Evaluation and classification of risk from multi-party stakeholders of the construction industry
The presence of risk events in the construction industry is considered high among multiple industries. Furthermore, it results in construction projects having cost overruns with no precise mechanism to deal with it. Thus, this study focuses on the identification, assessment, and classification of su...
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| Main Authors: | , , , , , |
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| Format: | Article |
| Language: | English |
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Taylor & Francis Group
2025-05-01
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| Series: | Journal of Asian Architecture and Building Engineering |
| Subjects: | |
| Online Access: | http://dx.doi.org/10.1080/13467581.2025.2507863 |
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| author | Syed Muhammad Yasir Ashrafi Wesam Salah Alaloul Rizwan-Ul-Haq Farooqui Muhammad Saqib Rana Rabnawaz Ahmed Abdul Mateen Khan |
| author_facet | Syed Muhammad Yasir Ashrafi Wesam Salah Alaloul Rizwan-Ul-Haq Farooqui Muhammad Saqib Rana Rabnawaz Ahmed Abdul Mateen Khan |
| author_sort | Syed Muhammad Yasir Ashrafi |
| collection | DOAJ |
| description | The presence of risk events in the construction industry is considered high among multiple industries. Furthermore, it results in construction projects having cost overruns with no precise mechanism to deal with it. Thus, this study focuses on the identification, assessment, and classification of such critical risk events as an essential substance for causing project cost overruns. The study identified 150 risk events, and assessed the refined 40 major risk events, adopted multi-party stakeholders’ perception evaluation surveys for the identification, and assessment based on the Relative Importance Index (RII), Kendall’s concordance (W), Cronbach’s alpha, Corrected Item-Total Correlation, and Validity test, the values were found to be statistically adequate. Classification relied on Principal Component Analysis (PCA). RII reveals that inaccurate material estimation got the highest rank among all other risk events, followed by financial difficulties faced by contractors. (PCA) classified 40 risk events into nine components with contractual and on-site risk components having higher risk factors. Furthermore, the study output may be used for better decision-making, as a result of assessed and classified risk events. |
| format | Article |
| id | doaj-art-235d4d32b606400eb3e0c6e85c7dcf94 |
| institution | DOAJ |
| issn | 1347-2852 |
| language | English |
| publishDate | 2025-05-01 |
| publisher | Taylor & Francis Group |
| record_format | Article |
| series | Journal of Asian Architecture and Building Engineering |
| spelling | doaj-art-235d4d32b606400eb3e0c6e85c7dcf942025-08-20T03:21:28ZengTaylor & Francis GroupJournal of Asian Architecture and Building Engineering1347-28522025-05-010011810.1080/13467581.2025.25078632507863Evaluation and classification of risk from multi-party stakeholders of the construction industrySyed Muhammad Yasir Ashrafi0Wesam Salah Alaloul1Rizwan-Ul-Haq Farooqui2Muhammad Saqib3Rana Rabnawaz Ahmed4Abdul Mateen Khan5Universiti Teknologi PETRONASUniversiti Teknologi PETRONASMississippi State UniversityImperial College of New ZealandNED University of Engineering and TechnologyUniversiti Teknologi PETRONASThe presence of risk events in the construction industry is considered high among multiple industries. Furthermore, it results in construction projects having cost overruns with no precise mechanism to deal with it. Thus, this study focuses on the identification, assessment, and classification of such critical risk events as an essential substance for causing project cost overruns. The study identified 150 risk events, and assessed the refined 40 major risk events, adopted multi-party stakeholders’ perception evaluation surveys for the identification, and assessment based on the Relative Importance Index (RII), Kendall’s concordance (W), Cronbach’s alpha, Corrected Item-Total Correlation, and Validity test, the values were found to be statistically adequate. Classification relied on Principal Component Analysis (PCA). RII reveals that inaccurate material estimation got the highest rank among all other risk events, followed by financial difficulties faced by contractors. (PCA) classified 40 risk events into nine components with contractual and on-site risk components having higher risk factors. Furthermore, the study output may be used for better decision-making, as a result of assessed and classified risk events.http://dx.doi.org/10.1080/13467581.2025.2507863construction industrycost overrunrisk identificationprincipal component analysis (pca)risk classification |
| spellingShingle | Syed Muhammad Yasir Ashrafi Wesam Salah Alaloul Rizwan-Ul-Haq Farooqui Muhammad Saqib Rana Rabnawaz Ahmed Abdul Mateen Khan Evaluation and classification of risk from multi-party stakeholders of the construction industry Journal of Asian Architecture and Building Engineering construction industry cost overrun risk identification principal component analysis (pca) risk classification |
| title | Evaluation and classification of risk from multi-party stakeholders of the construction industry |
| title_full | Evaluation and classification of risk from multi-party stakeholders of the construction industry |
| title_fullStr | Evaluation and classification of risk from multi-party stakeholders of the construction industry |
| title_full_unstemmed | Evaluation and classification of risk from multi-party stakeholders of the construction industry |
| title_short | Evaluation and classification of risk from multi-party stakeholders of the construction industry |
| title_sort | evaluation and classification of risk from multi party stakeholders of the construction industry |
| topic | construction industry cost overrun risk identification principal component analysis (pca) risk classification |
| url | http://dx.doi.org/10.1080/13467581.2025.2507863 |
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