This study aims to elucidate the relationship between risk management and project success, considering the contingent effect of project complexity. This approach also combines aspects of soft and hard skills. This methodological approach involves a literature review to underpin the conceptual framework and a survey for empirical validation, using structural equation modelling. The hypotheses were tested based on a field study involving 263 projects distributed among eight industries. The fieldwork involved interviews with project managers and risk managers and an analysis of internal company documents about the projects’ performance. The structural model presented herein provides a means for correlating the hard and soft sides of risk management with project success, understanding the moderating effect of project complexity. The soft side of risk management appears most prominently and explains 10.7% of the effect on project success. Moreover, the soft side supports the hard side, since we found a signifi...

Impact of risk management on project performance: the importance of soft skills

Effects of project governance structures on the management of risks in major infrastructure projects: A comparative analysis

Risk perceptions and approaches in multi-organizations: A research review 2000–2012

Ten questions concerning building information modelling

This paper summarizes the results of a comprehensive systematic literature survey on the front-end of a project, commissioned by the Project Management Institute. The dedicated literature on the fr...

/pdf/the-front-end-of-projects-a-systematic-literature-review-and-s5c70e6jyp.pdf

The front-end of projects: a systematic literature review and structuring

Construction projects are facing a greater number of uncertainties and more severe risks, which could cause much bigger losses than in the past. From the perspective of information economics, asymmetric information gives rise to opportunistic behavior, which is the primary cause of loss of faith and increased risk in the construction market. Asymmetric information theory is helpful for solving problems arising in construction projects and for preventing construction project risk. The main objective in this paper is to explore risk prevention mechanisms and measures in construction projects on the basis of asymmetric information theory. The research processes are (1) exploring the relationship between asymmetric information and construction project risk and exploring the mechanisms of construction project risk formation on the basis of asymmetric information; (2) analyzing the issue of asymmetric information in construction projects and creating an information model of construction project manageme...

Construction Project Risk Management Based on the View of Asymmetric Information

In this paper, we seek to provide real-time replenishment policy for a capacitated company that faces an exogenous demand and has to procure and store sufficient quantities of certain items with uncertain procurement prices. The objective is to minimize the total cost of the procuring cost and inventory holding cost without stock out. Motivated by the fact that a large variability in the price process often makes forecasting difficult, in contrast to the traditional approaches of the stochastic inventory theory, we study this problem from the perspective of competitive analysis who is free of any price distribution assumption. We propose an online replenishment model, which generalizes several previous online models. We give a real-time replenishment policy whose decisions are made based entirely on the past and present prices and the current inventory level. We prove that our policy achieves superior performance, and outperforms all of the previous theoretical results. Furthermore, we present the numerical studies to show that our replenishment policy achieves an even better empirical performance. 

Xiaoyu Zhou

Papers

Construction Project Risk Management Based on the View of Asymmetric Information

Replenishment Policy with Limited Price Information