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Business Improvement through Innovation in Construction Firms: The ‘Excellence’ Approach
Published in Ben Obinero Uwakweh, Issam A. Minkarah, 10th Symposium Construction Innovation and Global Competitiveness, 2002
Herbert S. Robinson, Patricia M. carrillo, Chimay J. Anumba, Ahmed M. Al-Ghassan
The major risks a project sponsor faces are political, financial, construction, operational, and market risks. Political risk comes from the potential occurrence of war, coups, expropriation of assets, or government action that could influence the profitability of the project. Financial risk relates to fluctuation in currency exchange rates, inflation, and interest rates. Construction risk relates to construction delays and cost overruns. Construction delays often result in both increases in construction costs and delays in revenue collection. Operation risk relates to the cost of operating the completed facility. Market risk has two major components: a demand risk and a price risk. The demand risk is the uncertainty regarding the demand for the service or product, and the price risk is uncertainty regarding the price that can reasonably be charged for the service or product. BOT project sponsors need to understand the risks to be faced and select appropriate risk mitigation strategies to minimize their financing cost to ensure their tenders are competitive. The selection of an appropriate financing strategy is an essential component of a risk mitigation plan.
Economic evaluation on cost of river training works (case study: Qezel-Ozan river in Iran)
Published in International Journal of River Basin Management, 2020
Shervin Faghihirad, Mohammad Kolahdoozan, Hossein Sharifimanesh
Sweis et al. (2008) investigated the causes of delay in Jordanian development projects. The most common causes were evaluated by using both, the data collected in a survey conducted to residential projects consultant engineers, contractors, and owners, and interviews with senior professionals in the field in that research. Most correspondents agreed that, financial difficulties faced by the contractor and too many change orders by the owner are the leading causes of construction delay. Severe weather conditions and changes in government regulations and laws ranked among the least important causes.
A risk management model of apartment development projects using system dynamics
Published in Journal of Asian Architecture and Building Engineering, 2023
Titi Sari Nurul Rachmawati, Sunkuk Kim
During this phase, the developer had bought land at 8,798 USD/m2 resulting in the developer focusing on the fixation of the construction contract. The developer has to produce an optimal design that comprehensively considers both cost and schedule while satisfying the owner’s requirements. Reckless planning can result in cost overrun and schedule overrun. When there is a construction delay, the cost of materials/services increases, causing higher financial cost.
Assessment of delay factors in construction of sport facilities through multi criteria decision making
Published in Production Planning & Control, 2020
Murat Gunduz, Saleh R. Tehemar
Delay is a common problem of the construction sector and it is one of the major reasons of claims between project participants (Bilgin, Dikmen, and Birgonul 2018). The delay in construction projects was studied by many researchers earlier. Some studies defined the construction delay as “time overrun” in which the project either was not completed as per on the specified completion date in contract or as per the agreed date between project parties (Assaf and Al-Hejji 2006).