Risk Management in Construction Project: Taking Fairness into Account

Górecki, Jarosław; Bizon-Górecka, Jadwiga

doi:10.1088/1757-899x/245/7/072024

Cited by 7 publications

(3 citation statements)

References 1 publication

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“…The risk of construction projects is of great importance, which determines the concern of enterprises for effective methods of planning their activities. This term is generally understood as the likelihood of diverging between plans and reality [57]. It may relate to various aspects, but particularly concerns issues of cost, time, scope, and quality.…”

Section: Discussionmentioning

confidence: 99%

Study on Circular Economy Implementation Propensity of Construction Companies in Context of Prevailing Management Styles

2022

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The construction sector significantly impacts the environment. Buildings and non-building structures require natural resources and technical nutrients to be constructed and maintained. One of the most important challenges is the mitigation of their usage for construction projects. In the context of insufficient knowledge about the most effective leadership patterns for sustainable construction projects, one may wonder if there is one dominant style of management represented by construction companies. In turn, the challenges faced by these organizations can be related to how to effectively implement the circular economy (CE) concept, and thus reduce the negative externalities of the construction industry. Transition to sustainable construction requires the involvement of change leaders. In this article, based on a literature review and questionnaire, it was revealed that it is extremely difficult to distinguish one prevailing leadership style in construction companies. Besides, a path to CE maturity has been shown as a continual pursuit. The consistency enables effective promotion of the concept of CE in the construction company. The research allowed the identification of three explicit phases, disharmony, euphoria, and harmony, in becoming the CE-matured construction enterprise.

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Section: Discussionmentioning

confidence: 99%

Study on Circular Economy Implementation Propensity of Construction Companies in Context of Prevailing Management Styles

2022

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“…Equation (25) indicates that the optimal effort degree of the design enterprise χ * 1 is directly proportional to its effort utility coefficient β 1 , the profit sharing coefficient λ, and the maximum profit φCP that can be realized by project optimization. Moreover, χ * 1 is inversely proportional to its own effort cost coefficient α 1 and related to its fairness preference k 1 .…”

Section: Model Solving Equations (mentioning

confidence: 99%

“…Demirag et al [23] and Katok and Pavlov [24] studied the effect of the subjects' fairness concern behavior on the supply chain profit sharing. Górecki and Bizon-Górecka [25] argued that a phenomenon of participants' fairness exists in the risk management of construction project and indicated that fairness can be treated as an essential factor in predicting the success of such projects [26]. An et al [27] considered the subjects' fairness concern behavior and analyzed its influence on engineering design optimization and its profit sharing negotiation.…”

Section: Introductionmentioning

confidence: 99%

Profit Sharing Mechanism of Large EPC Project considering the Behavior of Fairness Concern

et al. 2020

Advances in Civil Engineering

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A large-scale engineering procurement and construction (EPC) project is often conducted by a joint venture. Many factors affect the success of cooperation among participating enterprises, such as trust and the degree of effort of both parties. The most important one is a rational profit sharing mechanism. Reasonable profit sharing mechanism concerns whether the advantages of the EPC model can be fully utilized. In this study, the proposed EPC project is undertaken by a joint venture integrating design and construction enterprises. Moreover, the profit sharing problem arises from the project optimization implemented by both parties. The fairness concern behavior of both parties is considered, and the profit sharing model for the EPC project is established on the basis of game theory. The effect of the fairness concern behavior of both parties on the EPC project optimization and its profit sharing is further analyzed by simulation analysis. The research findings show that the project optimization profit and its sharing are related to not only the efforts and cost coefficient but also the fairness concern behavior of both parties. The research results are conducive to the application of the EPC model in the field of construction engineering.

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Defining the Project's Lifecycle Stages and Their Related Decision-Making Activities

Bajare,

Zsembinszki,

Frazão Pedroso

et al. 2024

Springer Tracts in Civil Engineering

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Large infrastructure projects are significant for societal and economic development, involving different types of infrastructure and many stakeholders. This chapter outlines the stages of the project life cycle, emphasizing the importance of stakeholder engagement at all stages for successful project outcomes. The stages include initiation, planning, execution, monitoring and control, and closure, each with defined objectives, outcomes, and decision-making activities. Due to the complexity of infrastructure projects, effective stakeholder relationship management is essential. The chapter emphasizes the need for continuous communication, strategic engagement, and proactive risk management to align project objectives with stakeholder interests. Case studies and literature reviews show how stakeholder participation improves project performance, sustainability, and societal impact. The findings highlight the importance of integrating stakeholder perspectives to achieve effective project management and meet performance indicators, ultimately leading to successful project implementation and long-term societal benefits. In order to characterize the role of stakeholders, mutual relations and obstacles to the implementation of the circular economy outside the European Union, the case of Albania, which will soon become a potential member state of the European Union, is analyzed. The problems with the involvement of interested parties in the implementation of the infrastructure project and the benefits and obstacles are similar for both the member state of the European Union and the countries that are just about to become one.

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Risk Management in Construction Project: Taking Fairness into Account

Cited by 7 publications

References 1 publication

Study on Circular Economy Implementation Propensity of Construction Companies in Context of Prevailing Management Styles

Study on Circular Economy Implementation Propensity of Construction Companies in Context of Prevailing Management Styles

Profit Sharing Mechanism of Large EPC Project considering the Behavior of Fairness Concern

Defining the Project's Lifecycle Stages and Their Related Decision-Making Activities

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