Risk response incorporating risk preferences in international construction projects
PurposeThe objective of this research is to develop a decision method that can generate appropriate risk response strategies for international construction project managers (PMs) and allow these strategies to reflect their different risk preferences.Design/methodology/approachThe optimal model appro...
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| Vydáno v: | Engineering, construction, and architectural management Ročník 29; číslo 9; s. 3499 - 3519 |
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| Hlavní autoři: | , , , |
| Médium: | Journal Article |
| Jazyk: | angličtina |
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Bradford
Emerald Publishing Limited
24.11.2022
Emerald Group Publishing Limited |
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| ISSN: | 0969-9988, 1365-232X |
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| Abstract | PurposeThe objective of this research is to develop a decision method that can generate appropriate risk response strategies for international construction project managers (PMs) and allow these strategies to reflect their different risk preferences.Design/methodology/approachThe optimal model approach is adopted. A credibility-based fuzzy chance constrained programming (CFCCP) model is developed, which simultaneously minimizes the expected losses of risk events and total costs of risk response. To solve this multi-objective model, a fuzzy interactive solution method is used. Moreover, the model performance is demonstrated by a real international industrial plant project. In addition, a sensitivity analysis of the model is conducted.FindingsThe result of the sensitivity analysis indicates that PMs with a greater risk aversion can lead to a higher mitigation ratio of expected losses of risk events and a higher total cost of risk response.Practical implicationsThis research provides contractors with an effective decision-making model to develop a project risk response plan, and it will assist contractors to minimize risk losses and enhance the project performance in the international construction market.Originality/valuePrevious studies overlook the risk preference, which is an important behavioral factor influencing decisions in risk response strategy selection. This research proposed a novel risk response strategy selection decision method that considers different attitudes toward risk among decision makers. |
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| AbstractList | Purpose>The objective of this research is to develop a decision method that can generate appropriate risk response strategies for international construction project managers (PMs) and allow these strategies to reflect their different risk preferences.Design/methodology/approach>The optimal model approach is adopted. A credibility-based fuzzy chance constrained programming (CFCCP) model is developed, which simultaneously minimizes the expected losses of risk events and total costs of risk response. To solve this multi-objective model, a fuzzy interactive solution method is used. Moreover, the model performance is demonstrated by a real international industrial plant project. In addition, a sensitivity analysis of the model is conducted.Findings>The result of the sensitivity analysis indicates that PMs with a greater risk aversion can lead to a higher mitigation ratio of expected losses of risk events and a higher total cost of risk response.Practical implications>This research provides contractors with an effective decision-making model to develop a project risk response plan, and it will assist contractors to minimize risk losses and enhance the project performance in the international construction market.Originality/value>Previous studies overlook the risk preference, which is an important behavioral factor influencing decisions in risk response strategy selection. This research proposed a novel risk response strategy selection decision method that considers different attitudes toward risk among decision makers. PurposeThe objective of this research is to develop a decision method that can generate appropriate risk response strategies for international construction project managers (PMs) and allow these strategies to reflect their different risk preferences.Design/methodology/approachThe optimal model approach is adopted. A credibility-based fuzzy chance constrained programming (CFCCP) model is developed, which simultaneously minimizes the expected losses of risk events and total costs of risk response. To solve this multi-objective model, a fuzzy interactive solution method is used. Moreover, the model performance is demonstrated by a real international industrial plant project. In addition, a sensitivity analysis of the model is conducted.FindingsThe result of the sensitivity analysis indicates that PMs with a greater risk aversion can lead to a higher mitigation ratio of expected losses of risk events and a higher total cost of risk response.Practical implicationsThis research provides contractors with an effective decision-making model to develop a project risk response plan, and it will assist contractors to minimize risk losses and enhance the project performance in the international construction market.Originality/valuePrevious studies overlook the risk preference, which is an important behavioral factor influencing decisions in risk response strategy selection. This research proposed a novel risk response strategy selection decision method that considers different attitudes toward risk among decision makers. |
| Author | Yan, Peng Skitmore, Martin Zhao, Xianbo Liu, Junying |
| Author_xml | – sequence: 1 givenname: Peng orcidid: 0000-0003-4274-5601 surname: Yan fullname: Yan, Peng email: yanppeng@tju.edu.cn – sequence: 2 givenname: Junying surname: Liu fullname: Liu, Junying email: liujunying@tju.edu.cn – sequence: 3 givenname: Xianbo orcidid: 0000-0003-0153-5173 surname: Zhao fullname: Zhao, Xianbo email: b.zhao@cqu.edu.au – sequence: 4 givenname: Martin surname: Skitmore fullname: Skitmore, Martin email: rm.skitmore@qut.edu.au |
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| Keywords | Risk response strategies Fuzzy chance constrained programming Credibility theory Risk preference International construction projects |
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| Title | Risk response incorporating risk preferences in international construction projects |
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