Modelling risk impacts on the budgeted cost of traditionally procured building projects

H Odeyinka

    Research output: Chapter in Book/Report/Conference proceedingConference contribution

    5 Citations (Scopus)
    12 Downloads (Pure)

    Abstract

    Risk is inherent in construction from the inception to the completion stages of a project’s life. The less information is available at the inception of a construction project, the higher the level of risks and uncertainties. Whilst it is a known fact that the risk factors inherent in a construction project are responsible for the deviation between the budgeted and actual project costs, how these risk factors combine to impact the project cost has not been investigated. This then is the concern of this study. The study identified the risk factors impacting the budgeted cost of traditionally procured building projects through a structured questionnaire survey. Using the mean ranking analysis, the significant risk factors were determined which were used in developing a risk/impact assessment model for evaluating the impacts of risk on the budgeted cost of traditionally procured building projects. The developed model shows a very good predictive ability; indicating that the model could assist in pro-actively determining the likely impacts of identified risks on the budgeted cost of traditionally procured building projects.
    Original languageEnglish
    Title of host publicationUnknown Host Publication
    EditorsD Boyd
    PublisherAssociation of Researchers in Construction Management
    Pages755-763
    Number of pages9
    Publication statusPublished - Sep 2007
    EventThe 23rd Annual ARCOM Conference - University of Ulster, Belfast
    Duration: 1 Sep 2007 → …

    Conference

    ConferenceThe 23rd Annual ARCOM Conference
    Period1/09/07 → …

    Keywords

    • construction project
    • model
    • mean ranking
    • risk
    • traditional procurement

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  • Cite this

    Odeyinka, H. (2007). Modelling risk impacts on the budgeted cost of traditionally procured building projects. In D. Boyd (Ed.), Unknown Host Publication (pp. 755-763). Association of Researchers in Construction Management. http://www.arcom.ac.uk/publications/procs/ar2007-0755-0763_Odeyinka.pdf