scholarly journals DEVELOPING A PROJECT PORTFOLIO SELECTION MODEL FOR CONTRACTOR FIRMS CONSIDERING THE RISK FACTOR

2012 ◽  
Vol 18 (6) ◽  
pp. 879-889 ◽  
Author(s):  
Hamidreza Abbasianjahromi ◽  
Hossein Rajaie
Keyword(s):  
Construction Industry ◽  
Portfolio Selection ◽  
Project Selection ◽  
Risk Level ◽  
Project Life Cycle ◽  
User Friendly ◽  
Project Life ◽  
Portfolio Selection Model ◽  
A Company

Regarding to the high importance of project selection in the project life cycle, solving bid/no-bid problems, especially in the construction industry, is a subject of most recent research. Portfolio selection has been the most interesting area in the last two decades in management research but there is poor investigation in the construction industry. Taking into account the risk, which is inherent in the construction industry and especially in the project selection phase is inevitable. This paper intends to propose a model for project selection and developing two main concepts including company portfolio and risk. The main innovation of this paper is presenting a new framework, which attempts to optimize project selection based on the endurable risk level of a company with regard to the existing portfolio. Considering the user-friendly characteristic of the model, this paper has applied the fuzzy multi criteria decision-making approaches. Finally, the model is implemented in a real case study.

scholarly journals Reverse Logistics Performance Indicators for the Construction Sector: A Building Project Case

2022 ◽  
Vol 14 (2) ◽  
pp. 963
Author(s):  
Mochamad Agung Wibowo ◽  
Naniek Utami Handayani ◽  
Anita Mustikasari ◽  
Sherly Ayu Wardani ◽  
Benny Tjahjono
Keyword(s):  
Life Cycle ◽  
Construction Industry ◽  
Reverse Logistics ◽  
Manufacturing Sector ◽  
Group Discussion ◽  
Construction Sector ◽  
Proposed Model ◽  
Project Life Cycle ◽  
Project Life ◽  
Building Project

While the performance evaluation of reverse logistics (RL) practices in the construction sector is crucial, it is seemingly limited compared to that in the manufacturing sector. As the project life cycle in the construction sector is typically long, effective coordination among the stakeholders is needed to integrate RL into each phase of the project life cycle. This paper proposes a new model of RL for the construction industry, incorporating the dimensions, elements, and, most importantly, indicators needed for the evaluation of RL performance. The model was initially derived from the extant literature. It was then refined through (1) focus group discussion, by which suggestions pertinent to the proposed model were collated from academics and practitioners, and (2) judgments by academics and practitioners to validate the model. The validated model includes 21 indicators to measure RL performance, spanned throughout the green initiation, green design, green material management, green construction, and green operation and maintenance phases. The paper offers a new method for how RL can be adopted in the construction industry by proposing an innovative model that will benefit stakeholders in the construction industry.

Risk analysis of construction of administration projects using Bayesian networks

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Mohammad Osama ◽  
Aly Sherif ◽  
Mohamed Badawy
Keyword(s):  
Risk Factors ◽  
Life Cycle ◽  
Risk Analysis ◽  
Construction Industry ◽  
Construction Projects ◽  
Causal Relationships ◽  
Content Type ◽  
Project Life Cycle ◽  
Project Objectives ◽  
Project Life

Purpose This paper aims to enlighten the importance of the risk management process which is considered as a major procedure to effectively handle the potential inherent risks in the construction industry. However, most traditional risk analysis techniques are based on theories that deal with each risk factor as an independent, which does not take into consideration the causal relationships between risk factors. Design/methodology/approach This study aspires to identify the overall risk of the administrative construction projects in Egypt and to recognize the most influencing risk factors through the project life cycle by using Bayesian belief networks (BBN). Through a review of the literature, 27 risk factors were identified and categorized as the most common risk factors in the construction industry. A structured questionnaire was performed to estimate the probability and severity of these risks. Through site visits and interviews with experts in the construction field, 200 valid questionnaires were collected. A risk analysis model was developed using BBNs, then the applicability of this model was verified using a case study in Egypt. Findings However, the outcome showed that critical risks that manipulate administrative construction projects in Egypt were corruption and bribery, contractor financial difficulties, force majeure, damage to the structure and defective material installation. Practical implications The proposed study presents the possibilities available to the project parties to obtain a better forecast of the project objectives, including the project duration, total project cost and the target quality by examining the causal relationships between project risks and project objectives. Originality/value This study aspires to identify the overall risk of the administrative construction projects in Egypt and to recognize the most influencing risk factors through the project life cycle by using BBNs.

scholarly journals Process Information Modelling (PIM) Concept for On-site Construction Management: Hong Kong Case

2018 ◽  
Vol 49 (2) ◽  
pp. 165-175 ◽  
Author(s):  
Wen Pan ◽  
Bahriye Ilhan ◽  
Thomas Bock
Keyword(s):  
Hong Kong ◽  
Life Cycle ◽  
Construction Industry ◽  
Manufacturing Industry ◽  
Cost Overrun ◽  
Time Data ◽  
Process Information ◽  
Information Modelling ◽  
Project Life Cycle ◽  
Project Life

When compared to the manufacturing industry, the advances of intelligent and seamless project management approaches lag behind in the construction industry. This is due to the complexity of the construction projects as well as various stakeholders who acquire specific interest of the project. For instance, public building construction has many sub-tasks and numerous systematised working processes such as planning, mobilisation, scheduling, procurement and controlling. The management of the processes of each phase of the project life cycle is of great importance in order to prevent project delay and cost overrun. A particular importance is required if construction robotics is involved since precise process and scheduling information as well as feedback are critical to ensure each task is completed accordingly. This paper proposes a holistic system approach, which focuses on the process-oriented management for on-site construction. To succeed, the Process Information Modelling (PIM) concept is introduced. The main goal of PIM is to integrate Building Information Modelling (BIM) for extensible solutions with a process-based database platform, which allows for smooth data transfer and supports continuous data sharing among all stakeholders. The overall aim is to develop a collaborative way of planning, designing, producing, assembling and managing the entire project life cycle strategy. Digital documentation, simulation and real-time data are produced progressively to facilitate decision-making. A case study applying the PIM concept for the façade painting task by a painting robot for an on-going consultancy project commissioned by the construction industry council (CIC) in Hong Kong is presented. This paper is the revised version of the paper that has been published in the proceedings of the Creative Construction Conference 2018 (Pan et al., 2018).

scholarly journals Subsidy Risk Related to Construction Projects: Seeking Causes

2018 ◽  
Vol 8 (1) ◽  
pp. 484-489 ◽  
Author(s):  
Tomas Hanak ◽  
Jana Korytarova
Keyword(s):  
Construction Projects ◽  
The European Union ◽  
Risk Avoidance ◽  
State Budget ◽  
The Czech Republic ◽  
Operation Conditions ◽  
Public Subsidy ◽  
Project Life Cycle ◽  
Project Life

AbstractMany construction projects are realized with public subsidy, e.g. subsidies from the European Union, state budget and/ or municipal resources. The reimbursement of the subsidy depends on a number of conditions, such as completion of the project in time or compliance with operation conditions. The purpose of this research is to seek causes of subsidy risk related to construction projects. In particular, research aims at addressing causes that may lead to the loss of subsidy, reduction of subsidy and/or a penalty payment. Research is conducted as a case study of selected construction projects and the Czech Republic is chosen as a study area. Set of data representing 20 construction projects which faced the threat of reduction or loss of subsidy was collected from available sources and results represent the spectrum of identified risk causes and their distribution in the different phases of the project life cycle and according to the risk source breakdown structure. From managerial perspective, output of this research may serve as a support for investors who plan to apply for public subsidy for their construction projects. Several recommendations for subsidy risk avoidance have been proposed at the end of the paper.

scholarly journals SELECTION OF FACADE'S ALTERNATIVES OF COMMERCIAL AND PUBLIC BUILDINGS BASED ON MULTIPLE CRITERIA / KOMERCINĖS IR VIEŠOSIOS PASKIRTIES PASTATŲ FASADO ALTERNATYVŲ DAUGIAKRITERINĖ ATRANKA

2011 ◽  
Vol 15 (2) ◽  
pp. 189-203 ◽  
Author(s):  
Jonas Šaparauskas ◽  
Edmundas Kazimieras Zavadskas ◽  
Zenonas Turskis
Keyword(s):  
Management Practices ◽  
Early Stage ◽  
Design Management ◽  
Strategic Decisions ◽  
Building Facades ◽  
Project Life Cycle ◽  
Total Investment ◽  
Project Life ◽  
Selection Of

An appropriate mechanism for supporting design management practices at an early stage of project is crucial in terms of adding value over scope, time and total investment strategic decisions. The clients are not only interested in value for money in relation to the investment in project development but costs associated in operation and maintenance over project life cycle as well. These criteria make possible to evaluate design solutions which can be characterized by quantitative and qualitative criteria which possibly have different weight, dimension and direction of optimization (maximisation or minimization). The purpose of this article – is to compare different designs of building or its structure and to select the best alternative using criteria of optimality. Case study is demonstrated by selecting the best facade system to cover the building. For this purpose four alternatives of building facades are under consideration. Two criteria (out of three) indicate that for the case study the most preferable facade‘s alternative is gas silicate masonry, covered by Rockwool and “Minerit” facade plates. Santrauka Tinkamas sprendimų priėmimo mechanizmas projektuojant pastatą yra labai svarbus priimant strateginius investicijų sprendimus. Klientus yra suinteresuotas ne tik projekto įgyvendinimo kaina, bet ir eksploatavimo išlaidomis. Šio straipsnio tikslas – palyginti skirtingus pastato projektus arba konstrukcijas ir pagal tris optimalumo kriterijus parinkti geriausią alternatyvą. Šie trys kriterijai leidžia įvertinti projektinius sprendinius, kurie gali būti apibūdinami kiekybiniais ir kokybiniais rodikliais, turinčiais skirtingas dimensijas ir optimizavimo kryptį (maksimizavimas arba minimizavimas). Skaitiniame pavyzdyje demonstruojamas geriausios fasado sistemos parinkimas pastatui. Jame svarstomos keturios alternatyvos. Du kriterijai (iš trijų) rodo, kad šiam konkrečiam atvejui tinkamiausias yra fasadas, sumūrytas iš dujų silikato blokelių, aptaisytų ,,Rockwool“ mineraline vata ir ,,Minerit“ fasado plokštėmis.

A novel probabilistic hesitant fuzzy portfolio selection model with value-at-risk and safety level of score

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Xue Deng ◽  
Weimin Li
Keyword(s):  
At Risk ◽  
Portfolio Selection ◽  
Value At Risk ◽  
Selection Model ◽  
Selection Models ◽  
Content Type ◽  
Fuzzy Portfolio Selection ◽  
Fuzzy Environment ◽  
Portfolio Selection Model

Purpose This paper aims to propose two portfolio selection models with hesitant value-at-risk (HVaR) – HVaR fuzzy portfolio selection model (HVaR-FPSM) and HVaR-score fuzzy portfolio selection model (HVaR-S-FPSM) – to help investors solve the problem that how bad a portfolio can be under probabilistic hesitant fuzzy environment. Design/methodology/approach It is strictly proved that the higher the probability threshold, the higher the HVaR in HVaR-S-FPSM. Numerical examples and a case study are used to illustrate the steps of building the proposed models and the importance of the HVaR and score constraint. In case study, the authors conduct a sensitivity analysis and compare the proposed models with decision-making models and hesitant fuzzy portfolio models. Findings The score constraint can make sure that the portfolio selected is profitable, but will not cause the HVaR to decrease dramatically. The investment proportions of stocks are mainly affected by their HVaRs, which is consistent with the fact that the stock having good performance is usually desirable in portfolio selection. The HVaR-S-FPSM can find portfolios with higher HVaR than each single stock and has little sacrifice of extreme returns. Originality/value This paper fulfills a need to construct portfolio selection models with HVaR under probabilistic hesitant fuzzy environment. As a downside risk, the HVaR is more consistent with investors’ intuitions about risks. Moreover, the score constraint makes sure that undesirable portfolios will not be selected.

scholarly journals Environmental Impact Assessment of Transportation Infrastructure in the Life Cycle: Case Study of a Fast Track Transportation Project in China

Energies ◽  
2019 ◽  
Vol 12 (6) ◽  
pp. 1015 ◽  
Author(s):  
Hui Li ◽  
Quanxue Deng ◽  
Jingxiao Zhang ◽  
Ayokunle Olubunmi Olanipekun ◽  
Sainan Lyu
Keyword(s):  
Life Cycle ◽  
Environmental Impact ◽  
Fast Track ◽  
Transportation Infrastructure ◽  
Project Life Cycle ◽  
Infrastructure Project ◽  
Environmental Emissions ◽  
Materials Used ◽  
Project Life

The transportation sector generates enormous amount of environmental emission. This study aims to assess the environmental impact of the environmental emissions in a transportation infrastructure project life cycle. Using the fast track transportation project in China as a case study, the materials used and the energy consumed over the life cycle were converted into environmental emissions. The life cycle of fast track transportation project was divided into three phases including construction, maintenance and repair, and demolition phases. Both qualitative and quantitative method were applied to explore the environmental impact of transportation project. The life cycle assessment (LCA) method was used for the development environmental impact assessment (EIA) model to analyze the contribution of each process in the transportation project life cycle. The empirical results show that the construction phase has the highest environmental impact (62.7%) in the fast track transportation project life cycle, followed by the demolition (35.8%) and maintenance phases (1.7%). Among the materials used in the fast track transportation project, steel has the highest proportion of environmental impact in the construction phase (55.5%). This indicates the enormous environmental impact of the construction phase in fast track transportation project life cycle results from the use of steel material. This study contributes to reducing environmental emissions by revealing the greatest phase of environmental impact and material-source of environmental impact over the life cycle in a transportation infrastructure project.

PREQUALIFICATION METHOD STATEMENT IN CONSTRUCTION PROCUREMENT

2018 ◽  
Vol 5 (2) ◽  
Author(s):  
Benedetta Bossi ◽  
Natale Massimo Minotti
Keyword(s):  
Life Cycle ◽  
Construction Industry ◽  
Project Delivery ◽  
Competitive Environment ◽  
Selection Strategy ◽  
Construction Sector ◽  
Construction Process ◽  
Project Life Cycle ◽  
Procurement Strategies ◽  
Project Life

The current competitive environment within the construction sector is increasingly difficult and challenging, leading all the main players to increase their focus and efforts upon procurement strategies and policies. Therefore, procurement practice is important in order to effectively perform and close out the construction process and meet stakeholders' needs. Starting from a deep analysis of procurement processes framed within the project life cycle, the research proposed the prequalification phase as a selection strategy necessary to identify the contractor. In order to select the project delivery system most suitable to the customer and the project to be developed, an operating procedure has been proposed, allowing who deals with procurement better ruling the purchasing processes. In the proposed procedure, each activity is defined through a general overview, the execution process and its tools. The outputs of the study are also sample documents and model forms that can be easily utilized assisting the procurement phase. Thus, since the procurement process has assumed increasing importance in the strategic planning of the construction industry, the aim of the research is to provide a prequalification method necessary to select the most suitable contractor before the tender, in order to reduce any risks during the entire construction process.

Sign in / Sign up

Export Citation Format

Share Document