The document discusses factors that affect an organization's risk appetite in selecting mega construction projects. It identifies factors through interviews with 30 construction project practitioners and a review of literature. The most commonly highlighted factors that influence risk appetite are financial attributes of projects, the agility of the board of directors, political factors, the project location and demographics. The conceptual framework presented can help organizations evaluate risk appetite for mega construction project selection and improve project outcomes.
Exploring the risk factors associated with peb projects in lahore.Rizwan Khurram
This document summarizes a literature review on risk factors associated with pre-engineered building projects. It discusses risk identification and different categories of risk including design, finance, and management. Under design category, it identifies several technical risks such as accidents on site, changes in design, errors in drawings, difficulty in construction, equipment failure, shortage of electricity, material theft, and disputes. The finance category includes risks related to financial issues. The management category discusses risks associated with project management.
ANALYSIS OF RISK CATEGORIES AND FACTORS FOR PPP PROJECTS USING ANALYTIC HIERA...A Makwana
Success of Public Private Partnership projects is greatly influenced by proper management of the risks associated with the project. All projects which are undertaken using conventional procurement method or using a PPP approach have known risks and unknown risks. Risk identification plays an important role in development of PPP framework. The participation and investment of Private sector has been the main stay of the Government of India policy toward infrastructural growth. In this study main risk categories and factors of Public Private Partnership projects have been recognized. A total of 7 risk categories and 31 risk sub-factors for each category were identified for PPP projects safety listed under subheads. The questionnaire was prepared on the basis of literature review and was filled by 100 Stakeholders namely Consultant/Client, Project Manager/ Contractor, Engineer. Generally Analytic Hierarchy Process (AHP) is widely used as multi criteria decision making. Normally it is very hard to meet the consistence need of a comparison matrix in analytic hierarchy process. In this study AHP is used to categories the risks of PPP projects in different levels and the impact of those risks on the PPP projects are identified.
RISK MANAGEMENT IN HIGH RISE CONSTRUCTION PROJECTS IN SURAT CITYA Makwana
This paper gives information about identification of risk factors and perceptions of Indian construction practitioners i.e., contractors, owners, project managers and Engineers on the importance of different construction risks and how the risks should be assigned between the different parties of the contract. As the very common project styles, construction projects have so many characteristics likewise time limitation, specific items, financial restrictions and requirements, extraordinary structural and legal situations, complexity features. For this situation every construction project has own complex method. Risks constantly happen at construction projects and frequently cause time overrun or cost overrun. If you don’t contemplate these risk factors, or neglect the main factors, these risk factors will affect the damage because of the managerial errors. Risk management is the process which covers to identify the risks, for assessment with the help of qualitatively and quantitatively, to response with appropriate technique for management and controlling. The concept has gain popularity in various industries. Various companies frequently found the method in their projects for upgrading their performance, reducing their losses and increasing their profits. Questionnaire survey among clients, contractors, engineers and architects is analysed using, Relative Importance Index (RII)) method. The focus of this study is to understand what Risk Management is, understand the process of risk management at construction project and have depth knowledge on the use of risk management in high-rise construction projects.
To Identify the Various Constraints for Delays in Construction Work and Sugge...Harish Rajmane
A constraint is defined as anything that limits an organization or entity from moving toward or achieving its goal. Needs and constraints in a multi-party working situation bring complications in project management. The aim and scope of this project is to identify the constraints in construction project working environment. If constraints are better understood at the outset, it is believed that better performance can be assured. Recognizing and expelling constraints from bottleneck exercises help to lessen instabilities in development procedures and builds the straight forwardness of project management. This study was carried out based on literature review and a questionnaire survey. The data for this study will be gathering through a detailed questionnaire survey. The questionnaire form is forwarded to various construction industries through email and in personal. The objectives of the study are to successfully reduce the constraints which will help to decrease the unnecessary wastage and loss of both money and time because of inadequate planning. Postponement in development project would cause for additional cost and misfortune in budgetary return or different advantages from extend. In this way, delay is expensive for both proprietor and temporary worker. The overview discoveries showed that the main drivers of monetary related deferrals are a result poor cash flow management followed by late payment, insufficient financial resources and financial market instability. The methodology of this thesis work incorporates an itemized investigation of worldwide writing identified with development limitations causes in everywhere throughout the world and gathering of information to set up a survey. Utilizing this questionnaire, a review will be done among contractual workers, experts and designers. The outcome got from this questionnaire will give us extreme reasons for development delay, so we can discover the answer for limit them in future development projects. The aim of this dissertation is to identify the various constraints in construction industry& analyze them on the basis of discussion carried out with experts in locality. The expand-focus principles & techniques will be applied for gathering the various causes from professional literature & also from local experts. This investigation will give a solution for delay in development project by limiting the constraints in development industry.
The infrastructure construction sectors are usually complex. Zero risk construction projects are only an
assumption. The objective of this paper is to identify the risks factor associated with the urban infrastructure
construction projects causing delay. The research found that those risks are directly associated to clients,
contractors, sub-contractors that would cause delay in the construction work. Other factors are also
identified such as project, financial, political, technical, market risk, managerial, resource risk, and force
majeure. All risk factors affect the time, cost and quality performance of the construction project. From risk
management perspective, it is the process on which identifies the risks and analyzed with qualitatively and
quantitatively. All associated risks can treat by various mitigation processes and then mitigating method are
monitored to control the risks. Risk management distinguishes between success and failure of a project.
So, Nepal could use it effectively to meet its growing need of infrastructure and job opportunity
Study and Need of Risk Management for Construction ProjectsIRJET Journal
This document discusses the importance of risk management in construction projects in India. It begins by providing background on the large growth in infrastructure and construction projects in India. With the increasing size and finances of projects, risk management has become more important. The document then defines risk management and describes common quantitative and qualitative risk management approaches. It explains that risks can cause delays, cost overruns, and quality issues on projects. Finally, it states that while risk management is still a new concept in India's construction sector, it should be systematically implemented from the planning stage to help complete projects on time and on budget.
A study of various factors affecting risk management techniques in constructi...eSAT Journals
Abstract
Risk management is an important step which should not be neglect or ignore in every project. Because of various risk involved in construction, it is difficult to maintain time, cost and quality as planned. Project undertaken in the construction sector are widely complex and have often significant budgets, and thus reducing the risk associated should be a priority for each project manager. The main purpose of this paper is to identify the key risk factors that affect construction project. Questionnaires has been prepared incorporating of 50 difference questions after which questionnaire survey was conducted where the questions has been focused based on (component of questionnaire) the respondents were selected based on their susceptibility to the risk. The data was analyzed using the Statistical package for social sciences (SPSS) version 21. The result shows that the inadequate planning in construction project, poor adoption of site safety, supply and use of defective materials and poor resources management in construction project are all among the forefront key risk factors which affect construction project, meanwhile, effective recommendations have been developed to increases the efficiency, speedy and minimises risk and abortive work in construction project.
Keywords: Construction Industries, Construction Projects, Risks Management, Techniques
IRJET- Risk Management in Residential Project by Primavera SoftwareIRJET Journal
The document discusses risk management in residential construction projects, noting that identifying, assessing, and mitigating risks is important for project success. It reviews literature on risk management techniques like checklists and brainstorming. The document also states that residential projects often experience cost and schedule overruns due to risks, and developing a risk analysis model using software like Primavera could help quantify uncertainties and risks to improve project outcomes.
Exploring the risk factors associated with peb projects in lahore.Rizwan Khurram
This document summarizes a literature review on risk factors associated with pre-engineered building projects. It discusses risk identification and different categories of risk including design, finance, and management. Under design category, it identifies several technical risks such as accidents on site, changes in design, errors in drawings, difficulty in construction, equipment failure, shortage of electricity, material theft, and disputes. The finance category includes risks related to financial issues. The management category discusses risks associated with project management.
ANALYSIS OF RISK CATEGORIES AND FACTORS FOR PPP PROJECTS USING ANALYTIC HIERA...A Makwana
Success of Public Private Partnership projects is greatly influenced by proper management of the risks associated with the project. All projects which are undertaken using conventional procurement method or using a PPP approach have known risks and unknown risks. Risk identification plays an important role in development of PPP framework. The participation and investment of Private sector has been the main stay of the Government of India policy toward infrastructural growth. In this study main risk categories and factors of Public Private Partnership projects have been recognized. A total of 7 risk categories and 31 risk sub-factors for each category were identified for PPP projects safety listed under subheads. The questionnaire was prepared on the basis of literature review and was filled by 100 Stakeholders namely Consultant/Client, Project Manager/ Contractor, Engineer. Generally Analytic Hierarchy Process (AHP) is widely used as multi criteria decision making. Normally it is very hard to meet the consistence need of a comparison matrix in analytic hierarchy process. In this study AHP is used to categories the risks of PPP projects in different levels and the impact of those risks on the PPP projects are identified.
RISK MANAGEMENT IN HIGH RISE CONSTRUCTION PROJECTS IN SURAT CITYA Makwana
This paper gives information about identification of risk factors and perceptions of Indian construction practitioners i.e., contractors, owners, project managers and Engineers on the importance of different construction risks and how the risks should be assigned between the different parties of the contract. As the very common project styles, construction projects have so many characteristics likewise time limitation, specific items, financial restrictions and requirements, extraordinary structural and legal situations, complexity features. For this situation every construction project has own complex method. Risks constantly happen at construction projects and frequently cause time overrun or cost overrun. If you don’t contemplate these risk factors, or neglect the main factors, these risk factors will affect the damage because of the managerial errors. Risk management is the process which covers to identify the risks, for assessment with the help of qualitatively and quantitatively, to response with appropriate technique for management and controlling. The concept has gain popularity in various industries. Various companies frequently found the method in their projects for upgrading their performance, reducing their losses and increasing their profits. Questionnaire survey among clients, contractors, engineers and architects is analysed using, Relative Importance Index (RII)) method. The focus of this study is to understand what Risk Management is, understand the process of risk management at construction project and have depth knowledge on the use of risk management in high-rise construction projects.
To Identify the Various Constraints for Delays in Construction Work and Sugge...Harish Rajmane
A constraint is defined as anything that limits an organization or entity from moving toward or achieving its goal. Needs and constraints in a multi-party working situation bring complications in project management. The aim and scope of this project is to identify the constraints in construction project working environment. If constraints are better understood at the outset, it is believed that better performance can be assured. Recognizing and expelling constraints from bottleneck exercises help to lessen instabilities in development procedures and builds the straight forwardness of project management. This study was carried out based on literature review and a questionnaire survey. The data for this study will be gathering through a detailed questionnaire survey. The questionnaire form is forwarded to various construction industries through email and in personal. The objectives of the study are to successfully reduce the constraints which will help to decrease the unnecessary wastage and loss of both money and time because of inadequate planning. Postponement in development project would cause for additional cost and misfortune in budgetary return or different advantages from extend. In this way, delay is expensive for both proprietor and temporary worker. The overview discoveries showed that the main drivers of monetary related deferrals are a result poor cash flow management followed by late payment, insufficient financial resources and financial market instability. The methodology of this thesis work incorporates an itemized investigation of worldwide writing identified with development limitations causes in everywhere throughout the world and gathering of information to set up a survey. Utilizing this questionnaire, a review will be done among contractual workers, experts and designers. The outcome got from this questionnaire will give us extreme reasons for development delay, so we can discover the answer for limit them in future development projects. The aim of this dissertation is to identify the various constraints in construction industry& analyze them on the basis of discussion carried out with experts in locality. The expand-focus principles & techniques will be applied for gathering the various causes from professional literature & also from local experts. This investigation will give a solution for delay in development project by limiting the constraints in development industry.
The infrastructure construction sectors are usually complex. Zero risk construction projects are only an
assumption. The objective of this paper is to identify the risks factor associated with the urban infrastructure
construction projects causing delay. The research found that those risks are directly associated to clients,
contractors, sub-contractors that would cause delay in the construction work. Other factors are also
identified such as project, financial, political, technical, market risk, managerial, resource risk, and force
majeure. All risk factors affect the time, cost and quality performance of the construction project. From risk
management perspective, it is the process on which identifies the risks and analyzed with qualitatively and
quantitatively. All associated risks can treat by various mitigation processes and then mitigating method are
monitored to control the risks. Risk management distinguishes between success and failure of a project.
So, Nepal could use it effectively to meet its growing need of infrastructure and job opportunity
Study and Need of Risk Management for Construction ProjectsIRJET Journal
This document discusses the importance of risk management in construction projects in India. It begins by providing background on the large growth in infrastructure and construction projects in India. With the increasing size and finances of projects, risk management has become more important. The document then defines risk management and describes common quantitative and qualitative risk management approaches. It explains that risks can cause delays, cost overruns, and quality issues on projects. Finally, it states that while risk management is still a new concept in India's construction sector, it should be systematically implemented from the planning stage to help complete projects on time and on budget.
A study of various factors affecting risk management techniques in constructi...eSAT Journals
Abstract
Risk management is an important step which should not be neglect or ignore in every project. Because of various risk involved in construction, it is difficult to maintain time, cost and quality as planned. Project undertaken in the construction sector are widely complex and have often significant budgets, and thus reducing the risk associated should be a priority for each project manager. The main purpose of this paper is to identify the key risk factors that affect construction project. Questionnaires has been prepared incorporating of 50 difference questions after which questionnaire survey was conducted where the questions has been focused based on (component of questionnaire) the respondents were selected based on their susceptibility to the risk. The data was analyzed using the Statistical package for social sciences (SPSS) version 21. The result shows that the inadequate planning in construction project, poor adoption of site safety, supply and use of defective materials and poor resources management in construction project are all among the forefront key risk factors which affect construction project, meanwhile, effective recommendations have been developed to increases the efficiency, speedy and minimises risk and abortive work in construction project.
Keywords: Construction Industries, Construction Projects, Risks Management, Techniques
IRJET- Risk Management in Residential Project by Primavera SoftwareIRJET Journal
The document discusses risk management in residential construction projects, noting that identifying, assessing, and mitigating risks is important for project success. It reviews literature on risk management techniques like checklists and brainstorming. The document also states that residential projects often experience cost and schedule overruns due to risks, and developing a risk analysis model using software like Primavera could help quantify uncertainties and risks to improve project outcomes.
This document summarizes a dissertation submitted by Madhumanti Samaddar to fulfill requirements for a Post-Graduate Diploma in Management from the Institute of Management Technology (IMT) in Ghaziabad, India. The dissertation focuses on improving project management processes related to risk management. It presents literature on risk management practices in project management and models for achieving project management maturity. It also describes research conducted through industry surveys to understand current risk management awareness, practices, and maturity levels achieved in different industries like engineering, procurement and construction. The research aims to understand the relationship between project management maturity and effective risk management.
This document summarizes a study examining factors that affect the success of construction projects. 63 factors were identified from literature and grouped into 10 categories: cost, time, quality, productivity, client satisfaction, regular/community satisfaction, people, health/safety, innovation/learning, and environment. A questionnaire survey of owners, consultants, and contractors was conducted to determine their perceptions of the importance of each factor using a relative importance index. The top-ranked factors across the three groups included on-time delivery, quality conformance, leadership skills, and minimizing delays from closures/shortages. Understanding critical success factors can help construction organizations improve project effectiveness.
IRJET- Developing a Model of Risk Allocation and Risk Handling for Effective ...IRJET Journal
This document presents a study on developing a model for effective risk management in construction projects. It identifies various risks associated with construction projects through interviews with project managers and engineers. A total of 57 risks are identified and classified. The risks are then assessed qualitatively based on their probability of occurrence and potential impact using linguistic scales. Risk factors are calculated and risks are prioritized based on these factors. The top 15 most significant risks are identified. These risks are then allocated to relevant project parties like the owner, contractor or consultant based on their ability to manage the risks. Finally, risk mitigation strategies like risk avoidance, reduction, transfer and retention are proposed for the top risks based on survey responses. The overall aim is to establish an effective framework
Establishing risk management factors for construction projects in iraqIAEME Publication
This document summarizes a research study that aimed to identify and evaluate key risk factors for construction projects in Iraq. A questionnaire was distributed to 75 respondents representing clients, consultants, and contractors. It identified 65 critical risk factors that were categorized into 8 groups: financial, legal, management, market, political/security, technical, environmental, and social. The top 10 most important risk factors identified were security measures, loss due to corruption/bribery, loss due to bureaucracy, unofficial holidays, loss due to political changes, increase in materials prices, unfair tendering, improper project planning/budgeting, design changes, and increased labor costs. The study analyzed the risk factors based on their frequency, severity, and importance using statistical analysis
Analysing Attrition in Outsourced Software Projectcsandit
Information systems (IS) outsourcing has grown as a major business phenomenon, and widely
accepted as a business tool. Software outsourcing companies provide expertise, knowledge and
capabilities to their clients by taking up the projects both onsite and offsite. These companies
face numerous challenges including attrition of project members. Attrition is a major challenge
experienced by the outsourcing companies as it has severe impact on business, revenues and
profitability. In this paper, attrition data of a major software outsourcing company was
analysed and an attempt to find the reason for attrition is also made. The data analysis was
based on the data collected by an outsourcing company over a period of two years for a major
client. The results show that the client initiated attrition can have an impact on project and the
members quit the outsourcing company due to client initiated ramp down without revealing the
reason.
IRJET- Skills and Competencies Perceived of an Effective Construction Project...IRJET Journal
This document discusses skills and competencies perceived as important for effective construction project managers. A survey was conducted of 58 stakeholders in the construction industry to identify and rank the importance of various skills. The top 3 most important skills according to the survey were:
1. Decision making
2. Communication
3. Leadership
Additional skills identified as important included: health and safety regulations, ethics and responsibility towards society, collaboration, and commitment to goals. The study provides insight into the skills needed for construction project managers to successfully deliver projects on schedule and budget.
This document discusses project risk management. It defines risk management and outlines the key processes: planning, identification, analysis, response planning, and monitoring. It describes performing qualitative risk analysis to assess the likelihood and impact of identified risks. This involves using tools like probability and impact matrices to prioritize risks. The output is an updated risk register containing the qualitative analysis results.
IRJET - A Study on Identification of Risks at Various Phases of Road Construc...IRJET Journal
This document summarizes a study on identifying risks at various phases of road construction projects. It begins with an abstract stating that risk management deals with risk identification, assessment, and mitigation techniques to manage risks related to time, cost, and quality objectives. Some risks can be easily predicted, while others are unknown until they occur. The document then reviews past literature on risk management methods for road projects. It identifies various risks that can occur during different phases of road construction, such as initial planning, funding, design, procurement, and operation/maintenance. The objective is to understand risks at each phase to effectively apply mitigation techniques.
EFFECTIVE RISK MANAGEMENT IN CONSTRUCTION PROJECTSvivatechijri
Risk management can be directly related to the successful project completion as it is very much
essential. Project management literature describes a detailed and widely accepted risk management process,
which is constructed basically from four iterative phases: risk identification, risk estimation, risk response
planning and execution, often managing the risk management process is included. Construction project planning is
an essential element in the management and execution of construction projects which involves the definition of
work tasks and their interactions as well as the assessment of required resource sand expected activity durations.
The study, therefore, examined the awareness of professionals in construction industry of the various types of
planning techniques and tools used on construction sites, Questionnaires were administered on selected building
professionals (Project Managers, Engineers, Architects), and Contractors and Sub-contractors directly involved
in construction work on sites in planning and the use of planning tools and techniques as major tools for successful
project execution
Analysis, perception and aspects of risk management in the construction secto...Alexander Decker
The document discusses risk management in the construction sector of Pakistan, including definitions of risk and uncertainty, and an analysis of the risk perceptions and management practices based on questionnaire surveys and interviews conducted with professionals in the construction industry. A number of researchers have proposed different methodologies for risk analysis in construction projects to efficiently allocate resources to risks. The study analyzed data on risk management, risk perception, documentation, trustworthiness, design-build projects, and collaborative relationships in the construction sector of Pakistan.
IRJET- To Study the Causes and Effects of Delays in Construction ProjectIRJET Journal
This document summarizes several research papers that studied the causes and effects of delays in construction projects. It discusses how delays can negatively impact projects by increasing costs and damaging relationships. The literature review identifies common causes of delays including poor planning, lack of coordination between project participants, miscommunication, weather issues, material shortages, and equipment problems. The document examines research from India and other countries that analyzed major factors contributing to delays through surveys and analysis of construction stakeholders. The conclusion categorizes types of delays and reiterates that scheduling and quality management techniques can help minimize delays in construction projects.
This literature review examines risk factors that impact construction projects in Sri Lanka. It summarizes several studies on risk identification and evaluation in the construction industry in countries like Singapore, Ghana, Nigeria, the UK, and Kuwait. Key risks identified include construction methods, inflation, weather, ground conditions, poor communication, delays in approvals, scope changes, and financing problems. The review indicates that proper risk management is important for construction projects, but that adoption of risk analysis techniques is still limited, especially among small-to-medium firms. Identifying country-specific risks and improving management skills could help minimize delays and cost overruns on projects in Sri Lanka.
In the present day corporate environment, where there is cut-throat competition, the need for efficient time management and timely completion of projects is essential for organizations to stay competitive. Even due to the growing need for time management in construction projects, many are failing to be finished on time. This can be detrimental for any hiring company since infrastructure development project delays can lead to increase in costs and process halt for organizations. These are real life scenarios which are bound to take place in the professional life of any and every project manager. A project manager will only be considered efficient and competent when he or she knows how to manage the allotted time, and to carry out operations and activities in a manner that further reduces this time period. In order to prepare project managers for such circumstances, it is crucial for them to understand Extension of Time and delay analysis.
Course link: https://planningengineer.net/courses/claims-management-and-delays-analysis-online-workshop/
The document discusses construction risk management. It defines risk management as dealing with hazards in commerce and industry. Every construction project has some level of risk. It outlines a three-tiered framework for risk management that includes risk detection, analysis, and response. Effective risk management requires open communication, monitoring of progress, adequate funding, and experienced personnel. A cooperative risk management model based on knowledge sharing and personal relationships can help lower costs and better allocate risks between parties.
IRJET- Risk Management in the Construction Project: ReviewIRJET Journal
This document provides a literature review on risk management in construction projects. It begins with defining risk and discussing the various risks that can arise in construction projects, including design, physical, logistical, legal, environmental, construction, management, cultural, financial, and political risks.
It then reviews the key steps in risk management: risk identification, qualitative and quantitative risk assessment methods, risk response planning, and risk monitoring and control. For risk identification, it discusses techniques like brainstorming, Delphi technique, interviews, checklists, and learning from past experience. For risk assessment, it outlines qualitative methods like probability/impact assessment and risk rating matrices, as well as quantitative methods like sensitivity analysis, scenario analysis, decision trees,
International Journal of Engineering and Science Invention (IJESI)inventionjournals
International Journal of Engineering and Science Invention (IJESI) is an international journal intended for professionals and researchers in all fields of computer science and electronics. IJESI publishes research articles and reviews within the whole field Engineering Science and Technology, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Risk Management in High Rise Construction Projects: A ReviewA Makwana
This paper gives information about identification of risk factors and perceptions of Indian construction practitioners i.e., contractors, owners, project managers and Engineers on the importance of different construction risks and how the risks should be assigned between the different parties of the contract. As the very common project styles, construction projects have so many characteristics likewise time limitation, specific items, financial restrictions and requirements, extraordinary structural and legal situations, complexity features. For this situation every construction project has own complex method. Risks constantly happen at construction projects and frequently cause time overrun or cost overrun. If you don’t contemplate these risk factors, or neglect the main factors, these risk factors will affect the damage because of the managerial errors. Risk management is the process which covers to identify the risks, for assessment with the help of qualitatively and quantitatively, to response with appropriate technique for management and controlling. The concept has gain popularity in various industries. Various companies frequently found the method in their projects for upgrading their performance, reducing their losses and increasing their profits. Questionnaire survey among clients, contractors, engineers and architects is analyzed using, Relative Importance Index (RII) and Importance Index (IMP.I) methods. The focus of this study is to understand what Risk Management is, understand the process of risk management at construction project and have depth knowledge on the use of risk management in high-rise construction projects.
This document provides an overview of the concepts and topics covered in a Project Management course. It includes 6 units:
1. Introduction to key project management concepts like the project life cycle.
2. Project identification and formation, including identifying opportunities and selecting projects.
3. Project appraisal involving market, technical, financial, and socio-economic analysis.
4. Project planning and scheduling from designing to time and cost estimation.
5. Project execution and administration including contracting, organization, communication and cost/time monitoring.
6. Project control techniques like PERT and CPM for monitoring and reviewing projects.
This document analyzes critical factors affecting construction project delays in the Pune region of India. A survey was conducted of construction companies to identify common reasons for delays. 82 potential factors were identified from literature review and categorized into project-level, owner, contractor, consultant, design, material, labor, equipment, and external factors. Respondents provided the frequency and severity of each factor on a scale of 1-5. The Relative Importance Index was calculated by multiplying the frequency and severity indices to rank factors. Legal disputes and ruling party issues in the locality were found to be the most critical factors based on their importance indices. The study aims to identify root causes of delays to help reduce unnecessary delays in future construction projects.
This document discusses risk management, cost control, and communication in construction projects. It describes how risk management involves identifying, assessing, and treating risks through various models and communication is key. It also explains that cost control is important for meeting project goals and involves establishing budgets, monitoring costs, and controlling changes. Effective risk management, cost control, and communication are important for construction project success.
Risks have a significant impact on a construction
project’s performance in terms of cost, time and quality. As
the size and complexity of the projects have increased, an
ability to manage risks throughout the construction process
has become a central element preventing unwanted
consequences. How risks are shared between the project
actors is to a large extent governed by the procurement
option and the content of the related contract documents.
Therefore, selecting an appropriate project procurement
option is a key issue for project actors.
The overall aim of this research is to increase the
understanding of risk management in the different
procurement options: design-bid-build contracts, designbuild contracts and collaborative form of partnering. Deeper
understanding is expected to contribute to a more effective
risk management and, therefore, a better project output and
better value for both clients and contractors. The study
involves nine construction projects recently performed in
Sweden and comprises a questionnaire survey and a series of
interviews with clients, contractors and consultants involved
in these construction projects.
The findings of this work show a lack of an iterative
approach to risk management, which is a weakness in current
procurement practices. This aspect must be addressed if the
risk management process is to serve projects and, thus, their
clients. The absence of systematic risk management is
especially noted in the programme phase, where it arguably
has the greatest potential impact. The production phase is
where most interest and activity are to be found. As a matter
of practice, the communication of risks between the actors
simply does not work to the extent that it must if projects are
to be delivered with certainty, irrespective of the form of
procurement.
A clear connection between the procurement option
and risk management in construction projects has been
found. Traditional design-bid-build contracts do not create
opportunities for open discussion of project risks and joint
risk management. A number of drivers of and obstacles to
effective risk management have been explored in the study.
Every actor’s involvement in dialogue, effective
communication and information exchange, open attitudes
and trustful relationship are the factors that support open
discussion of project risks and, therefore, contribute to
successful risk management.
Based on the findings, a number of recommendations
facilitating more effective risk management have been
developed for the industry practitioners.
Effect or Risk Management Methods on project performance in Rwandan Construct...Sibo Kanyambari Aimable
This document provides an overview of a research project that aims to assess the effects of risk management methods on construction project performance in Rwanda. Specifically, it examines a multi-storey building project by the Rwanda Social Security Board (RSSB). The research design involves interviews and questionnaires with the project team to understand how risks were managed and their impact on project objectives. A literature review and analysis of RSSB project documents will also be conducted. The research seeks to evaluate how different risk management approaches like avoidance, control, retention and transfer influence project success. Findings may help identify barriers to effective risk management in the Rwandan construction industry.
This document summarizes a dissertation submitted by Madhumanti Samaddar to fulfill requirements for a Post-Graduate Diploma in Management from the Institute of Management Technology (IMT) in Ghaziabad, India. The dissertation focuses on improving project management processes related to risk management. It presents literature on risk management practices in project management and models for achieving project management maturity. It also describes research conducted through industry surveys to understand current risk management awareness, practices, and maturity levels achieved in different industries like engineering, procurement and construction. The research aims to understand the relationship between project management maturity and effective risk management.
This document summarizes a study examining factors that affect the success of construction projects. 63 factors were identified from literature and grouped into 10 categories: cost, time, quality, productivity, client satisfaction, regular/community satisfaction, people, health/safety, innovation/learning, and environment. A questionnaire survey of owners, consultants, and contractors was conducted to determine their perceptions of the importance of each factor using a relative importance index. The top-ranked factors across the three groups included on-time delivery, quality conformance, leadership skills, and minimizing delays from closures/shortages. Understanding critical success factors can help construction organizations improve project effectiveness.
IRJET- Developing a Model of Risk Allocation and Risk Handling for Effective ...IRJET Journal
This document presents a study on developing a model for effective risk management in construction projects. It identifies various risks associated with construction projects through interviews with project managers and engineers. A total of 57 risks are identified and classified. The risks are then assessed qualitatively based on their probability of occurrence and potential impact using linguistic scales. Risk factors are calculated and risks are prioritized based on these factors. The top 15 most significant risks are identified. These risks are then allocated to relevant project parties like the owner, contractor or consultant based on their ability to manage the risks. Finally, risk mitigation strategies like risk avoidance, reduction, transfer and retention are proposed for the top risks based on survey responses. The overall aim is to establish an effective framework
Establishing risk management factors for construction projects in iraqIAEME Publication
This document summarizes a research study that aimed to identify and evaluate key risk factors for construction projects in Iraq. A questionnaire was distributed to 75 respondents representing clients, consultants, and contractors. It identified 65 critical risk factors that were categorized into 8 groups: financial, legal, management, market, political/security, technical, environmental, and social. The top 10 most important risk factors identified were security measures, loss due to corruption/bribery, loss due to bureaucracy, unofficial holidays, loss due to political changes, increase in materials prices, unfair tendering, improper project planning/budgeting, design changes, and increased labor costs. The study analyzed the risk factors based on their frequency, severity, and importance using statistical analysis
Analysing Attrition in Outsourced Software Projectcsandit
Information systems (IS) outsourcing has grown as a major business phenomenon, and widely
accepted as a business tool. Software outsourcing companies provide expertise, knowledge and
capabilities to their clients by taking up the projects both onsite and offsite. These companies
face numerous challenges including attrition of project members. Attrition is a major challenge
experienced by the outsourcing companies as it has severe impact on business, revenues and
profitability. In this paper, attrition data of a major software outsourcing company was
analysed and an attempt to find the reason for attrition is also made. The data analysis was
based on the data collected by an outsourcing company over a period of two years for a major
client. The results show that the client initiated attrition can have an impact on project and the
members quit the outsourcing company due to client initiated ramp down without revealing the
reason.
IRJET- Skills and Competencies Perceived of an Effective Construction Project...IRJET Journal
This document discusses skills and competencies perceived as important for effective construction project managers. A survey was conducted of 58 stakeholders in the construction industry to identify and rank the importance of various skills. The top 3 most important skills according to the survey were:
1. Decision making
2. Communication
3. Leadership
Additional skills identified as important included: health and safety regulations, ethics and responsibility towards society, collaboration, and commitment to goals. The study provides insight into the skills needed for construction project managers to successfully deliver projects on schedule and budget.
This document discusses project risk management. It defines risk management and outlines the key processes: planning, identification, analysis, response planning, and monitoring. It describes performing qualitative risk analysis to assess the likelihood and impact of identified risks. This involves using tools like probability and impact matrices to prioritize risks. The output is an updated risk register containing the qualitative analysis results.
IRJET - A Study on Identification of Risks at Various Phases of Road Construc...IRJET Journal
This document summarizes a study on identifying risks at various phases of road construction projects. It begins with an abstract stating that risk management deals with risk identification, assessment, and mitigation techniques to manage risks related to time, cost, and quality objectives. Some risks can be easily predicted, while others are unknown until they occur. The document then reviews past literature on risk management methods for road projects. It identifies various risks that can occur during different phases of road construction, such as initial planning, funding, design, procurement, and operation/maintenance. The objective is to understand risks at each phase to effectively apply mitigation techniques.
EFFECTIVE RISK MANAGEMENT IN CONSTRUCTION PROJECTSvivatechijri
Risk management can be directly related to the successful project completion as it is very much
essential. Project management literature describes a detailed and widely accepted risk management process,
which is constructed basically from four iterative phases: risk identification, risk estimation, risk response
planning and execution, often managing the risk management process is included. Construction project planning is
an essential element in the management and execution of construction projects which involves the definition of
work tasks and their interactions as well as the assessment of required resource sand expected activity durations.
The study, therefore, examined the awareness of professionals in construction industry of the various types of
planning techniques and tools used on construction sites, Questionnaires were administered on selected building
professionals (Project Managers, Engineers, Architects), and Contractors and Sub-contractors directly involved
in construction work on sites in planning and the use of planning tools and techniques as major tools for successful
project execution
Analysis, perception and aspects of risk management in the construction secto...Alexander Decker
The document discusses risk management in the construction sector of Pakistan, including definitions of risk and uncertainty, and an analysis of the risk perceptions and management practices based on questionnaire surveys and interviews conducted with professionals in the construction industry. A number of researchers have proposed different methodologies for risk analysis in construction projects to efficiently allocate resources to risks. The study analyzed data on risk management, risk perception, documentation, trustworthiness, design-build projects, and collaborative relationships in the construction sector of Pakistan.
IRJET- To Study the Causes and Effects of Delays in Construction ProjectIRJET Journal
This document summarizes several research papers that studied the causes and effects of delays in construction projects. It discusses how delays can negatively impact projects by increasing costs and damaging relationships. The literature review identifies common causes of delays including poor planning, lack of coordination between project participants, miscommunication, weather issues, material shortages, and equipment problems. The document examines research from India and other countries that analyzed major factors contributing to delays through surveys and analysis of construction stakeholders. The conclusion categorizes types of delays and reiterates that scheduling and quality management techniques can help minimize delays in construction projects.
This literature review examines risk factors that impact construction projects in Sri Lanka. It summarizes several studies on risk identification and evaluation in the construction industry in countries like Singapore, Ghana, Nigeria, the UK, and Kuwait. Key risks identified include construction methods, inflation, weather, ground conditions, poor communication, delays in approvals, scope changes, and financing problems. The review indicates that proper risk management is important for construction projects, but that adoption of risk analysis techniques is still limited, especially among small-to-medium firms. Identifying country-specific risks and improving management skills could help minimize delays and cost overruns on projects in Sri Lanka.
In the present day corporate environment, where there is cut-throat competition, the need for efficient time management and timely completion of projects is essential for organizations to stay competitive. Even due to the growing need for time management in construction projects, many are failing to be finished on time. This can be detrimental for any hiring company since infrastructure development project delays can lead to increase in costs and process halt for organizations. These are real life scenarios which are bound to take place in the professional life of any and every project manager. A project manager will only be considered efficient and competent when he or she knows how to manage the allotted time, and to carry out operations and activities in a manner that further reduces this time period. In order to prepare project managers for such circumstances, it is crucial for them to understand Extension of Time and delay analysis.
Course link: https://planningengineer.net/courses/claims-management-and-delays-analysis-online-workshop/
The document discusses construction risk management. It defines risk management as dealing with hazards in commerce and industry. Every construction project has some level of risk. It outlines a three-tiered framework for risk management that includes risk detection, analysis, and response. Effective risk management requires open communication, monitoring of progress, adequate funding, and experienced personnel. A cooperative risk management model based on knowledge sharing and personal relationships can help lower costs and better allocate risks between parties.
IRJET- Risk Management in the Construction Project: ReviewIRJET Journal
This document provides a literature review on risk management in construction projects. It begins with defining risk and discussing the various risks that can arise in construction projects, including design, physical, logistical, legal, environmental, construction, management, cultural, financial, and political risks.
It then reviews the key steps in risk management: risk identification, qualitative and quantitative risk assessment methods, risk response planning, and risk monitoring and control. For risk identification, it discusses techniques like brainstorming, Delphi technique, interviews, checklists, and learning from past experience. For risk assessment, it outlines qualitative methods like probability/impact assessment and risk rating matrices, as well as quantitative methods like sensitivity analysis, scenario analysis, decision trees,
International Journal of Engineering and Science Invention (IJESI)inventionjournals
International Journal of Engineering and Science Invention (IJESI) is an international journal intended for professionals and researchers in all fields of computer science and electronics. IJESI publishes research articles and reviews within the whole field Engineering Science and Technology, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Risk Management in High Rise Construction Projects: A ReviewA Makwana
This paper gives information about identification of risk factors and perceptions of Indian construction practitioners i.e., contractors, owners, project managers and Engineers on the importance of different construction risks and how the risks should be assigned between the different parties of the contract. As the very common project styles, construction projects have so many characteristics likewise time limitation, specific items, financial restrictions and requirements, extraordinary structural and legal situations, complexity features. For this situation every construction project has own complex method. Risks constantly happen at construction projects and frequently cause time overrun or cost overrun. If you don’t contemplate these risk factors, or neglect the main factors, these risk factors will affect the damage because of the managerial errors. Risk management is the process which covers to identify the risks, for assessment with the help of qualitatively and quantitatively, to response with appropriate technique for management and controlling. The concept has gain popularity in various industries. Various companies frequently found the method in their projects for upgrading their performance, reducing their losses and increasing their profits. Questionnaire survey among clients, contractors, engineers and architects is analyzed using, Relative Importance Index (RII) and Importance Index (IMP.I) methods. The focus of this study is to understand what Risk Management is, understand the process of risk management at construction project and have depth knowledge on the use of risk management in high-rise construction projects.
This document provides an overview of the concepts and topics covered in a Project Management course. It includes 6 units:
1. Introduction to key project management concepts like the project life cycle.
2. Project identification and formation, including identifying opportunities and selecting projects.
3. Project appraisal involving market, technical, financial, and socio-economic analysis.
4. Project planning and scheduling from designing to time and cost estimation.
5. Project execution and administration including contracting, organization, communication and cost/time monitoring.
6. Project control techniques like PERT and CPM for monitoring and reviewing projects.
This document analyzes critical factors affecting construction project delays in the Pune region of India. A survey was conducted of construction companies to identify common reasons for delays. 82 potential factors were identified from literature review and categorized into project-level, owner, contractor, consultant, design, material, labor, equipment, and external factors. Respondents provided the frequency and severity of each factor on a scale of 1-5. The Relative Importance Index was calculated by multiplying the frequency and severity indices to rank factors. Legal disputes and ruling party issues in the locality were found to be the most critical factors based on their importance indices. The study aims to identify root causes of delays to help reduce unnecessary delays in future construction projects.
This document discusses risk management, cost control, and communication in construction projects. It describes how risk management involves identifying, assessing, and treating risks through various models and communication is key. It also explains that cost control is important for meeting project goals and involves establishing budgets, monitoring costs, and controlling changes. Effective risk management, cost control, and communication are important for construction project success.
Risks have a significant impact on a construction
project’s performance in terms of cost, time and quality. As
the size and complexity of the projects have increased, an
ability to manage risks throughout the construction process
has become a central element preventing unwanted
consequences. How risks are shared between the project
actors is to a large extent governed by the procurement
option and the content of the related contract documents.
Therefore, selecting an appropriate project procurement
option is a key issue for project actors.
The overall aim of this research is to increase the
understanding of risk management in the different
procurement options: design-bid-build contracts, designbuild contracts and collaborative form of partnering. Deeper
understanding is expected to contribute to a more effective
risk management and, therefore, a better project output and
better value for both clients and contractors. The study
involves nine construction projects recently performed in
Sweden and comprises a questionnaire survey and a series of
interviews with clients, contractors and consultants involved
in these construction projects.
The findings of this work show a lack of an iterative
approach to risk management, which is a weakness in current
procurement practices. This aspect must be addressed if the
risk management process is to serve projects and, thus, their
clients. The absence of systematic risk management is
especially noted in the programme phase, where it arguably
has the greatest potential impact. The production phase is
where most interest and activity are to be found. As a matter
of practice, the communication of risks between the actors
simply does not work to the extent that it must if projects are
to be delivered with certainty, irrespective of the form of
procurement.
A clear connection between the procurement option
and risk management in construction projects has been
found. Traditional design-bid-build contracts do not create
opportunities for open discussion of project risks and joint
risk management. A number of drivers of and obstacles to
effective risk management have been explored in the study.
Every actor’s involvement in dialogue, effective
communication and information exchange, open attitudes
and trustful relationship are the factors that support open
discussion of project risks and, therefore, contribute to
successful risk management.
Based on the findings, a number of recommendations
facilitating more effective risk management have been
developed for the industry practitioners.
Effect or Risk Management Methods on project performance in Rwandan Construct...Sibo Kanyambari Aimable
This document provides an overview of a research project that aims to assess the effects of risk management methods on construction project performance in Rwanda. Specifically, it examines a multi-storey building project by the Rwanda Social Security Board (RSSB). The research design involves interviews and questionnaires with the project team to understand how risks were managed and their impact on project objectives. A literature review and analysis of RSSB project documents will also be conducted. The research seeks to evaluate how different risk management approaches like avoidance, control, retention and transfer influence project success. Findings may help identify barriers to effective risk management in the Rwandan construction industry.
EFFECTS OF RISK MANAGEMENT METHODS ON PROJECT PERFORMANCE IN RWANDAN CONSTRUC...Sibo Kanyambari Aimable
Risks are very common in construction sector. Risk is the Possibility of suffering loss and the impact on the involved parties. According to APM (2006), all projects are inherently risky because they are unique, constrained, complex, based on assumptions, and performed by people. As a result, project risk management methods must be built into the management of projects and should be used throughout the project lifecycle.
Many construction projects fail because organizations assume that all the projects would succeed and they therefore do not identify, analyze, and provide mitigation or contingencies for the risk elements involved in the project.
Society desires that all projects should be performing and has become less tolerant of failure (Edwards and Bowen, 2005). Pressure is exerted on project managers to minimize the chance of project failure. This increasing pressure for performance which suggests that it is prudent for anyone involved in a project to be concerned about the associated risks and how they can be effectively managed.
Traditionally, performance of a project is analyzed on the criteria of quality, budget and time of completion. Two more criteria to determine the performance of a project were added by Kerzner (2001). Firstly, the project would effectively and efficiently manage risks and, secondly, it should be accepted by the customer.
It is known that the cause of the projects failure can be directly related to the extent of risk management methods undertaken. Besides, the level of risk management methods undertaken during project lifecycle impacts directly on the performance or otherwise of the project. Furthermore, using risk management methods effectively to manage risk should be continuously undertaken throughout the project lifecycle to enhance project performance. Risk management methods are thus an important tool to cope with such substantial risks in projects performance.
The main objective of the enquiry work that underpins this research is to investigate the effect of risk management methods on project performance. In this paper, a case study of RSSB multi-storey already executed project is considered.
RISK MANAGEMENT IN CONSTRUCTION PROJECTS AS PER INDIAN SCENARIOIAEME Publication
Construction industry is highly risk prone, with complex and dynamic project
environments creating an atmosphere of high uncertainty and risk. The industry is
vulnerable to various technical, sociopolitical and business risks. The track record
to cope with these risks has not been very good in construction industry. As a
result, the people working in the industry bear various failures, such as, failure of
abiding by quality and operational requirements, cost overruns and uncertain delays
in project completion. In light of this, it can be said that an effective systems of risk
assessment and management for construction industry remains a challenging task
for the industry practitioners. The aim of the this research is to identify and evaluate
current risks and uncertainties in the construction industry through extensive
literature survey and aims to make a basis for future studies for development of a
risk management framework to be adopted by prospective investors, developers and
contractors
IRJET- Risk Management using Primavera Software for Residential SectorIRJET Journal
This document discusses risk management in the residential construction sector using Primavera software. It first defines risk management and its importance in construction projects. It then reviews literature on risk identification and assessment methods. A case study of a residential building project in Pune, India is presented where risks are identified through a survey, categorized as high, medium, or low probability and impact, and recommendations are provided to manage high risk areas like time, people, market and cost. The study aims to develop a better understanding of key risks in the construction industry and show how forecasted risk assessment results can help reduce project risks.
The Identification of Risks and its Criticality in the Nigeria Construction I...Dr. Amarjeet Singh
This document summarizes a study on identifying risks and their criticality in the Nigerian construction industry. A survey was conducted with construction professionals to identify 20 common risks, which were categorized into 5 groups: government/politics, management/technology, finance/economics, social/culture, and natural/environmental. The surveys found that economic and financial risks were considered the most severe in the Nigerian construction industry. Hierarchically, the risks were ranked from most to least severe as: economic/financial, government/political, management/technological, social/cultural, and natural/environmental. The study provides insight into managing risks that impact construction projects in Nigeria.
IRJET- A Review Paper on Risk Management using Primavera for Residential ...IRJET Journal
This document provides a literature review on risk management in the residential construction sector using Primavera software. It discusses how risk management is important to reduce costs and failures in construction projects. The review covers various definitions and methods of risk identification, assessment, and mitigation. It also identifies gaps such as risks often not being taken seriously in projects and discusses how a software like Primavera could help identify, analyze, and reduce risks to better manage projects and budgets. The objectives of the paper are to study risk management in residential construction, identify risks, analyze risks using Primavera, and provide mitigation recommendations.
IRJET- Review on Developing a Model of Risk Allocation and Risk Handling for ...IRJET Journal
This document reviews literature on developing a model for effective risk allocation and handling in construction projects. It identifies several key risks studied in previous research, including insufficient planning, currency price changes, and worker strikes. The literature review found that optimal risk allocation where the best positioned party manages risk can reduce overall project costs. However, previous studies did not assess the effectiveness of risk allocation methods. This paper aims to develop a model to allocate risks to stakeholders and propose mitigation strategies. A mixed methodology is used, including interviews, questionnaires, and qualitative data analysis. The model will help construction parties better allocate responsibilities to manage risks and control impacts on time and cost objectives.
Assessment of Risk in Construction Projects by Modified Fuzzy Analytic Hierar...IRJET Journal
This document presents a risk assessment methodology for construction projects using a modified fuzzy analytic hierarchy process (MFAHP). It begins by discussing risks in construction projects and various risk assessment techniques. It then introduces the classical analytic hierarchy process (AHP) and explains its limitations, particularly its inability to account for fuzziness in human judgment. The document proposes using a modified fuzzy analytic hierarchy process (MFAHP) to overcome these limitations. It then identifies key risk factors for construction projects by analyzing risk registers from various commercial projects. These risk factors are categorized into groups like design/approvals, communication, base building, materials, resources, safety, execution, and external factors. The objective is to assess these risk factors using MFAHP to provide
This document summarizes a research paper that analyzed risk management for construction projects in Libya. It identified the main risks faced by construction projects through questionnaires distributed to construction companies. The top risks identified were lack of company ability to implement projects, delays in payment, political factors, lack of security, design errors, and permitting issues. The document then proposed a model to evaluate companies before contracting to ensure they have the financial, technical, and experience capabilities to successfully complete projects. A questionnaire was developed listing evaluation criteria in 7 categories: financial situation, resources, experience, technical abilities, personnel, planning, and safety. The results showed financial situation was the most important evaluation factor according to the companies surveyed. The proposed evaluation model aimed to improve project success
ESTABLISHING RISK MANAGEMENT FACTORS FOR CONSTRUCTION PROJECTS IN IRAQ IAEME Publication
The construction industry is widely associated with a high risk and uncertainty due to the nature of its operating environment. This study aim s to identify and evaluate key risk factors and their frequency and severity and then their impact in different types of construction projects in Iraq . A questionnaire survey was conducted and a total of sixty five critical factors were identified and categorized into eight groups. These are: 1. Financial related risk, 2. Legal related risk, 3. Management risk, 4. Market related risk, 5. Politic al and security related risk, 6. Technical related risk, 7. Environmental related risk, and 8. Social related risk. Seventy five respondents participated in the survey representing 22 clients, 21 consultants and 32 contractors. The results are presented on the basis of their frequency, severity and importance. The study revealed that the most ten important factors are: Security measures, loss incurred due t o corruption and bribery, loss due to bureaucracy for late approvals, un-official holidays, loss incurred due to political changes, increase of material s price, unfairness in tendering, improper project planning and budgeting, design changes and increase of labor costs. Finally the study suggested that what are the importance of risk function and project risk management for project success.
This document summarizes a research study on risk management and successful project delivery in Nigeria. The study found that:
1) Risk management is key to successful project delivery by helping address uncertainties that can cause time and cost overruns and affect quality. Common risks in construction projects include poor quality, design errors, and financial risks.
2) The study identified risks that significantly impact project delivery in Nigeria, such as inadequate cash flow, corruption, security issues, and unstable exchange rates. These risks were found to affect project costs and timelines.
3) Risk management should be applied throughout the project life cycle from planning to construction. While risks can't be eliminated, identifying and managing them helps minimize their impacts and improve
Engineering Research Publication
Best International Journals, High Impact Journals,
International Journal of Engineering & Technical Research
ISSN : 2321-0869 (O) 2454-4698 (P)
www.erpublication.org
This document identifies and assesses the most significant risk factors affecting public construction projects in Jordan. A survey was conducted with 108 participants from clients, consultants, and contractors. 53 risk factors were identified and categorized into 4 groups: technical, management, financial/market, and political/social/environmental. The risk factors were evaluated based on probability of occurrence, impact, and total effect. 20 factors were found to have a significant effect. The top 10 most significant risk factors included changes in design, management problems with contractors, design/contract errors, conflicts in documents, lack of planning/budgeting, financial problems for contractors, poor communication, bureaucracy/late approval, material wastage, and rework due to labor mistakes. The
ANALYSIS OF RISK CATEGORIES AND FACTORS FOR PPP PROJECTS USING ANALYTIC HEIRA...A Makwana
Success of Public Private Partnership projects is greatly influenced by proper management of the risks associated with the project. All projects which are undertaken using conventional procurement method or using a PPP approach have known risks and unknown risks. Risk identification plays an important role in development of PPP framework. The participation and investment of Private sector has been the main stay of the Government of India policy toward infrastructural growth. In this study main risk categories and factors of Public Private Partnership projects have been recognized. The identification of collective influence of risks and its variation over numerous PPP projects is been done. Generally Analytic Hierarchy Process (AHP) is widely used as multi criteria decision making. Normally it is very hard to meet the consistence need of a comparison matrix in analytic hierarchy process. In this study AHP is used to categories the risks of PPP projects in different levels and the impact of those risks on the PPP projects are identified.
Software Project Risk Management Practice in OmanEECJOURNAL
Oman is a member of Gulf Cooperation Council (GCC). It is located in Southwest Asia and it has strategic significant boundaries, Overlooking the Arabian Sea, Gulf of Oman, and the Persian Gulf. It is the 80th in Global Innovation Index in 2019 and 63 in E-Government Development Index in 2018. Oman is an effective member of the Greater Arab Free Trade Agreement (GAFTA) and the World Trade Organization (WTO). Furthermore, Oman's government has continued efforts to develop local and foreign investments by signing a Free Trade Agreement (FTA) with the USA. Oman plays a significant role in investments due to its strategic location connected to the markets in the Gulf, the Middle East, Asia, and Africa. Oman's vision is to involve all new technologies to be always beside the developed countries. To achieve that, Oman established The Government Innovation Initiative to encourage government entities in creativity and introduce their suggestions to enhance governmental performance and enhance the efficiency in different fields. This is realized by involving modern technologies like the Internet of Things (IoT), Artificial Intelligence (AI), Cloud Computing, Virtual Reality Applications, and Blockchain. In Oman, the risk management approach is a core technique. Three major stages are applied systematically in risk management in software projects. These stages involve a) identifying the risk; b) analyzing and assessing the risk, and c) reaction to the risk. There is no doubt that the high risk belonged to business will have negative impacts on all of its participants. Wherefore, this paper sheds the light on that knowledge area. The aim of this paper is to review the present literature on risk management processes implemented in software projects. There is a dearth in the literature which covers the risk management area knowledge in Oman's organizations. This paper target finding out the commonly used frameworks or mechanisms in risk management in software projects. It also tries to collect the responses to state the various types of risk origins in the existing profit and non-profit organizations in Oman and to recognize the coming research trends in this area.
RISK ASSESSMENT OF CONSTRUCTION BUILDING PROJECTSIRJET Journal
This document summarizes a research paper on risk assessment of construction building projects. It begins by introducing construction as a fast-growing industry with significant economic impact. It then discusses how large delays in construction projects can increase budgets. The objectives of the research are to analyze common risks in construction projects, classify risks, formulate risk mitigation plans, and provide recommendations to improve risk management. The methodology involves identifying risks through questionnaires, qualitatively analyzing risks to determine probability and impact, and developing risk management strategies.
RISK ASSESSMENT OF CONSTRUCTION BUILDING PROJECTSIRJET Journal
This document discusses risk assessment of construction building projects. It begins by introducing construction as a fast-growing industry with significant economic impact. It then outlines various risks that can occur in construction projects like delays, cost overruns, quality issues, etc. that need to be managed for project success. The objectives of the study are to analyze risks, classify them based on likelihood and impact, formulate risk mitigation plans, and provide recommendations. Various risks are identified through a questionnaire survey and analyzed qualitatively. Risks are then prioritized based on probability, impact and urgency of response. Finally, the document provides remedies like clear project definition, goals, requirements, involvement of client, and following project schedules to effectively manage risks.
This document discusses a study on risk management practices in construction projects in Pakistan. The study aims to investigate current risk management practices, identify and prioritize key risks and success factors, and examine the relationship between effective risk management and project success. Data was collected through surveys of 22 contractor firms working on 100 diverse projects. The analysis found that risk management has been implemented at a low level locally. It also revealed a strong correlation between effective risk management and project success, highlighting the importance of risk management techniques and their impact on construction project outcomes from the contractor's perspective.
“RISK MANAGEMENT IN CONSTRUCTION INDUSTRY”IRJET Journal
This document discusses risk management in the construction industry. It begins with an introduction to construction industry and defines risk management. It then discusses various contract types used in construction like design-bid-build and EPC contracts. The objectives and scope of studying risk management in construction projects is defined. It reviews literature around various risk factors in construction, risk assessment and management techniques. The problem statement highlights the challenges of meeting targets of EPC projects in India due to increasing complexity and risks. The document provides an abstract emphasizing the importance of risk management for construction project success.
Using recycled concrete aggregates (RCA) for pavements is crucial to achieving sustainability. Implementing RCA for new pavement can minimize carbon footprint, conserve natural resources, reduce harmful emissions, and lower life cycle costs. Compared to natural aggregate (NA), RCA pavement has fewer comprehensive studies and sustainability assessments.
DEEP LEARNING FOR SMART GRID INTRUSION DETECTION: A HYBRID CNN-LSTM-BASED MODELgerogepatton
As digital technology becomes more deeply embedded in power systems, protecting the communication
networks of Smart Grids (SG) has emerged as a critical concern. Distributed Network Protocol 3 (DNP3)
represents a multi-tiered application layer protocol extensively utilized in Supervisory Control and Data
Acquisition (SCADA)-based smart grids to facilitate real-time data gathering and control functionalities.
Robust Intrusion Detection Systems (IDS) are necessary for early threat detection and mitigation because
of the interconnection of these networks, which makes them vulnerable to a variety of cyberattacks. To
solve this issue, this paper develops a hybrid Deep Learning (DL) model specifically designed for intrusion
detection in smart grids. The proposed approach is a combination of the Convolutional Neural Network
(CNN) and the Long-Short-Term Memory algorithms (LSTM). We employed a recent intrusion detection
dataset (DNP3), which focuses on unauthorized commands and Denial of Service (DoS) cyberattacks, to
train and test our model. The results of our experiments show that our CNN-LSTM method is much better
at finding smart grid intrusions than other deep learning algorithms used for classification. In addition,
our proposed approach improves accuracy, precision, recall, and F1 score, achieving a high detection
accuracy rate of 99.50%.
A review on techniques and modelling methodologies used for checking electrom...nooriasukmaningtyas
The proper function of the integrated circuit (IC) in an inhibiting electromagnetic environment has always been a serious concern throughout the decades of revolution in the world of electronics, from disjunct devices to today’s integrated circuit technology, where billions of transistors are combined on a single chip. The automotive industry and smart vehicles in particular, are confronting design issues such as being prone to electromagnetic interference (EMI). Electronic control devices calculate incorrect outputs because of EMI and sensors give misleading values which can prove fatal in case of automotives. In this paper, the authors have non exhaustively tried to review research work concerned with the investigation of EMI in ICs and prediction of this EMI using various modelling methodologies and measurement setups.
Understanding Inductive Bias in Machine LearningSUTEJAS
This presentation explores the concept of inductive bias in machine learning. It explains how algorithms come with built-in assumptions and preferences that guide the learning process. You'll learn about the different types of inductive bias and how they can impact the performance and generalizability of machine learning models.
The presentation also covers the positive and negative aspects of inductive bias, along with strategies for mitigating potential drawbacks. We'll explore examples of how bias manifests in algorithms like neural networks and decision trees.
By understanding inductive bias, you can gain valuable insights into how machine learning models work and make informed decisions when building and deploying them.
Optimizing Gradle Builds - Gradle DPE Tour Berlin 2024Sinan KOZAK
Sinan from the Delivery Hero mobile infrastructure engineering team shares a deep dive into performance acceleration with Gradle build cache optimizations. Sinan shares their journey into solving complex build-cache problems that affect Gradle builds. By understanding the challenges and solutions found in our journey, we aim to demonstrate the possibilities for faster builds. The case study reveals how overlapping outputs and cache misconfigurations led to significant increases in build times, especially as the project scaled up with numerous modules using Paparazzi tests. The journey from diagnosing to defeating cache issues offers invaluable lessons on maintaining cache integrity without sacrificing functionality.
International Conference on NLP, Artificial Intelligence, Machine Learning an...gerogepatton
International Conference on NLP, Artificial Intelligence, Machine Learning and Applications (NLAIM 2024) offers a premier global platform for exchanging insights and findings in the theory, methodology, and applications of NLP, Artificial Intelligence, Machine Learning, and their applications. The conference seeks substantial contributions across all key domains of NLP, Artificial Intelligence, Machine Learning, and their practical applications, aiming to foster both theoretical advancements and real-world implementations. With a focus on facilitating collaboration between researchers and practitioners from academia and industry, the conference serves as a nexus for sharing the latest developments in the field.
2. Buildings 2022, 12, 2 2 of 19
75% [12]. This subpar performance is already justified technologically, financially, socioe-
conomically, and environmentally [8,13]. Megaprojects require new managerial skills and
structures due to its complexity, failure and cost overruns [14].
Risk is an unforeseeable event or scenario that, if it occurs, has an effect on one or
more objectives, either positively or negatively. Negative risks are perceived as threats,
and positive risks are perceived as opportunities [15]. Risk management procedures
include risk assessment, risk identification, risk analysis, risk response planning, response
implementation, and risk monitoring. The objectives of project risk management are to
decrease the probability and/or impact of negative risks while increasing the probability
and/or impact of positive risks in order to optimize the possibility of project success [16].
The global construction industry is expected to be worth around USD 10.5 trillion by
2023, with a compound annual growth rate of 4.2 percent between 2018 and 2023 [17]. In
construction, decision-making is about making sound, not ideal, choices [18]. Mega con-
struction projects fail or are delayed due to the risk involved in these projects. Major risks
in construction projects are technical, time, design, market, legal, management, financial,
design, political, environmental, social, safety, and physical [19]. Other risk factors include
resource constraints, site conditions, contractual and legal construction, as well as social,
political, economic, and financial factors [20].
Despite the all the associated risk with mega projects some organizations are willing
to take risk to achieve their financial and strategic goals. Risk appetite of an organization is
a willingness to accept associated risk of the project in order to achieve organizational and
strategic goals. The degree of uncertainty that an organization or person is ready to bear in
exchange for a benefit is referred to as risk appetite. Risk appetite directs risk management
and the criteria by which the company decides whether or not to take on risk [15]. This
likewise applies to the degree of risk that organizations and partners decide to take so as to
accomplish their strategic goals. Such goals are established on the basis of the role of any
entity in some project [21]. The nature, importance, and appetite for risk vary across an
organization’s life cycle and the life cycle of its programs and projects [15].
Hunger is not synonymous with appetite. Appetite is indeed a strong want, a cog-
nitive necessity that should be met. Hunger is the external expression of appetite, which
we experience as an absence of something and which motivates us to act to satiate the
underlying need [22]. In risk management and strategic decision-making process of an
organization, risk appetite is recognized as an important consideration [23]. Risk appetite
enables policy makers at all levels in an organization, from the board members to project
teams, to determine the assumed level of risk in a particular circumstance [22,24]. It has
evolved into a critical concept in business, as corporate governance authorities increas-
ingly require publicly listed companies to make a written statement outlining their overall
risk appetite [25]. While every business has an inherent risk appetite, identifying it and
evaluating its appropriateness has proved to be a major barrier for decision-makers [26].
Senior management still finds it difficult to examine and evaluate the risk appetite of the
project [27]. Academic research on risk appetite has received very little attention, and no
studies have been undertaken to examine the variables influencing it, particularly in the
context of large building projects. Existing research on risk appetite is mostly conceptual
in nature and is concentrated in the areas of economics and finance [28–32]. A little work
is performed in the field of hospitality management [33–35]. The emphasis has been on
discussing the concept’s meaning [36], its function in risk management [23] as well as
presenting several techniques to establishing a risk appetite statement [25,37].
Mega construction projects are mostly delayed or face cost overruns. Current studies
show that mostly project selection is performed based on financial factors such as cost, rate
of return, probability of capital return, net present worth, and available funds. It is argued
that the one way to solve this problem is risk appetite-based project selection. The purpose
of this study is to determine the factors which influence the risk appetite of megaprojects
selection in the construction industry. Researchers fill the gap in research on the risk
appetite for mega construction projects selection. Risk appetite-based project selection can
3. Buildings 2022, 12, 2 3 of 19
be performed by identifying and understanding the variables affecting megaproject risk
appetite. Comprehensive knowledge of these variables will assist companies in not only
articulating their risk appetite statement but also in monitoring and examining risk more
effectively, as well as identifying risk appetite, which will allow senior managers to alter
their risk appetite proactively. The article starts by defining megaprojects, their significance,
and why megaprojects fail and perform poorly. The concept of risk, risk management, and
risk appetite are then defined by relating various fields of research in layers of literature
pertaining to risk-taking in order to develop a conceptual framework for the factors that may
influence a company’s risk appetite when selecting mega construction projects. The factors
are discovered through literature research and semi-structured interviews. Interviews
supplement the factors identified in the literature. Conclusion and recommendations are
presented for practitioners and researchers.
2. Literature Review
Construction projects are distinguished by their various degrees of novelty and com-
plexity, the engagement of several stakeholders, their capital intensity, their dynamic
surroundings, extended production periods, and their exposure to the external surround-
ings and weather changes [38]. Zou [39] developed a joint risk management tool to mitigate
risks after identifying 25 key risks in the construction sector of China. The social risks
of high-density urban construction projects in China were identified by the yuan [40].
A total of 16 social factors were identified and, after that, a social risk network analysis
was devised to better help the Government implement effective social risk management
measures. Fortunato [41] identified the safety and health risks and opportunities associated
with the building components and construction procedures used to earn specific leadership
in energy and environmental design credits and discovered that employees on construction
projects spend more time working at heights, with electrical current, near unstable soils,
and near heavy equipment than workers on traditional projects
Since the global recession around 2008, Risk Appetite as a term is being more fre-
quently used in corporate sector [23]. Corporate governance regulators are now requiring
companies in a variety of industries to explicitly describe their risk appetite in corporate
governance [26]. A more in-depth discussion among board members about the level of
risk they are prepared to take is believed to assist companies to make more informed
and prudent risk-taking choices [36]. It is capable of effectively controlling any extreme
risk-taking behaviors that were prevalent in large companies before the 2008 financial
crisis [24].
Nonetheless, there is a dearth of academic studies on risk appetite. The majority of
existing research on risk appetite has been conducted in economics, finance and hospitality
management [42]. Risk appetite is often synonymous with popular terms such as “risk
tolerance”, “risk aversion”, or “risk preference”, and is defined as an investor’s desire
to purchase imperil assets [43,44]. Additionally, above cited researchers think that risk
appetite is primarily an individual concept, rather than an organizational one and that it
is associated with financial risk-taking [45,46]. There are a rising number of risk appetite
studies in management [23,26,36]. Despite this, there is no consensus on how to define
it [21,23,36]. For example, Gontarek [23] defines risk appetite as the written expression of
the aggregate degree and categories of risk that a company is willing to accept or avoid in
order to achieve its goals. Aven [36] describes it differently as the willingness to do risky
actions in the pursuit of objectives.
Despite the fact that there is no commonly agreed definition [35,47], a widely held un-
derstanding of the term seems to be that it refers to a business’ readiness to take calculated
risks in order to achieve its objectives [26]. However, broad labels such as “risk-seeking” or
“risk-averse” are insufficient to define this desire [36]. The desire to take risks is complicated
and dynamic, depending on the kind of risk being considered and the specific circum-
stances [24]. The majority of existing risk appetite definitions miss the multidimensional
and time-horizon features of risk appetite, causing many business executives to think that
4. Buildings 2022, 12, 2 4 of 19
a company’s risk appetite is unchanging and can be characterized by a single financial
indicator [21,23,36].
Financial factors such as cost, rate of return, return on investment, net present worth
and available funds are used to select projects [48–51]. Mega construction projects are
notorious for failures and cost overruns. Project selection and portfolio development in
accordance with corporate strategy is an important task for decision makers in such projects.
Risk appetite was defined in the present research as a company’s dynamic readiness to take
risks in order to achieve its goals at a particular moment. At some other point in time the
company’s circumstances will have changed, as will the types and extent of risk the firm is
prepared to accept.
Scholars from many research areas, particularly finance/economics and psychol-
ogy, have produced numerous famous hypotheses to explain people’s and businesses’
risk-taking behaviors and risk attitude. Some theories are modern portfolio theory [52],
behavioral theory of the firm [53], prospect theory [54], threat rigidity [55], and expected
utility theory [56]. According to Isen and Patrick’s mood maintenance theory [57], risk
perception, income, and mood are all significant factors influencing individual risk behav-
ior. Upper echelons theory by Hambrick and Mason [58] indicates that the risk propensity
of CEO, the board of directors and the executive committee, organizational performance
and remuneration are all significant determinants of a firm’s risk-taking. Eisenhardt gave
information systems insight, results uncertainty, incentives, and risk in agency theory [59],
Kangari and Riggs described an examination of the construction project portfolio that
required the characteristics of each project to be evaluated based on expected returns,
risks, and correlation across all the projects [50]. The behavioral agency model indicates
that executive risk management varies between modes of monitoring and may show both
risk-seeking and risk-averse tendencies [60].
The following research papers tested these theories and helped to support these factors.
The company’s performance has shown a substantial impact on corporate risk based
on whether performance fulfils the desired objective [61–63]. Remuneration, especially
share options and cash incentives, is widely acknowledged as a significant driver of
corporate risk-taking [64,65]. Risk propensity of each individual in board of director is
significant [46,66–68]. The emotions of senior executives on corporate boards are also
important factors. The senior management emotions also reflect the characteristics and
preferences of its leadership as drivers of a risk-taking behavior and risk attitude [69,70]. A
corporation may either drive or hinder nature of risk and the amount thereof [71,72].
Furthermore, some factors that have been shown to impact a company’s risk appetite
are its size [73,74], strategic objectives [75–77], market competition [78,79] demograph-
ics [30] and government and industry rules and regulations [80,81]. The organizational
history of risk taking [45,82,83] and the pressure of its stakeholders and their demands
have been recognized as drivers and inhibitors at a certain moment, depending on the
circumstances [84,85]. Other factors include enterprise environmental factors and organiza-
tional process assets. All of these factors have an impact on the project, both favorable and
unfavorable [16].
While these research studies discovered a diverse variety of factors, they do not relate
to one another, and hence the understanding of the drivers of risk taking is incomplete and
limited to the effect of a single component. Some studies, however, take a deeper look at the
effect of multiple factors on risk taking. Existing literature was integrated, and conceptual
factors models that impact company risk management were presented by Bhatta [76], Baird
and Thomas [75] and Pablo and Javidan [68]. Although these models included many
comparable variables, they continued to categorize them and focused on the firm’s features
and traits, the peculiarities of people and decision-making teams, and external influences in
industry or the broader corporate environment. Harwood [86] utilized a grounded-theory
technique to find ten drivers of a business’s risk-taking, but the labeling of those predictors
was substantially different from the remainder of the research. The factors identified from
literature of other research streams have been summarized in Table 1.
5. Buildings 2022, 12, 2 5 of 19
In this research factors were classified into five categories organizational factors,
decision-makers factors, external factors named as environmental factors, project factors,
and miscellaneous factors. This classification is performed on the basis of other studies,
enterprise environmental factors, and organizational process assets [16,24,35,68,87].
Table 1. Factors which can affect risk appetite.
Determinants
Scope of the Study
Sources
Financial
Manage-
ment
Hospitality
Manage-
ment
Strategic
Manage-
ment
Enterprise
Risk Man-
agement
Public Man-
agement
Psychiatry
Procurement
Manage-
ment
Financial
attributes
X [28–32]
Leverage X [35]
Risk capacity X [35]
Risk culture X [35]
Risk
management
capability
X [35]
Internal
performance
X X [61–63]
Goals and
objectives
X X X [75–77]
Firm size X X [73–75]
History of
risk taking
X X [45,82,83]
Risk
perception
X X X [71,72,75]
Board risk
propensity
X X X [46,68,76]
Executive
committee
Risk
propensity
X X [68,76]
CEO risk
propensity
X X [66,67]
CEO
emotions
X X [69,70]
Executive
remuneration
X [64,65,75]
External
stakeholder
demands
X X [84,85]
Competition X X [75,78,79,88]
Rules and
regulation
X [80,81]
Demographics X [30]
3. Methodology
Exploratory research [89] is used in this study to identify the factors affecting risk ap-
petite of mega construction projects selection. In order to gain new insights for exploratory
studies, in-depth semi-structured interview data collection methods [90,91] were used. The
researcher gave a list of themes and questions to address in semi-structured interviews, but
these changed from interview to interview.
The key informant technique [92,93] is used to select interviewees for a qualitative
study. People who have played significant roles in their areas and have a good awareness of
the specific information pertinent to the research are considered key informants. A specific
set of inclusion criteria was used to identify 30 key informants as reported by Kruger
and Casey [94]: the person must be working on mega construction projects in a public or
private sector organization shown in Figure 1, and the organization could be a contractor,
consultant, or owner. The sample size was considered sufficient in light of guidelines by
Galvin [95].
6. Buildings 2022, 12, 2 6 of 19
Buildings 2021, 11, x FOR PEER REVIEW 6 of 19
Figure 1. Sector wise segregation of respondents.
The respondents were from the owners, contractors, and consultant organizations
working on mega construction projects as shown in Figure 2.
Figure 2. Role wise segregation of respondents.
Other criteria include that an interviewee must be a person working at top manage-
ment or middle management shown in Figure 3.
Figure 3. Management level of respondents.
Figure 1. Sector wise segregation of respondents.
The respondents were from the owners, contractors, and consultant organizations
working on mega construction projects as shown in Figure 2.
Buildings 2021, 11, x FOR PEER REVIEW 6 of 19
Figure 1. Sector wise segregation of respondents.
The respondents were from the owners, contractors, and consultant organizations
working on mega construction projects as shown in Figure 2.
Figure 2. Role wise segregation of respondents.
Other criteria include that an interviewee must be a person working at top manage-
ment or middle management shown in Figure 3.
Figure 3. Management level of respondents.
Figure 2. Role wise segregation of respondents.
Other criteria include that an interviewee must be a person working at top manage-
ment or middle management shown in Figure 3.
11, x FOR PEER REVIEW 6 of 19
Figure 1. Sector wise segregation of respondents.
The respondents were from the owners, contractors, and consultant organizations
working on mega construction projects as shown in Figure 2.
Figure 2. Role wise segregation of respondents.
Other criteria include that an interviewee must be a person working at top manage-
ment or middle management shown in Figure 3.
Figure 3. Management level of respondents.
Figure 3. Management level of respondents.
7. Buildings 2022, 12, 2 7 of 19
Respondent’s designations were general managers, deputy sectaries, senior engineer,
risk managers, directors, deputy directors, project managers and manager of planning,
risk and cost control. The range of their experience varied from 8 to 35 years as shown in
Figure 4.
Buildings 2021, 11, x FOR PEER REVIEW 7 of 19
Respondent’s designations were general managers, deputy sectaries, senior engineer,
risk managers, directors, deputy directors, project managers and manager of planning,
risk and cost control. The range of their experience varied from 8 to 35 years as shown in
Figure 4.
Figure 4. Experience of respondents in years.
A variety of probes and other approaches [96] were utilized to accomplish the depth
of responses in terms of penetration, investigation, and explanation. The interview ques-
tions focused on respondents’ thoughts on the aspects that define the risk appetite of meg-
aproject selection. Respondents were asked about risk appetite in projects, organizational,
decision makers, environmental, project and any other factors that affect risk appetite in
mega construction project selection. They were also asked whether they believed that cer-
tain factors in the major categories were lacking. The interviews lasted 40 to 120 min, and
while interviewees were hesitant to digitally record owing to organizational constraints
and problems, notes were taken throughout the interview, which have been subsequently
transcribed verbatim and member-checked as narrated by Lincoln [97] and all modifica-
tions are treated as primary data. The semi-structured data were analyzed to determine
the most relevant factors influencing risk appetite as well as any unexpected responses
that varied from or contradicted the literature. The complete research methodology is
shown in Figure 5.
Figure 5. Flow chart of the research methodology.
Thematic analysis by Braun and Clarke [98] is used for factor identification. This anal-
ysis has six steps: familiarization of data, initial code generation, theme search, theme
Figure 4. Experience of respondents in years.
A variety of probes and other approaches [96] were utilized to accomplish the depth of
responses in terms of penetration, investigation, and explanation. The interview questions
focused on respondents’ thoughts on the aspects that define the risk appetite of megaproject
selection. Respondents were asked about risk appetite in projects, organizational, decision
makers, environmental, project and any other factors that affect risk appetite in mega
construction project selection. They were also asked whether they believed that certain
factors in the major categories were lacking. The interviews lasted 40 to 120 min, and
while interviewees were hesitant to digitally record owing to organizational constraints
and problems, notes were taken throughout the interview, which have been subsequently
transcribed verbatim and member-checked as narrated by Lincoln [97] and all modifications
are treated as primary data. The semi-structured data were analyzed to determine the
most relevant factors influencing risk appetite as well as any unexpected responses that
varied from or contradicted the literature. The complete research methodology is shown in
Figure 5.
Buildings 2021, 11, x FOR PEER REVIEW 7 of 19
Respondent’s designations were general managers, deputy sectaries, senior engineer,
risk managers, directors, deputy directors, project managers and manager of planning,
risk and cost control. The range of their experience varied from 8 to 35 years as shown in
Figure 4.
Figure 4. Experience of respondents in years.
A variety of probes and other approaches [96] were utilized to accomplish the depth
of responses in terms of penetration, investigation, and explanation. The interview ques-
tions focused on respondents’ thoughts on the aspects that define the risk appetite of meg-
aproject selection. Respondents were asked about risk appetite in projects, organizational,
decision makers, environmental, project and any other factors that affect risk appetite in
mega construction project selection. They were also asked whether they believed that cer-
tain factors in the major categories were lacking. The interviews lasted 40 to 120 min, and
while interviewees were hesitant to digitally record owing to organizational constraints
and problems, notes were taken throughout the interview, which have been subsequently
transcribed verbatim and member-checked as narrated by Lincoln [97] and all modifica-
tions are treated as primary data. The semi-structured data were analyzed to determine
the most relevant factors influencing risk appetite as well as any unexpected responses
that varied from or contradicted the literature. The complete research methodology is
shown in Figure 5.
Figure 5. Flow chart of the research methodology.
Thematic analysis by Braun and Clarke [98] is used for factor identification. This anal-
ysis has six steps: familiarization of data, initial code generation, theme search, theme
Figure 5. Flow chart of the research methodology.
Thematic analysis by Braun and Clarke [98] is used for factor identification. This
analysis has six steps: familiarization of data, initial code generation, theme search, theme
8. Buildings 2022, 12, 2 8 of 19
review, defining and naming themes, and generating results. The coding method included
both deductive and inductive reasoning: the deductive phase started with the establishment
of a basic coding structure.
Thematic analysis was performed using NVIVO academic software. Authors created
a code for each component and tagged them with the same “name”. Factors were grouped
into five major categories organizational factors, decision-makers factors, external variables
termed as environmental factors, project factors, and miscellaneous factors. The authors
then went through all of the transcripts, highlighting relevant keywords, phrases, and
paragraphs and adding them to the proper codes. All transcripts were inductively coded
to facilitate the detection of new codes arising from the data after this deductive coding
exercise. Phrases and passages that could not be categorized using existing codes were
concentrated on, and new codes were built. These codes were labeled with the same
term as the practitioner mentioned. This coding procedure was carried out by all the
researchers together.
4. Results and Discussion
The study identified the factors affecting the risk appetite of an organization in the
selection of mega construction projects. The semi-structured interviews provided deep
insights from 30 top and middle management experts from different government and
private sector organizations working on mega construction projects. Analysis of semi
structured interviews were performed using NVIVO academic software The following
highlights the key factors derived from the semi-structured interview; “parent codes” and
“child codes”. The parent codes were organizational, decision-makers, environmental,
project factors, and any miscellaneous factor which did not lie in previous categories. The
respective parent codes are shown in the Figure 6.
11, x FOR PEER REVIEW 8 of 19
review, defining and naming themes, and generating results. The coding method included
both deductive and inductive reasoning: the deductive phase started with the establish-
ment of a basic coding structure.
Thematic analysis was performed using NVIVO academic software. Authors created
a code for each component and tagged them with the same “name.” Factors were grouped
into five major categories organizational factors, decision-makers factors, external varia-
bles termed as environmental factors, project factors, and miscellaneous factors. The au-
thors then went through all of the transcripts, highlighting relevant keywords, phrases,
and paragraphs and adding them to the proper codes. All transcripts were inductively
coded to facilitate the detection of new codes arising from the data after this deductive
coding exercise. Phrases and passages that could not be categorized using existing codes
were concentrated on, and new codes were built. These codes were labeled with the same
term as the practitioner mentioned. This coding procedure was carried out by all the re-
searchers together.
4. Results and Discussion
The study identified the factors affecting the risk appetite of an organization in the
selection of mega construction projects. The semi-structured interviews provided deep
insights from 30 top and middle management experts from different government and pri-
vate sector organizations working on mega construction projects. Analysis of semi struc-
tured interviews were performed using NVIVO academic software The following high-
lights the key factors derived from the semi-structured interview; “parent codes” and
“child codes.” The parent codes were organizational, decision-makers, environmental,
project factors, and any miscellaneous factor which did not lie in previous categories. The
respective parent codes are shown in the Figure 6.
Figure 6. NVIVO codes.
The factors found in the literature were discussed in depth during the semi-struc-
tured interviews, which were supported by the concept of each perspective. A word cloud
is shown in the Figure 7 which highlights the importance of the factors according to prac-
titioners’ point of view.
Figure 6. NVIVO codes.
The factors found in the literature were discussed in depth during the semi-structured
interviews, which were supported by the concept of each perspective. A word cloud
is shown in the Figure 7 which highlights the importance of the factors according to
practitioners’ point of view.
9. Buildings 2022, 12, 2 9 of 19
Buildings 2021, 11, x FOR PEER REVIEW 9 of 19
Figure 7. NVIVO codes words cloud.
The following sections present an analysis of the factors and their different perspec-
tives. To maintain anonymity, participants are assigned to the order in which they were
interviewed. The experts highlighted many organizational factors shown in Figure 8. The
top three factors are financial attributes, organizational history of risk-taking and organi-
zational risk culture. Factors that were identified from the literature were confirmed in
the interviews and also some new factors were identified.
Figure 8. Hierarchy chart of organizational factors.
The financial attributes include leverage, cost to benefit ratio, equity to debt ratio,
and available finance to carry out the project. All the interviewees mentioned financial
factors. Financial factors are the initial factors that drive risk appetite. Previous studies
show that project selection is performed only on the basis of financial factors [48–51]. Most
mega projects are cost overrun, delayed, and poorly performed [1,7,9], so every organiza-
tion tries to obtain a better understanding of financial factors to achieve equilibrium in
finances and to calculate the cashback period. For public sector organization the cost to
benefit ratio and available finance are important. When enough funds are not available to
complete the project, the organization takes debt. A highly leveraged firm is likely to be
particularly cautious when it comes to risk-taking, because any needless risk-taking ac-
tions if failed, may substantially impair the company’s capacity to repay its debt. A firm
with a low amount of debt does not have the same fear, and, as a result, it may be more
comfortable pursuing developing possibilities and taking on more risk.
Figure 7. NVIVO codes words cloud.
The following sections present an analysis of the factors and their different perspec-
tives. To maintain anonymity, participants are assigned to the order in which they were
interviewed. The experts highlighted many organizational factors shown in Figure 8. The
top three factors are financial attributes, organizational history of risk-taking and organiza-
tional risk culture. Factors that were identified from the literature were confirmed in the
interviews and also some new factors were identified.
Buildings 2021, 11, x FOR PEER REVIEW 9 of 19
Figure 7. NVIVO codes words cloud.
The following sections present an analysis of the factors and their different perspec-
tives. To maintain anonymity, participants are assigned to the order in which they were
interviewed. The experts highlighted many organizational factors shown in Figure 8. The
top three factors are financial attributes, organizational history of risk-taking and organi-
zational risk culture. Factors that were identified from the literature were confirmed in
the interviews and also some new factors were identified.
Figure 8. Hierarchy chart of organizational factors.
The financial attributes include leverage, cost to benefit ratio, equity to debt ratio,
and available finance to carry out the project. All the interviewees mentioned financial
factors. Financial factors are the initial factors that drive risk appetite. Previous studies
show that project selection is performed only on the basis of financial factors [48–51]. Most
mega projects are cost overrun, delayed, and poorly performed [1,7,9], so every organiza-
tion tries to obtain a better understanding of financial factors to achieve equilibrium in
finances and to calculate the cashback period. For public sector organization the cost to
benefit ratio and available finance are important. When enough funds are not available to
complete the project, the organization takes debt. A highly leveraged firm is likely to be
particularly cautious when it comes to risk-taking, because any needless risk-taking ac-
tions if failed, may substantially impair the company’s capacity to repay its debt. A firm
with a low amount of debt does not have the same fear, and, as a result, it may be more
comfortable pursuing developing possibilities and taking on more risk.
Figure 8. Hierarchy chart of organizational factors.
The financial attributes include leverage, cost to benefit ratio, equity to debt ratio, and
available finance to carry out the project. All the interviewees mentioned financial factors.
Financial factors are the initial factors that drive risk appetite. Previous studies show that
project selection is performed only on the basis of financial factors [48–51]. Most mega
projects are cost overrun, delayed, and poorly performed [1,7,9], so every organization tries
to obtain a better understanding of financial factors to achieve equilibrium in finances and
to calculate the cashback period. For public sector organization the cost to benefit ratio
and available finance are important. When enough funds are not available to complete
the project, the organization takes debt. A highly leveraged firm is likely to be particularly
cautious when it comes to risk-taking, because any needless risk-taking actions if failed,
may substantially impair the company’s capacity to repay its debt. A firm with a low
10. Buildings 2022, 12, 2 10 of 19
amount of debt does not have the same fear, and, as a result, it may be more comfortable
pursuing developing possibilities and taking on more risk.
The organizational history of risk-taking has a significant impact on risk appetite [45,82,83].
Most of the practitioners have a consensus that the organizational history of risk-taking
defines the risk attitude and ultimately the risk appetite of the organization in mega
construction project selection. History of risk taking is an important factor for project
selection involving higher risk. A successful track record of risk-taking improves risk
appetite because it instills confidence in senior management. A weak track record, on the
other hand, is more likely to lower risk appetite since it indicates that the firm is not as
successful in recognizing and managing risks. Executives anticipated that a strong previous
track record of successful risk-taking would have a different effect on risk appetite than a
strong prior track record of failed risk-taking.
Organizational risk culture was identified by twenty-seven interviewees. It is the third
in the ranking of organizational risk factors. It is an important factor that influences the
risk appetite of an individual or an organization while selecting a project [35]. Specific risk
categories that an organization prefers are defined by the organization’s risk culture and
are comfortable with the quantity of risk, and risk appetite. The organizational risk culture
is often regarded as the common values and beliefs of a firm in risk and its significance in
the decision-making process. Several respondents asserted that the culture of risk of each
firm depended on their distinctive making up organization.
Organizational goals and objectives also impact the risk appetite of the organization
while selecting the project [75–77]. Projects are the bread and butter of project-based
organizations, and to achieve the strategic objective of the organization, the organization
must consider the projects that it has chosen. The organization that is more ambitious
about growing itself and earning a profit takes more risk and its risk appetite increases to
achieve its strategic goals. Ambitiousness drives the organization to take risky decisions to
grow and earn and compete with its competitors. Project selection must be aligned with
the portfolio and, its strategic goals and objectives [99–102].
The performance also affects the risk appetite of the decision of the project selec-
tion [61–63]. Organizations with well-established history accept the calculated risk, whereas
new entrants may take the greater risk for growth, which increase their risk appetite. How-
ever, their risk attitude might be unconstrained if the survival of new entrants or low-level
firms is jeopardized. However, when the survival of new entrants or low-achieving compa-
nies is threatened, their risk attitude might be risk-averse.
Risk capacity influences the risk appetite of the organization in project selection [35].
Risk capacity is an organization’s maximum risk-bearing capacity in the pursuit of its goal.
Risk capacity is the absolute maximum financial or monetary risk that an organization
can take. Risk capacity must be aligned with the objectives, resources, and risk appetite of
an organization. Some other organizational factors are firm size (the size and scope of an
organization and its operation) [73–75], risk acuity (organizational agility to understand
risk), the organization’s profile in terms of its working domain and the types of projects on
which they are working.
Human resources play an important role in project management and have a positive
impact on project success [103,104]. An organization with a more plentiful, competent,
sound, and technical workforce has more risk-taking behavior. A firm with little human
and technical resources has less risk appetite for mega construction projects. Organizational
perception of risk (how they perceive risk, whether it is positive or negative) [71,72,75], risk
management capability (specific types of risk that a business is willing to take, based on its
competencies and the specific risks it specializes in managing), internal stakeholders [100],
and the organizational culture in terms of its working style and overall management style
affect risk appetite.
The participants highlighted some decision makers factors shown in Figure 9. Factors
that were identified from the literature were confirmed in the interviews and also some new
factors were identified. The top three factors are board of director risk acuity, risk appetite of
11. Buildings 2022, 12, 2 11 of 19
decision makers and C.E.O risk propensity. Other factors are board of directors’ input, C.E.O
emotions, board of director risk propensity, remuneration of executive members, C.E.O risk
acuity, educational background of board of directors and board of directors’ emotions.
Buildings 2021, 11, x FOR PEER REVIEW 11 of 19
members, C.E.O risk acuity, educational background of board of directors and board of
directors’ emotions.
Figure 9. Hierarchy chart of decision maker factors.
The risk acuity of the board members is the top mentioned factor in the decision mak-
ers factors. Practitioners define risk acuity as the agility of board members to understand
risks in the selection of mega construction projects. Risk acuity defines the attitude of the
individual board members to how sharply they see the risk and reward, behind the re-
ward which can benefit their organization. This factor is not mentioned in the previous
research. The risk appetite of the key decision-makers define the risk attitude and risk
preferences of the board members [22,24,46]. Risk appetite of decision maker is a trend
and attitude in a particular circumstance in which a person takes a risk. According to the
responses, this is an important factor while selecting a megaprojects.
C.E.O risk propensity is the factor that influences the risk appetite of project selection
in mega construction projects. This factor depicts the willingness of the C.E.O to take risk.
This factor is also recognized by literature [66,67]. The board of directors’ input is also an
important factor that affects risk appetite. In attaining its strategic target, the board mem-
bers determine the type and amount of the considerable risk they are prepared to assume.
C.E.O emotions play an important role in affecting risk appetite in the context of mega
construction project selection [35,46,69,70].
The C.E.O has a broader impact on the whole project selection, while other board
member’s risk propensity also adds to the decision with the C.E.O emotions [46,68,76].
Other factors are remuneration, educational background of decision makers and board
members, and emotions of board members and executive committee. These factors are
also endorsed in literature which affects risk appetite and decision making
[30,35,64,65,75].
The interviewees highlighted some environmental factors shown in Figure 10. The
top three environmental factors are politics, external stakeholders, and rules and regula-
tions. Other environmental factors that can influence risk appetite include public opposi-
tion, level of competition, local culture, competitors, market position, legal and regulatory
requirements, sustainability goals, and taxation.
Figure 9. Hierarchy chart of decision maker factors.
The risk acuity of the board members is the top mentioned factor in the decision makers
factors. Practitioners define risk acuity as the agility of board members to understand
risks in the selection of mega construction projects. Risk acuity defines the attitude of the
individual board members to how sharply they see the risk and reward, behind the reward
which can benefit their organization. This factor is not mentioned in the previous research.
The risk appetite of the key decision-makers define the risk attitude and risk preferences of
the board members [22,24,46]. Risk appetite of decision maker is a trend and attitude in a
particular circumstance in which a person takes a risk. According to the responses, this is
an important factor while selecting a megaprojects.
C.E.O risk propensity is the factor that influences the risk appetite of project selection
in mega construction projects. This factor depicts the willingness of the C.E.O to take risk.
This factor is also recognized by literature [66,67]. The board of directors’ input is also
an important factor that affects risk appetite. In attaining its strategic target, the board
members determine the type and amount of the considerable risk they are prepared to
assume. C.E.O emotions play an important role in affecting risk appetite in the context of
mega construction project selection [35,46,69,70].
The C.E.O has a broader impact on the whole project selection, while other board
member’s risk propensity also adds to the decision with the C.E.O emotions [46,68,76].
Other factors are remuneration, educational background of decision makers and board
members, and emotions of board members and executive committee. These factors are also
endorsed in literature which affects risk appetite and decision making [30,35,64,65,75].
The interviewees highlighted some environmental factors shown in Figure 10. The top
three environmental factors are politics, external stakeholders, and rules and regulations.
Other environmental factors that can influence risk appetite include public opposition,
level of competition, local culture, competitors, market position, legal and regulatory
requirements, sustainability goals, and taxation.
12. Buildings 2022, 12, 2 12 of 19
Buildings 2021, 11, x FOR PEER REVIEW 12 of 19
Figure 10. Hierarchy chart of environmental factors.
Politics is the factor that is mentioned most among the environmental factors in one
way or the other. Political factors include local political pressure within the country, re-
gime change, change in policies of government, political stability and global political pres-
sure. Political factors affect risk appetite because these are the most influential factors in
project success. Politics affects project success and practitioners also identified it as a risk
appetite factor in selection of megaprojects [105]. Failures are very common in mega pro-
jects for many reasons, and some of the many reasons are political ruling, political policies,
regime change, and external political pressure. These policies are made on the basis of the
ruling political parties and the personal biases of the head of the state. These factors influ-
ence the risk appetite of project selection in mega construction projects.
External stakeholder is a factor which include external stakeholder themselves and
their demands which affect risk appetite of megaproject selection. In some cases, stake-
holders increase risk appetite and, in some cases, they decrease risk appetite [84,85]. In
mega construction projects, stakeholders are funding agencies (such as the United Na-
tions, European Union, World Bank, Asian Development Bank), owners of the project,
contractors, consultants, and shareholders in the case of private limited companies in-
volved. Private shareholders want a higher rate of return, so they have higher risk appe-
tite. End-users of the projects and every stakeholder demands different objectives and dif-
ferent risk appetites and risk attitudes to obtain more benefits, while the owner organiza-
tion, consultant, and contractor try to select a win-win situation for every stakeholder. The
rules and regulations hinder the risk appetite [80,81].
Public opposition decreases the risk appetite of the decision-makers and an organi-
zation to select a project. Public opposition can direct to failure if not addressed [87,106],
so this factor reduces the risk appetite. The level of competition and competitors is also a
factor in risk appetite. These drivers encourage new entrants to take more risks as com-
pared to those organizations that have stable performance and are well known in the mar-
ket [35,75,78,79,88].
Local culture can increase or decrease risk appetite. When an organization has to se-
lect a project in a faraway area or a rural vicinity, culture and common beliefs can reduce
the risk appetite of project selection or vice versa [107–109]. Some other environmental
factors are market position, legal and regulatory and sustainability goals. While selecting
a project, a multinational organization has to think about these factors because every
country and region has different legal and regulatory issues [110,111], market position
[35,78], and sustainability standards [112,113]. These factors decrease multinational or-
ganizations risk appetite in most projects.
Project specific factors shown in Figure 11 are very important to identify. These fac-
tors all contribute significantly in determining the risk appetite of project-based
Figure 10. Hierarchy chart of environmental factors.
Politics is the factor that is mentioned most among the environmental factors in one
way or the other. Political factors include local political pressure within the country, regime
change, change in policies of government, political stability and global political pressure.
Political factors affect risk appetite because these are the most influential factors in project
success. Politics affects project success and practitioners also identified it as a risk appetite
factor in selection of megaprojects [105]. Failures are very common in mega projects for
many reasons, and some of the many reasons are political ruling, political policies, regime
change, and external political pressure. These policies are made on the basis of the ruling
political parties and the personal biases of the head of the state. These factors influence the
risk appetite of project selection in mega construction projects.
External stakeholder is a factor which include external stakeholder themselves and
their demands which affect risk appetite of megaproject selection. In some cases, stake-
holders increase risk appetite and, in some cases, they decrease risk appetite [84,85]. In
mega construction projects, stakeholders are funding agencies (such as the United Nations,
European Union, World Bank, Asian Development Bank), owners of the project, contractors,
consultants, and shareholders in the case of private limited companies involved. Private
shareholders want a higher rate of return, so they have higher risk appetite. End-users of
the projects and every stakeholder demands different objectives and different risk appetites
and risk attitudes to obtain more benefits, while the owner organization, consultant, and
contractor try to select a win-win situation for every stakeholder. The rules and regulations
hinder the risk appetite [80,81].
Public opposition decreases the risk appetite of the decision-makers and an organi-
zation to select a project. Public opposition can direct to failure if not addressed [87,106],
so this factor reduces the risk appetite. The level of competition and competitors is also
a factor in risk appetite. These drivers encourage new entrants to take more risks as
compared to those organizations that have stable performance and are well known in the
market [35,75,78,79,88].
Local culture can increase or decrease risk appetite. When an organization has to
select a project in a faraway area or a rural vicinity, culture and common beliefs can reduce
the risk appetite of project selection or vice versa [107–109]. Some other environmental
factors are market position, legal and regulatory and sustainability goals. While selecting a
project, a multinational organization has to think about these factors because every country
and region has different legal and regulatory issues [110,111], market position [35,78], and
sustainability standards [112,113]. These factors decrease multinational organizations risk
appetite in most projects.
Project specific factors shown in Figure 11 are very important to identify. These
factors all contribute significantly in determining the risk appetite of project-based com-
13. Buildings 2022, 12, 2 13 of 19
panies engaged in mega construction projects [87]. The project factors identified from
semi-structured interviews are project location or site, project magnitude, contract type,
uniqueness, geopolitical condition, usefulness, project escalation, and technical feasibility.
Buildings 2021, 11, x FOR PEER REVIEW 13 of 19
companies engaged in mega construction projects [87]. The project factors identified from
semi-structured interviews are project location or site, project magnitude, contract type,
uniqueness, geopolitical condition, usefulness, project escalation, and technical feasibility.
Figure 11. Hierarchy chart of project factors.
Project location is a very important driver of risk appetite for project-based organi-
zations. This factor is identified as the most important factor among project factors by the
respondents. This factor is also a question for many researchers about what will be the
optimal project location or how to place a project in a feasible and optimal location [114–
118]. Project location can either increase or decrease the risk appetite of project selection.
Practitioners find project location the most important project factor while defining the risk
appetite of a mega construction project. Project size is another factor that affects risk ap-
petite. As the project size increases, complexity increases in the project, and in mega pro-
jects, this complexity can lead to failure [1,8,14,119]. Organizations consider project mag-
nitude to avoid failure and delays.
Some other factors which affect the risk appetite are contract type, uniqueness [120],
and usefulness. These actors are not identified in literature from the perspective of risk
appetite. Contract type also acts as a driving factor that can decrease or increase the risk
appetite. Some organizations’ risk appetite increases in build–operate–transfer (BOT) pro-
jects and others risk appetite increase in public-private partnership projects. For private
organizations, it is uniqueness, which increases their risk appetite because it will be the
selling and revenue generating point for bringing something unique. For public sector
organizations, it is the usefulness of the project for the public and how many people re-
ceive a benefit from the project. Such projects include such as road networks, dams, pow-
erplants, etc. Project escalation is the factor that may drive higher risk appetite, but this
factor has received less attention and has not been discussed in the literature in the per-
spective of project risk appetite. Organizations that have failed to achieve project goals in
the past and had to do project escalation to close the project will take higher risks in the
future [121,122]. The least identified factor in the interviews is technical feasibility. First,
technical feasibility is prepared for different available projects and defines risk appetite
according to available project alternatives, and project selection is performed from these
alternatives.
The last set of factors are miscellaneous factors shown in Figure 12 which do not lie
in the any specific set of domains defined earlier. Demographics of stakeholders, includ-
ing gender, knowledge and education, also affect risk appetite of project selection in mega
construction projects [30,118].
Figure 11. Hierarchy chart of project factors.
Project location is a very important driver of risk appetite for project-based orga-
nizations. This factor is identified as the most important factor among project factors
by the respondents. This factor is also a question for many researchers about what will
be the optimal project location or how to place a project in a feasible and optimal loca-
tion [114–118]. Project location can either increase or decrease the risk appetite of project
selection. Practitioners find project location the most important project factor while defining
the risk appetite of a mega construction project. Project size is another factor that affects
risk appetite. As the project size increases, complexity increases in the project, and in mega
projects, this complexity can lead to failure [1,8,14,119]. Organizations consider project
magnitude to avoid failure and delays.
Some other factors which affect the risk appetite are contract type, uniqueness [120],
and usefulness. These actors are not identified in literature from the perspective of risk
appetite. Contract type also acts as a driving factor that can decrease or increase the
risk appetite. Some organizations’ risk appetite increases in build–operate–transfer (BOT)
projects and others risk appetite increase in public-private partnership projects. For private
organizations, it is uniqueness, which increases their risk appetite because it will be the
selling and revenue generating point for bringing something unique. For public sector
organizations, it is the usefulness of the project for the public and how many people receive
a benefit from the project. Such projects include such as road networks, dams, powerplants,
etc. Project escalation is the factor that may drive higher risk appetite, but this factor has
received less attention and has not been discussed in the literature in the perspective of
project risk appetite. Organizations that have failed to achieve project goals in the past and
had to do project escalation to close the project will take higher risks in the future [121,122].
The least identified factor in the interviews is technical feasibility. First, technical feasibility
is prepared for different available projects and defines risk appetite according to available
project alternatives, and project selection is performed from these alternatives.
The last set of factors are miscellaneous factors shown in Figure 12 which do not lie in
the any specific set of domains defined earlier. Demographics of stakeholders, including
gender, knowledge and education, also affect risk appetite of project selection in mega
construction projects [30,118].
14. Buildings 2022, 12, 2 14 of 19
Buildings 2021, 11, x FOR PEER REVIEW 14 of 19
Figure 12. Hierarchy chart of miscellaneous factors.
A conceptual framework shown in Figure 13 is devised based on identified factors to
have a better understanding of these factors regarding how they affect the risk appetite of
an organization in megaproject selection. Megaprojects are mostly delayed, or cost over-
run due to complexity and size. This framework will help an organization and its decision-
makers to obtain a better insight into these factors while selecting a mega construction
project.
Figure 13. Framework of factors affect risk appetite in mega construction projects.
5. Conclusions
The purpose of this study was to identify and investigate the variables that influence
risk appetite in the context of mega construction projects. Different factors that affect risk
appetite were identified and categorized, following a literature study, as organizational,
decision-makers, environmental, project, and miscellaneous factors. Some factors, e.g.,
goals and objectives, performance, risk propensity of the C.E.O and board members, and
remuneration, increase an organization’s risk appetite for mega project selection, and
Figure 12. Hierarchy chart of miscellaneous factors.
A conceptual framework shown in Figure 13 is devised based on identified factors
to have a better understanding of these factors regarding how they affect the risk ap-
petite of an organization in megaproject selection. Megaprojects are mostly delayed, or
cost overrun due to complexity and size. This framework will help an organization and
its decision-makers to obtain a better insight into these factors while selecting a mega
construction project.
Buildings 2021, 11, x FOR PEER REVIEW 14 of 19
Figure 12. Hierarchy chart of miscellaneous factors.
A conceptual framework shown in Figure 13 is devised based on identified factors to
have a better understanding of these factors regarding how they affect the risk appetite of
an organization in megaproject selection. Megaprojects are mostly delayed, or cost over-
run due to complexity and size. This framework will help an organization and its decision-
makers to obtain a better insight into these factors while selecting a mega construction
project.
Figure 13. Framework of factors affect risk appetite in mega construction projects.
5. Conclusions
The purpose of this study was to identify and investigate the variables that influence
risk appetite in the context of mega construction projects. Different factors that affect risk
appetite were identified and categorized, following a literature study, as organizational,
decision-makers, environmental, project, and miscellaneous factors. Some factors, e.g.,
goals and objectives, performance, risk propensity of the C.E.O and board members, and
remuneration, increase an organization’s risk appetite for mega project selection, and
Figure 13. Framework of factors affect risk appetite in mega construction projects.
5. Conclusions
The purpose of this study was to identify and investigate the variables that influence
risk appetite in the context of mega construction projects. Different factors that affect risk
appetite were identified and categorized, following a literature study, as organizational,
decision-makers, environmental, project, and miscellaneous factors. Some factors, e.g.,
goals and objectives, performance, risk propensity of the C.E.O and board members, and
remuneration, increase an organization’s risk appetite for mega project selection, and some
15. Buildings 2022, 12, 2 15 of 19
factors, e.g., public opposition, rules and regulation, legal and regulatory, and politics,
decrease risk appetite. Under various conditions, the nature of these factors’ effect on an
organization’s risk appetite for megaproject selection, may alter. Some of these factors are
the same as for the risk appetite of any kind of organization, but some factors are specific
to project management and construction management. These factors may be applied to any
kind of project-based organization and any size of a construction project. These insights
may be utilized by policy makers, risk managers, and decision-makers to obtain a better
understanding of the variables that influence an organization’s risk appetite while selecting
mega construction projects and analysis thereof. Project selection based upon risk appetite
will reduce failures, delays, and cost overruns in mega projects. Decision makers and
risk managers may utilize these insights to have a better understanding and analysis of
the drivers as well as impediments of their organization’s risk appetite. Additionally, the
factors can be utilized to decode and analyze rivals’ risk appetites in order to acquire a better
understanding of their risk-taking behavior. Researchers may utilize these elements to
develop risk appetite models, as well as analyze their interrelationships and the mediating
or moderating effects. This research is based upon risk appetite of mega construction
projects selection. Other researchers can use these factors for other than construction sector.
These factors may not only be specific to selection and management of construction projects
but can also be used in enterprise risk management and portfolio risk management.
Author Contributions: Conceptualization, S.U., N.A.M., M.Q.S. and A.H.; methodology, S.U.,
N.A.M., A.H. and R.N.L.; software, S.U. and R.N.L.; validation, N.A.M., R.N.L. and R.A.; formal anal-
ysis, S.U., N.A.M., M.Q.S., A.H., R.N.L. and R.A.; investigation, S.U., R.N.L. and R.A.; resources, S.U.,
N.A.M. and M.Q.S.; data curation, S.U.; writing—original draft preparation, S.U.; writing—review
and editing, S.U., N.A.M., M.Q.S., A.H., R.N.L. and R.A.; supervision, N.A.M., M.Q.S. and A.H.;
project administration, S.U., N.A.M. and M.Q.S. All authors have read and agreed to the published
version of the manuscript.
Funding: This research received no external funding.
Data Availability Statement: Data available on request due to restrictions, e.g., privacy or ethical.
The data presented in this study are available on request from the corresponding author. The data are
not publicly available due to privacy and anonymity of respondents.
Acknowledgments: The authors acknowledge the contribution of all respondents and facilitators
who helped in study.
Conflicts of Interest: The authors declare no conflict of interest.
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