{"id":4505,"date":"2020-06-05T06:44:54","date_gmt":"2020-06-05T06:44:54","guid":{"rendered":"https:\/\/www.gyanvihar.org\/journals\/?p=4505"},"modified":"2020-06-05T06:44:54","modified_gmt":"2020-06-05T06:44:54","slug":"risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects","status":"publish","type":"post","link":"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/","title":{"rendered":"Risk Management Process for Managing the Problem of Cost overrun in Construction Projects"},"content":{"rendered":"

Risk Management Process for Managing the Problem of Cost overrun in Construction Projects<\/strong><\/p>\n

Savita Sharma1<\/sup>, Pradeep K.Goyal2<\/sup>, R.C.Chhipa3<\/sup><\/p>\n

Research Scholar, Civil Engg. Dept., Suresh Gyan Vihar University, Jaipur[India]<\/em><\/p>\n

savitasugotra@gmail.com<\/em><\/p>\n

Associate Professor, Civil Engg. Dept., Delhi Technological university, Delhi[India]<\/em><\/p>\n

Pk_goyal2003@yahoo.co.in<\/em><\/p>\n

Professor, Suresh Gyan Vihar University, Jaipur[India]<\/em><\/p>\n

rc.chhipa@mygyanvihar.com<\/em><\/p>\n

 <\/p>\n

\u00a0<\/strong><\/p>\n

Abstract<\/em><\/strong> – Cost overrun in construction projects takes place because of a variety of factors which are associated with some types of risks and uncertainties. For the successful delivery of the project it becomes necessary to apply the formal risk management process to manage the risks and uncertainties causing cost overrun for better control on project cost and support in identifying possible solutions to avoid cost overruns in future. In this paper the existing risk management process is described.<\/strong><\/p>\n

\u00a0<\/strong><\/p>\n

Key words<\/em><\/strong> – Cost overrun, construction projects, risk, risk management process (RMP)<\/strong><\/p>\n

    \n
  1. INTRODUCTION<\/strong><\/li>\n<\/ol>\n

    Construction industry has become a very vital part of any nation which contributes a great deal to the socio-economic development. Projects are growing fast day by day, especially in developing countries. The most important objectives of any project are to finish the project within given schedule, stipulated budget and with specific quality standards [1]. It has been experienced that the construction projects are facing the issues regarding cost overruns and schedule delay owing to the inherent risks and uncertainties. The cost is a very important factor as available in the literature [2-3]. There are various reasons \u00a0which are responsible for cost overrun like hostile climatic condition, improper \u00a0planning, fluctuation \u00a0in material prices, delay in material procurement , modification \u00a0in design, poor decision making [4-6]. Therefore, construction industry demands for a systematic risk management approach to manage and control the problem of cost overrun .In this paper the available definitions of risk and uncertainty in the literature are exposed, and the existing risk management process is described.<\/p>\n

      \n
    1. RISK<\/strong><\/li>\n<\/ol>\n

       <\/p>\n

      The definition of risk is indistinct[7]. It mainly depends on people\u2019s outlook, beliefs and their judgments[8] (Akintoye and Macleod, 1997).The risk has been widely described as the possibility of occurrence of either negative or positive effects[9-11] . Risk always does not give negative results; sometimes it shows the likelihood of opportunities also. It means risk can be in positive or negative direction. Risk can be expressed as<\/p>\n

      Risk = f (uncertainty of an event, potential loss\/gain from event)<\/p>\n

      III.\u00a0 RISK MANAGEMENT<\/strong><\/p>\n

      Currently risk management is being considered as an important feature of the projects to control the cost brought by probable risks [12].In the available literature the risk management (RM) has been defined with slight differences by various authors\u2019, institutes and professional bodies, but the core information remains same. According to (Uher, 2003)[13] risk management may be described as \u201ca systematic way of looking at areas of risk and consciously determining how each should be treated. It is a management tool that aims at identifying sources of risk and uncertainty, determining their impact, and developing appropriate management responses.\u201d Fig.1 shows the risk management process to be adopted in construction projects.<\/p>\n

       <\/p>\n

      \"\"<\/p>\n

      Fig. 1 Risk management process<\/strong><\/p>\n

      The Project Management Institute (PMI) has outlined a recommended project risk management process (RMP). Project risk management process includes the following important elements:<\/p>\n

      \u00a0<\/strong><\/p>\n

        \n
      1. Risk Identification<\/em><\/strong>:<\/li>\n<\/ol>\n

        The very first step of the process is to recognize the important risks related to the project\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 which may be problem for achieving\u00a0 \u00a0the various project objectives. All information about risks should be characterised and this should be registered in risk register. The important methods of risk identification are shown in fig. 2:<\/p>\n

        \"\"<\/strong><\/p>\n

        Fig. 2 Important methods of risk identification<\/strong><\/p>\n

          \n
        1. Risk Assessment<\/em><\/strong><\/li>\n<\/ol>\n

          The next step of the risk assessment method is to assess the risks. A number of methods are available in literature which is employed for various purposes. Thesemethods can be classified as either quantitative or qualitative.<\/p>\n

           <\/p>\n

          1) Qualitative<\/em><\/strong> Analysis;<\/em><\/strong><\/p>\n

           <\/p>\n

          In qualitative method, risks are measured using descriptive scales. Risk and its various impacts are expressed in terms of qualitative scale such as very hot \/moderately hot \/cold. For identifying requirements for further analysis or action risk events are ranked and evaluated after joining their probability and impact [11]. These methods are used for quick assessment [14]. As indicated by Lyons and Skitmore [15], it is the most common type of technique for risks analysis. Barnes [16] modelled risk as probability and impact (P-I) by defining risk impact as a variance in cost estimate. The important techniques of these methods are as:<\/p>\n

          Risk probability and impact assessment<\/p>\n

          Probability-Impact matrix<\/p>\n

           <\/p>\n

          2) <\/strong>Quantitative Analysis;<\/em><\/strong><\/p>\n

          In this approach, the risks are analysed numerically. Quantitative analysis quantifies the combined effect of risk on project objectives. These methods are based on probability distribution of risks. For quantitative risk analysis usually Probability Theory (PT) based tools are used [17]. This method of analysis is helpful and gives more precise results, if sufficient and adequate data are available.<\/p>\n

           <\/p>\n

          These methods can further be classified as follows:<\/p>\n

          \u00a0<\/strong><\/p>\n

          Simple classical method<\/strong>: It includes sensitive analysis, fault tree analysis, event tree analysis, failure mode &effect critical analysis etc.<\/p>\n

           <\/p>\n

          Advanced models<\/strong>. The models based on monte \u2013carlo simulation for stochastic modelling analysis and fuzzy set theory are considered as advanced models of risk assessment.<\/p>\n

          Important techniques of Risk assessment methods are described in fig.3\"\"<\/strong>Fig. 3:\u00a0 Important methods of risk assessment<\/strong><\/p>\n

            \n
          1. Risk Response<\/em><\/strong><\/li>\n<\/ol>\n

             <\/p>\n

            The next step of the risk management process (RMP) is risk response where the action towards identified risks and threats are taken to control and eliminate them. The policies are developed to eradicate the potential impact and control of risk. Most common strategies for risk response are avoidance, reduction, transfer, sharing and retention \"\"<\/p>\n

            Fig. 4 Risk response methods<\/strong><\/p>\n

              \n
            1. Risk Monitoring and Control:<\/em><\/strong><\/li>\n<\/ol>\n

              This is considered as the last step of risk management process. The application of risk response is monitored at this stage. Feedback from the members of risk management team is gathered and risk register is updated. It is a very important part of risk management process which gives its cyclic nature. Tracking the identified risks, monitoring any new risks, monitoring the execution of the response strategies and evaluating their effectiveness are the activities of\u00a0\u00a0 this stage.<\/p>\n

               <\/p>\n

                \n
              1. APPLICATION OF RISK MANAGEMENT PROCESS MANAGING THE PROBLEM OF COST OVERRUN IN CONSTRUCTION PROJECTS<\/strong><\/li>\n<\/ol>\n

                For managing and controlling the cost overrun in construction projects the risk management process can be applied as follows:<\/p>\n

                  \n
                • Out of various techniques available, a suitable technique should be adopted for recognising the risk causing cost overrun for that particular project. The factors responsible for cost overrun should be identified for this purpose. The technique will depend upon the nature, size and complexity of the construction project.<\/li>\n
                • Risks recognised are then assessed and analysed. This is a very important part of risk management process. The probability of occurrence and their consequences should be determined using qualitative or quantitative methods of risk analysis. Risks factors causing cost overrun should be prioritized so that the action towards them can be taken according to their seriousness. Fuzzy set theory is found suitable for handling the poorly defined and complex problems due to the partial and inexact information for decision making. It is a branch of modern mathematics was established by Zadeh [19] to model vagueness which is inherent in human cognitive process. Fuzzy sets are able to incorporate information described in linguistic terms. Many researchers [20-21] used the process in construction industry for risk analysis.<\/li>\n
                • The action towards identified risks factors are taken to control and remove them. The policies and strategies are developed to eradicate the potential impact of risk factors which are responsible for cost overrun in construction projects.<\/li>\n
                • Risk factors are then monitored and control after getting feedbacks from the members of risk management team and risk register is updated.<\/li>\n<\/ul>\n

                  \u00a0<\/strong><\/p>\n

                    \n
                  1. CONCLUSION<\/strong><\/li>\n<\/ol>\n

                    Construction industry has become a very vital part of any nation which contributes a great deal to the socio-economic development. The most important objectives of any project are to finish the project within given schedule, stipulated budget and with specific quality standards. It has been experienced that the projects are suffering from the problem of cost overruns and delay due to the intrinsic risks and uncertainties. Therefore, construction industry demands for a systematic risk management approach to manage and control the problem of cost overrun. Identification, assessment, response and monitoring and controlling are the important component of risk management process. For managing and controlling the cost overrun in construction projects a suitable technique should be adopted for recognising the risk causing cost overrun for that particular project and then risk factors should be assessed for prioritizing the factors. Fuzzy set theory is found suitable for handling the risks in construction projects as it is a very appropriate for poorly defined and complex problems containing partial and inexact information for decision making.<\/p>\n

                     <\/p>\n

                    REFERENCES<\/strong><\/p>\n

                    [1] Y.Frimpong, J. Oluwoye, L. Crawford, Causes of delays and cost overruns in construction of groundwater projects in developing countries, Ghana as a case study, International Journal of Project Management,\u00a0 21(2003), 321-326.<\/p>\n

                    [2] A.Franke,Risk analysis in project management,International Journal of Project Management, 5(1)(1987)29-34<\/p>\n

                    [3] J.H. Paek, Y.W. Lee, J.H. Ock, Pricing Construction Risks: Fuzzy Set Theory, Journal of\u00a0\u00a0\u00a0 Construction Engineering and Management, 119(4) (1993), 743-756.<\/p>\n

                    [4] P.F. Kaming, P.O. Olomolaiye, G.D. Holt , F.C. Harris, Factors influencing construction time and cost overruns on high-rise projects in Indonesia, Journal of Construction Management and Economics, 15 (1)(1997), 83-94.<\/p>\n

                    [5] P. A. Koushki, K. Al-Rashid,\u00a0 N. Kartam, Delays and cost increases in the construction of private residential projects in Kuwait,Construction Management and Economics,23 (3)(2005), 285-294.<\/p>\n

                    [6] M. Sambasivan, Y. W. Soon, Causes and effects of delays in Malaysian construction industry, International Journal of Project Management,\u00a0 (25)(2007), 517\u2013526.<\/p>\n

                    [7] Lifson, M. and Shaifer, E., (1982). Decision and risk analysis for construction management, New York: Wiley- Interscience.<\/p>\n

                    [8] Akintoye, A.S. and Macleod, M.J. (1997). Risk analysis and management in construction. International Journal of Project Management, 15(1): 31\u201338.<\/p>\n

                    [9] Jaafari, A., (2001). Management of risks, uncertainties and opportunities on projects: Time for a fundamental shift. International Journal of Project Management, 19(2), 89\u2013101.<\/p>\n

                    [10]\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hillson, D., (2002). Extending the risk process to manage opportunities. International Journal of Project Management, 20(3): 235\u2013240.<\/p>\n

                    [11]\u00a0\u00a0 Project Management Institute (2008), PMBOK Guide PMI<\/p>\n

                    [12] Baker, W. and Reid, H., (2005). Identifying and Managing Risk, Frenchs Forest, N.S.W.: Pearson Education.<\/p>\n

                    [13] Uher, T., (2003) Programming and Scheduling Techniques, UNSW Press, Sydney.<\/p>\n

                    [14] Cooper, D., Grey, S., Raymond, G., and Walker, P., (2005). Project Risk Management Guidelines: Managing Risk in Large Projects and Complex Procurements. Chichester: John Wiley & Sons, Ltd<\/p>\n

                    [15]Lyons T. and Skitmore M., (2004). Project risk management in the Queensland engineering construction industry: a survey. International Journal of Project Management. 22, 51- 61<\/p>\n

                    [16]\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Barnes, M., (1983). How to allocate risks in construction contracts. International Journal of Project Management, 1(1), 24-28.<\/p>\n

                    [17] Tah, J.H., Carr, V., (2001). Knowledge-Base approach to construction project riskmanagement. Journal of Computing in Civil Engineering, 15(3), 170-177.<\/p>\n

                    [18] Potts, K., (2008). Construction cost management, learning from case studies. Abingdon:Taylor Francis.<\/p>\n

                    [19] Zadah, L. A. (1965). \u201cFuzzy sets and systems,\u201d System Theory, Polytechnic Press, Brooklyn, NY, 29-37.<\/p>\n

                    [20]Zhang, G. and Zou, P.X.W., (2007). Fuzzy analytical hierarchy process risk assessment approach for joint venture construction projects in China. Journal of Construction Engineering and Management, 133, 771.<\/p>\n

                    [21] Yeung, J., Chan, A., and Chan, D., (2012). Fuzzy set theory approach for measuring theperformance of relationship-based construction projects in Australia. J. Manage. Eng 10.1061\/ (ASCE) ME.1943-5479<\/p>\n

                     <\/p>\n","protected":false},"excerpt":{"rendered":"

                    Risk Management Process for Managing the Problem of Cost overrun in Construction Projects Savita Sharma1, Pradeep K.Goyal2, R.C.Chhipa3 Research Scholar, Civil Engg. Dept., Suresh Gyan Vihar University, Jaipur[India] savitasugotra@gmail.com Associate Professor, Civil Engg. Dept., Delhi Technological university, Delhi[India] Pk_goyal2003@yahoo.co.in Professor, Suresh Gyan Vihar University, Jaipur[India] rc.chhipa@mygyanvihar.com   \u00a0 Abstract – Cost overrun in construction projects […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"class_list":["post-4505","post","type-post","status-publish","format-standard","hentry","category-volume-6-issue-1-2020"],"yoast_head":"\nresearch journal - Research Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Risk Management Process for Managing the Problem of Cost overrun in Construction Projects - research journal\" \/>\n<meta property=\"og:description\" content=\"Risk Management Process for Managing the Problem of Cost overrun in Construction Projects Savita Sharma1, Pradeep K.Goyal2, R.C.Chhipa3 Research Scholar, Civil Engg. Dept., Suresh Gyan Vihar University, Jaipur[India] savitasugotra@gmail.com Associate Professor, Civil Engg. Dept., Delhi Technological university, Delhi[India] Pk_goyal2003@yahoo.co.in Professor, Suresh Gyan Vihar University, Jaipur[India] rc.chhipa@mygyanvihar.com   \u00a0 Abstract – Cost overrun in construction projects […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"research journal\" \/>\n<meta property=\"article:published_time\" content=\"2020-06-05T06:44:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.gyanvihar.org\/journals\/uploads\/2020\/06\/S1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"819\" \/>\n\t<meta property=\"og:image:height\" content=\"460\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"gyanvihar3\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"gyanvihar3\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/\",\"url\":\"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/\",\"name\":\"Risk Management Process for Managing the Problem of Cost overrun in Construction Projects - 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Dept., Suresh Gyan Vihar University, Jaipur[India] savitasugotra@gmail.com Associate Professor, Civil Engg. Dept., Delhi Technological university, Delhi[India] Pk_goyal2003@yahoo.co.in Professor, Suresh Gyan Vihar University, Jaipur[India] rc.chhipa@mygyanvihar.com   \u00a0 Abstract – Cost overrun in construction projects […]","og_url":"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/","og_site_name":"research journal","article_published_time":"2020-06-05T06:44:54+00:00","og_image":[{"width":819,"height":460,"url":"https:\/\/www.gyanvihar.org\/journals\/uploads\/2020\/06\/S1.png","type":"image\/png"}],"author":"gyanvihar3","twitter_card":"summary_large_image","twitter_misc":{"Written by":"gyanvihar3","Est. reading time":"9 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/","url":"https:\/\/www.gyanvihar.org\/journals\/risk-management-process-for-managing-the-problem-of-cost-overrun-in-construction-projects\/","name":"Risk Management Process for Managing the Problem of Cost overrun in Construction Projects - 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