Risk Management in Construction Industry

Sankar, Surisetti Divya; Shashikanth, Kulkarni; Mahender, Sangamalla

doi:10.1007/978-981-16-5543-2_4

Cited by 2 publications

(2 citation statements)

References 7 publications

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“…EUV q = 1.6137 (22) However, because there is a risk in the project, the time is a continuous random variable and its expected utility scale is calculable as was done with the cost criterion, while making certain contracts after finding the related density function. Paying attention to the goal of this dissertation, gaining the p c optimum amount is necessary, as p c determines a winner-winner situation between the owner and the contractor.…”

Section: Calculating the Expected Utilities Of The Owner Expected Uti...mentioning

confidence: 99%

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Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method

Malekshah

Mehdiabadi²,

Pourmansouri

et al. 2022

Applied Sciences

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Project risk is an uncertain situation or event that, if it occurs, may have a negative or positive effect on one or more project objectives, such as scope, schedule, cost, and quality. Major industrial projects are increasingly facing complexity and uncertainty. The scope of this paper is related to petrochemical projects, in which risks directly affect the approved time, cost, and quality of the project. In such projects, there are risks that neither the owner nor the contractor has the main role in the occurrence or prevention of, and it is not easy to determine who is responsible for them. In such projects, there are risks that neither the owner nor the contractor has the main role in the occurrence or prevention of, and for which it is not easy to determine responsibility. Therefore, predicting, identifying, analyzing, and determining of the optimal allocation of risk responsibility between contracting parties is one of the most important steps before the start of the project. Suppose it is not correctly allocated among project stakeholders, then, in that case, risk responsibility imposes costs on the project that must be paid by the owner, contractor, and partnership, causing, in general, many problems for project management. Therefore, this paper presents a model to calculate the optimal ratio of risk allocation between the project parties in the concluding contract stage, using the UTA-STAR technique to obtain the owner and contractor utility function to create as much of a win-win relationship between them as possible.

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Section: Calculating the Expected Utilities Of The Owner Expected Uti...mentioning

confidence: 99%

“…Such defensive strategies increase the duration and cost of projects [20]. According to risk management principles, risk should be allocated to the party that manages and reduces it best [21,22].…”

Section: Introductionmentioning

confidence: 99%

Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method

Malekshah

Mehdiabadi²,

Pourmansouri

et al. 2022

Applied Sciences

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The Impact of Project Process Management on Sustainable Project Success in the Construction Sector: The Moderating Role of Risk Management Practices

Bhatti,

Nazir

2024

BBE

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This study examines the influence of project process management on sustainable project success in the construction sector, with a focus on the moderating role of risk management practices. Using a quantitative research design, data were collected from 328 professionals, including Managers, Project Managers, and Portfolio Managers, through structured questionnaires. The analysis, conducted using SmartPLS, revealed that effective project process management significantly impacts project time, cost, and scope, thereby enhancing overall project success. The findings highlight the importance of integrating risk management practices to mitigate potential delays and cost overruns, demonstrating a moderating effect on the relationship between project process management and project outcomes. However, the moderating effect of risk management was not significant for the project scope, suggesting that additional strategies may be required to manage scope changes effectively. These results underscore the need for comprehensive management approaches that incorporate both robust process management and proactive risk management to achieve sustainable success in construction projects. The study provides valuable insights for construction professionals and suggests avenues for future research, including the exploration of other management practices and the use of longitudinal data to capture the dynamic nature of construction projects.

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Risk Management in Construction Industry

Cited by 2 publications

References 7 publications

Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method

Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method

The Impact of Project Process Management on Sustainable Project Success in the Construction Sector: The Moderating Role of Risk Management Practices

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