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Innovative Risk Aperture Manipulation Model for Risk Management in Mega Project Construction
Abstract
The complexities associated with the technical, managerial and financial interventions in mega project implementation accommodates greater risks, encapsulating the complete project period from inception to closure. Consideration of risks in mega project scope is of paramount importance as it delineates either threat or opportunity in the guise of uncertainty at each and every phase of the project. The absence of innovative and rigorous risk management structure imparts a perplexing scenario in risky operations for mega project constructions, disrupting the opportunity of local contractors to derive financial, technical and managerial benefits from such endeavors. In this paper, a risk aperture manipulation (RAM) model is constituted to provide an innovative and suitable risk management framework for mega project constructions such as transportation infrastructure development. Formal approaches to risk management incorporating innovative RAM model can be institutionalized to ameliorate the present deter situation faced by conceiving mega project approaches, replete with risks. The RAM model delineates a risk assessment methodology, consisting of six multi-criteria decision making (MCDM) approaches, deriving from the weightage analysis of the twenty risk factors under six main categories of mega project risks through fuzzy analytic hierarchy process (FAHP). The model is validated through the proposed risk assessment procedure incorporating information of ten esteemed local contractors of Bangladesh. The innovative RAM model for mega project construction outlined in this research approach can accommodate necessary interventions for different projects for present and future mega constructions.
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DOI: https://doi.org/10.3759/ttea.v2i1.2798
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