Journal :   International Journal of Technology

Volume No. :   5

Issue No. :  2

Year :  2015

Pages :   86-90

ISSN Print :  2231-3907

ISSN Online :  2231-3915


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A review of system dynamic model for risk assessment in construction of megaprojects in India



Address:   Debalina Banerjee1*, Jagadeesh P2, Rama Mohana Rao P3
1Assistant Professor, Department of Civil Engineering, ICEAS, Bangalore, PhD Research Scholar, VIT University, Vellore
2School of Mechanical and Building Sciences, VIT University, Vellore
3Centre for Disaster Mitigation and Management, VIT University, Vellore
*Corresponding Author
DOI No: DOI: 10.5958/2231-3915.2015.00002.4

ABSTRACT:
Project Risk Management is one of the critical components of Project management as the risks for any project and in particular construction of megaprojects, if not addressed and managed may lead to project failures. Mega construction projects deploy complex technologies, which make it vulnerable to failure in terms of time, cost and quality achievement. As per Baker et al (1998)[1]"there is no global (project risk management) industrial standard" or procedures that exist for what constitutes a risk assessment. This implies that there is a wide range of risk management standards discussed in literature within the domain of project management. However the conventional standards still lack systematic approach to describe all the interactions among Social, Technical, Economic, Environmental, Political (STEEP) risks with regard to all complex and dynamic conditions through megaproject construction that can be disastrous and cause chronic project failure. This paper presents a concise review of the different risks that may arise during a megaproject construction and how they can be modelled using System dynamics.
KEYWORDS:
Megaprojects, Risk assessment. system dynamics, STEEP risks.
Cite:
Debalina Banerjee, Jagadeesh P, Rama Mohana Rao P. A review of system dynamic model for risk assessment in construction of megaprojects in India. Int. J. Tech. 5(2): July-Dec., 2015; Page 86-90
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