Risk Management as an Approach to Control Construction Projects Costs
Cost overrun risks are very common in construction sector. These risks are the possibility of a cost deviation occurrence consequently, affecting the project costs and the involved parties. Cost overrun risks also affect investment in construction sector negatively and focusing on risk reduction mea...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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Port Said University
2016-03-01
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| Series: | Port Said Engineering Research Journal |
| Subjects: | |
| Online Access: | https://pserj.journals.ekb.eg/article_33636_4bb0753cc1a42be8d8ac152568633f57.pdf |
| _version_ | 1797653440506101760 |
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| author | Mostafa El-Ahwal Sherif El- Attar Walaa Abdel-Hafez |
| author_facet | Mostafa El-Ahwal Sherif El- Attar Walaa Abdel-Hafez |
| author_sort | Mostafa El-Ahwal |
| collection | DOAJ |
| description | Cost overrun risks are very common in construction sector. These risks are the possibility of a cost deviation occurrence consequently, affecting the project costs and the involved parties. Cost overrun risks also affect investment in construction sector negatively and focusing on risk reduction measures. Cost control isn't confined to cost management only but also, risk management is considered an effective control tool of project costs. Cost overrun risks are identified and then risk assessment and analysis are done. Then risk management and risk mitigation are carried out. The purpose of this study is to present an approach that can assess cost overrun risks after identifying them. Then, resorting to response strategies to create a response plan for high-priority risks, the researcher conducted a survey research by applying a questionnaire among the specialists in the construction industry and chose the touristic projects in Port Said as a case study. The risk identification techniques more frequently applied in construction are checklist and Brain storming, in addition the risk assessment and analysis technique (the qualitative technique). |
| first_indexed | 2024-03-11T16:44:36Z |
| format | Article |
| id | doaj.art-af27ce050a634489a97c1808035fb3e1 |
| institution | Directory Open Access Journal |
| issn | 1110-6603 2536-9377 |
| language | English |
| last_indexed | 2024-03-11T16:44:36Z |
| publishDate | 2016-03-01 |
| publisher | Port Said University |
| record_format | Article |
| series | Port Said Engineering Research Journal |
| spelling | doaj.art-af27ce050a634489a97c1808035fb3e12023-10-23T06:09:10ZengPort Said UniversityPort Said Engineering Research Journal1110-66032536-93772016-03-01201446210.21608/pserj.2016.3363633636Risk Management as an Approach to Control Construction Projects CostsMostafa El-Ahwal0Sherif El- Attar1Walaa Abdel-Hafez2Department of architecture and urban planning, faculty of engineering, Port Said UniversityProfessor at Department of Architectural Engineering and Urban Design, Faculty of Engineering, Port Said, Egypt,M.Sc. Candidate at Architectural Engineering and Urban Design Department, Faculty of Engineering, Port Said, EgyptCost overrun risks are very common in construction sector. These risks are the possibility of a cost deviation occurrence consequently, affecting the project costs and the involved parties. Cost overrun risks also affect investment in construction sector negatively and focusing on risk reduction measures. Cost control isn't confined to cost management only but also, risk management is considered an effective control tool of project costs. Cost overrun risks are identified and then risk assessment and analysis are done. Then risk management and risk mitigation are carried out. The purpose of this study is to present an approach that can assess cost overrun risks after identifying them. Then, resorting to response strategies to create a response plan for high-priority risks, the researcher conducted a survey research by applying a questionnaire among the specialists in the construction industry and chose the touristic projects in Port Said as a case study. The risk identification techniques more frequently applied in construction are checklist and Brain storming, in addition the risk assessment and analysis technique (the qualitative technique).https://pserj.journals.ekb.eg/article_33636_4bb0753cc1a42be8d8ac152568633f57.pdfcost overrunriskmatrixqualitative analysisresponse plan |
| spellingShingle | Mostafa El-Ahwal Sherif El- Attar Walaa Abdel-Hafez Risk Management as an Approach to Control Construction Projects Costs Port Said Engineering Research Journal cost overrun risk matrix qualitative analysis response plan |
| title | Risk Management as an Approach to Control Construction Projects Costs |
| title_full | Risk Management as an Approach to Control Construction Projects Costs |
| title_fullStr | Risk Management as an Approach to Control Construction Projects Costs |
| title_full_unstemmed | Risk Management as an Approach to Control Construction Projects Costs |
| title_short | Risk Management as an Approach to Control Construction Projects Costs |
| title_sort | risk management as an approach to control construction projects costs |
| topic | cost overrun risk matrix qualitative analysis response plan |
| url | https://pserj.journals.ekb.eg/article_33636_4bb0753cc1a42be8d8ac152568633f57.pdf |
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