Research on the System of the Construction Project Life Cycle Cost Risk Management

2011 ◽  
Vol 94-96 ◽  
pp. 2329-2332
Author(s):  
Hong Ping Wang ◽  
Yun Peng Hu
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Life Cycle Cost ◽  
Cost Management ◽  
Risk Identification ◽  
Project Cost ◽  
Management Objectives ◽  
Project Life Cycle ◽  
Project Life ◽  
Cost Risk

Risk management is an important component of the project life cycle cost management and the project cost risk management system includes management objectives identification, risk factors analysis, risk identification, risk assessment, risk management and risk information feedback. The objectives of the project cost management can be successfully achieved through the life cycle cost risk management of various stages.

scholarly journals Risk Identification and Assessment in PPP Infrastructure Projects using Fuzzy Analytical Hierarchy Process and Life-Cycle Methodology

2012 ◽  
Vol 8 (1) ◽  
pp. 34-48 ◽  
Author(s):  
Jie Li ◽  
Patrick Zou
Keyword(s):  
Life Cycle ◽  
Fuzzy Ahp ◽  
Risk Identification ◽  
Infrastructure Projects ◽  
Fuzzy Analytical Hierarchy Process ◽  
Ahp Method ◽  
The Public ◽  
Project Life Cycle ◽  
Project Life ◽  
Hierarchy Process

To fulfil the increasing demands of the public,Public Private Partnership (PPP) has beenincreasingly used to procure infrastructureprojects, such as motor ways, bridges, tunnelsand railways. However, the risks involved inPPP projects are unique and dynamic due tolarge amount of investment and longconcession period. This paper aims to developa risk identification framework from theperspectives of project life cycle, and anassessment framework for risks associatedwith PPP project using fuzzy analyticalhierarchy process (AHP). First the paperreviews the current literature to identifycommon risks in PPP infrastructure projectsand classification methods used. The risksidentified from the literature were classifiedusing project life cycle perspectives. Followingthat, the paper presents the advantages offuzzy AHP. Furthermore, the paper provides aframework for assessment of risks in PPPprojects followed by an illustrative examplewhere the data was obtained from surveyquestionnaires. The paper concludes that risksassociated in PPP infrastructure projects areunique and therefore it is beneficial to classifythem from project life cycle perspectives, andthe proposed fuzzy AHP method is suitable forthe assessment of these risks.

scholarly journals PROJECT RISK MANAGEMENT BASED ON A SET OF BEST PRACTICES

2021 ◽  
Vol 26 (3) ◽  
pp. 79-86
Author(s):  
Agnieszka JĘDRUSIK
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Best Practices ◽  
Project Manager ◽  
Project Risk Management ◽  
Project Risk ◽  
Golden Triangle ◽  
Project Life Cycle ◽  
Project Life

The purpose of this article is to present the process of risk management in project management. The analysis was based on a comparison of two best practices of IPMA and PRINCE. Risk management differs significantly between the two approaches, but it is up to the organization to choose its own management, monitoring and methodology tailored to the specific industry or sector. Risk management is an important aspect of the entire project life cycle and must be monitored throughout the project life cycle to protect not only the budget but all areas of the so-called "golden triangle". A very important aspect is the organization's awareness that risk management is everyone's responsibility, not just the project manager. This paper presents two different approaches to project risk management in two different methodologies.

scholarly journals Risk Management In Perspective Of Knowledge Management A Brief Survey

2015 ◽  
Vol 67 (1) ◽  
pp. 191-194 ◽  
Author(s):  
Zobia Rehman ◽  
Claudiu V. Kifor
Keyword(s):  
Decision Making ◽  
Information Technology ◽  
Risk Management ◽  
Knowledge Management ◽  
Life Cycle ◽  
Project Risk ◽  
Project Life Cycle ◽  
Complex Decision Making ◽  
Complex Decision ◽  
Project Life

Abstract This article explains the application of knowledge management for project risk management in industry. Combination of knowledge management and risk management is becoming a dire need for industries nowadays, because it has become necessary to make information reach timely to its destined users to achieve the desired goals. Quick decisions are needed throughout a project life cycle to mitigate or avoid a risk, but they are only possible when knowledge about it is in hand and can be inferred for fruitful decisions. Quality engineers make huge effort in analyzing and mitigating the risk and prepare various documents about different risk management stages. But this knowledge resides in documents or underutilized databases without any relation to each other that makes it useless for complex decision making. This article shall explain how knowledge management activities are helpful in risk management and the advantages of their fusion. It will also present a conceptual architecture of an Information Technology based solution for risk management and knowledge management combination.

SELECTED METHODS FOR IDENTIFYING RISK FACTORS IN COMPARISON WITH PROJECT LIFE CYCLE AND CONSTRUCTION INVESTMENT PROCESS

2011 ◽  
Vol 162 (4) ◽  
pp. 307-324
Author(s):  
Maciej GÓRSKI ◽  
Dariusz SKORUPKA
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Construction Project ◽  
Management Process ◽  
Risk Management Process ◽  
Project Life Cycle ◽  
Investment Process ◽  
Project Life

The article describes the life cycle of a project and a construction investment process. Using the knowledge areas of project management methodologies, the authors focus on the elements of the risk management process. One of the main points of analyses was the selected methods of identifying risk factors. The focus was on the versatility, disadvantages, advantages and results of these methods for their use during a construction project.

A study of ontology-based risk management framework of construction projects through project life cycle

2009 ◽  
Vol 18 (7) ◽  
pp. 994-1008 ◽  
Author(s):  
H. Ping Tserng ◽  
Samuel Y.L. Yin ◽  
R.J. Dzeng ◽  
B. Wou ◽  
M.D. Tsai ◽  
...  
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Construction Projects ◽  
Management Framework ◽  
Risk Management Framework ◽  
Project Life Cycle ◽  
Project Life
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