Design a Risk Allocation Model for Construction Projects (EPC) for investment asset in public sector (Case study: Guilan water and sewage industry)

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RASOULI BAHMAN; KHERADYAR SINA; BANIMAHD BAHMAN

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Journal: FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT) Year:2019 | Volume:9 | Issue:37 Page(s): 414-434

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Title

Design a Risk Allocation Model for Construction Projects (EPC) for investment asset in public sector (Case study: Guilan water and sewage industry)

Author(s)

RASOULI BAHMAN | KHERADYAR SINA | BANIMAHD BAHMAN | Issue Writer Certificate

Keywords

Risk allocationQ1

Delphi MethodQ1

Construction projects.Decision-makingQ1

GuilanQ2

Abstract

Construction projects in Guilan Water and sewerage has high levels of risk due to their complex and dynamic environment. There are no suitable Risk allocation models for Guilan construction industry based on article 23 processing budget and planning law 1352 clause about (EPC). There is the cost of project and plan for design Risk allocation model. This work endeavors to propose and apply a Risk allocation Model (RAM), based on a simple mechanism for allocating critical risks to the responsible party in the project. In addition, the RAM aims to compare among projects, which is more risky. The construction of RAM is based on Delphi Method for 41 risk factors, over 10 groups, are identified and used in the model development. All factors are analyzed and weighted by deploying Weighted Risk Factor (WRF) which combines the effect of a risk factor probability and its effect on time and cost. The model results identified the most important risk factors to be allocated to owner, contractor or shared between them, as well as the suitable risk action for each factor. The model is applied on a real case study through two construction projects in Guilan to test the validation. A complete comparison between the two projects is presented and a decision is introduced for contractor. The results emphasized that the model is easy to understand and use by the parties involved in construction projects. Further, it is flexibility in the event of variables.

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APA: Copy

RASOULI, BAHMAN, KHERADYAR, SINA, & BANIMAHD, BAHMAN. (2019). Design a Risk Allocation Model for Construction Projects (EPC) for investment asset in public sector (Case study: Guilan water and sewage industry). FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), 9(37 ), 414-434. SID. https://sid.ir/paper/197868/en

Vancouver: Copy

RASOULI BAHMAN, KHERADYAR SINA, BANIMAHD BAHMAN. Design a Risk Allocation Model for Construction Projects (EPC) for investment asset in public sector (Case study: Guilan water and sewage industry). FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT)[Internet]. 2019;9(37 ):414-434. Available from: https://sid.ir/paper/197868/en

IEEE: Copy

BAHMAN RASOULI, SINA KHERADYAR, and BAHMAN BANIMAHD, “Design a Risk Allocation Model for Construction Projects (EPC) for investment asset in public sector (Case study: Guilan water and sewage industry),” FINANCIAL ENGINEERING AND SECURITIES MANAGEMENT (PORTFOLIO MANAGEMENT), vol. 9, no. 37 , pp. 414–434, 2019, [Online]. Available: https://sid.ir/paper/197868/en

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