Agile risk management: Enhancing the risk management process in projects through agile principles, methods and tools

A construction project is inherently complex, involving numerous stakeholders, lengthy timelines, and intricate relationships, leading to significant risk potential. The increased complexity of construction projects and the fact that a large percentage of projects are still delivered with significant delays and cost overruns has led to the...

An effective risk allocation through strategic contracting in EPC projects: Network risk allocation between EPC contractor and subcontractors

Engineering, Procurement, and Construction (EPC) projects have become an internationally popular model for construction projects, where large risks are bore by the EPC contractor and the subcontractors [Galloway, 2009; Guo et al., 2010]. Risks are inherent to all construction projects, however, the high uncertainties of the international EPC...

Understanding the influence of individual and group risk attitude on risk decisions in marine construction projects

The construction industry is subjet to a wide range of uncertainties and risks. Although detailed risk management processes have been created, many projects still fail one or more of the initial objectives. This research looks into the influence of risk attitude on the risk amnagement process and provides practitioners with both a tool to...

Opportunity Management: Studying the subjectivity of project management and entrepreneurial perspectives for improving opportunity management

Opportunity Management is a well-defined concept in the field of project management. However, at the same time, opportunity management is not practised very well. Under risk management, threats and opportunities are identified and managed. In practise, opportunities are overlooked while threats receive more attention. Numerous barriers to the...

Early Warning Signs in Risk Management: Improve Accuracy of Cost Contingency by Implementing Early Warning signs in Risk Management to prevent Cost Overruns

Despite the severity and high frequency of cost overruns in construction projects, it is considered a rule rather than an exception. This phenomenon occurs when the initially estimated budget does not suffice the actual costs needed to realise the project. Uncertainty and bias challenge the ability to make cost estimates. Incorrect estimates of...

Improved risk management process in construction projects

Risk management, a process aiming to decrease or eliminate the likelihood and impact of unwanted effects on a project during its lifecycle, has become highly significant due to complexity, uncertainties and high competition. Numerous tools and techniques have been developed for successfully implementing risk management. However, risk is...

An integrated risk management process that leads to a successful project: A case study of Heijmans

Within projects, there are a lot of elements that change. Change leads to uncertainty, and as a result, risks appear. A lot of projects fail due to uncertainty and risks. Especially complex projects are more vulnerable to risks (Hertogh & Westerveld, 2010). Complex projects are seen as large projects with long time schedules, multi-ownership...

Risk mitigation in location decision-making

The question of where to locate your business is at the core of the field of corporate real estate management. This thesis provides a framework for answering this question in an uncertain world. Building on the Preference-based Accommodation Strategy design approach developed by Arkesteijn et al., risk management and mitigation is incorporated...

Life-cycle costing and risk management: The influence of uncertainties on Dutch transportation infrastructure projects