Modelling global risk factors affecting construction cost performance
TL;DR: Preliminary indications show that Fuzzy Set Theory is a viable technology for modelling, assessing and managing global risk factors affecting construction cost performance and thus a fuzzy decision framework for risk management can be successfully developed.
About: This article is published in International Journal of Project Management.The article was published on 2003-05-01. It has received 578 citations till now. The article focuses on the topics: Risk management & Risk management information systems.
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TL;DR: Wang et al. as discussed by the authors analyzed the key risks in construction projects in China and developed strategies to manage them from a joint perspective of project stakeholders and life cycle and concluded that clients, designers and government bodies should take the responsibility to manage their relevant risks and work cooperatively from the feasibility phase onwards to address potential risks in time.
714 citations
TL;DR: This article presents a risk assessment methodology based on the Fuzzy Sets Theory, which is an effective tool to deal with subjective judgement, and on the Analytic Hierarchy Process (AHP), which is used to structure a large number of risks.
458 citations
Cites background from "Modelling global risk factors affec..."
...…course of action” (Perry and Hayes, 1985; Chapman and Ward, 1997), “the probability of losses in a project” (Jaafari, 2001; Kartam and Kartam, 2001), “the likelihood of a detrimental event occurring to the project” (Baloi and Price, 2003); or “a barrier to success” (Hertz and Thomas, 1994)....
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TL;DR: In this paper, a survey was conducted on 250 construction project organizations in the UK, which was followed by face-to-face interviews with experienced practitioners from 15 of these organizations.
Abstract: Despite the availability of various control techniques and project control software many construction projects still do not achieve their cost and time objectives. Research in this area so far has mainly been devoted to identifying causes of cost and time overruns. There is limited research geared towards studying factors inhibiting the ability of practitioners to effectively control their projects. To fill this gap, a survey was conducted on 250 construction project organizations in the UK, which was followed by face-to-face interviews with experienced practitioners from 15 of these organizations. The common factors that inhibit both time and cost control during construction projects were first identified. Subsequently 90 mitigating measures have been developed for the top five leading inhibiting factors—design changes, risks/uncertainties, inaccurate evaluation of project time/duration, complexities and non-performance of subcontractors were recommended. These mitigating measures were classified as: preventive, predictive, corrective and organizational measures. They can be used as a checklist of good practice and help project managers to improve the effectiveness of control of their projects.
384 citations
Additional excerpts
...(2002), Faniran (1999), Iyer and Jha (2005), Kuruooglu and Ergen (2000), Baloi and Price (2003)...
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334 citations
TL;DR: In this article, the authors present a review of the literature of risk modelling and assessment of construction projects and conclude that a simple analytical tool that uses risk cost as a common scale and utilises professional experience could be a viable option to facilitate closing the gap between theory and practice of risk assessment.
277 citations
References
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Book•
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TL;DR: A separation theorem for convex fuzzy sets is proved without requiring that the fuzzy sets be disjoint.
Abstract: A fuzzy set is a class of objects with a continuum of grades of membership. Such a set is characterized by a membership (characteristic) function which assigns to each object a grade of membership ranging between zero and one. The notions of inclusion, union, intersection, complement, relation, convexity, etc., are extended to such sets, and various properties of these notions in the context of fuzzy sets are established. In particular, a separation theorem for convex fuzzy sets is proved without requiring that the fuzzy sets be disjoint.
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