Risk impact assessments in project budget development: architects’ perspectives

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

doi:10.1080/17452007.2016.1152228

Cited by 11 publications

(14 citation statements)

References 31 publications

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“…To determine the suitability and applicability of the 7 MADM methods for risk assessment in PPP projects, their relative ranking performance was compared using the following measures: Using Spearman's rank correlation coefficient (r), the similarity between two sets of rankings can be measured. Spearman's rank correlation coefficient value varies between −1 and +1, with a value of +1 denoting a perfect match between two rank orderings (Adafin et al 2016). Table 7 illustrates the Spearman's rank correlation coefficients obtained in this study.…”

Section: Seperman and Kedall Testsmentioning

confidence: 77%

Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis

Valipour

Sarvari

Tamošaitienė

2018

Administrative Sciences

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Recently, risk assessment has become one of the most challenging issues in the areas of construction and public-private partnerships (PPPs). To address risk assessment issues, various decision-making techniques have been proposed, each with its own specific disadvantages and advantages. This paper investigates step-wise weight assessment ratio analysis (SWARA), complex proportional assessment (COPRAS), fuzzy analytic network process (FANP), fuzzy analytic hierarchy process (FAHP), fuzzy technique for order of preference by similarity to ideal solution (FTOPSIS), simple additive weighting (SAW) and evaluation based on distance from average solution (EDAS) in order to define how various multi-attribute decision-making (MADM) methods compare when used for risk assessment in PPP projects. For this study, 5 risk assessment criteria and 10 types of risk used in Iranian highway PPP projects were selected. Four suitability and applicability tests were used to measure agreement between the rankings derived from the MADM methods. Final results show that all techniques had approximately the same rankings of risk assessment, with the SWARA, COPRAS, and EDAS methods performing slightly better. The findings of this study will help the parties in PPP and construction projects to select the best risk assessment method.

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Section: Seperman and Kedall Testsmentioning

confidence: 77%

Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis

Valipour

Sarvari

Tamošaitienė

2018

Administrative Sciences

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“…The structured survey questionnaire was constructed based on a review of the literature and unstructured face-to-face interviews with experts in cost estimation. A comprehensive list of potential factors affecting cost estimate accuracy during design and applicable in Jordan was compiled from the following studies: (Tymvios et al , 2012; Hatamleh et al , 2016; Adafin et al , 2016; Arif et al , 2015; RICS, 2012; Bredehoeft, 2012; Enshassi et al , 2013; Farinloye et al , 2009; Azhar et al , 2008; Odusami and Onukwube, 2008; Towner and Baccarini, 2007; Liu and Zhu, 2007; Enshassi et al , 2007; Dysert, 2006; Babalola and Aladegbaiye, 2006; Iyer and Jha, 2005; Elhag et al , 2005; Shash and Ibrahim, 2005; Al-Shanti, 2003; Madi, 2003; Trost and Oberlender, 2003; Mochtar and Arditi, 2001; Ling and Boo, 2001; Skitmore et al , 2000; Akintoye, 2000; Akintoye, 2000; Gunner and Skitmore, 1999; Al-Thunain, 1996; Al-Khaldi, 1990; and Skitmore et al , 1990).…”

Section: Methodsmentioning

confidence: 99%

“…Different project stakeholder interests lead to increased risk complexity and dynamics during construction projects (Zou et al , 2008). To account for construction project risk, a risk-contingency allowance is important for guaranteeing a reliable project cost estimate and preventing project cost, time, and quality targets from being threatened (Adafin et al , 2016).…”

Section: Introductionmentioning

confidence: 99%

Factors affecting the accuracy of cost estimate during various design stages

Dandan

Sweis

Sukkari

et al. 2019

JEDT

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Purpose The purpose of this paper is to identify factors affecting cost estimate accuracy in each of five design stages preceding building construction: order of magnitude, conceptual/schematic, detailed design, construction document and bid phase. Design/methodology/approach Data were collected using an online survey completed by 138 respondents who work in design consultancy firms in Jordan, including project managers, architects and quantity surveyors (QSs). Survey responses were analyzed using descriptive statistics. Confirmatory interviews and case study comparisons were used to confirm the statistical analysis results. Findings The results of this study indicated that each design stage’s cost estimate was affected by several factors. Two significant factors were common across four of the five design stages: client experience and project team experience. In addition, a high level of agreement was observed among the project managers, architects and QSs regarding the factors affecting cost estimate accuracy. Originality/value Accurately estimating building construction costs during the design process has posed a challenge for designers and their clients in Jordan. Despite the care and effort involved in preparing cost estimates in each of the five design stages, deviations are commonly observed. Because the accuracy of building construction cost estimates directly affect the success or failure of a project, the results of this study can be used to reduce uncertainties in building construction cost estimation and subsequently increase the likelihood of project success

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“…The subject of risk management in construction projects has been increasingly studying since the 1980s. Most of these studies have focused on how risks are identified or analyzed/assessed in different countries such as Australia [32,33], China [23,34,35], Ghana [36], Hong Kong [37,38], India [39,40], Indonesia [41,42], Italy [43], Korea [44], Malaysia [31,45], Mexico [46], New Zealand [47,48], Nigeria [49,50], Poland [51], Singapore [52,53], Spain [54], Sri Lanka [55], Tanzania [56], the United Kingdom [57,58], the United States of America [59,60], Vietnam [61,62] and Zambia [63]. These studies mostly used survey/interviews or case studies.…”

Section: Introductionmentioning

confidence: 99%

A Guide for Risk Management in Construction Projects: Present Knowledge and Future Directions

Çakmak¹,

Tezel²

2019

Risk Management in Construction Projects

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Construction projects are well known to be prone to a high level of risk that cannot be ignored but can be managed. Researchers have studied numerous aspects of risk management including identification, analysis/assessment, response and control. Despite the fact that studies focused on risk management in construction projects have been increasing, there seems to be a limited number of published studies that summarize what has already been presented in the literature. In this regard, this chapter aims to present the existing literature on risk management from a holistic perspective and provide a guide for future directions. With this aim, a systematic literature review has been undertaken by presenting the areas focused on by researchers as well as neglected ones, by indicating the trends in research through the years and by discussing research gaps for potential studies.

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Risk impact assessments in project budget development: architects’ perspectives

Cited by 11 publications

References 31 publications

Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis

Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis

Factors affecting the accuracy of cost estimate during various design stages

A Guide for Risk Management in Construction Projects: Present Knowledge and Future Directions

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