Protocol to Enhance Profitability by Managing Risks in Construction Projects

Yoon, Yoojung; Tamer, Ziad; Hastak, Makarand

doi:10.1061/(asce)me.1943-5479.0000339

Cited by 28 publications

(19 citation statements)

References 15 publications

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“…Enterprises need adequate RM principles to survive. The requirement can be achieved through long-term planning and strategic thinking [20]. An enterprise needs to identify its risk appetite to develop a hierarchy of strategies [21].…”

Section: Risk Managementmentioning

confidence: 99%

Strategic Risk Management among Small Enterprises in the Construction Industry

Baloyi

Ozumba

2020

MATEC Web Conf.

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The purpose of this study is to develop knowledge around the practice of risk-management by small enterprises in the construction sector. The study will discuss the shortfalls in practice, and possible risk-management strategies suggested. This research is a literature review based study. An integrative review of a purposive sample of literature was used to generate articles discussing SMMEs and their business challenges. The search narrowed down to risk management articles with a specific focus on strategic risk management. The significant limitation to the study is the theoretical nature at this stage. Findings, however, suggest that non-systematic risk management in business operations by small enterprises and lack of innovative strategies that accommodate for market competition, hinder their transition to medium enterprises. However, small enterprises that practice strategic risk management stand a better chance of transitioning into medium enterprises because of their better understanding of risks and resource organization.

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Section: Risk Managementmentioning

confidence: 99%

Strategic Risk Management among Small Enterprises in the Construction Industry

Baloyi

Ozumba

2020

MATEC Web Conf.

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“…Increasing attention is being paid to the fundamentals of organizational complexity, namely organizational hierarchy structure, administration, technical abilities, and experiences of the working staff [32,34,44,45]. Moreover, [46,47] also emphasized the importance of the management of material, labor, and suppliers. The study describes a system through which the project planning and controlling strategies, resource market, competition advantage (technologies and relationships) and expertise or experience of project professionals are combined in the project alliance organization [48].…”

Section: Task Complexitymentioning

confidence: 99%

“…In recognition of the importance of the environment complexity, previous studies and research have highlighted the relationship between environmental influences and project cost management [59,61]. In this study, variables describing aspects of environment complexity include factors such as weather conditions, unforeseen nature disasters, and differences in social/culture/language [31,47,62,63]. Based on the existing literature review, the following hypothesis can be proposed.…”

Section: External Environment Complexitymentioning

confidence: 99%

Structural Equation Model for Investigating the Causal Relationships Between Project Complexities and Project Cost: An Empirical Study from New Zealand

Zhao¹,

Zhang²

2019

Preprint

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Project complexity is usually considered as one of main causes of cost overruns, resulting in poor performance and thus project failure. However, empirical studies focused on evaluating its effects on project cost remain lacking. Given this circumstance, this study attempts to develop the relationships between project cost and the multidimensional project complexity elements. We establish complexity as a multidimensional factor including the task, organization, market, legal, and environment complexities. This study uses an empirical evidence-based structural model to account for the relationships between project cost and project complexity. By doing so, a quantitative assessment of multi-dimensional project complexity has been developed. The findings suggest that task and organization complexities have direct effects on project cost, while market, legal and external environment complexities have indirect effects on project cost. The practical contribution is that the findings can improve the understanding of which dimension of complexity significantly influence project cost, and the need to focus efforts on strategically addressing that complexities.

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“…Then based on this questionnaire data were collected. A22 Poor site performance and management [15,33] A23 Ineffective scheduling and planning [4,19,30,32] A24 Improper construction methods [19,22,33] A25 Poor coordination and communication with other [4,30,31] A26 Inadequate experience of the contractor [19,22,25] A27 Rework for unsatisfactory work [17,19,22] A3 Consultant A31 Inadequate consultant experience [15,19] A32 Late in receiving and approving of work [4,19,22,30] A33 Late in performing inspection and testing and poor supervision [34] A34 Poor coordination and communication with other [19] B42 Low efficiency and productivity of equipment [34] B42 Lack of spare parts and failures of equipment [4,17,30,31] B43 Problem of mobilization and allocation [16] B45 Equipment outdated [16,34] (C) Contrac condition C1 Absence of alternative dispute resolution (ADR) [4,30,33] C2 Discrepancies and mistakes in contract [33] C3 Unrealistic cost and duration contract [4,17,30] C4 Poor incentives and inadequate penalties in contract …”

Section: Set Significant Delay Risk Factorsmentioning

confidence: 99%

Risk Level Evaluation on Construction Project Lifecycle Using Fuzzy Comprehensive Evaluation and TOPSIS

Gebrehiwet

Luo

2018

Symmetry

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A risk is a predominant problem in the developing countries construction projects. Although numerous studies have been concerned on risk, there is a limited study on a mechanism to identify the typical risks and effects level. This paper presents an approach for evaluating the risks in case of schedule delays at the various lifecycles of construction projects. The methodology applied is an integrated model of the technique for order preference by similarity to ideal solution (TOPSIS) and fuzzy comprehensive evaluation (FCE). In this study, common criteria, sub-criteria, and attributes are constructed to make a decision concerning the influence level of risk of delay at the construction project lifecycle. The results showed that the construction stage (44%) is highly influenced, the second highly influenced stage is post construction (37%), and the least risked stage is pre-construction (35%). The construction projects in Ethiopia have faced an average delay risk of 38% at a high and very high-risk level. This work is expected to serve as a tool to assist managers in the management and control of schedule delays to mitigate their risks.

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Protocol to Enhance Profitability by Managing Risks in Construction Projects

Cited by 28 publications

References 15 publications

Strategic Risk Management among Small Enterprises in the Construction Industry

Strategic Risk Management among Small Enterprises in the Construction Industry

Structural Equation Model for Investigating the Causal Relationships Between Project Complexities and Project Cost: An Empirical Study from New Zealand

Risk Level Evaluation on Construction Project Lifecycle Using Fuzzy Comprehensive Evaluation and TOPSIS

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