scholarly journals Risk Management of Construction Projects

2020 ◽  
Vol 9 (1) ◽  
pp. 15
Author(s):  
Amer Abdullatef Mahmoud al-Mukahal
Keyword(s):  
Risk Management ◽  
Quantitative Analysis ◽  
Qualitative Analysis ◽  
Construction Projects ◽  
Probability Distributions ◽  
Construction Project ◽  
Risk Identification ◽  
Political Factors ◽  
Construction Companies ◽  
Cause And Effect Diagram

This study aims to Analyzing the nature of Construction Projects, Analyzing the Nature of Construction Projects Risk, and Analyzing The mechanism of Risk Management. This Study adopted The Quantitative Method. The Summary Concluded From The Study Lies in the Theoretical Study of construction Project`s Risk. The Construction Project Contains Many Risk Which Related to Different Factors: Legal, Organizational, Technical, Zoning, Financial, Social and Political Factors. The Process of Management of Construction Projects includes: Planning of Risk Management, Risk Identification By (Checklist Analysis, Questionnaire, Personal Interview, Brainstorming Technique, Delphi Technique), Risk Analysis By Qualitative Analysis By (Probability and Impact Assessment, Cause and Effect Diagram, Probability and Impact Matrix) and Quantitative Analysis By (Probability Distributions, interviews , Sensitivity Analysis, Fault tree, Events tree, Munte Carlo Simulation), Planning the Response to Risk By (Strategies for Response to Negative Risk , and Strategies to Positive Risks), and Risk Control and Cheek. Depending on The Conclusions, The Study Recommends the Following: Process of Assessing The Efficiency of Construction Companies. Use Qualitative Analysis and Quantitative Analysis in The Process of diagnosis, and Categorization of Risk in the Process of Risk Management. Studying Types of Contracts of Construction Projects.

scholarly journals Network Theory-Based Analysis of Construction Project Risks

2016 ◽  
Vol 5 (2) ◽  
pp. 24
Author(s):  
Hafida Lmoussaoui ◽  
Hicham Jamouli
Keyword(s):  
Risk Management ◽  
Network Theory ◽  
Construction Projects ◽  
Construction Project ◽  
Risk Identification ◽  
Project Risk Management ◽  
Monitoring And Control ◽  
Project Risk ◽  
Novel Approach ◽  
Project Risks

<p>Because of their specific and complex characteristics, construction projects are exposed to numerous risks of various natures, which make their management more difficult. In this setting, Project Risk Management is an indispensable activity for their successful delivery. It consists in the risk identification, assessment, prioritization, treatment, monitoring and control. This paper presents a novel approach for the identification of construction project risks and a network theory-based methodology for their modelling and analysis. These models serve as a powerful tools comparing to classical methods and provide a support for decision-making regarding Project Risk Management. A case study of a real construction project is used to illustrate these findings.</p>

scholarly journals Realizacja projektów inwestycyjno-budowlanych z wykorzystaniem Big Data

2017 ◽  
Vol 26 (2) ◽  
pp. 241-249 ◽  
Author(s):  
Jarosław Górecki ◽  
Jadwiga Bizon-Górecka ◽  
Karol Michałkiewicz
Keyword(s):  
Risk Management ◽  
Big Data ◽  
Construction Projects ◽  
Construction Project ◽  
Construction Companies ◽  
On Line ◽  
Line Survey ◽  
The Impact

A paper focuses on analyzing the impact of Big Data (BD) on minimizing the risk in investment and construction projects. The work presents the aspects of risk occurring during the execution of the construction project. It presents an on-line survey which was aimed at knowing the opinion of Polish construction companies on the BD, and checking their readiness to implement technologies supporting manipulation of the data. It was underlined that results of the BD analysis provide a powerful tool for risk management, however, it is hardly noticed by the Polish respondents.

scholarly journals RISK MANAGEMENT IN PROJECTS: PECULIARITIES OF LITHUANIAN CONSTRUCTION COMPANIES / RIZIKOS VALDYMAS PROJEKTUOSE: LIETUVOS STATYBOS ĮMONIŲ SAVITUMAI

2011 ◽  
Vol 15 (1) ◽  
pp. 60-73 ◽  
Author(s):  
Nerija Banaitienė ◽  
Audrius Banaitis ◽  
Artūras Norkus
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Projects ◽  
Construction Project ◽  
Critical Factor ◽  
Construction Project Management ◽  
Construction Companies ◽  
Use Of Resources ◽  
Risk Management Process ◽  
Negative Impacts

Risk analysis and management is nowadays a critical factor to successful construction project management, as construction projects tend to be more complex, dynamic, always unique, and competition increasingly tougher. risk management helps the project participants—client, contractor or developer, consultant, and supplier—to meet their commitments and minimize negative impacts on construction project scope, cost, schedule (and quality, as a Result). The benefits of the risk management process include identifying and analyzing risks, and improvement of construction project management processes and effective use of resources. This paper reports the research that aims to discover how construction companies perceive the significance of the construction projects risks they face and the extent to which they employ potential risk responses. Santrauka Šiandien rizikos analizė ir valdymas yra svarbūs sėkmingam statybos projektų valdymui, nes statybos projektai tampa vis sudėtingesni, dinamiškesni, visada unikalūs, o konkurencija tarp statybos bendrovių taip pat didėja. Rizikos valdymas padeda projekto dalyviams—užsakovui, plėtotojui, rangovui, konsultantui ir tiekėjui—vykdyti savo įsipareigojimus ir sumažinti neigiamą taką statybos projekto apimčiai, išlaidoms, tvarkaraščiui ir kokybei kaip rezultatui. Rizikos valdymo proceso metu sistemingai nustatomi, analizuojami ir reaguojama į potencialius rizikos veiksnius, todėl statybos projektai valdomi efektyviau, veiksmingai naudojami ištekliai. Šiame straipsnyje trumpai pristatomas tyrimas, kuriuo siekiama sužinoti, kaip statybos bendrovės suvokia statybos projektų rizikos veiksnius, su kuriais jiems tenka susidurti, ir kokią reagavimo strategiją ir atsakomuosius veiksmus jos renkasi.

RISK CLASSIFICATION AND BARRIER OF IMPLEMENTING RISK MANAGEMENT IN OIL AND GAS CONSTRUCTION COMPANIES

2015 ◽  
Vol 77 (16) ◽  
Author(s):  
Gholamreza Dehdasht ◽  
Rosli Mohamad Zin ◽  
Ali Keyvanfar
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Financial Risk ◽  
Oil And Gas ◽  
Construction Project ◽  
Risk Groups ◽  
Critical Group ◽  
Construction Companies ◽  
Lack Of Information ◽  
Oil And Gas Companies

Risk management is one of the most essential and significant part of construction projects due to assuring the attainment of project goals. Because of increasing global energy, more attention is needed to be paid towards risk management in oil and gas companies. The aim of this study is to improve the implementation of risk management within contractor companies in the oil and gas construction project through the evaluation of the most import risk groups and the barriers of implementing risk management in this part of industry. The current study is carried out in Iran and the scope of study includes only the construction project in oil and gas companies. A total of 48 questionnaires were distributed to the respondents and only 35 were obtained duly answered. The data was analyzed using  SPSS software during the preliminary stage of this study, a variety of risk groups have been studied, six of it were identified to be the most probable in  oil and gas construction projects which includes financial, technical, contractual, design and construction, policy and political, and weather and environmental risk groups. Among these groups “financial risk” is the most critical group, while “weather and environmental” is the least critical group. The important barriers of implementing risk management are lack of expertise in techniques, lack of familiarity with techniques and lack of information and knowledge.

scholarly journals Risk Management in the Context of Information Modeling Technologies for Construction Objects: Features and Opportunities

2020 ◽  
Vol 17 (3) ◽  
pp. 56-65
Author(s):  
V. V. Vereshchagin ◽  
T. Yu. Shemyakina
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Information Technologies ◽  
Construction Project ◽  
Structural Complexity ◽  
Risk Identification ◽  
Information Modeling ◽  
Management Service ◽  
Construction Methods ◽  
Risk Management Methodology

Risks are inevitable in any construction project. Risk management methodology is used to address or mitigate their impact in the management of construction projects. In recent years, in the fields of architecture and construction, the likelihood of risks is increased due to the increasing structural complexity, the volume of construction works of the project, the application of new and complex construction methods. However, experience with risk management has shown limited practical impact on the development of systemic risk management in the construction project. Information modeling (BIM) technologies play an important role in risk management during the design, construction and maintenance phases of a building facility. Based on the development of information technologies, risk management should be integrated with modern IT processes of construction project management. Since BIM implementation for risk management of construction projects is still limited, the BIM system implementation must be developed to address risks throughout the construction project lifecycle. This article discusses the applications of BIM for building risk management during the lifecycle of a project. These recommendations illustrate the use of BIM in risk identification, response and monitoring. The findings show that one of the most significant issues is the lack of regulations to align BIM with risk management in the project development and execution process. The development of regulations should cover the model of risk migration, cycles of risk management, flexible structure of the risk management service at all stages of the life cycle of the construction project.

CONCEPTUALISING RISK CULTURE ON ERM IMPLEMENTATION IN CONSTRUCTION COMPANIES

2020 ◽  
Vol 17 (1) ◽  
pp. 59
Author(s):  
Ching Ching Wong
Keyword(s):  
Risk Management ◽  
Risk Identification ◽  
The Body ◽  
Risk Indicators ◽  
Construction Companies ◽  
Risk Appetite ◽  
Risk Culture ◽  
Risk Treatment ◽  
Managing Risk ◽  
The Relationship

Enterprise Risk Management (ERM) is an effective technique in managing risk within an organization strategically and holistically. Risk culture relates to the general awareness, attitudes and behaviours towards risk management in an organisation. This paper presents a conceptual model that shows the relationship between risk culture and ERM implementation. The dependent variable is ERM implementation, which is measured by the four processes namely risk identification and risk assessment; risk treatment; monitor and consult; communicate and consult. The independent variables under risk culture are risk policy and risk appetite; key risk indicators; accountability; incentives; risk language and internal relationships. This study aims to empirically test the relationship between risk culture and ERM implementation among Malaysian construction public listed companies. Risk culture is expected to have direct effects and significantly influence ERM. This study contributes to enhance the body of knowledge in ERM especially in understanding significant of risk culture that influence its’ implementation from Malaysian perspective.

scholarly journals Research for Risk Management of Construction Projects in Taiwan

2021 ◽  
Vol 13 (4) ◽  
pp. 2034
Author(s):  
Chien-Liang Lin ◽  
Bey-Kun Chen
Keyword(s):  
Risk Management ◽  
Risk Analysis ◽  
Structural Equation ◽  
Construction Projects ◽  
Construction Project ◽  
Equation Modeling ◽  
Analysis Model ◽  
Sustainable Operation ◽  
Management Procedure ◽  
Risk Managers

Risks inevitably exist in all stages of a project. In a construction project, which is highly dynamic and complex, risk factors affect the expected achievement rates of the three main performance goals, namely schedule, cost, and quality. A comprehensive risk management procedure requires three crucial steps: risk confirmation, analysis, and treatment. Risk analysis is the core of risk management. Through structural equation modeling, this study developed a risk analysis model that takes a different perspective and considered the occurrence probability of risk events and the extent to which these events affect a project. The contractor dimension was discovered to exert the strongest influence on an overall project, followed by the subcontractor and design dimensions. This paper proposes a novel construction project risk analysis model, which considers the entire project. The proposed model can be used as a reference for risk managers to make decisions about project risks, so as to achieve the ultimate goal of saving resources and the sustainable operation of the construction project.

scholarly journals Measuring the performance of project risk management: a preliminary model

2019 ◽  
Vol 11 (1) ◽  
pp. 1984-1991
Author(s):  
Alfredo Federico Serpell ◽  
Ximena Ferrada ◽  
Larissa Rubio
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Research Literature ◽  
Lessons Learned ◽  
Project Risk Management ◽  
Project Risk ◽  
Know How ◽  
Construction Companies ◽  
Important Concern ◽  
Preliminary Model

Abstract The function of project risk management (PRM) is to understand the uncertainty that surrounds a project and to identify the potential threats than can affect it as well as to know how to handle these risks in an appropriate way. Then, the measurement of the performance of PRM becomes an important concern, an issue that has not yet been addressed in the research literature. It is necessary to know how successful the application of the PRM process is and how capable is the process within the organization. Regarding construction projects, it is essential to know whether the selected responses to mitigate or eliminate identified risks were suitable and well implemented after the execution of the project. This paper presents a critical analysis of the relevance of measuring the performance of PRM and the benefits of doing so. Additionally, it presents a preliminary and pioneering methodology to measure the performance of PRM through the evaluation of the adequacy of responses applied to mitigate risks as well as to evaluate the resulting impacts as indicators of the effectiveness of these actions at the end of the project. This knowledge will allow construction companies to incorporate good practices, generate lessons learned, and thereby to promote a continuous improvement of the whole PRM process.

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 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.

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