Project risk management in the construction of high-rise buildings

Abstract

This paper shows the project risk management methods, which allow to better identify risks in the construction of high-rise buildings and to manage them throughout the life cycle of the project. One of the project risk management processes is a quantitative analysis of risks. The quantitative analysis usually includes the assessment of the potential impact of project risks and their probabilities. This paper shows the most popular methods of risk probability assessment and tries to indicate the advantages of the robust approach over the traditional methods. Within the framework of the project risk management model a robust approach of P. Huber is applied and expanded for the tasks of regression analysis of project data. The suggested algorithms used to assess the parameters in statistical models allow to obtain reliable estimates. A review of the theoretical problems of the development of robust models built on the methodology of the minimax estimates was done and the algorithm for the situation of asymmetric “contamination” was developed.

Research on project cost prediction based on random forest algorithm

“…Through cost forecasting, mastering the future cost level and its trend helps to reduce the blindness of decision-making, making it easy for managers to choose the optimal program and make the right decision [2] . Cost control is a series of preventive and regulating measures taken by the enterprise according to the pre-established cost management objectives for a certain period of time, and by the cost control body in its terms of reference, before the production and consumption and in the process of cost control, on various factors and conditions affecting the cost, in order to ensure that the cost management objectives are realized management behavior [3] . Construction cost control is carried out throughout the whole process of project implementation [4] , starting from project bidding and quotation until the completion of project settlement [5] .…”

Study of factors affecting construction quality, cost, and time in building project using analytical hierarchy process (AHP)

“…Various types of problems that occur during the construction project development process can basically be solved by knowing the root of the problems that occur, this can be done by knowing the factors that cause obstacles or problems in the project [2]. The existence of various types of factors that cause obstacles and the differences in the obstacles faced, it is necessary to make prevention or mitigation efforts to reduce the risk of constraint factors that can occur in the future.…”

Exploring the relationship between failure factors and stakeholder coordination performance in high-rise building projects: empirical study in the finishing phase

“…Construction projects, including high-rise building projects, have encountered various challenges resulting from high levels of uncertainty and high risk, coupled with timeconsuming constraints (Basari, 2017). For a construction project to be completed and put into utilization, there should be synchronous and smooth coordination among various stakeholders such as owners, state agencies consultants, contractors, suppliers and endusers (Retana, 2016;Titarenko et al, 2018). According to Brodetskaia et al (2011) and Sepp€ anen (2009), significant problems derive from Mechanical Electrical Plumbing (MEP) and interior works in the finishing (to be explained more clearly in a later section) phase compared with foundational activities, structural works, or roofing and facade works.…”

“…This can lead to coordination problems between stakeholders. To avoid the problems leading to project failures, coordination among stakeholders such as government agencies, owners, consultants, contractors, suppliers and end-users is essential (Retana, 2016;Titarenko, 2018). According to Brodetskaia et al's (2013) study, the finishing phase includes many interior and finishing works and workflow tasks, such as structural handover, electrical activities, plumbing, drywall (re-entrant), HVAC (heating, ventilation and air conditioning) and tiling works.…”