Ashrafi, Syed Muhammad Yasir and Alaloul, Wesam Salah and Farooqui, Rizwan-Ul-Haq and Saqib, Muhammad and Ahmed, Rana Rabnawaz and Khan, Abdul Mateen (2025) Evaluation and classification of risk from multi-party stakeholders of the construction industry. Journal of Asian Architecture and Building Engineering. ISSN 13467581
Full text not available from this repository.Abstract
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. © 2025 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group on behalf of the Architectural Institute of Japan, Architectural Institute of Korea and Architectural Society of China.
Item Type: | Article |
---|---|
Impact Factor: | Cited by: 0 |
Uncontrolled Keywords: | Decision making; Risk analysis; Risk assessment; Classification of risk; Classifieds; Construction projects; Cost-overruns; Evaluation and classifications; Importance index; Principal component analyze; Principal-component analysis; Risk classification; Risk Identification; Construction industry |
Depositing User: | Mr Ahmad Suhairi Mohamed Lazim |
Date Deposited: | 08 Jul 2025 16:42 |
Last Modified: | 08 Jul 2025 16:42 |
URI: | http://scholars.utp.edu.my/id/eprint/38957 |