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Risk register with matrix of risk, source [own work]. 

Risk register with matrix of risk, source [own work]. 

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The risk is a measurable part of uncertainty, for which we are able to estimate the occurrence probability and the size of damage. The risk is assumed as a deviation from the desired level. It can be positive or, which most often happens, it can be negative. Therefore, the risks analysis is so important for project selection and coordination of con...

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Context 1
... relatively simple, clear and easy to make. According to the PRINCE 2 methodology it was developed the risk register where, for imaging of an adequate scale of risk impact on a project, the risk matrix was used. In this case, in accordance with the procedure of risk management, at the same time some possible risk response strategies are suggested (Fig. 3). It is worth notice that there is not one collective assessment of the risk level. The main goal of application of this approach -identification and preliminary assessment of risk. Relatively easy in the analysis and interpretation of results and in their implementation, it is a summary of the current control of risk factors state in ...
Context 2
... is developed the response strategies -the method/procedure which could take some appropriate actions, or minimizing of the further effects of the undesirable events for the smooth realization of a project i.e. avoid, mitigation, transfer, etc.). The examples of some possible strategies are presented in the appropriate column of the Risk Register (Fig. ...

Citations

... When prioritizing risks we apply, among others, the probability and impact matrix [14][15][16]. According to Dziadosz and Rejment [17] or Mahamid [18], it is the most useful method of project risk analysis, identification and initial risk assessment. ...
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Research of the marine environment is still a huge challenge for humanity. Each survey campaign is a complex project, where research vessels and relevant survey equipment is used. One of the problems that limit the success of working at sea are failures of survey equipment. The aim of this paper was to identify the most common survey equipment failures during marine research, find their causes and analyze identified risks. The authors employ risk assessment methodology in maritime research at sea and present its practical utility and contribution in social and organizational development. For this purpose we based the analysis on the review of relevant project documentation (Daily Progress Reports, Observation Cards) and the questionnaire addressed to specialists who carry out their survey work on board research vessels and also people involved in the implementation of offshore projects. The research reveals that 76.3% respondents participated in a project which had to be stopped due to a failure of the survey equipment that required return to the port which highlights that the problem which was analyzed is of particular importance. The questionnaire form was designed to obtain as much information as possible on the types of failures with examples and also their causes according to three groups: human factors, technical factors and forces of nature. Twelve risks were identified and analyzed. The authors also stress the relationship between the quality of research project management and its implementation in the context of the failure rate of measuring equipment.
... As such, the scope of risk recognition is constantly expanding [2][3][4]. However, recurrent failures to effectively address these risks have resulted in the continued occurrence of such risks, which has caused preventable project failures [5,6]. While risk identification remains a necessary task, though not a difficult one, construction engineering management must also consider strategies to effectively control risks that are already obvious in order to achieve the desired project goals. ...
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Construction engineering projects are costly and require large amounts of labor, physical, and financial resources. The failure of a construction engineering project typically brings huge losses. Previous studies have focused on the identification of risks, but insufficient attention has been given to strategic resource allocation for risk management after risk identification. Statistics show that most construction engineering project failures are caused by common risks. Common risks are called gray rhino risks. This metaphor illustrates that many risks are obvious but dangerous. This study was motivated by the challenge of efficiently managing gray rhino risks with limited inputs. The literature suggests that gray rhino risks are abundant in construction engineering projects and that there are mutual eliciting relationships between them, which make it difficult for the manager to devote enough resources to the prevention of key risks. Considerable resources are wasted on unimportant risks, resulting in key risk occurrence and failure of construction engineering projects. Therefore, this study describes an innovative multi-criteria decision making (MCDM) technique for ranking risks based on the strength of the eliciting relationships between them. This study used the fuzzy technique and created an interference fuzzy analytical network process (IF-ANP) method. By employing the IF-ANP alongside a decision-making trial and evaluation laboratory (DEMATEL) approach, the subjectivity can be effectively reduced and the accuracy improved during expert risk evaluation for construction engineering projects. IF-ANP was used to quantify eliciting relationships between risks and DEMATEL was used to rank risks based on the IF-ANP result. An empirical study was done to meticulously rank five risks that were selected from the gray rhino risks in the Chengdu–Chongqing Middle Line High-speed Railway construction engineering project. They are capital chain rupture, decision failure, policy and legal risk, economic downturn, and stakeholder conflict. The results showed that the policy and legal risk was the source of other risks, and that these other risks were symptoms rather than the disease.
... In the construction industry, uncertainty constitutes a global phenomenon, and very few projects complete within the expected costs and timetable. In both developed and the least developed countries, the risk is a major issue in construction projects; however, this trend in the least developed countries is very serious, where it sometimes exceeds 100% of expected costs and time [1,2]. Construction risks typically result in time and expense overruns, as well as consequences on project deadlines. ...
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Oil and gas construction projects are of great importance to support and facilitate the process of operation and production. However, these projects usually face chronic risks that lead to time overrun, cost overrun, and poor quality, affecting the projects’ success. Hence, this study focused on identifying, classifying, and modeling the risk factors that have negative effects on the success of construction projects in Yemen. The data were collected through a structured questionnaire. Statistical analysis, relative important index method, and probability impact matrix analysis were carried out to classify and rank the risk factors. The partial least squares path modeling or partial least squares structural equation modeling (PLS-PM, PLS-SEM) is a method for structural equation modeling that allows an estimation of complex cause–effect relationships in path models with latent variables. PLS-SEM was employed to analyze data collected from a questionnaire survey of 314 participants comprising the clients, contractors, and consultants working in oil and gas construction projects. The results showed that the goodness of fit index of the model is 0.638. The developed model was deemed to fit because the analysis result of the coefficient of determination test (R2) of the model was 0.720, which indicates the significant explanation of the developed model for the relationship between the causes of risks and their effects on the success of projects. The most impacted internal risk categories include project management, feasibility study design, and resource material availability. The main external risk elements include political, economic, and security considerations. The created risk factor model explained the influence of risk factors on the success of construction projects effectively, according to statistical and expert validation tests.
... Wu et al. (2014) provided an in-depth review of tools and methods used by researchers for business intelligence risk management. Risk can be defined as a measurable part of uncertainty (Dziadosz & Rejment, 2015) by considering the occurrence and severity of the damage. However, uncertainty is defined as "a situation, in which something is not known, or something that is not known or certain" 2 . ...
Article
In this paper, a new hybrid AHP and Dempster-Shafer Theory of Evidence is presented for solving the problem of choosing the best project among a list of available alternatives while uncertain risk factors are taken into account. The aim is to minimize overall risks. For this purpose, four groups of risk factors, including Properties, Operational and Technological, Financial, Strategic risk factors, are considered. Then using an L24 Taguchi method, several experiments with various dimensions have been designed and solved by the proposed algorithm. The outcomes are then analyzed using the Validating Index (VI), Reduced Risk Indicator (R.R.I%), and Solving time. The findings indicated that, compared to the classic AHP, the results of the proposed hybrid method were different in most cases due to uncertainty of risk factors. It was observed that the method could be safely used for selecting project problems in real industries.
... Risk can be defined as a measurable part of uncertainty (Dziadosz and Rejment, 2015), discuss [40], by considering the occurrence and severity of the damage. However, uncertainty is defined as "a situation, in which something is not known, or something that is not known or certain" (https://dictionary.cambridge.org/dictionary/english/uncertainty, ...
... Risk can be defined as a measurable part of uncertainty (Dziadosz and Rejment, 2015), discuss [40], by considering the occurrence and severity of the damage. However, uncertainty is defined as "a situation, in which something is not known, or something that is not known or certain" (https://dictionary.cambridge.org/dictionary/english/uncertainty, ...
Article
Full-text available
In this paper, a new hybrid AHP and Dempster—Shafer theory of evidence is presented for solving the problem of choosing the best project among a list of available alternatives while uncertain risk factors are taken into account. The aim is to minimize overall risks. For this purpose, a three-phase framework is proposed. In the first phase, quantitative research was conducted to identify the risk factors that can influence a project. Then, a hybrid PCA-agglomerative unsupervised machine learning algorithm is proposed to classify the projects in terms of Properties, Operational and Technological, Financial, and Strategic risk factors. In the third step, a hybrid AHP and Dempster—Shafer theory of evidence is presented to select the best alternative with the lowest level of overall risks. As a result, four groups of risk factors, including Properties, Operational and Technological, Financial, and Strategic risk factors, are considered. Afterward, using an L2^4 Taguchi method, several experiments with various dimensions have been designed which are then solved by the proposed algorithm. The outcomes are then analyzed using the Validating Index, Reduced Risk Indicator, and Solving Time. The findings indicated that, compared to classic AHP, the results of the proposed hybrid method were different in most cases due to uncertainty of risk factors. It was observed that the method could be safely used for selecting project problems in real industries.
... Therefore, risk detection is important for project selection and coordination. Detection improves the decision-making process and gives further contentions, which help to choose the optimal variation of construction projects (Dziadosz and Rejment, 2015). Risk management has become an essential requirement and an important part of the decision-making process for construction projects (Abd El-Karim et al., 2017). ...
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In Ethiopian construction projects, schedule delay risk is a predominant issue because it is not properly addressed. Although several studies have been focused on the various effects of risk in construction projects, limited efforts have been made to investigate the typical and the overall schedule delay risk. In this study, our aim is to detect the typical and overall schedule delay risk throughout the construction project lifecycle, which consists of the pre-construction, construction, and post-construction stages, and compare the stages with each other. Common criteria, sub-criteria, and attributes were developed for all alternatives for the purpose of making a risk decision. The methodology that was followed integrated the multiplecriteria decision-making (MCDM) model of fuzzy analytic hierarchy process comprehensive evaluation (FAHPCE) and the relative important index (RII). Data were collected from 77 participants, who were selected through purposive sampling from different contracting organizations in Ethiopian construction projects by means of questionnaires that were distributed to experienced experts. The findings showed that there is a typical delay risk either in the type or in the level of the different construction activities. Consequently, the most influenced alternative is the construction stage because of the high-risk responsibility, resource, and contract condition related criteria. The post-construction stage was the second most influenced stage because of the high-risk responsibility-related criteria.The pre-construction stage was the least influenced stage that consist high-risk criteria of responsibility, resource, and contract condition related. These differences provided noteworthy information about risk mitigation in construction projects by identifying the exact risk level on specific activity to make appropriate decision.
... Later, an improved QRA model to quantify risks for nonhomogenous urban growth was designed, since the current QRA models for commercial construction are irrelevant, which was proposed by Meng et al. [16]. Many authors used the probability method for construction risk in the last decade such as Monte Carlo [1], event tree analysis [6,14,15], failure mode and effect analysis [16], risk matrix [17], and multicriteria decision-making [1]. ...
... Fuzzy sets are generated for each input and output variables by dividing the discourse universe into various subregions, referred to as linguistic variables. A linguistic variable is a variable whose values are represented in phrases or words in natural language and defined by an acceptable MF [17]. Specifically, MF is a curve that determines how the membership value between 0 and 1 maps every point in the input field. ...
Article
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Mamdani fuzzy inference system has been widely used for potential risk modelling and management. The decision-making is usually provided by multiple experts in the field. The conflicting information in sources from different experts become an open issue and has attracted some researchers to investigate further. Various risk factors in a project caused difficulties for decision makers to make reliable decisions on the whole project since it involves ambiguities, vagueness, and fuzziness. The introduction of the fuzzy inference system to the evaluation of construction risk is capable in explaining its reasoning process and, hence, overcoming such problems. Risk factors under the project management risk were identified through literature sources and from the opinion of experts. It is found that the likelihood and severity of risk is somehow interlinked with the concept of fuzzy theory. For model input and output linguistics variables, the triangular membership function was selected. The methodology employs a fuzzy aggregation system in which an appropriate control action can be determined by the acquisition of expert judgment. A total of 23 rules with logical OR operator, truncation implication, and Mean of Maxima (MoM) method for defuzzification were used to create an effective fuzzy model intended for making decisions. The framework determines the relationship between input and output parameters in if-then rules or mathematical functions using an effective fuzzy arithmetic operator. The study addresses the principle issues of multiexpert opinions based on Mamdani-type decision system and the illustrative example taken from one of medium-sized project held in Malaysia’s construction industry. By comparing with other experimental results, we verify the rationality and reliability of the proposed method.
... Firstly, the questionnaire was adopted where the author designed it based on the review of the previous studies mainly [19,20]. The first draft of the questionnaire was presented to a panel of attributers specialized in project and risk management especially in the construction projects. ...
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Since construction projects are usually associated with high range of risks, risk analysis is an essential part within the decision-making processes in this industry. This study aims at finding the effect of appropriate risk analysis on enhancing the performance of the construction projects in Kuwait. Through this correlational descriptive study, a questionnaire was used to collect the main data where it was distributed on a sample of (150) engineers working in the construction projects in Kuwait. The results showed that risks analysis aspects are highly implemented in Kuwait and that the performance indices for the construction projects are high. Moreover, it was found that there is a statistically significant positive effect of risk analysis on the performance of the construction projects in Kuwait. Finally, the results showed that there were statistically significant differences in the effect of risk analysis on the performance of the construction projects attributed to the project type in favor of the private projects.
... Risk management requires an interdisciplinary and adaptable method that allows capturing the changing behaviours of risks including the explanation of processes involved in the management of infrastructure construction [52]. ...
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Africa's growth in public infrastructure provision has been fueled by the collective effort of the government authority and foreign private investors. China, through state-owned corporations, has become one of the leading infrastructure financiers springing up numerous projects in transport, energy, oil and gas, water, and sewage sectors in Africa. Infrastructure procurement in developing countries comes with complexities and uncertainties. While Sino-Africa transnational public-private partnerships (TPPP) are becoming an increasingly popular route for public infrastructure procurement, their specific project risks and dynamics are not yet fully understood due to the typical assessment of risk autonomously. This paper identifies pertinent project risks in Sino-Africa TPPPs and applies system thinking in evaluating their behaviour and dynamics. An extensive review of literature and expert opinion employing semi-structured interviews was adopted in the identification and assessment of risk factors. Additionally, the study applied causal loop and interpretive structural modelling as an integrated approach in the assessment of risk behaviour from a systems perspective. Results indicate that risk factors associated with Sino-Africa TPPPs are interactive and portray curious systemic behaviour. Risk factors like force majeure and others associated with the governance structure and stability of the host African country are most influential, and their occurrence could inhibit project success. The study recommends that in conjunction with the conventional risk assessment by impact, systems thinking can be adopted to evaluate and comprehend the dynamics and interactions amongst the risk factors. This will improve risk assessment efficiency and fair allocation and treatment of risks as a conduit for project success and promote a win-win partnership for project actors.
... Deficient planning, bad weather, late building site ownership, fluctuation in labor and availability of supplies, unexpected ground conditions and incompetent relations and communication with the parties concerned are reasons for schedule delays. Both these risk factors may be managed by careful project management, but the risks can differ with each project due to the particular nature of the projects due to which it is impossible to determine these risks beforehand (Dziadosz & Rejment, 2015) Factors Affecting Construction Management Risks Any building scheme carries some degree of risk. Identifying and mitigating risks requires experience, careful planning and the capacity to make sound decisions with ease (Dilger, 2000). ...
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Managing risks is vital for any construction project to avoid cost overrun, schedule delay, and to meet the quality requirements. Over the last 10 years, the building market has evolved rapidly; businesses face greater risk and complexity than ever before. Risk assessment has been an integral aspect of the project management process. Because of the time and costs overruns involved with building projects, risk of building has become the focus of concern. This research focuses on exploring risk control techniques in construction industry. Risk reduction and management of planning is a critical approach that helps one to deal with the removal of different risks, their analyses, and the remedial steps that can be taken to remove them in a given project. Any construction company has to set up a risk management scheme to improve performance, reduce costs and increase sales. In this regard, set of principles have to be adopted for the development of ethical risk management planning decisions. In addition, hazards ought to be taken care of such that ensures a suitable norm of security for human wellbeing and the earth and at any rate offers the level of wellbeing that is sensible to people in the future today; there doesn't seem, by all accounts, to be any lawful avocation for limiting likely wellbeing and condition chances.