Abstract:
Design and construction overlapping produces project complexity that levitates multifaceted risks. Modern risk management methods emphasize on the use of dynamic approaches for risk assessment procedure as a part of project planning of complex projects. The construction industry in developing countries, approaches risk management by using a set of practices that are out-dated, inefficient and limited which affect the success rate of project management. Traditionally risks are labelled as linear cause-effect relationships. They are assembled on a risk register, assessed and addressed independently but in complex systems this linear approach fails to reflect the actual risk situation
As an effort to address the complexity of fast-track projects, this research identifies interdependencies among significant risk factors and project objectives (cost, time, quality and safety). The study uses a combination of qualitative and quantitative research methods such as literature review, google survey and semi structured interviews. Literature review and online survey is used to identify fast-track related risks and to establish risk criticalities. Interviews are used to develop cause and loop diagram. Rework, design errors and change orders are found to be the top risk factors related to fast-track projects. Developed cause and loop diagram shows the complex interaction among variables which negate all the linear assessments. All the research findings are incorporated into a feedback loop mechanism which helps to understand the behaviour of risk factors and their chain effect. The application of systems thinking approach provides insight into system mechanisms which helps the assessor to foresee the compound impact of project risks and derive risk management strategies accordingly. The approach also provides a route for mobilization of numerical data in the developed feedback loop mechanism which can help to simulate the risk impact.
