Beran, V; Dlask, P; Eaton, D; Hromada, E and Zindulka, O (2011) Mapping of synchronous activities through virtual management momentum simulation. Construction Innovation, 11(2), pp. 190-211. ISSN 1471-4175
Abstract
Purpose - This paper seeks to present an approach to the improvement of the risk analysis of construction projects by linking risk analysis to the potential variances in time and cost performance of endogenous variables. This link is synchronous, such that changes in either the cost or time schedule variables are uniquely modelled to the overall time and cost profile of a project. Design/methodology/approach - The presented approach is based on synchronous time and cost scheduling, simulation and the methodology presented here develops technical indicators on the basis of virtual management momentum (VMM). Findings - The paper shows a potential improvement to management decision making by the use of VMM. Senior management can test alternative strategies and develop probability matrices defining the potential results. Research limitations/implications - The current model simulates the impact of endogenous risks, and therefore by implication excludes all exogenous risks. This limitation can be removed by the introduction of other risk vectors, but is beyond the scope of the current research. Originality/value - The mapping technique utilised to display these changes makes the appreciation of such impacts visually simple and is extremely effective in improving the management of endogenous project risk.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | risk analysis; risk assessment |
| Index terms: | management decision, construction project, mapping, methodology, cost performance, risk analysis, scheduling, strategy, risk assessment, variance |
| Subjects: | measurement and scaling, environmental hazards, economics, decision-making and reasoning, spatial and geospatial analysis, research methods, management, financial risk, production management, operations research |
| Topics: | Time Control, Sustainability, Project Management, Research Practice, Cost Management, Business Strategy |
| Descriptive scope: | 4 PCTA |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here