Risk Management Assessment in Oil and Gas Construction Projects Using Structural Equation Modeling (PLS-SEM)

Kassem, Mukhtar A.

doi:10.3390/gases2020003

Cited by 18 publications

(17 citation statements)

References 72 publications

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“…The findings of the correlation and regression analysis indicated that there is a moderate and a significance association of internal risks with the performance of mega constructions projects in Kazakhstan. Thus, the findings are consistent with the studies (Ajibike, et al 2019;Kassem, 2022;) which indicated a significance impact of internal risks factors on oils and gas mga projects. The results from the correlation and regression analysis revealed that there is weak and significance relation of external risks to the performance of mega constructions projects in Kazakhstan.…”

Section: Y (Performance Of Mega Construction Projects) = 1470 +0205 (...supporting

confidence: 92%

“…Due to these risks, various construction projects were hindered and over budgeted due to mismanagement by the project managers. The community and traditionalbased earning methods, unable to evaluate and handle construction risks, lead to delayed and deficient constructions (Kassem, 2022). Contractual risk is also a major issue in mega projects where contractual allocation risk is one risk factor among the parties involved in the mega project because oil and gas mega-projects involve many parties working on the same project.…”

Section: Risks Influencing Mega Construction Projectsmentioning

confidence: 99%

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Identifying the Key Risk Factors of Oil and Gas Mega Construction Projects in Kazakhstan

Yassine¹

2023

IJETMS

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Purpose – The present study investigates the risk factors and their risk management in Kazakhstan oil and gas mega-construction projects. Design/methodology – Through a quantitative research approach, 384 were stratified into ten listed companies in Kazakhstan that were selected randomly. By stratification, 38.4 persons were selected for interviews from each company. Findings – The study findings through a statistical analysis revealed that internal risks and other significant risks were showing a moderate correlation with the performance of mega projects, while external risks were not affecting the performance with a weak correlation. Practical Implications – The present research is the initial step towards the risk identification process for producing strategic policies for risks and discussing their sources and consequences on performance. It is awareness for the workers and employees working in the mega constructions projects in Kazakhstan to know the possible risk factors for the project for the improvement in the performance. Theoretical Contribution –The study possesses theoretical implications for the academics and the researcher to know the risk factors of the projects, including internal, external and other significant risks in mega construction projects. It helps recognize the practical advantages and disadvantages of all the risk factors in the industry. The study would benefit future theoretical researchers examining other categories and their effect on other enterprises. Limitations/Originality/Value – The study has not used the theoretical framework for oil and gas mega-construction projects' risk factors. Thus, future researchers can work on applying and expanding the theory related to the risk factors impacting performance. Other factors affecting Kazakhstan's oil and gas projects are needed to focus on influencing the performance of the specific industry.

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Section: Y (Performance Of Mega Construction Projects) = 1470 +0205 (...supporting

confidence: 92%

Section: Risks Influencing Mega Construction Projectsmentioning

confidence: 99%

Identifying the Key Risk Factors of Oil and Gas Mega Construction Projects in Kazakhstan

Yassine¹

2023

IJETMS

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“…(5) Provide a public and institutional framework for an effective and enhanced current civil engineering standard method of measuring towards creating bills of quantities in the construction sector, and publicly acknowledge and reward the adopters of this approach. (6) The standard has to reflect the most up-to-date technologies in order to align the measuring technique for the future benefit of the building industry.…”

Section: Discussionmentioning

confidence: 99%

“…Tender price uncertainty is reduced or eliminated, and competent contractors may make better-informed decisions because of the standard's emphasis on transparency and objectivity. It does this indirectly by making contract administration easier and decreasing project cost uncertainty [5][6][7]. There is a wealth of research on the tried-and-true approach of measuring adaptation, but there has not been much done to carefully examine this research.…”

Section: Introductionmentioning

confidence: 99%

Civil Engineering Standard Measurement Method Adoption Using a Structural Equation Modelling Approach

Muzafar¹,

Ali

Kassem

et al. 2023

Buildings

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The adoption of a standardized technique of measuring in civil construction projects is influenced both by the drivers and the strategies used, particularly in emerging nations such as Malaysia. So, the authors of this study used structural equation modeling and the PLS-SEM technique to inquire into the connection between the driver and strategy elements of the adoption. Quantity surveyors at quantity surveying consultancy companies using the standard measurement technique were polled using a questionnaire. Using the PLS-SEM technique provided by the SmartPLS 3 software, a hierarchical model was created to determine the components and their impacts on the adoption of the measuring method. The results indicated that all classes considerably influence the adoption of the standard technique of assessment, but the barrier factors had the most impact. The adoption of a standardized technique of measuring was significantly impacted by the driver and strategy elements. The coefficient of determination (R-squared value) of 0.400 indicates that the dependent variable(s) can be explained by the predictor variable(s) in the model. Moreover, Q2 is significantly different from zero, suggesting that endogenous latent components may be predicted by the conceptual model. Because of its high explanatory power, the created model has given a goodness-of-fit (GoF) index of 0.214. This means that the model adequately represents the link between the variables that affect measuring technique adoption and the effects of these factors. The first stage in determining what motivates people to utilize the most up-to-date standardized measurement approach in civil engineering construction projects is to develop a research model of the variables and to explain the connection between the driver and strategy factors on standard adoption.

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“…Risk management throughout the project delivery value chain has the potential to help the industry. This may have a cascading impact on a construction project's performance, productivity, budget, and quality [30]. Enshassi and Mosa [31] also said that in order to accomplish a company's goals and expectations, it is important to build a system of time management, cost, safety, and quality to manage a project well.…”

Section: Literature Reviewmentioning

confidence: 99%

The Current Risk Management Practices and Knowledge in the Construction Industry

et al. 2022

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Construction is a critical sector of any economy in terms of value production, labor, and contributing to the gross national product. Managing risk is a relatively young area in Yemen’s construction sector, but it is gaining traction as building activity and competition rise. Construction firms mitigate risk by using a variety of risk management methods. Therefore, there is a need to assess these procedures in order to detect shortcomings. This research aims to establish the existing risk management strategies used in Yemeni building projects. Survey questionnaires were used to collect data. Respondents were drawn from Yemeni construction businesses. Risk management is not executed systematically, intentionally, or continuously, and most firms’ risk management procedures are reactive, semipermanent, informal, and unstructured, with no or few dedicated resources to address risks. This strategy is inconsistent with generally accepted risk management principles. Nonetheless, the findings suggest a general understanding of risk management and a willingness to learn from previous errors. The study of the findings suggests that risk identification approaches such as judgment and historical data are employed for risk analysis, and that the industry typically attempts to avoid or transfer risks in Yemeni building projects. The results shed light on the shortcomings of Yemen’s project management practices. To guarantee that construction projects obtain maximum value for money, project managers of big construction businesses in Yemen need a strong understanding of and training in globally accepted systematic risk management procedures. Finally, this study can help future stakeholders determine how to work together to manage risk.

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Risk Management Assessment in Oil and Gas Construction Projects Using Structural Equation Modeling (PLS-SEM)

Cited by 18 publications

References 72 publications

Identifying the Key Risk Factors of Oil and Gas Mega Construction Projects in Kazakhstan

Identifying the Key Risk Factors of Oil and Gas Mega Construction Projects in Kazakhstan

Civil Engineering Standard Measurement Method Adoption Using a Structural Equation Modelling Approach

The Current Risk Management Practices and Knowledge in the Construction Industry

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