Modification of advanced programmatic risk analysis and management model for the whole project life cycle’s risks

Zeynalian, Mehran, Trigunarsyah, Bambang, & Ronagh, H. R (2013) Modification of advanced programmatic risk analysis and management model for the whole project life cycle’s risks. Journal of Construction Engineering and Management, 139(1), pp. 51-59.

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Abstract

The advanced programmatic risk analysis and management model (APRAM) is one of the recently developed methods that can be used for risk analysis and management purposes considering schedule, cost, and quality risks simultaneously. However, this model considers those failure risks that occur only over the design and construction phases of a project’s life cycle. While it can be sufficient for some projects for which the required cost during the operating life is much less than the budget required over the construction period, it should be modified in relation to infrastructure projects because the associated costs during the operating life cycle are significant. In this paper, a modified APRAM is proposed, which can consider potential risks that might occur over the entire life cycle of the project, including technical and managerial failure risks. Therefore, the modified model can be used as an efficient decision-support tool for construction managers in the housing industry in which various alternatives might be technically available. The modified method is demonstrated by using a real building project, and this demonstration shows that it can be employed efficiently by construction managers. The Delphi method was applied in order to figure out the failure events and their associated probabilities. The results show that although the initial cost of a cold-formed steel structural system is higher than a conventional construction system, the former’s failure cost is much lower than the latter’s

Impact and interest:

4 citations in Scopus
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4 citations in Web of Science®

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ID Code: 57102
Item Type: Journal Article
Refereed: Yes
Keywords: Risk management, Construction management, Life cycles
DOI: 10.1061/(ASCE)CO.1943-7862.0000571
ISSN: 0733-9364
Subjects: Australian and New Zealand Standard Research Classification > ENGINEERING (090000) > CIVIL ENGINEERING (090500) > Construction Engineering (090502)
Australian and New Zealand Standard Research Classification > BUILT ENVIRONMENT AND DESIGN (120000) > BUILDING (120200) > Building Construction Management and Project Planning (120201)
Divisions: Current > Schools > School of Civil Engineering & Built Environment
Current > QUT Faculties and Divisions > Science & Engineering Faculty
Copyright Owner: Copyright 2013 American Society of Civil Engineers
Deposited On: 11 Feb 2013 01:57
Last Modified: 02 Mar 2013 07:10

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