Project Risk time Management – A Proposed Model and a Case Study in the Construction Industry

Gładysz, Barbara; Skorupka, Dariusz; Kuchta, Dorota; Duchaczek, Artur

doi:10.1016/j.procs.2015.08.459

Cited by 31 publications

(15 citation statements)

References 20 publications

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“…The goal of risk management in the construction industry had several goals, such as the financial investment of the project, time management, cost management, construction and etc. [18] the proposed mathematical method to help manage risk. Creating alternatives to perform with the target duration subject to construction in minimal cost applied of PERT method to analyze the risk to create an alternative decision depended on the conditions of construction finance situation, various events including historical data that had the power to decide.…”

Section: Applied Risk Management Model In Construction Industrymentioning

confidence: 99%

Applied Risk Management in Construction Industry: A Review

Pooworakulchai

2020

Int. J. Eng. Tech. Mgmt. Res.

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Risk management was applied to many organizations. There was a risk of multiple and complex manner in the construction industry, because it has a variety of elements. The application of risk management was therefore used in solving problems that suffer from the past to create an alternative to proper functioning under conditions. This article studied the main application to risk management in the construction industry by the sample texts document. The applying of risk management in the construction industry was 3 stages of risk management which were the risk analysis, risk assessment, risk control and follow-up, which was used to store information in the past and brainstorm by virtue of experience, expert tips and techniques to determine the risk analysis and risk evaluation of a mathematical methodology combined with the master planning of construction work to analyze, evaluate the risk under different condition and situations. Control, risk monitoring and risk assessment were a small amount so it should be a topic of research in future rely on notes and update the plan. The three important things for the applying of risk management in the construction industry were personnel, information and continuous learning.

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Section: Applied Risk Management Model In Construction Industrymentioning

confidence: 99%

Applied Risk Management in Construction Industry: A Review

Pooworakulchai

2020

Int. J. Eng. Tech. Mgmt. Res.

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“…Zhang constructed an optimisation model for selecting risk response strategies considering the expected risk loss [16]. Gladysz et al proposed a PERTbased mixed linear programming model that supports timerelated project risk response [17]. Nguyen et al proposed a decision-making tool to help the project manager select a Table 2.…”

Section: Literature Reviewmentioning

confidence: 99%

A quantitative risk assessment methodology for construction project

Gupta

Thakkar

2018

Sādhanā

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It is observed that most of the infrastructure projects fail to meet their cost and time constraints, which will lead to a low return on investment. The paper highlights that the present risk management tools and techniques do not provide an adequate basis for response selection in managing critical risks specific to infrastructure projects. This paper proposes a risk quantification methodology and demonstrates its application for an industrial construction project. A case study is used to present an application of the proposed risk management methodology to help organisations efficiently choose risk response strategy and allocate limited resources. The research adopts an integrated approach to prioritize risks using Group Technique for Order Preference by Similarity to Ideal Solution (GTOPSIS) and to quantify risks in terms of overall project delays using Judgemental Risk Analysis Process (JRAP), and Monte Carlo Simulation (MCS). A comparison between the results of qualitative risk analysis using GTOPSIS and quantitative risk analysis i.e., JRAP and MCS is presented. It is found that JRAP along with MCS could provide some powerful results which could help the management control project risks. The crux of this paper is that the risks are highly dependent on project schedule and the proposed methodology could give a better risk priority list because it considers slackness associated with the project activities. The analysis can help improve the understanding of implications of specific risk factors on project completion time and cost, while it attempts to quantify risks. In turn, this enables the project manager to devise a suitable strategy for risk response and mitigation. Keywords. Construction project; project risk management; judgmental risk analysis process (JRAP); group technique for order preference by similarity to ideal solution and sensitivity analysis (GTOPSIS).

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“…The risk factors that are present or anticipated should be identified both for their likelihood and impact on project objectives [63]. Risk identification and classification enables the user to enhance the transparency of the analysis [64,65]. The lack of identification and classification of risks according to their sources, determination of the possibility of an occurrence and the effect on construction objectives are the main problems of implementing risk management and risk analysis [45,66].…”

Section: Classification and Identification Of Risksmentioning

confidence: 99%

DEMATEL-ANP Risk Assessment in Oil and Gas Construction Projects

et al. 2017

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Oil and gas construction projects are complex and risky because of their dynamic environment. Furthermore, rising global energy demand has increased the need for trustworthy risk assessment models for such projects that can provide adequate and precise policy planning. Traditional risk assessments in oil and gas construction projects do not consider the interrelationships of factors in the best-fit models. The Decision Making Trial and Evaluation Laboratory (DEMATEL) and Analytic Network Processes (ANP), called the DEMATEL-ANP approach, have been applied to other research disciplines to address this shortcoming. This method is able to construct a structural relationship among the different influence factors to visualize complex correlations. Thus, the purpose of this study is to showcase the DEMTAL-ANP risk assessment model to assess the overall risk factors of OGC projects. This study thus identifies the crucial risk criteria of such projects. Data were collected in 2016 through interviews with experts active in OGC projects in Iran. DEMATEL in this situation is used to determine the interdependencies' relative strengths among the risks. The ANP method is applied to assess the relative importance of the risk factors and to determine the best strategy for implementation of a risk management program. The results presented in this study are a novel adaptation of the risk assessment methodology to OGC projects that determines the important risk factors that directly affect the project success, which in turn helps in formulation of policies for ensuring reliable energy supply planning.

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Project Risk time Management – A Proposed Model and a Case Study in the Construction Industry

Cited by 31 publications

References 20 publications

Applied Risk Management in Construction Industry: A Review

Applied Risk Management in Construction Industry: A Review

A quantitative risk assessment methodology for construction project

DEMATEL-ANP Risk Assessment in Oil and Gas Construction Projects

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