Risk based decision support system for effective implementation of projects

Dey, Prasanta K. and Ogunlana, Stephen O. (2002). Risk based decision support system for effective implementation of projects. International Journal of Risk Assessment and Management, 3 (2/3/4), pp. 189-204.

Abstract

Conventional project management techniques are not always sufficient to ensure time, cost and quality achievement of large-scale construction projects due to complexity in planning, design and implementation processes. The main reasons for project non-achievement are changes in scope and design, changes in government policies and regulations, unforeseen inflation, underestimation and improper estimation. Projects that are exposed to such an uncertain environment can be effectively managed with the application of risk management throughout the project's life cycle. However, the effectiveness of risk management depends on the technique through which the effects of risk factors are analysed/quantified. This study proposes the Analytic Hierarchy Process (AHP), a multiple attribute decision making technique, as a tool for risk analysis because it can handle subjective as well as objective factors in a decision model that are conflicting in nature. This provides a decision support system (DSS) to project management for making the right decision at the right time for ensuring project success in line with organisation policy, project objectives and a competitive business environment. The whole methodology is explained through a case application of a cross-country petroleum pipeline project in India and its effectiveness in project management is demonstrated.

Publication DOI: https://doi.org/10.1504/IJRAM.2002.002552
Divisions: Aston Business School
Aston Business School > Operations & information management research group
Aston Business School > Operations & information management
Uncontrolled Keywords: project management,time,cost,quality,large-scale,construction projects,planning,design,implementation,project,non-achievement,scope,government policies,regulations,inflation,underestimation,estimation,risk management,risk factors,Analytic Hierarchy Process,AHP,decision making,decision support system,DSS,cross-country petroleum pipeline project,India
Full Text Link: http://www.inde ... fer.php?id=2552
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Published Date: 2002
Authors: Dey, Prasanta K. ( 0000-0002-9984-5374)
Ogunlana, Stephen O.

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