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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Shadab Alipour, Tadeh Zirakian, and David Boyajian
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DOI:10.17265/1934-7359/2017.02.004
Affiliation(s)
Department of Civil Engineering and Construction Management, California State University, Northridge, CA 91330-8347, USA
ABSTRACT
Construction companies face threats from competition and must be able to
adjust to modern technology and changes in customer expectations. These issues require efficient risk management
techniques. The success of construction companies running projects in international markets depends on how the
risks arise from the host country conditions as well as
the project specific risk factors. Successful management of risks requires
identification of risks, construction
of a risk model which can be used to assess the magnitude of risks, and
implementation of response strategies so that an acceptable risk-return balance
can be achieved. The project success usually depends on the combination of all risks, response
strategies used to mitigate risks, and a company’s ability to manage them.
There exists a need to develop risk models containing the risks of doing business in international markets
and factors that affect manageability of these risks. One of the market’s critical challenges is scheduled management and the
understanding and application of program management. This paper uses systematic
risk identification, classification and analysis, and measurement and response
methodologies to help international
contractors quantify the risks of project development and accomplishment.
KEYWORDS
International construction projects, IPRA tool, fuzzy risk assessment,
risk identification, risk management.
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