• International conference on construction engineering and project management
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• 2007.03a
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• pp.140-149
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• 2007

Indian construction companies have only 0.05% market share in the 3-4 trillion dollar global construction business and only two Indian construction companies figure in the ENR "Top 225 Global Contractors 2006" list. Hence, while enormous scope for growth exists, international construction experience is limited. This study explores the risks as perceived by Indian companies venturing abroad since risks in international construction differ from home market risks. Literature survey identified a number of risk factors that were evaluated by the experts, highlighting fourteen important risk factors. Interpretive Structural Modelling (ISM) was used to develop a hierarchical model showing the relationships between the different risk factors, thus helping to focus on the key risks for effective risk management. The study shows that poor project management is a key risk forming the hub of the system, while political instability has maximum influence. The results of the study can be used by managers to visualise the risks in perspective and prioritise the mitigation effort.

• International conference on construction engineering and project management
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• 2011.02a
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• pp.162-167
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• 2011

Construction projects are full of risks. This is particularly the case in civil construction projects that are often featured with large scale, complexity and involving a large number of participating parties. The eventuation of risks typically results in extended project durations leading to an increase in the total project budget. The consequence can be amplified considering the significant impacts of civil construction projects on the society, from economical, environmental and social perspectives. This research investigates the significance of risks within civil construction projects and approaches to deal with risks. Semi-structured interviews were undertaken with local industry practitioners in South Australia on this matter. It is found that the industry is fairly aware of risks associated with civil construction projects and subsequently has procedures in place to attempt to minimize the impacts of these risks on the project outcomes. The interview results also indicate that there is limited utilization of software for the risk management purpose from the cost estimation perspective.

• Journal of the Korea Institute of Building Construction
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• v.13 no.2
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• pp.102-111
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• 2013

During the administration of a construction project, various types of participants are engaged in the project. From the design phase to the maintenance phase, these participants may confront many risks. To avoid these risks, participants should utilize an insurance company or a bond company. The types of risks and liability that a construction manager may face are listed in the construction law or contract. But there are some arguments related to risk transferring and the content of risks. For this reason, construction managers must carefully consider any possible risks in the contract and the construction law. Therefore, for construction managers to deal with risks appropriately, the introduction of a legal requirement to carry professional liability insurance, a defined compensation range for damages, a method of guarantee in the event of defects, a defined compensation claim period for damage, and a method of damage claim were suggested in this study.

• Journal of Construction Engineering and Project Management
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• v.4 no.1
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• pp.29-36
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• 2014

Tunnelling has become a preferred method of construction for road and highway projects in countries with a lot of hilly slope geological conditions such as found in Malaysia. However the construction works of a tunnelling project are usually complicated and costly, which consequently impose great risks to the parties involved. This paper identifies the key significant risks and sub-risks for tunnelling construction projects in Malaysia through a case study. Interview has been used as the solitary means to determine the significant risks from contractor's eleven key project personnel who were directly involved in the tunnelling construction such as consultant, construction manager and tunnel engineers. The importance of the risks identified is then prioritised and ranked via the Analytic Hierarchy Process (AHP)'s pairwise comparison approach to determine their criticality towards a successful delivery of project. As a result, three key risks have been identified as significant for the tunnelling case study project, namely health and safety, cost overrun in construction and time overrun in construction. Two sub-risks each of the latter categories, which are cost underestimation and unforeseen events (cost overrun in construction) as well as plant and machinery failure and delay in material delivery (time overrun in construction), have occupied the top five overall risk ranking.

• Korean Journal of Construction Engineering and Management
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• v.5 no.2 s.18
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• pp.115-122
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• 2004

This study identifies various risk factors associated with activities of early construction stage, then establishes the Risk Breakdown Structure(RBS) by classifying the risks into the three groups; Common risks, risks for Earth works, and risks for Foundation works. The Common risks are identified and classified by considering various aspects of the early construction stage such as financial, political, constructional aspects, etc. The risks for Earth works and Foundation works are identified in detail by surveying technical specifications, relevant claim cases and interviewing with experts. These risks are classified based on the Wok Breakdown Structure(WBS) of the early construction stage. The WBS presented in this study classifies the works of early construction stage into four categories; excavation, sheeting works, foundation works, footing works. This study suggests a risk analysis method using fuzzy theory for construction projects. Construction risks are generally evaluated as vague linguistic value by subjective decision making. Fuzzy theory is a proper method to quantify vague conditions of construction activities. Therefore, this study utilizes fuzzy theory to analyse construction risks. The weight of risks is estimated by reflecting the interrelationship among risk factors from absolute weights obtained by fuzzy measure into the relative weights by Analytical Hierarchy Process(AHP). The interrelationship is estimated by Sugeno-fuzzy measure.

• Journal of the Korea Institute of Building Construction
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• v.13 no.6
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• pp.541-548
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• 2013

During the administration of a construction project, various types of participants are engaged in the project. From the design phase to the maintenance phase, these participants may confront many risks. To avoid these risks, participants should utilize an insurance company or a bond company. The types of risks and liability that a construction manager may face are listed in the construction law or contract. But there are some arguments related to risk transferring and the content of risks. For this reason, construction managers must carefully consider any possible risks in the contract and the construction law. Therefore, for construction managers to deal with risks appropriately, the introduction of a legal requirement to carry professional liability insurance, a defined compensation range for damages, a method of guarantee in the event of defects, a defined compensation claim period for damage, and a method of damage claim were suggested in this study.

• Proceedings of the Computational Structural Engineering Institute Conference
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• 1997.10a
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• pp.24-31
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• 1997

Recently, in Korea, demand for establishment of systematic risk assessment techniques for construction projects has increased, especially after the large construction failures occurred during construction such as New Haengju Bridge construction projects, subway construction projects, gas explosion accidents etc. Most of existing risk analysis modeling techniques such as Event Tree Analysis and Fault Tree Analysis may not be available for realistic risk assessment of construction projects because it is very complex and difficult to estimate occurrence frequency and failure probability precisely due to a lack of data related to the various risks inherent in construction projects like natural disasters, financial and economic risks, political risks, environmental risks as well as design and construction-related risks. Therefor the main objective of this paper is to suggest systematic probabilistic risk assessment model and demonstrate an approach for probabilistic risk assessment using advanced Event Tree Analysis introducing Fuzzy set theory concepts. It may be stated that the Fuzzy Event Tree AnaIysis may be very usefu1 for the systematic and rational risk assessment for real constructions problems because the approach is able to effectively deal with all the related construction risks in terms of the linguistic variables that incorporate systematically expert's experiences and subjective judgement.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.39-40
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• 2015

As international construction market increases, the importance of risk management in international construction project is emphasized. Unfortunately, current risk management practice does not sufficiently deal with project risks. Although a lot of risk analysis techniques have been introduced, most of them focus on project's external unexpected risks such as country conditions and owner's financial standing. However, because those external risks are difficult to manage and take preemptive action, we need to concentrate on project inherent risks. Based on this premise, this paper proposes a project-oriented risk mining approach which could detect and extract project risk factors automatically before they are materialized. This study presents a methodology regarding how to extract potential risks which exist in owner's project requirements and project tender documents using state of the art data analysis method such as text mining. The project-oriented risk mining approach is expected to effectively reflect project characteristics to the project risk management and could provide construction firms with valuable business intelligence.

• The Journal of Asian Finance, Economics and Business
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• v.7 no.11
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• pp.347-356
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• 2020

Mechanization and automation constitute an essential stage in the production and operation of any company, as one of the determinants of increase in labor productivity and decrease in product price, while significantly contributing to shortening of the lead time. Businesses are, therefore, able to quickly put projects into operation, improving economic efficiency, quality, and aesthetics, which speeds up the national economic growth. For the construction industry to be the most effective, modern construction equipment is a necessity. It is one of the five main resources of a construction project. Thus, effective construction equipment management contributes to the success of a project and benefits the relevant construction companies economically. This paper presents the critical risk factors affecting equipment management and proposes suitable solutions. The questionnaire-based survey with experienced experts in the construction sector on the management of the likelihood and consequence of risk factors revealed thirty-two risks for equipment management in construction companies. These factors fell into six groups: (i) site organization-related risks; (ii) management-related risks; (iii) owner-related risks; (iv) supplier-related risks; (v) legal risks, and (vi) site condition-related and external risks. The results showed that management-related factors contributed to the most significant risks and problems for equipment management in construction companies.

• International conference on construction engineering and project management
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• 2015.10a
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• pp.435-439
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• 2015

It is important for Singaporean companies to manage the multifaceted risks when forming international construction joint ventures (ICJVs) with developing countries. The objectives of this study are to assess the risks associated with Singaporean ICJVs with developing countries, and investigate the risk allocation preferences in these ICJVs. To fulfill these objectives, a literature review was carried out and a questionnaire survey was performed with 38 professionals. The survey results reported "political instability" as the most critical risk, and market level risks were less critical than country and project level risks. Additionally, the results showed agreement on the risk ranking between building and infrastructure ICJVs, despite significant differences in the criticalities of five risks. Furthermore, five risks were preferably allocated to host and foreign partners, respectively, while 13 risks could be shared among partners. As few studies have explored the risk allocation preferences in ICJVs, this study expands the literature. Also, the identification of the risks allows other companies to customize their own lists of critical risks, while the preferred risk allocation provides valuable information for companies from various countries that intend to form ICJVs with developing countries. Thus, this study contributes to the global body of knowledge relating to ICJVs.