Risk impact assessments in project budget development: quantity surveyors' perspectives

Adafin, Johnson; Rotimi, James Olabode Bamidele; Wilkinson, Suzanne

doi:10.1080/15623599.2018.1462441

Cited by 16 publications

(15 citation statements)

References 36 publications

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“…As for contractual-related issues, they are pertained to dispute on provisional quantities and quantities which require re-measurement (Cunningham, 2017) and those involving insufficient allocation provided for contractual risks, such as fluctuation of market price, material unavailability and work contingencies (Adafin, Rotimi, & Wilkinson, 2018;Offei-Nyako et al, 2016;Zakaria et al, 2013c). In total, there were seven issues and problems faced by quantity surveyors during the preparation of final account.…”

Section: Literature Review Issues and Challenges In The Final Accountmentioning

confidence: 99%

Final Account Preparation in Construction Industry: Competencies and Challenges of Quantity Surveyors

2021

IJSMS

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Final account in a construction project is prepared to show the final cost of the project that has been completed by a contractor. Preparation of the final account involves reporting the final cost of construction works, and it is one of the services that must be provided by quantity surveyors. Quantity surveyors display their competencies in preparing a final account by producing the certificate without being disputed and in a timely manner. However, issues and problems usually occur when rolling the final account, often related to quantity surveyors’ competencies. This paper aims to study challenges faced and competencies displayed by quantity surveyors in relation to the final account preparation. An extensive literature review of previous research and content analysis of court cases reported in the Malayan Law Journal were conducted to identify challenges and competencies of quantity surveyors in preparing a final account. In addition, a questionnaire survey was conducted among quantity surveyors to elicit their agreement on the issues and required competencies during the final account preparation. Three categories of issues pertaining to the final account preparation were observed: contractor-related; management-related; and contractual-related issues. This research also revealed six categories of competencies required in a final account preparation: procurement; quantification and costing; project finance control; contract administration; construction practice; and teamwork. Correlation analysis conducted shows that management related issues are likely to occur due to low competencies displayed by quantity surveyors during the preparation of the final account. This research is expected to provide the knowledge related to the preparation of the final account by quantity surveyors, leading to a more satisfactory construction project deliverance.

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Section: Literature Review Issues and Challenges In The Final Accountmentioning

confidence: 99%

Final Account Preparation in Construction Industry: Competencies and Challenges of Quantity Surveyors

2021

IJSMS

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“…Therefore, seeking the synergistic balance between exploratory learning and exploitative learning has become a strategic problem to be solved urgently by China's engineering project teams. 6 In addition, the theory of Yin and Yang and the Five Elements is the essence of Chinese traditional culture and the treasure of the Chinese nation. The law of "mutual generation and mutual restraint" of the five elements is the basic law of the universal connection of all things in the universe.…”

Section: Introductionmentioning

confidence: 99%

“…Therefore, seeking the synergistic balance between exploratory learning and exploitative learning has become a strategic problem to be solved urgently by China’s engineering project teams. 6…”

Section: Introductionmentioning

confidence: 99%

Ambidextrous learning of engineering project team: Relying on control or BIM AI VR AR MR?

Yang

Cui

2020

International Journal of Engineering Business Management

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Through formal control and social control, technology platforms can acquire the information knowledge needed for ambidextrous learning of engineering project team, but whether technology platforms influence ambidextrous learning of engineering project team through the intermediary role of ambidextrous control (formal control, social control) is still lack of theoretical and empirical support. In order to explore the influence of the co-use of technology platform and ambidextrous control on the ambidextrous learning of engineering project team, this paper constructs a theoretical framework between the performance of ambidextrous control (formal control, social control) and different types of technology platform (BIM, AI, VR, AR, MR) and different types of learning (exploratory learning, exploitative learning). A questionnaire survey was conducted among 210 project managers. AMOS22.0 and bootstrap software were used for analysis and test, SPSS22.0 was used for hierarchical regression analysis, the results of hierarchical regression analysis show that formal control, social control and the balanced use of both have significant positive correlation with the ambidextrous learning and balanced use of ambidextrous learning of engineering project team. Formal Information Technology Platform (BIM) and Informal Information Technology Platform (AI, VR, AR, MR) have significant positive effects on the ambidextrous learning of engineering project team. The balanced use of formal Information Technology Platform (BIM) and informal Information Technology Platform (AI, AR) has significant positive effects on the ambidextrous learning balance of engineering project team. Formal control and social control mediate the positive correlation between information technology platform (BIM, AI, VR, AR, MR) and ambidextrous learning of engineering project team. In addition, information technology platform (BIM, AI, VR) regulates the impact of formal control and social control on learning (exploratory learning, exploitative learning). Generally speaking, different types of technology platforms and ambidextrous control strategies are still effective for the ambidextrous learning and balance of engineering project team.

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“…One of those challenges is identifying the construction risk factors that are dominant in most, if not all, of the construction projects. Adafin et al (2018) reported that the proper risk analysis can offer a partial solution by reducing the variance between design-stage elemental cost plans and final tender sums of the construction projects. Typically, the risk is identified as an event of uncertainty in which the results fluctuate contrary to planned or expected, which leads to unexpected calamities or losses.…”

Section: Introductionmentioning

confidence: 99%

Risk factors in oil and gas construction projects in developing countries: a case study

Kassem

Khoiry²,

Hamzah³

2019

IJESM

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Purpose This study aims to investigate the risk factors in construction projects in oil and gas processing facilities in Yemen and serves as a case study for developing countries. Design/methodology/approach By using a questionnaire, data were collected from 201 project managers and engineers employed in different sectors in the oil and gas industry in Yemen. Findings The survey analysis based on Kruskal–Wallis test method shows a high degree of agreement on the perceptions of risk factors depending on categories of companies. In other words, the tested risk factors exist in all sectors of oil companies in Yemen and are valid as a measure of risk factors in construction projects in oil and gas organizations in general. Although no evidence suggests that the risk factors differ significantly according to job title, the result of identifiable risk factors according to experience shows a statistically significant difference among participants in terms of their experience. The relative importance of the ranking of risk factors was obtained by the statistical analysis of responses on the impact and likelihood of occurrence of these risks. Findings show that internal risks are the greatest influential factors in construction projects in the oil and gas sector, followed by changes during construction project, government instability, incorrect project cost estimation, government delay in decision making, incorrect project schedule estimation, and political situation and war in the country. Originality/value These findings are valuable to organizations that are planning to conduct construction projects for oil and gas processing facilities in Yemen and other nations with similar environments, such as developing countries.

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Risk impact assessments in project budget development: quantity surveyors' perspectives

Cited by 16 publications

References 36 publications

Final Account Preparation in Construction Industry: Competencies and Challenges of Quantity Surveyors

Final Account Preparation in Construction Industry: Competencies and Challenges of Quantity Surveyors

Ambidextrous learning of engineering project team: Relying on control or BIM AI VR AR MR?

Risk factors in oil and gas construction projects in developing countries: a case study

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