Project Risk Management has been gaining acceptance amongst the practitioners due to an untiring ... more Project Risk Management has been gaining acceptance amongst the practitioners due to an untiring stress on its importance, and the availability of a number of risk analysis techniques for facilitating this task in construction project management. In this arena, the selection of a suitable risk analysis technique is critical to the entire project risk management process and thus critical to the success of a construction project. However, the availability of an appropriate selection methodology, which may help the project managers choose a suitable methodology for their projects, seems missing. In this paper a selection framework methodology is presented, which looks at the realization of a practical tool that may help project managers and construction practitioners in choosing a suitable risk analysis technique that satisfies select project drivers. Also, the presented work extends the traditional time, cost and quality drivers of a project by enhancing the focus to the level of comp...
Successful project management (PM) aims at achieving the triple-constraint (time, cost and qualit... more Successful project management (PM) aims at achieving the triple-constraint (time, cost and quality), respecting the elasticity between the three main drivers. To facilitate this, PM activities are supported by project risk management (PRM) in foresight and earned value management (EVM) in hindsight. Both PRM and EVM, being industry standards, facilitate to plan, and afterwards monitor and control the project cost. However, the two fields do not necessarily interact with each other which, in turn, hinders critical managerial decision making of releasing contingency reserves if demanded by the client since the money can be used as capital for other projects. Also, when inquired at any given point in time (corresponding to partial project completion), the project managers (PMs) find it tricky and challenging to confidently declare the adequacy of existing reserves till the project completion This provides research impetus for potential EVM-PRM integration and managing the contingency a...
The purpose of this research is to introduce and develop a knowledge base for restoration industr... more The purpose of this research is to introduce and develop a knowledge base for restoration industry aimed at understanding and dealing with risks arising in restoration projects of built and architectural cultural heritage. These projects face a number of risks and are viewed unfavorably from a number of sustainability perspectives. The research study, therefore, is expected to generate interest and debate among the professional and researcher community in the arena of restoration of built cultural heritage for formally applying Project Management (PM) and Project Risk management (PRM) theories and practices. The research method consists of reviewing published literature and analyzing the dynamics of restoration industry (both from academic and practitioner point of view) in order to propose an application framework. Owing to a number of striking similarities between construction and restoration projects (and more so with building renovation and maintenance), an attempt is made in or...
The area of Project Risk Management (PRM) has been extensively researched, and the utilization of... more The area of Project Risk Management (PRM) has been extensively researched, and the utilization of various tools and techniques for managing risk in several industries has been sufficiently reported. Formal and systematic PRM practices have been made available for the construction industry. Based on such body of knowledge, this paper tries to find out the global picture of PRM practices and approaches with the help of a survey to look into the usage of PRM techniques and diffusion of software tools, their level of maturity, and their usefulness in the construction sector. Results show that, despite existing techniques and tools, their usage is limited: software tools are used only by a minority of respondents and their cost is one of the largest hurdles in adoption. Finally, the paper provides some important guidelines for future research regarding quantitative risk analysis techniques and suggestions for PRM software tools development and improvement.
Project Risk Management has been gaining acceptance amongst the practitioners due to an untiring ... more Project Risk Management has been gaining acceptance amongst the practitioners due to an untiring stress on its importance, and the availability of a number of risk analysis techniques for facilitating this task in construction project management. In this arena, the selection of a suitable risk analysis technique is critical to the entire project risk management process and thus critical to the success of a construction project. However, the availability of an appropriate selection methodology, which may help the project managers choose a suitable methodology for their projects, seems missing. In this paper a selection framework methodology is presented, which looks at the realization of a practical tool that may help project managers and construction practitioners in choosing a suitable risk analysis technique that satisfies select project drivers. Also, the presented work extends the traditional time, cost and quality drivers of a project by enhancing the focus to the level of comp...
Successful project management (PM) aims at achieving the triple-constraint (time, cost and qualit... more Successful project management (PM) aims at achieving the triple-constraint (time, cost and quality), respecting the elasticity between the three main drivers. To facilitate this, PM activities are supported by project risk management (PRM) in foresight and earned value management (EVM) in hindsight. Both PRM and EVM, being industry standards, facilitate to plan, and afterwards monitor and control the project cost. However, the two fields do not necessarily interact with each other which, in turn, hinders critical managerial decision making of releasing contingency reserves if demanded by the client since the money can be used as capital for other projects. Also, when inquired at any given point in time (corresponding to partial project completion), the project managers (PMs) find it tricky and challenging to confidently declare the adequacy of existing reserves till the project completion This provides research impetus for potential EVM-PRM integration and managing the contingency a...
The purpose of this research is to introduce and develop a knowledge base for restoration industr... more The purpose of this research is to introduce and develop a knowledge base for restoration industry aimed at understanding and dealing with risks arising in restoration projects of built and architectural cultural heritage. These projects face a number of risks and are viewed unfavorably from a number of sustainability perspectives. The research study, therefore, is expected to generate interest and debate among the professional and researcher community in the arena of restoration of built cultural heritage for formally applying Project Management (PM) and Project Risk management (PRM) theories and practices. The research method consists of reviewing published literature and analyzing the dynamics of restoration industry (both from academic and practitioner point of view) in order to propose an application framework. Owing to a number of striking similarities between construction and restoration projects (and more so with building renovation and maintenance), an attempt is made in or...
The area of Project Risk Management (PRM) has been extensively researched, and the utilization of... more The area of Project Risk Management (PRM) has been extensively researched, and the utilization of various tools and techniques for managing risk in several industries has been sufficiently reported. Formal and systematic PRM practices have been made available for the construction industry. Based on such body of knowledge, this paper tries to find out the global picture of PRM practices and approaches with the help of a survey to look into the usage of PRM techniques and diffusion of software tools, their level of maturity, and their usefulness in the construction sector. Results show that, despite existing techniques and tools, their usage is limited: software tools are used only by a minority of respondents and their cost is one of the largest hurdles in adoption. Finally, the paper provides some important guidelines for future research regarding quantitative risk analysis techniques and suggestions for PRM software tools development and improvement.
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