Malek, M S and Bhatt, V (2024) Investigating the effect of risk reduction strategies on the construction of mega infrastructure project (MIP) success: a SEM-ANN approach. Engineering, Construction and Architectural Management, 31(9), pp. 3575-3598. ISSN 0969-9988
Abstract
Purpose: Managing mega infrastructure projects (MIPs) is more complex because of time, size, social, environmental and financial implications. This study aims to address the management approaches, complexity and risk factors involved in MIPs. The study focuses on project success criteria and their individual effects on the success of MIPs. Design/methodology/approach: To address the challenges and identify the most influencing factor for the success of MIPs, the study deployed a cross-sectional survey approach. Six hundred eighty-two usable samples were collected from the respondents to understand the impact of predetermined factors on the success of MIPs. The structural equation model and artificial neural network approach were used to derive the importance of factors affecting the success of MIPs. Findings: The study's outcome confirms that all three influencing factors: feasibility studies, community engagements and contract selection, have a significant positive impact on the success of MIPs. Community engagement amongst all three has the most influential predictor for the success of MIPs. Originality/value: The developed model will enable practitioners and policymakers from Indian construction companies and other emerging nations to concentrate on recognized risk reduction variables to enhance project success criteria and project management success, especially for MIPs.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | artificial neural network; mega infrastructure project; project success criteria; risk management; risk reduction strategy; structural equation modelling |
| Index terms: | risk management, structural equation model, risk factor, infrastructure project, project management, influencing factor, project success, community engagement, methodology, practitioner, complexity, feasibility study, risk reduction, structural equation modelling, strategy, artificial neural network, construction company, survey |
| Subjects: | financial risk, project management theory and practice, management, research methods, infrastructure and transport systems, statistical analysis, systems engineering, environmental hazards, practitioner, community and social dimensions, risk assessment, data collection methods, organization, modelling and simulation, design stages |
| Topics: | Business Strategy, Cost Management, Engineering Principles, Project Management, Research Practice, Roles and Professions, Stakeholder Management, Risk Management, Sustainability, Design Practice |
| Descriptive scope: | 5 PCTEA |
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