Journal of Construction Engineering and Project Management

Korea Institute of Construction Engineering and Management (한국건설관리학회)
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Scenario Planning and Risk Failure Mode Effect and Analysis (RFMEA) based Management

  • Paul, Virendra Kumar (Building Engieering and Management, Department of Building Engineering and Management, School of Planning and Architecture) ;
  • Basu, Chaitali (Department of Building Engineering and Management, School of Planning and Architecture)
  • Published : 2016.06.01
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Abstract

This paper elaborates the significance of scenario planning in risk management, and presents an integrated approach which takes into account the 'Risk Events' derived from scenario planning for risk prioritisation. This research integrates scenario planning with Risk Failure Mode and Effect Analysis (RFMEA) through examples from construction litigations of project schedule and cost overrun cases as a simplified approach to project risk management. The proposed methodology incorporates scenarios developed from realistic events of dispute and arbitration cases from construction projects, and thereby increasing potential to foresee risks and their effects well in advance. The results from this methodology shall be validated against outcome of survey study conducted by KPMG-PMI (2013) on project schedule and cost overruns that was based on Ministry of Statistics and Programme Implementation (MoSPI) Project Monitoring data for 2012-13.

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