Multi-party risk management helps manage cement plant construction in Thailand

Prasanta K. Dey, Chotchai Charoenngam, Stephen O. Ogunlana, Dechjaroen Kajornkiat

Research output: Contribution to journalArticle

Abstract

Several parties (stakeholders) are involved in a construction project. The conventional Risk Management Process (RMP) manages risks from a single party perspective, which does not give adequate consideration to the needs of others. The objective of multi-party risk management is to assist decision-makers in managing risk systematically and most efficiently in a multi-party environment. Multi-party Risk Management Processes (MRMP) consist of risk identification, structuring, analysis and developing responses from all party perspectives. The MRMP has been applied to a cement plant construction project in Thailand to demonstrate its effectiveness.
Original languageEnglish
Pages (from-to)411-435
Number of pages25
JournalInternational Journal of Services Technology and Management
Volume11
Issue number4
DOIs
Publication statusPublished - Apr 2009

Keywords

  • risk management
  • multi-party risks
  • cement plant construction
  • FTA
  • fault tree analysis
  • risk responses
  • construction management
  • Thailand

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