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

Zeynalian, Mehran, Trigunarsyah, Bambang and 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: 51-59. doi:10.1061/(ASCE)CO.1943-7862.0000571


Author Zeynalian, Mehran
Trigunarsyah, Bambang
Ronagh, H. R.
Title Modification of advanced programmatic risk analysis and management model for the whole project life cycle's risks
Journal name Journal of Construction Engineering and Management   Check publisher's open access policy
ISSN 0733-9364
1943-7862
Publication date 2013-01-01
Year available 2012
Sub-type Article (original research)
DOI 10.1061/(ASCE)CO.1943-7862.0000571
Volume 139
Issue 1
Start page 51
End page 59
Total pages 9
Place of publication Reston, VA, United States
Publisher American Society of Civil Engineers
Language eng
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.
Keyword Risk management
Construction management
Risk analysis
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ
Additional Notes Published: 13 April 2012.

Document type: Journal Article
Sub-type: Article (original research)
Collections: School of Civil Engineering Publications
Official 2013 Collection
 
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