws to meet the impact of closure and segmentation of the Palestine.

An Investigation into the Risk of Construction Projects Delays in the UAE

2014 ◽  
pp. 962-977
Author(s):  
Omayma Motaleb ◽  
Mohammed Kishk
Keyword(s):  
United Arab Emirates ◽  
Construction Projects ◽  
Success Factors ◽  
Project Managers ◽  
Project Delivery ◽  
Extensive Literature ◽  
Construction Companies ◽  
High Concern ◽  
Potential Factors ◽  
Major Criticism

The growing rate of delays in project delivery is considered a major criticism of the construction companies in the United Arab Emirates (UAE). This paper aims to investigate the causes and effects behind the delays pertaining to delivery of construction projects in the UAE. The study is exploratory in nature, and incorporates a pilot questionnaire survey and interviews. An extensive literature review indicates potential factors that have possible effects on construction completion delay. The questionnaire forms were sent to 50 construction companies. Thirty-five (70%) completed responses were received. Analysis of the survey data has revealed that about 42 potential causes and effects of delay relate to various groups of stakeholders. The results show the top fifteen factors relate to clients, project managers and finance aspects. It was found that cost and time overruns are the most significant effects. These results are in partial agreement with previous studies. The paper argues that the key determinant in ensuring project control is on-time project delivery. The results of the study can provide moderate support for a suggested hypothesis, through a framework of project success factors. It should be of high concern to knowledge managers in various roles and decision-makers.

Sign in / Sign up

Export Citation Format

Share Document