scholarly journals Constructability Risk Assessment in Construction Projects

2019 ◽  
Vol 9 (2) ◽  
pp. 4979-4985
Keyword(s):  
Construction Projects ◽  
Dynamic Environment ◽  
Preventive Measure ◽  
Risk Identification ◽  
Financial Risks ◽  
Formal Approach ◽  
Construction Risk ◽  
Identification Approach ◽  
Technical Risks ◽  
Static Approach

Construction projects are started in a very critical and dynamic environment which results in more number of uncertainties and risks, which have the demand of time constraints. Now a days construction industries are changing their scenario by day to day basis based on their needs and uncertainties that prevails all over the world. By taking into consideration of all the uncertainties or risks, the important role played by few risks aspects which includes Constructability risks, financial risks, technical risks and administrative risks etc. In the above risks, the constructability risk plays major role which affect the entire process and progress of the work. From the past literatures it is to be observed that Technology risk, design risk, construction risk, procurement risk , management risk are considered to be more important. To overcome the above hurdles certain risk identification approach i.e. Formal approach, informal approach, and static approach. A special team can also be appointed by the clients to identify, analysis and to take preventive measure of the before the start of the work itself.

scholarly journals System dynamic modeling of risk management in construction projects: A systematic literature review

2021 ◽  
Vol 4 (1) ◽  
Author(s):  
Endit Wardito ◽  
◽  
Humiras Hardi Purba ◽  
Aleksander Purba ◽  
◽  
...  
Keyword(s):  
Risk Management ◽  
Literature Review ◽  
Dynamic Modeling ◽  
Construction Projects ◽  
System Dynamic ◽  
Social Risk ◽  
Construction Risk ◽  
Research Problems ◽  
Technical Risks ◽  
External Risk

This literature review discusses risk management research with System Dynamic modeling. Literature is reviewed by summarizing the research that has been done and examining research findings, research relationships, and research problems that require further research. The risk management paper with System Dynamic modeling (2000-2020) is reviewed by dividing risk into 3 groups, namely: internal risk, external risk, and project risk. Each group is further divided into technical risks and non-technical risks. The results of the study stated that risk management with System Dynamic modeling has not been widely used as evidenced by research (2000-2020); there are only 25 papers that match the keywords and can be written reviews. Ten internal risk papers include: project members, location risk, document risk & information. External risk papers are only found in 2 papers that discuss: weather risk and social risk, while the project risks are found in 13 papers discussing: cost risk, time risk, work quality risk, and construction risk.

scholarly journals Influence of Subcontractor Risk Management on Quality Performance of Building Construction Projects in Ghana

2020 ◽  
Vol 25 (2) ◽  
pp. 175-197
Author(s):  
Emmanuel Adinyira ◽  
Kofi Agyekum ◽  
James Cofie Danku ◽  
Prince Addison ◽  
James Cofie Danku
Keyword(s):  
Risk Management ◽  
Structural Equation ◽  
Construction Projects ◽  
Quantitative Research ◽  
Equation Model ◽  
Building Construction ◽  
Financial Risks ◽  
Quality Performance ◽  
Building Projects ◽  
Technical Risks

This study intended to examine the influence subcontractor risk management has on the quality performance of building construction projects. Using a quantitative research method, five hypothesised constructs were tested. The views of 139 Heads of Works for Metropolitan, Municipal and District Assemblies (MMDAs) in Ghana were elicited using a structured questionnaire. A confirmatory factor analysis (CFA) based on structural equation model (SEM) was adopted in analysing the data obtained. The findings suggest that the management of four (financial risks, resource risks, technical risks and managerial risks) out of the five categories of risks positively influenced the quality performance of building construction projects. Relationship risks showed no significant influence on construction quality performance. The study showed quantitatively the effects of sub-contractor risks on quality performance. It provides a vivid relationship between the concept of sub-contracting and quality performance. Therefore, failure to properly manage risks sourced from sub-contractors on a building construction project will have a major adverse consequence on the quality performance of the project. This study further advances efforts at understanding the link between sub-contractor management and project performance with a particular focus on the management of risks emanating from the use of subcontractors on building projects.

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.

scholarly journals Construction Risk Identification and Assessment

2011 ◽  
Vol 4 (5) ◽  
pp. 388-391
Author(s):  
Sowmya Rao G.S Sowmya Rao G.S ◽  
◽  
Prof. V. SrinivasaRaghavan Prof. V. SrinivasaRaghavan
Keyword(s):  
Risk Identification ◽  
Construction Risk

scholarly journals Framework for Risk Identification of Renewable Energy Projects Using Fuzzy Case-Based Reasoning

2020 ◽  
Vol 12 (13) ◽  
pp. 5231 ◽  
Author(s):  
Sahand Somi ◽  
Nima Gerami Seresht ◽  
Aminah Robinson Fayek
Keyword(s):  
Renewable Energy ◽  
Construction Projects ◽  
Wind Farm ◽  
Risk Identification ◽  
Case Based Reasoning ◽  
Onshore Wind ◽  
Energy Projects ◽  
Project Objectives ◽  
Tools And Techniques ◽  
Case Based

Construction projects are highly risk-prone due to both internal factors (e.g., organizational, contractual, project, etc.) and external factors (e.g., environmental, economic, political, etc.). Construction risks can thus have a direct or indirect impact on project objectives, such as cost, time, safety, and quality. Identification of these risks is crucial in order to fulfill project objectives. Many tools and techniques have been proposed for risk identification, including literature review, questionnaire surveys, and expert interviews. However, the majority of these approaches are highly reliant on expert knowledge or prior knowledge of the project. Therefore, the application of such tools and techniques in risk identification for renewable energy projects (e.g., wind farm and solar power plant projects) is challenging due to their novelty and the limited availability of historical data or literature. This paper addresses these challenges by introducing a new risk identification framework for renewable energy projects, which combines case-based reasoning (CBR) with fuzzy logic. CBR helps to solve problems related to novel projects (e.g., renewable energy projects) based on their similarities to existing, well-studied projects (e.g., conventional energy projects). CBR addresses the issue of data scarcity by comparing novel types of construction projects to other well-studied project types and using the similarities between these two sets of projects to solve the different problems associated with novel types of construction projects, such as risk identification of renewable energy projects. Moreover, the integration of fuzzy logic with CBR, to develop fuzzy case-based reasoning (FCBR), increases the applicability of CBR in construction by capturing the subjective uncertainty that exists in construction-related problems. The applicability of the proposed framework was tested on a case study of an onshore wind farm project. The objectives of this paper are to introduce a novel framework for risk identification of renewable energy projects and to identify the risks associated with the construction of onshore wind farm projects at the work package level. The results of this paper will help to improve the risk management of renewable energy projects during the construction phase.

scholarly journals Knowledge is power – conceptualizing collaborative financial risk assessment

2019 ◽  
Vol 20 (3) ◽  
pp. 226-248 ◽  
Author(s):  
Thomas Michael Brunner-Kirchmair ◽  
Melanie Wiener
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Financial Risk ◽  
Risk Identification ◽  
Modern World ◽  
Risk Governance ◽  
Financial Risks ◽  
Financial Risk Management ◽  
Content Type ◽  
New Findings

Purpose Inspired by new findings on and perceptions of risk governance, such as the necessity of taking a broader perspective in coping with risks in companies and working together in interactive groups with various stakeholders to deal with complex risks in the modern world, the purpose of this paper is looking for new ways to deal with financial risks. Current methods dealing with those risks are confronted with the problems of being primarily based on past data and experience, neglecting the need for objectivity, focusing on the short-term future and disregarding the interconnectedness of different financial risk categories. Design/methodology/approach A literature review of risk governance, financial risk management and open foresight was executed to conceptualize solutions to the mentioned-above problems. Findings Collaborative financial risk assessment (CFRA) is a promising approach in financial risk governance with respect to overcoming said problems. It is a method of risk identification and assessment, which combines aspects of “open foresight” and the financial risk management and governance literature. CFRA is characterized as bringing together members of different companies in trying to detect weak signals and trends to gain knowledge about the future, which helps companies to reduce financial risks and increase the chance of gaining economic value. By overcoming organizational boundaries, individual companies may gain the knowledge they would probably not have without CFRA and achieve a competitive advantage. Research limitations/implications A conceptual paper like the one at hand wants empirical proof. Therefore, the authors developed a research agenda in the form of five propositions for further research. Originality/value This paper discusses the existing problems of financial risk identification and assessment methods. It contributes to the existing literature by proposing CFRA as a solution to those problems and adding a new perspective to financial risk governance.

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.

scholarly journals Analysis of modern construction projects using montecarlo simulation technique

2018 ◽  
Vol 7 (2.19) ◽  
pp. 41
Author(s):  
A. M. Arunmohan ◽  
M. Lakshmi
Keyword(s):  
Monte Carlo Simulation ◽  
Monte Carlo ◽  
Quantitative Analysis ◽  
Construction Projects ◽  
Project Success ◽  
Risk Identification ◽  
Project Schedule ◽  
Montecarlo Simulation ◽  
Total Project Cost ◽  
Total Project

Today, Construction based Industry is the prospering industry which has a high economical influence on any nation. Delay in the huge construction project increases the total project cost. Henceforth, uncertainties as well as risks must be significantly regarded during the project. For organizing and completing the projects in a financially, timely and qualitatively accountable manner, careful scheduling of projects is compulsory. Effectual scheduling of project assures project success. This study concentrates on qualitative analysis, risk identification, together with quantitative analysis. The targets are i) to ascertain the key risk aspects that disturb the project schedule, and ii) to find the probability of finishing the project within specified time. Questionnaires are distributed amongst 20 industry practitioners with disparate experience from [1] to [25] years.  Quantitative analysis is made by the methods like Monte Carlo simulation (MCS) and PERT. @RISK by Palisade corp. is utilized for MCS.

scholarly journals Maturing Construction Management Up The Bim Model & Scheduling Using Primavera

2018 ◽  
Vol 7 (3.10) ◽  
pp. 1 ◽  
Author(s):  
T Subramani ◽  
A Ammai
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Management ◽  
Construction Projects ◽  
Hazard Management ◽  
Project Completion ◽  
Schedule Delay ◽  
Venture Management ◽  
Construction Risk ◽  
Timely Project Completion

Poor hazard management is among significant difficulties confronting the construction business on issues of timely project completion. Although hazard factors are various, the nature of construction projects being inclined to changes amid execution makes it hard to satisfactorily catch chance perspectives identified with scheduling and timely project completion. Conventional 2D PC based devices don't enough use digitized calculable data, along these lines constrained in capturing construction risk. Hence, derive the benefit  of prominent BIM to pass over this gap is presently being noted in growth  venture management. This examination researches the utilization of BIM in managing scheduling risk of construction projects. In our study, to properly minimize the risk of schedule delay in projects; construction sequencing exercises should be satisfactorily digitized and BIM offers the total chance to integrate vital aspects of project management that  management enhance scheduling risk management.  

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