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- 저자 : Nahmens, Isabelina (검색결과 1 건)
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Prioritization of Price Volatility Management Strategies in Construction Projects
Joukar, Alireza,Nahmens, Isabelina,Harvey, Craig Korea Institute of Construction Engineering and Ma 2017 Journal of construction engineering and project ma Vol.7 No.3
The existence of material price volatility in construction projects puts forward substantial risks for all parties involved. Depending on the parties involved in the project, type of contracts, and state of the market various risk management strategies are practiced by contracting parties to manage project risks related to price volatility. Unfortunately, in many cases companies fail to select an adequate approach to better manage volatilities of material prices due to the lack of a decision support system to aid in the selection of an appropriate strategy based on the project characteristics. The aim of this study is to identify critical project factors and align them to documented strategies to manage price volatility based on an extensive literature review and industry interviews. This study found Integrated Project Delivery (IPD) as the ideal strategy with respect to project duration; quantitative risk management methods with respect to the cost; and Price Adjustment Clauses (PAC) with respect to the risk allocation, as the top price volatility management strategies.
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