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DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER

Year 2012, Volume: 4 Issue: 2, 11 - 20, 01.12.2012

Abstract

To accomplish a construction project successfully, it is important managing the risk in terms of cost, time, safety, quality and environmental sustainability. Yet, researches regarding the construction project until very recently has focused usually on different risk items instead of systematic approach to determine risks and to evaluate project as a whole. This paper intends to determine and analyze major risk related to the construction project from the standpoint of life cycle and stakeholder’s wealth. Measuring the important risk factors, we use an ARCH Model to assess Turkish developers’ stock exchange performance considering the risk management effectiveness from the view point of project schedule, owners, employers, and other related parties. One major REIT, ISGYO as well as REIT index is studied for this purpose. Finally the relation between construction project contractor and client, designer and other external parties are determined, in order to make sure the project goals maximization and eliminate the failure in design variation, abnormal approval procedures official administrative quality expectation and inadequate planning additionally

References

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  • Zou Patrick X.W., Zhang Guomin, Wang Jiayuan, Understanding the key risks in construction projects in China, International Journal of Project Management 25 200, pp. 602–604.
  • Klemetti A.( 2006/2), Risk Management in Construction Project Networks, Helsinki University of Technology Laboratory of Industrial Management Report, pp. 90-93.
  • Tserng, H. Ping, Samuel Y.L. Yin, R.J. Dzeng, B. Wou, M.D. Tsai, W.Y. Chen (2009), A study of ontology-based risk management framework of construction projectsthrough project life cycle, Automation in Construction18, pp.996.
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  • Kishore Varun, Dulcy M. Abraham, A.M.ASCE, and Joseph V. Sinfield (2011), Portfolio Cash Assessment Using Fuzzy Systems Theory Journal of Construction Engineering and Management, p.333.
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  • Olander, S., Landin A. (2005),Evaluation of stakeholder influence in the implementation of construction construction projects, International Journal of Construction project Management 23, pp. 321–328.
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Year 2012, Volume: 4 Issue: 2, 11 - 20, 01.12.2012

Abstract

References

  • Klemetti A. (2006/2), Risk Management in Construction Project Networks, Helsinki University of Technology Laboratory of Industrial Management Report , p. 98.
  • Zou Patrick X.W., Zhang Guomin, Wang Jiayuan, Understanding the key risks in construction projects in China, International Journal of Project Management 25 200, pp. 602–604.
  • Klemetti A.( 2006/2), Risk Management in Construction Project Networks, Helsinki University of Technology Laboratory of Industrial Management Report, pp. 90-93.
  • Tserng, H. Ping, Samuel Y.L. Yin, R.J. Dzeng, B. Wou, M.D. Tsai, W.Y. Chen (2009), A study of ontology-based risk management framework of construction projectsthrough project life cycle, Automation in Construction18, pp.996.
  • Kim Hyung Jin (2009), The Effects of Risk Attitude on Competitive Success in The Construction Industry, Doctoral dissertation , p.6.
  • Wideman R. Max (2004), The Role of the Project Life Cycle (Life Span) in Project Management February, p. 5.
  • Guo H. L., Heng Li and Martin Skitmore (2010), Life-Cycle Management of Construction Projects Based on Virtual Prototyping Technology, Journal Oof management in engineering, January, p. 42.
  • Kishore Varun, Dulcy M. Abraham, A.M.ASCE, and Joseph V. Sinfield (2011), Portfolio Cash Assessment Using Fuzzy Systems Theory Journal of Construction Engineering and Management, p.333.
  • Bileç, Melissa M. (2007), A Hybrid Life Cycle Assessment Model for Construction Process, Doctoral dissertation University of Pittsburgh, p. 17.
  • Terry H.Y. Li a, S. Thomas, Martin Skitmore (2012),Conflict or consensus: An investigation of stakeholder concerns during the participation process of major infrastructure and construction construction projects in Hong Kong, Habitat International, pp. 334-336.
  • Chinyio E., Construction stakeholder management, Blackwell Publishing,., p. 10.
  • Olander, S., Landin A. (2005),Evaluation of stakeholder influence in the implementation of construction construction projects, International Journal of Construction project Management 23, pp. 321–328.
  • Yang Jing, Shen Geoffrey Qiping, Manfong Ho, Derek S. Drew, Xiaolong Xue (2010), Stakeholder management in construction: An empirical study to address research gaps in previous studies, pp. 903.
  • Engle,R., Autoregressive Conditional Heteroscedasticity with estimates of the variance United Kingdom Infletion, Econornetrica, Vol. 50, No.4, July, 1982, p.1.
  • Nielsen H.B. (2005), Autoregressive Conditional Heteroscedasticity (ARCH), p.3
  • Jack P. C. Kleijnen, White Noise Assumptions Revisited: Regression Metamodels and Experimental Designs in Practice, Proceedings of the 2006 Winter Simulation Conference Burke, O. (2011), Statistical Methods Autocorrelation, University of Oxford, Michaelmas Term, p.4.
There are 16 citations in total.

Details

Other ID JA69MT47HE
Journal Section Articles
Authors

Cem Berk This is me

Cem Kartal

Publication Date December 1, 2012
Published in Issue Year 2012 Volume: 4 Issue: 2

Cite

APA Berk, C., & Kartal, C. (2012). DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER. International Journal of Business and Management Studies, 4(2), 11-20.
AMA Berk C, Kartal C. DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER. IJBMS. December 2012;4(2):11-20.
Chicago Berk, Cem, and Cem Kartal. “DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER”. International Journal of Business and Management Studies 4, no. 2 (December 2012): 11-20.
EndNote Berk C, Kartal C (December 1, 2012) DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER. International Journal of Business and Management Studies 4 2 11–20.
IEEE C. Berk and C. Kartal, “DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER”, IJBMS, vol. 4, no. 2, pp. 11–20, 2012.
ISNAD Berk, Cem - Kartal, Cem. “DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER”. International Journal of Business and Management Studies 4/2 (December 2012), 11-20.
JAMA Berk C, Kartal C. DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER. IJBMS. 2012;4:11–20.
MLA Berk, Cem and Cem Kartal. “DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER”. International Journal of Business and Management Studies, vol. 4, no. 2, 2012, pp. 11-20.
Vancouver Berk C, Kartal C. DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER. IJBMS. 2012;4(2):11-20.