Judgmental risk analysis process development in construction projects

Öztaş, Ahmet; Ökmen, Önder

doi:10.1016/j.buildenv.2004.10.013

Cited by 46 publications

(12 citation statements)

References 12 publications

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“…RM resources are important in a project, as they enable RM performance of the project to be achieved (Oztas & Okmen, 2005: 1246El-Sayeh, 2008: 435). Muthuramalingam (2008: 5) established that availability of resources was a good predictor of RM performance, thus contributing to a successful completion of the project.…”

Section: Resource Requirementsmentioning

confidence: 99%

“…By assessing risk, managers can distinguish between acceptable and unacceptable risk events, thus enabling them to capture and process information to assist them in the development of a risk management strategy (Oztas & Okmen, 2005: 1248Nieto-Morote & Ruz, 2011: 226;Karimi et al, 2010: 9107). Likewise, Naidoo (2012: 24), indicated that risk assessment once performed, improved project objectives, accurate schedule, improved communication between relevant parties, and hence increased the likelihood of project success.…”

Section: Risk Assessmentmentioning

confidence: 99%

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An exploratory factor analysis of risk management practices: A study among small and medium contractors in Gauteng

Renault

Agumba

Ansary

2018

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Risk management (RM) is acknowledged as a key activity in project management in the pursuit to deliver successful construction projects. However, these projects are associated with various risks, which often jeopardise project performance, especially among small and medium construction enterprises (SMEs). Risk management practices (RMPs) have been developed, in order to curtail project risks. Nevertheless, there is no consensus on the practices that constitute RM for SME projects. Therefore, the main purpose of this research is to determine the RMPs that can be tailored for construction SMEs to manage risk in their projects, in order to achieve project success. An extensive review of relevant literature on RMPs was conducted and used to develop a structured questionnaire posted to construction SMEs who were conveniently sampled in the Gauteng province of South Africa. The empirical findings established nine RMPs that were reliable and valid for managing risk in projects undertaken by construction SMEs, namely organizational environment; defining project objectives; resource requirements; risk measurement; risk identification; risk assessment; communication approach and evaluation; risk response and action planning, as well as monitoring and review. It is important to note that the study was not conducted across South Africa; hence, the findings cannot be generalized. Despite the delimitation, the researchers recommend that these practices are for risk management in construction projects undertaken by SMEs in South Africa.

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Section: Resource Requirementsmentioning

confidence: 99%

Section: Risk Assessmentmentioning

confidence: 99%

An exploratory factor analysis of risk management practices: A study among small and medium contractors in Gauteng

Renault

Agumba

Ansary

2018

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“…A method based on the guidelines of the judgmental risk analysis process [46] has been used as an alternative procedure to estimate the activities duration (stage two).…”

Section: Solution Of the Case Study From Second Version Of The Proposmentioning

confidence: 99%

An optimization model to solve the resource constrained project scheduling problem RCPSP in new product development projects•

Pimiento

Serna

2020

DYNA

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New product development projects (NPDP) face different risks that may affect the scheduling. In this article, the purpose was to develop an optimization model to solve the RCPSP in NPDP and obtain a robust baseline for the project. The proposed model includes three stages: the identification of the project’s risks, an estimation of activities’ duration, and the resolution of an integer linear program. Two versions of the model were designed and compared in order to select the best one. The first version uses a method to estimate the activities’ duration based on the expected value of the impact of the risks and the second version uses a method based on the judgmental risk analysis process. Finally, the two version of the model were applied to a case study and the best version of the model was identified using a robustness indicator that analyses the start times of the baselines generated.

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“…A schedule risk analysis methodology was also proposed with activity-risk factor matrix and risk correlation coefficient matrix, in order to find out the pessimistic project completion time, critical activities and risk elements [19]. When coming to more complicated correlations, networks could also be adopted for analyzing the schedule risks [20]. Other hybrid risk analysis models involve the integrated risk management and proactive scheduling [21], project tracking [22], and schedule assessment and evaluation [23].…”

Section: Related Studiesmentioning

confidence: 99%

Managing Transportation Megaproject Schedule Risks Using Structural Equation Modelling: A Case Study of Shanghai Hongqiao Integrated Transport Hub in China

Peng

Liangfa

2016

MATEC Web Conf.

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Abstract. Tight schedules, multifunctional scopes, and colossal sizes usually characterize transportation megaprojects as challenging tasks for completion. In order to address these situations, a schedule risk management method was developed in this paper based on the structural equation model. In the proposed method, risk identification, evaluation and response were arranged as a sequence, and the expert elicitation technique was adopted in order to quantify the schedule risk status. To demonstrate the applicability of the proposed model, a megaproject case in China, the Shanghai Hongqiao Integrated Transport Hub (SHITH), was chosen. Information within the expanded risk register was collected including the probability and consequence of risk events, the complexity of risk responsible owners, the reaction time, and the time lasting for risk countermeasures. Final risk control results showed that the method could not only address the schedule risks correlations effectively, but also maintained the simplicity for construction management practices..

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Judgmental risk analysis process development in construction projects

Cited by 46 publications

References 12 publications

An exploratory factor analysis of risk management practices: A study among small and medium contractors in Gauteng

An exploratory factor analysis of risk management practices: A study among small and medium contractors in Gauteng

An optimization model to solve the resource constrained project scheduling problem RCPSP in new product development projects•

Managing Transportation Megaproject Schedule Risks Using Structural Equation Modelling: A Case Study of Shanghai Hongqiao Integrated Transport Hub in China

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