Risk Allocation Optimization between Owner and Contractor in Construction Projects by Using the UTA-STAR Method
Source abstract
Abstract
Project risk is an uncertain situation or event that, if it occurs, may have a negative or positive effect on one or more project objectives, such as scope, schedule, cost, and quality. Major industrial projects are increasingly facing complexity and uncertainty. The scope of this paper is related to petrochemical projects, in which risks directly affect the approved time, cost, and quality of the project. In such projects, there are risks that neither the owner nor the contractor has the main role in the occurrence or prevention of, and it is not easy to determine who is responsible for them. In such projects, there are risks that neither the owner nor the contractor has the main role in the occurrence or prevention of, and for which it is not easy to determine responsibility. Therefore, predicting, identifying, analyzing, and determining of the optimal allocation of risk responsibility between contracting parties is one of the most important steps before the start of the project. Suppose it is not correctly allocated among project stakeholders, then, in that case, risk responsibility imposes costs on the project that must be paid by the owner, contractor, and partnership, causing, in general, many problems for project management. Therefore, this paper presents a model to calculate the optimal ratio of risk allocation between the project parties in the concluding contract stage, using the UTA-STAR technique to obtain the owner and contractor utility function to create as much of a win-win relationship between them as possible.
Source: crossref · Quality: baseline
Research context
OpenAlex topics: Construction Project Management and Performance · Public-Private Partnership Projects · BIM and Construction Integration
SciVX discovery tags are terminology-based. OpenAlex topics are source-provided classifications.
Affiliations
KPDC Project Management Department, Industrial Engineering, Azad University of Semnan, Semnan 35135-179, Iran
Department of Industrial Management, Mahan Business School, Tehran 1569617314, Iran
Science and Research Branch, Islamic Azad University, Tehran 1477893855, Iran
Faculty of Economics and Business Administration, University of Craiova, 200585 Craiova, Romania
Doctoral School of Economic Sciences, University of Craiova, 200585 Craiova, Romania
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