A web-based integrated system for international project risk management

Overseas construction projects tend to have a high possibility of loss/failure compared to domestic projects. For this reason, risk management is becoming more emphasized and systemized in international projects so as to improve the quality of difficult decisions that normally encompass a higher level of risk exposures. Since each phase of an overseas project has different types of risks in the decision-making process, a decision support system should be tailored to satisfy the specific needs of a particular phase. In this way, various risks that arise through the life cycle of a project can be constantly checked and monitored. This study reviews basic decision-making processes in global construction projects, and presents a web-based decision support system that is closely associated with relevant risks and each cycle of sequential decisions. The system allows easier access than those of stand-alone or intranet systems. Through the proposed system, anyone can access the system anywhere in the world, anytime, with any device. Construction firms are expected to make better decision in pursuing international construction projects with a consideration of key risk factors at each stage of a project.

[1]  Seung Heon Han,et al.  Approaches for Making Risk-Based Go/No-Go Decision for International Projects , 2001 .

[2]  Ortwin Renn,et al.  The role of risk perception for risk management , 1998 .

[3]  Weng Tat Chan,et al.  Case-based reasoning approach in bid decision making , 2001 .

[4]  Simaan M. AbouRizk,et al.  UTILITY-THEORY MODEL FOR BID MARKUP DECISIONS , 1996 .

[5]  R. L. Keeney,et al.  Decisions with Multiple Objectives: Preferences and Value Trade-Offs , 1977, IEEE Transactions on Systems, Man, and Cybernetics.

[6]  Seung Heon Han,et al.  Predicting Profit Performance for Selecting Candidate International Construction Projects , 2007 .

[7]  Aminah Robinson Fayek,et al.  Use of fuzzy logic for predicting design cost overruns on building projects , 2002 .

[8]  Seung Heon Han,et al.  Multicriteria Financial Portfolio Risk Management for International Projects , 2004 .

[9]  Chen Lina,et al.  Role of Engineer under FIDIC Form Contract , 1997 .

[10]  R. J. Ball,et al.  Techniques for Project Appraisal Under Uncertainty. , 1971 .

[11]  David Arditi,et al.  Factors Affecting U.S. Contractors’ Performance Overseas , 1991 .

[12]  Chris Chapman,et al.  Risk-management perspective on the project lifecycle , 1995 .

[13]  Stephen Walther.  ASP.NET 2.0 Unleashed , 2001 .

[14]  James E. Diekmann,et al.  Are contract disputes predictable , 1995 .

[15]  S. Ping Ho.  Bid Compensation Decision Model for Projects with Costly Bid Preparation , 2005 .

[16]  Joseph H. M. Tah,et al.  Knowledge-Based Approach to Construction Project Risk Management , 2001 .

[17]  Melvin L. Purtell.  Problems in Administering Overseas Projects , 1982 .

[18]  Alan J. Mayne,et al.  Decision Research: A Field Guide , 1990 .

[19]  Hyung Keun Park,et al.  Improving decision quality: a risk-based go/no-go decision for build-operate-transfer (BOT) projects , 2005 .

[20]  Irtishad Ahmad.  Decision‐Support System for Modeling Bid/No‐Bid Decision Problem , 1990 .

[21]  Weisheng Lu,et al.  A computer-aided decision support system for assessing a contractor's competitiveness , 2003 .

[22]  Ka Chi Lam,et al.  A cooperative Internet-facilitated quality management environment for construction , 2006 .

[23]  David L. Hawk,et al.  Conditions of Success: a platform for international construction development , 2006 .

[24]  Mike Greenwell.  Knowledge engineering for expert systems , 1988 .

[25]  Bryan M. Seifert.  International Construction Dispute Adjudication under International Federation of Consulting Engineers Conditions of Contract and the Dispute Adjudication Board , 2005 .

[26]  Aminah Robinson Fayek,et al.  COMPETITIVE BIDDING STRATEGY MODEL AND SOFTWARE SYSTEM FOR BID PREPARATION , 1998 .

[27]  Chris Hendrickson,et al.  EXCHANGE RATE RISK MANAGEMENT IN INTERNATIONAL CONSTRUCTION VENTURES , 2001 .

[28]  R. Tiong,et al.  Political Risks: analysis of Key Contract Clauses in China’s BOT Project , 1999 .

[29]  Pollaphat Nitithamyong,et al.  Web-based construction project management systems: how to make them successful? , 2004 .

[30]  Ching-Torng Lin,et al.  Bid/no-bid decision-making – a fuzzy linguistic approach , 2004 .

[31]  D. K. H. Chua,et al.  Key Factors in Bid Reasoning Model , 2000 .

[32]  Jeffrey S. Russell,et al.  Predicting contractor failure using stochastic dynamics of economic and financial variables , 1996 .

[33]  Mohammed Wanous,et al.  To bid or not to bid: a parametric solution , 2000 .

[34]  W. Currie.  A knowledge-based risk assessment framework for evaluating web-enabled application outsourcing projects , 2003 .

[35]  Louis Y. Pouliquen,et al.  Risk analysis in project appraisal , 1970 .

[36]  Chee Hong Wong,et al.  Contractor Performance Prediction Model for the United Kingdom Construction Contractor: Study of Logistic Regression Approach , 2004 .

[37]  Irem Dikmen,et al.  Neural Network Model to Support International Market Entry Decisions , 2004 .

[38]  Li Bing,et al.  Risk management model for international construction joint ventures , 1999 .

[39]  Chimay J. Anumba,et al.  Intelligent wireless web services for construction - a review of the enabling technologies , 2006 .

[40]  Makarand Hastak,et al.  ICRAM-1: Model for International Construction Risk Assessment , 2000 .

[41]  Miranda Davies,et al.  Knowledge harvesting: A practical guide to interviewing , 1988 .

[42]  Kenneth R. MacCrimmon,et al.  Taking Risks, the Management of Uncertainty , 1987 .

[43]  David Arditi,et al.  International Expansion Decision for Construction Companies , 2005 .

[44]  Raymond Y. C. Tse,et al.  Cultural Considerations in International Construction Contracts , 2003 .

[45]  Nigel J. Smith,et al.  Managing Risk in Construction Projects , 1998 .

[46]  Alfredo del Caño,et al.  Integrated Methodology for Project Risk Management , 2002 .

[47]  Osama A. Jannadi,et al.  RISK ASSESSMENT IN CONSTRUCTION , 2003 .