Evaluation of the Effective Functioning of Construction Enterprises in the Conditions of Occurrence of Diverse Risk Factors

Abstract

Construction production in Russia and abroad (in Iraq) is facing various negative factors. The emergence of diverse factors in the implementation of investment and construction projects has an effect on the making of important decisions by the heads of construction enterprises, which may in the future be the cause of uncertainty and, as a result, the emergence of critical risks. The purpose of the study is to develop a methodology for identifying and assessing the influence of risk factors on the activities of construction enterprises in the implementation of investment projects. For the purposes of the study, mathematical and statistical models were used, such as the hierarchical analysis method and Monte Carlo, as well as the expert survey. The result of the study shows that the use of those models will significantly increase the success of construction enterprises by identifying various risk factors at the stage of construction and assessing their impact on these projects. The scientific and methodological approaches developed as a result of the study, methods for assessing risk factors, and appropriate compensatory measures to reduce or prevent the influence of these factors will significantly improve the organization of production activities of construction enterprises and will contribute to their successful development.

Study of the Sustainable Functioning of Construction Companies in the Conditions of Risk Factors

“…The risk factors of construction projects are diverse in nature and causes of occurrence. However, in theory, four main strategies for managing them have been developed, which are often followed in practice [31][32][33]:…”

“…The risk factors of construction projects are diverse in nature and causes of occ rence. However, in theory, four main strategies for managing them have been de oped, which are often followed in practice [31][32][33] After identifying and assessing risk factors, construction industry specialists take the necessary decisions and possible administrative and technological measu These procedures are designed to contain risk factors by reducing the likelihood of currence or minimizing their impact [34,35].…”

Sustainable Activity of Construction Companies under the Influence of Destabilizing Factors on the Duration of Implementation of Investment and Construction Projects

“…In previous studies, the authors [30,34] studied the effect of risk factors on project objectives and on the sustainable activities of construction companies using different quantitative and qualitative methodologies (expert evaluation, similarity preference technique TOPSIS, analysis method, Monte Carlo method), as well as identifying, analyzing and evaluating compensatory measures for the purpose of reducing the impact of those factors on the objectives and results of the construction project. In this study, the authors studied the destabilizing factors caused by the project parties or external factors using a statistical methodology (structural equation modeling) using the program Smart-PLS 4.…”

“…As a result of changes in environmental factors and continuous technological development, the status of a business organization has been added, since they represent business units, projects or production lines, exposing them to various types of risks, including in relation to the working environment, including economic and social policies and others [29,30,31,32]. In general, the types of destabilizing factors to which investment and construction projects are subject are presented in Table 1.…”