Research on Risk Management of Engineering Project Auction

2011 ◽  
Vol 219-220 ◽  
pp. 1523-1527
Author(s):  
De Bin Fang ◽  
Wen Liu
Keyword(s):  
Risk Factors ◽  
Sensitivity Analysis ◽  
Risk Management ◽  
Evaluation Model ◽  
Practical Significance ◽  
Principal Agent ◽  
Engineering Project ◽  
Analysis Methods

Project auction is an important principal-agent with competition. The uncertainty of market and incompleteness of bidders’ information bring a lot of risks for the project owner, so the research on risk management is of theoretical and practical significance. In this paper, risk factors are identified and measured, based on which, an evaluation model is built up, and then by sensitivity analysis, sensitive factors are found so as to help the owner take the corresponding measures. A case study illustrates that these analysis methods used in this paper are reasonable.

scholarly journals Risk Management in Engineering and Construction: A Case Study in Design-Build Projects in Vietnam

2020 ◽  
Vol 10 (1) ◽  
pp. 5237-5241 ◽  
Author(s):  
P. T. Nguyen ◽  
P. C. Nguyen
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Developing Countries ◽  
Quality Assurance ◽  
Construction Industry ◽  
Management Tools ◽  
Design Build ◽  
Good Identification ◽  
Contract Form

The constant demand for construction in developing countries like Vietnam causes more and more challenges and difficulties to Project Management Units (PMUs) in carrying projects to completion on schedule, with quality assurance and fewer costs. In order to do this, PMUs need to have better and tighter management tools and forms. However, in order to minimize risks during project implementation, the binding terms in contracts are also becoming stricter with more and more new forms of contracts. One of them is the design-build (DB) contract form. This paper presents the critical risk factors for design-build projects in the construction industry. Good identification and management of these risk factors will help projects succeed and will increase the confidence of owners and contractors who seek to use the design-build form.

scholarly journals Dealing with unpredictable risk - The influence of external factors on information systems development and implementations

2021 ◽  
Author(s):  
◽  
Ettiene Esterhuizen
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Project Management ◽  
Information Systems ◽  
Systems Development ◽  
Information Systems Development ◽  
Management Processes ◽  
Huge Impact ◽  
Risk Processes

<p>Organisations and especially Government departments develop information systems for their own specific needs, due to this Government departments invests a great deal in information systems development and implementation projects. The intention is to save on cost and develop information systems according to their needs and requirements. Unfortunately such projects are vulnerable and subject to a range of risks.  This case study identifies the risk factors involved in information systems development and implementation projects and the risk processes that are in place to mitigate against those risk factors. Furthermore the case study investigates an information systems development and implementation project where four legacy systems were to be merged into one newly developed system. The project was interrupted when an organisational merger resulted in the loss of key members of the governance board and the project team, either through redundancy or being allocated other responsibilities within the organisation. This exposed the project to unpredictable risk which caused the project to head down the path of possible failure.  The case study outlines the project plan, what actually happened and what according to the interviewed participants happened during the project. It is clear that the risk management processes wasn't followed and that wrongful decisions were made during the organisational merger. Unpredictable risks as a result of the merger and the decision to continue the project required a strong governance board, proper project management, proper risk management and the execution of the risk management processes. The lack of governance and project management had a huge impact on the project while the loss of expertise and knowledge added to the risk profile which resulted in further complications to the project. It’s during these situation that a strong governance board and proper project management is needed to make those critical decisions and steer the project towards success.</p>

Study on the Risk Management Framework of International EPC Cement Engineering Project

2012 ◽  
Vol 446-449 ◽  
pp. 3842-3851 ◽  
Author(s):  
Yi Bin Wang ◽  
Hai Jun Lou
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Risk Identification ◽  
Assessment Model ◽  
Monitoring And Control ◽  
Project Schedule ◽  
Total Risk ◽  
Engineering Project ◽  
Building Engineering ◽  
Engineering Projects

In view of of the numerous risk events negatively affecting the project schedule, expenses, performances and other expected projectresults in China’s practice in the international EPC cement engineering projects, and their respective causes，this paper conducts a systematic study of the key risk factors existing in construction environment, market operations, and implementation process of projects and proposes the Enginerring Risk Management Information System (ERMIS) of the international EPC engineering projects, together with its construction model, basic procedures, practical functions and applications, and in particular, the risk database to collect and process information about major risk factors, risk events and countermeasure in the cement engineering projects while the expert system will utilize the Risk Database, Integrated Assessment Software and expert intelligence to collect and process dynamic data related to the risk identification, assessment, decision-making and monitoring and control of an intended building engineering projects. The risk assessment model set up in this paper is to consider the implementation of the software in ERMIS to adopt the upgraded AHP-MFCE technology to solve problems related to the total risk evaluation in the engineering project based on multi-empowerment.

The risk evaluation of PPP projects: A technique based on probabilistic linguistic terms with weakened hedges

2021 ◽  
pp. 1-19
Author(s):  
Wang Lina ◽  
Xu Zeshui
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Risk Evaluation ◽  
Risk Perceptions ◽  
Evaluation Model ◽  
Risk Propensity ◽  
Linguistic Terms ◽  
Proposed Model ◽  
Evidential Reasoning Approach ◽  
Risk Loss

Risk management is a significant part of the success of a public-private partnership (PPP) project. There are four phrases for the process of risk management: Constructing a risk management environment, identifying risk factors, evaluating risk factors, and allocating risk factors. After identifying risk factors, it is imperative to analyze and evaluate critical risk factors, which can help participants formulate strategies to allocate risk factors, and thus alleviate the possible adverse results. The objectives of analyzing and evaluating risk factors focus on two aspects: The possibilities of risk occurrence and the degrees of risk loss. On behalf of determining the critical risk factors effectively, we take the probability degree and linguistic expressions into consideration to manifest experts’ perspectives. We consider critical risk factors in terms of the probability linguistic terms with weakened hedges from the evidential reasoning approach view. The linguistic terms with weakened hedges are applied to express the degree of risk risk loss, and the possibilities of risk occurrence collect from the probabilities of linguistic terms with weakened hedges. First, the commonality function and plausibility function are applied to correct the possibilities of risk occurrence for linguistic terms with weakened hedges. Next, we build a risk evaluation model from experts’ risk propensity and risk perceptions. Moreover, a case study of the risk analyzing and evaluating process of a PPP project is applied to illustrate the availability and effectiveness of the proposed model. We contrast the introduced model with other approaches. Finally, the advantages of this model intended to improve the linguistic terms with weakened hedges for the probabilistic linguistic terms with weakened hedges and evaluate risk factors considering the evidence reasoning approach.

scholarly journals A comprehensive evaluation of various sensitivity analysis methods: A case study with a hydrological model

2014 ◽  
Vol 51 ◽  
pp. 269-285 ◽  
Author(s):  
Yanjun Gan ◽  
Qingyun Duan ◽  
Wei Gong ◽  
Charles Tong ◽  
Yunwei Sun ◽  
...  
Keyword(s):  
Sensitivity Analysis ◽  
Hydrological Model ◽  
Comprehensive Evaluation ◽  
Analysis Methods

scholarly journals Interruption Risk Assessment and Transmission of Fresh Cold Chain Network Based on a Fuzzy Bayesian Network

2021 ◽  
Vol 2021 ◽  
pp. 1-11
Author(s):  
Huanwan Chen ◽  
Qingnian Zhang ◽  
Jing Luo ◽  
Xiuxia Zhang ◽  
Guopeng Chen
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Sensitivity Analysis ◽  
Set Theory ◽  
Fuzzy Set Theory ◽  
Evaluation Model ◽  
Virus Transmission ◽  
Significant Risk ◽  
Cold Chain ◽  
Transmission Model

The fresh cold chain network is complex, and the interruption risk can significantly impact it. Based on the Bayesian theory, we constructed a fresh cold chain network interruption risk topology structure. The probability of each root node was predicted and calculated based on the fuzzy set theory. The evaluation model was then validated and improved through the virus transmission model based on risk transmission. Sensitivity analysis was used to determine significant risk factors. Several strategies for minimizing interruption risks were identified.

scholarly journals ASSESSMENT OF HEALTH AND SAFETY RISK (OHS) USED OHSAS VARIABLES WITH HIRA, HAZID AND HAZOP METHOD (CASE STUDY OF PROJECT CIPUTRA WORLD PHASE 3, SURABAYA)

2019 ◽  
Vol 3 (1) ◽  
pp. 28
Author(s):  
Anita Trisiana ◽  
Dwi Sanjaya ◽  
Anik Ratnaningsih
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Occupational Health ◽  
Construction Projects ◽  
Construction Project ◽  
Health And Safety ◽  
Occupational Health And Safety ◽  
Phase 3 ◽  
Contract Workers

Implementation of the construction project is very necessary for the existence of risk management. It is necessary to anticipate and handle risks in construction projects because of the project's construction one such risk of occupational health and safety (OHS). So the need for the identification, assessment, analysis to anticipate the risks involved. According to OHSAS (18001:2007), OHS is all the conditions and factors that affect, or may affect, on the health and safety of employees or other workers (including contract workers and personnel contractors, or others in the workplace). The purpose of this research is to know the risk factors and the risk of dominant and controlling risks in the project. The methods used in this research is a method of HAZID, HAZOP, and HIRA. The results obtained, there are 48 types of risk factors, 47 with the medium category, and 1 with a low category. There are five dominant risks and 12 risk controls. Implementation of the construction project is very necessary for the existence of risk management. It is necessary to anticipate and handle risks in construction projects because of the project's construction one such risk of occupational health and safety (OHS). So the need for the identification, assessment, analysis to anticipate the risks involved. According to OHSAS (18001:2007), OHS is all the conditions and factors that affect, or may affect, on the health and safety of employees or other workers (including contract workers and personnel contractors, or others in the workplace). The purpose of this research is to know the risk factors and the risk of dominant and controlling risks in the project. The methods used in this research is a method of HAZID, HAZOP, and HIRA. The results obtained, there are 48 types of risk factors, 47 with the medium category, and 1 with a low category. There are five dominant risks and 12 risk controls.

scholarly journals Dealing with unpredictable risk - The influence of external factors on information systems development and implementations

2021 ◽  
Author(s):  
◽  
Ettiene Esterhuizen
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Project Management ◽  
Information Systems ◽  
Systems Development ◽  
Information Systems Development ◽  
Management Processes ◽  
Huge Impact ◽  
Risk Processes

<p>Organisations and especially Government departments develop information systems for their own specific needs, due to this Government departments invests a great deal in information systems development and implementation projects. The intention is to save on cost and develop information systems according to their needs and requirements. Unfortunately such projects are vulnerable and subject to a range of risks.  This case study identifies the risk factors involved in information systems development and implementation projects and the risk processes that are in place to mitigate against those risk factors. Furthermore the case study investigates an information systems development and implementation project where four legacy systems were to be merged into one newly developed system. The project was interrupted when an organisational merger resulted in the loss of key members of the governance board and the project team, either through redundancy or being allocated other responsibilities within the organisation. This exposed the project to unpredictable risk which caused the project to head down the path of possible failure.  The case study outlines the project plan, what actually happened and what according to the interviewed participants happened during the project. It is clear that the risk management processes wasn't followed and that wrongful decisions were made during the organisational merger. Unpredictable risks as a result of the merger and the decision to continue the project required a strong governance board, proper project management, proper risk management and the execution of the risk management processes. The lack of governance and project management had a huge impact on the project while the loss of expertise and knowledge added to the risk profile which resulted in further complications to the project. It’s during these situation that a strong governance board and proper project management is needed to make those critical decisions and steer the project towards success.</p>

Cases Illustrating Risks and Crisis Management

2012 ◽  
pp. 838-857
Author(s):  
Simona Mihai Yiannaki
Keyword(s):  
Risk Factors ◽  
European Union ◽  
Risk Management ◽  
Crisis Management ◽  
Balanced Scorecard ◽  
Global Financial Crisis ◽  
Balance Scorecard ◽  
Risk And Crisis Management ◽  
And Performance

Undoubtedly, the nature of the relationships between business and risk factors in one country or another does not fit exactly into a “model” nor does it have a pure placebo effect. Yet, models’ simplicity may appeal to managers and regulators in understanding important business risks and crisis related phenomena. Backed by this idea, this research underpins a comparative study on SMEs handling risk and crisis management according to a new tailored model of a balance scorecard. This new model of a risk and crisis management aims at improving both SMEs management adaptation and performance across all of crisis’ stages, something not attempted so far in the literature. The application of such a ‘balanced-scorecard’ comes from the author’s experience as a banker financing various SMEs industries, as a bank consultant on risk management as well as primarily from the results of a survey performed on a sample of 48 Romanian and Cypriot SMEs, equal-proportionally selected from the area of trading, manufacturing, and services. The results of this case study show, coincidently or not, that there is a significant improvement of the financial performance of the SMEs that employed this model compared to those that did not. The monitoring period: 11/2009-06/2010 was employed as a representative one for the latest global financial crisis which affected the entire European Union region, as well.

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