Risk-Adjusted Contingency Management in Construction Projects

Tipo di pubblicazione: Articolo in atti di convegno
Tipologia MIUR: Contributo in Atti di Convegno (Proceeding) > Contributo in atti di convegno
Titolo: Risk-Adjusted Contingency Management in Construction Projects
Autori: Thaheem M.J., De Marco A., Narbaev T.
Autori di ateneo:
Intervallo pagine: pp. 191-195
Tipo di referee: Esperti anonimi
Editore: ICSCEPM2013
Titolo del convegno: International Conference on Safety, Construction Engineering, and Project Management
Luogo dell'evento: Islamabad
Data dell'evento: August 19-21, 2013
Rilevanza dell'evento: Internazionale
Luogo di pubblicazione: Islamabad
Abstract: Successful project management (PM) aims at achieving the triple-constraint (time, cost and quality), respecting the elasticity between the three main drivers. To facilitate this, PM activities are supported by project risk management (PRM) in foresight and earned value management (EVM) in hindsight. Both PRM and EVM, being industry standards, facilitate to plan, and afterwards monitor and control the project cost. However, the two fields do not necessarily interact with each other which, in turn, hinders critical managerial decision making of releasing contingency reserves if demanded by the client since the money can be used as capital for other projects. Also, when inquired at any given point in time (corresponding to partial project completion), the project managers (PMs) find it tricky and challenging to confidently declare the adequacy of existing reserves till the project completion This provides research impetus for potential EVM-PRM integration and managing the contingency adjusted due to risk in the project. There is hardly any literature on this integration, resulting in lack of any viable framework to facilitate critical decision making. With objective to formulate a framework - coupled with necessary tools and techniques - this paper proposes the incorporation of EVM and PRM which aims at not only expanding the body of knowledge in the field of ‘project control'1 but also assist the PMs in securely and successfully steering the project to close out. The research is still in progress and no conclusive details are furnished as yet
Data: 2013
Status: Pubblicato
Lingua della pubblicazione: Inglese
Parole chiave: earned value, contingency management, project management, project risk management
Dipartimenti (originale): DIST - Dipartimento Interateneo di Scienze, Progetto e Politiche del Territorio
DIGEP - Dipartimento di Ingegneria Gestionale e della Produzione
Dipartimenti: DIGEP - Dipartimento di Ingegneria Gestionale e della Produzione
URL correlate:
    Area disciplinare: Area 09 - Ingegneria industriale e dell'informazione > IMPIANTI INDUSTRIALI MECCANICI
    Data di deposito: 30 Ago 2013 12:22
    Data ultima modifica (IRIS): 10 Dic 2013 08:07:38
    Data inserimento (PORTO): 17 Nov 2016 23:20
    Permalink: http://porto.polito.it/id/eprint/2513495
    Link resolver URL: Link resolver link

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