Cost and Time Risk Management in Construction Projects

Saeed, Yousif

doi:10.25130/tjes.25.1.07

Cited by 16 publications

(8 citation statements)

References 16 publications

(18 reference statements)

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“…Construction time delays and cost overruns in construction projects are not usual. As a result, the attention of construction practitioners, consultants, and academics has been drawn to these issues, which may be unavoidable in most building projects across the world [4].…”

Section: Time and Cost Performance In Construction Projectsmentioning

confidence: 99%

Identification of key Risks in Fast-Track Construction projects: A Literature Review

Khodeir

2023

MSA Engineering Journal

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Fast-track construction projects have become more common in recent years as a response to increased demand. The sector was known for its high-risk and highcomplexity features. Regardless of the degree of difficulty in construction projects, the construction industry has responded to requirements for faster project delivery deadlines to meet standards, emergency/disaster preservation, and time-to-market constraints. The purpose of this study was to clarify risk management's role in fasttrack construction projects, evaluate how fast-track construction projects impact the construction time of such projects, and investigate risks that might occur from different levels of overlap. To achieve this, the paper undergone a comprehensive literature review on several 43 papers that have been published in Scopus. The researcher reviewed the literature for several studies, such as papers and books in this field from 2000 to 2021. The results were: identifying accelerated techniques and their classification; clarifying risks; risk management processes and their classification; and clarifying risks in fast-track construction projects because of an unfair risk distribution between the contractual parties because of specific or

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Section: Time and Cost Performance In Construction Projectsmentioning

confidence: 99%

Identification of key Risks in Fast-Track Construction projects: A Literature Review

Khodeir

2023

MSA Engineering Journal

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“…Li et al [3] suggested that quality and safety risk measures may affect productivity and workmanship. To avoid these issues, Saeed [4] suggested that through proper forecasting of quality and optimizing risk, time and cost overruns can be controlled.…”

Section: Introductionmentioning

confidence: 99%

Development of Multi-objective Optimization model integrating Construction Time, Cost, Quality and Risk using Ant Colony Algorithm

Avudaiappan

et al. 2024

Preprint

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It is a well-known fact that in a complex construction project that involves resources and operations, estimating the duration and cost of each activity is a challenge. In addition to time and cost, other parameters like quality and risk also have to be optimized to ensure the success of a project. Lack of quality and risk measures may affect productivity and the quality of workmanship. Therefore, it is important to engage quality and risk parameters in the planning stage, along with time and cost. The main aim of this paper is to integrate quality and risk into a scheduling model and to develop a multi-objective scheduling model to solve the time-cost trade-off problems. To achieve this aim, the data of fifteen large-scale residential, commercial, and industrial projects concerning time, cost, quality, and risk were collected. Then, to optimize this data, a project model was developed using the Python-based ACO algorithm. Then, by using the ACO algorithm, optimal time and cost solutions were found. The model has been validated by comparing the proposed model results with the actual time and cost of the project. A correlation analysis was done to study the interrelationship among the time, cost, quality, and risk components. The solutions were also tested with sensitivity analysis, and Pareto-optimal solutions were compared with previous solutions. Finally, it is inferred that the estimated time and costs obtained using the ACO algorithm were approximately equal to the actual time and costs obtained by taking quality and risk constraints into account. Hence, in the planning stage itself, the time and cost can be predicted using the proposed model for various scenarios of quality and risk.

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“…It is essential to explore the factors causing cost deviation to find appropriate ways to reduce or minimize their impact on construction projects. Authors in [7] concluded that time and cost deviations are persistent problems in construction projects. The risk of cost deviations can be reduced by proper planning before the implementation starts, accurate estimations, preventing changes in orders during implementation, enhancing contract management, and improving communication between project stakeholders.…”

Section: Introductionmentioning

confidence: 99%

Analyzing Cost Deviation Factors in Iraqi Construction Projects: A Comprehensive Examination of Influencing Variables

Mohammed,

Hasan

2024

Eng. Technol. Appl. Sci. Res.

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Construction projects suffer from many difficulties and complications, including cost deviations due to multiple factors. The research goal of this study is to explore the factors causing cost deviation in Iraqi construction projects. Twenty-five influencing factors were identified, based on previous studies and expert opinions. One hundred questionnaires were distributed to project participants, including contracting companies, consultants, and employers, with a 73% response rate. Relative Importance Index (RII) was used to analyze the findings. The results showed that the five most influential factors are poor planning approaches, contracting companies' financial difficulties, poor site management, poor project management/poor cost control, and inaccurate cost estimates. In order to reduce cost deviations, a set of improvements was recommended based on the results of the study.

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Cost and Time Risk Management in Construction Projects

Cited by 16 publications

References 16 publications

Identification of key Risks in Fast-Track Construction projects: A Literature Review

Identification of key Risks in Fast-Track Construction projects: A Literature Review

Development of Multi-objective Optimization model integrating Construction Time, Cost, Quality and Risk using Ant Colony Algorithm

Analyzing Cost Deviation Factors in Iraqi Construction Projects: A Comprehensive Examination of Influencing Variables

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