The Evaluation of the Contractor’s Risk in Implementing the Investment Projects in Construction by Using the Verbal Analysis Methods

Shevchenko, Galina; Ustinovichius, Leonas; Walasek, Dariusz

doi:10.3390/su11092660

Cited by 10 publications

(5 citation statements)

References 37 publications

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“…The occurrence of risks can significantly hinder the implementation of plans and disturb the development of a construction company in the short, medium, and long term (Moorhead et al, 2022;Raza & Zhong, 2022). The risk management process in construction projects often has many deficiencies that reduce the efficiency and effectiveness of project management and the probability of success (Shevchenko et al, 2019). The inappropriate predominant practice of risk identification and analysis in the construction industry is mostly based on the assessments of individual experts and does not consider the subjectivity of individual perception (Bornschein et al, 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

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Hierarchical Risk Communication Management Framework for Construction Projects

Mansour,

Beithou,

Alsqour

et al. 2023

Engineering Management in Production and Services

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Risk, as an effect of uncertainty, is associated with every human activity. Like any other industry, construction companies are eager to reduce the uncertainty of reluctant events. A well-planned risk communication system could contribute to the success of a construction project. A proper announcement protocol could be a mitigating lever for identified or unidentified risks during planning and monitoring processes. This research aims to present a risk communication management system (RCMS) for construction companies involved in large projects. The proposed model includes a step-by-step communication procedure considering the authority level within the organisational hierarchical structure. The model aims to remove the ambiguity of risk communications during the construction process under uncertain conditions. It leaves no or little room for the emergence of unplanned risks. The proposed communication structure has been implemented in GRC cladding construction projects, and the risk communication time and response have been significantly improved.

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Section: Literature Reviewmentioning

confidence: 99%

“…The risk management capability is important to ensure the achievement of goals and to gain a competitive advantage (Saeidi et al, 2019). This has led to increasing attention to risk analysis to guide decision-making in recent years (Drożyner, 2020;Shevchenko et al, 2019).…”

Section: Introductionmentioning

confidence: 99%

Hierarchical Risk Communication Management Framework for Construction Projects

Mansour,

Beithou,

Alsqour

et al. 2023

Engineering Management in Production and Services

View full text Add to dashboard Cite

show abstract

“…In some of the works available today, authors try to quantify the risks of investing [10]. However, these works use verbal models that do not allow a probabilistic assessment of the influence of environmental factors on the effectiveness of investment projects.…”

Section: Literature Reviewmentioning

confidence: 99%

Improving the Strategic Management of Investment Activities of Industrial Enterprises as a Factor for Sustainable Development in a Crisis

et al. 2019

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This article discusses the problem of improving the strategic management of sustainable development in industrial enterprises in Russia. The shortcomings of the strategic management of industrial enterprises are due to the fall in the growth rates of the world and domestic economy, international sanctions, and the specifics of the development of socio-economic relations in the Russian Federation. The main problem of the research is related to the imperfection of the strategic management of the investment policy of the enterprise, which leads to a slowdown in the development of the company and a decrease in competitiveness. The main goal of the presented research is to develop proposals for improving the strategic management model for the development and implementation of investment strategies of an industrial enterprise. Based on the analysis of theoretical sources, gaps in research related to the topic and objectives of this work are highlighted. The methodological base of the research is determined, the basis of which are: system theory, systematic approach to managing a company’s sustainable development, theory and practice of modeling, strategic management, investment design. The improved model is proposed, which determines the interdependence of the strategic management of investment policy and the sustainable economic development of the company, presents the algorithm for managing the process of developing investment strategies in an industrial enterprise. This mechanism takes into account the main indicators of sustainable development of an industrial enterprise. There are proposals to improve the management model of insurance reserves of the company, reflecting the strategic aspects of investment activities necessary for the successful implementation of the course on sustainable development in an industrial company. The obtained results were tested by a number of Russian enterprises, which led to positive results of their activities, contributed to more sustainable development and strengthening of competitive positions.

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“…This, in fact, enhances the generalizing process which proves significance in comparison to other frameworks applying linear regression and neural system. Evaluating previous academic and practical attempt in examining construction projects, Shevchenko et al [20] emphasized that the multi-factor assessment including comprehensive qualitative analysis is essential. To support their statement, authors established an approach based on qualitative measurement weighing critical issues and influential factors, to suggest mitigation strategies.…”

Section: Introductionmentioning

confidence: 99%

“…Hence, in the situation of limited budget, the public and private partners may struggle with deciding the most potential alternative. Besides, previous methods have been considered as difficult to use in real practice [20]. To overcome this real-world challenge, this paper attempts to utilize original AHP in conjunction with Computation of risk score to reinforce investment selection by comparing the riskiness of different projects, concerning critical risks associated.…”

Section: Introductionmentioning

confidence: 99%

Optimizing Investment Selection for PPP Framework in the Transport Sector: A Risk Perspective

Nhat¹,

Dung²

2021

cea

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The huge financial requirement of essential transport infrastructure system has challenged the availability of government funding. To fill the fiscal gap, public-private partnerships (PPP) framework has been applied as a promising mechanism. The success of PPP projects, however, is significantly influenced by a number of critical factors. Therefore, an optimum and comprehensive evaluation of projects, reflecting critical risks, supporting investment decisions, has been highly demanded by both the public and private sector. Various works, in previous studies, have been spreading scientific models assessing risks in the construction industry, and some of them focused on the area of PPP. However, the majority of published methods just concentrated on addressing and leveling risks, and there is a lack of application in evaluating and comparing different PPP projects, as investment options, with regards to key issues. Hence, in the situation of limited budget, the public and private partners may struggle with deciding the most potential alternative. To overcome this real-world challenge, this paper, by proposing a mathematical model, attempts to optimize investment selection by evaluating different projects' riskiness with the focus on transport projects. Different actual PPP transport projects in Vietnam were employed as case studies to analyze the practicality of the proposed application.

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The Evaluation of the Contractor’s Risk in Implementing the Investment Projects in Construction by Using the Verbal Analysis Methods

Cited by 10 publications

References 37 publications

Hierarchical Risk Communication Management Framework for Construction Projects

Hierarchical Risk Communication Management Framework for Construction Projects

Improving the Strategic Management of Investment Activities of Industrial Enterprises as a Factor for Sustainable Development in a Crisis

Optimizing Investment Selection for PPP Framework in the Transport Sector: A Risk Perspective

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