Risk based decision support system for effective implementation of projects

Prasanta K. Dey, Stephen O. Ogunlana

Research output: Contribution to journalArticle

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.
Original languageEnglish
Pages (from-to)189-204
Number of pages16
JournalInternational Journal of Risk Assessment and Management
Volume3
Issue number2/3/4
DOIs
Publication statusPublished - 2002

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

Fingerprint Dive into the research topics of 'Risk based decision support system for effective implementation of projects'. Together they form a unique fingerprint.

  • Cite this