Risk management model in construction projects based on time and financial resources management
DOI:
https://doi.org/10.29076/issn.2528-7737vol18iss47.2025pp109-125pKeywords:
Risk management, Construction projects, Time management, Financial resourcesAbstract
The successful completion of construction and industrial projects in the form of budget, time and quality and getting the satisfaction of the beneficiaries of the project is the ultimate goal of project management. The current research aimed to analyze the risk management model in construction projects with the approach of managing time and financial resources. In the qualitative part, firstly, by means of thematic analysis, by using interviews with experts, a theoretical framework and a conceptual model were developed, and its reliability and validity were determined by the Delphi method, and then, the structural model of risk management of construction projects with the approach of managing time and financial resources was determined. In management issues, there are things like "managers should have a written plan regarding the maintenance of human resources”, “at each stage of the work process, in order to optimally implement that process and also make businesses more profitable, managing the costs of that stage can be fruitful", "always during the process of implementing projects, issues and problems arise that require the ability of managers to solve those issues and make timely decisions in order to prevent multiple losses" showing the importance of management factors in construction projects.
Downloads
References
Al Amri, T. & Marey-Pérez, M. (2020). Towards a sustainable construction industry: Delays and cost overrun causes in construction projects of Oman. Journal of Project Management, 5: 87–102.
Almarri, K., & Blackwell, P. (2014). Improving Risk Sharing and Investment Appraisal for PPP Procurement Success in Large Green Projects. Procedia - Social and Behavioral Sciences, 119, 847–856.
Chen Z., Yuan J. & Li Q. (2017). Financing Risk Analysis and Case Study of Public-Private Partnerships Infrastructure Project. In: Wu Y., Zheng S., Luo J., Wang W., Mo Z., Shan L. (eds) Proceedings of the 20th International Symposium on Advancement of Construction Management and Real Estate. Springer, Singapore.
Callahan, C., & Soileau, J. (2017). Does enterprise risk management enhance operating performance? Advances in Accounting. 37, 122-139.
COSO: Committee of Sponsoring Organizations of the Treadway Commission (2017). Enterprise risk management-Integrated framework, Executive summary framework.
De Oliveira, U. R., Marins, F. A. S., Rocha, H. M., & Salomon, V. A. P. (2017). The ISO 31000 standard in supply chain risk management. Journal of Cleaner Production. 151, 616-633. https://doi.org/10.1016/j.jclepro.2017.03.054
De Marco, A. & Mangano, G. (2017). Risk factors influencing the debt leverage of project financing initiatives in the energy industry. International Journal of Energy Sector Management, 11(3), 444–462
Fraser, J. R. S., Quail, R., Simkins, B. J. (2021). Enterprise Risk Management Today’s Leading Research and Best Practices for Tomorrow’s Executives. Wiley Publication. ISBN: 978-1-119-74148-0.
Fu-zhou, L. & Hong-yuan, G. (2011). The risk assessment model of BT construction engineering project financing. Systems Engineering Procedia, 1, 169–173.
Jalilvnd Abul Hassan, Rustavi Nowruz Abad, Mojtaba , Asgari Firuz Yaei , Ahsan and Rumanian , Mild ( 2018 ) . Implementation of organizational risk management. Identification analysis and evaluation of the study: financial institution active in the capital market of Iran. Asset management and financing. Seventh year, number, 2, consecutive 25, 1- 24.
Kulkarni, M. (2020). Time management skills among medical students. Indian Journal of Public Health Research & Development, 11(6): 488-493.
Lam, J. C., & Kawamoto, B. M. (2017). Emergence of the chief risk officer. Risk Management. 44(9), 30-35.
Merriam-Webster, Inc. (2022). Merriam-webster's dictionary. Retrieved at: https://www.merriam-webster.com
Mahdi, I. & Soliman, E. (2019). Significant and top ranked delay factors in Arabic Gulf countries. International Journal of Construction Management, 21(14): 167–180.
Shen-fa, W., & Xiao-ping, W. (2009). The rule and method of risk allocation in project finance. Procedia Earth and Planetary Science, 1(1), 1757–1763.
Wu, Q., Yu, L., & Wang, M. (2017). Power Project Financing Risk Assessment with AHP-grey Vague CIM Model.2nd International Conference on Education Reform and Modern Management (ERMM 2017).
Rajan Annamalai, T., & Jain, N. (2013). Project finance and investments in risky environments: evidence from the infrastructure sector. Journal of Financial Management of Property and Construction, 18(3), 251–267.
Rauzana, A. (2016). The effect of the risk factors on the performance of contractors in Banda Aceh, indonesia. ARPN Journal of Engineering and Applied Sciences, 11(15), 9496-9502.
Saadatjoy O. M., & Rahimi, A. M. (2014). Risk management and its application in the capital market using the value-at-risk measurement model. Industrial Management Journal, 9, Special issue of management and accounting. (In Persian)
Sayegh, S. M. (2008). Risk assessment and allocation in the UAE construction industry. International Journal of Project Management, 26, 431-438.
Shafiei Nikabadi, M., Shafiei Nikabadi, M., & Hosseini, S. M. (2016). Developing a Model for Assessment and Ranking of the Construction Projects based on Occurrence Probability of Risk and its Effects on Construction Performance (A Case Study; Department of Engineering and Construction Projects in Military Setting). Military management quarterly, 16(62), 117-157.
Tarantino, A., & Cernauskas, D. (2011). Essentials of Risk Management in Finance. NJ: John Wiley & son Inc.
Taylan, O., Kabli, M. R., Bafail, A., & Abdulaal, R. (2014), Construction projects selection and risk assessment by fuzzy AHP andfuzzy TOPSIS methodologies. Applied Soft Computing, 17, 105-116.
Zahraie, B., Roozbahani, A., & Roozbahani, A. (2017). Risk assessment model based on fuzzy expert systems for construction project management. Sharif Journal of Civil Engineering, 32.2(4.1), 61-70.
Zhang, L., Wu, X., Skibniewski, M., Zhong, J., & Lu, Y. (2014). Bayesiannetwork-based safety risk analysis in construction projects. Reliability Engineering & System Safety, 131, 29-39.
Zou Y., A. Kiviniemi, S. W. &Jones, S. (2017). A review of risk management through BIM and BIM-related technologies. Safety Science. 97, 88-98. https://doi.org/10.1016/j.ssci.2015.12.027
Zul qadr Masood, Hamidi , Naser . Alwani , Sayed Mehdi and Memarzade Tehran . Gholamreza (2016). Non Linear models. A development in the optimization of black boxes in the relationship between human resource performance and organization performance. Development and transformation management. 14. (51 ) , 1-18
Downloads
Published
Issue
Section
License
Copyright (c) 2025 CIENCIA UNEMI
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Authors can keep the copyright, granting the journal right of first publication. Alternatively, authors can transfer copyright to the journal, which allow authors non-commercial use of the work, including the right to place it in a file open access.
