<b>ASSESSMENT OF RISK FACTORS AND THEIR CASCADING IMPACT ON THE PROJECT LIFECYCLE INCLUDING MEGAPROJECTS</b>
Creators: name: Ogundipe, Oluwaseun Sunday
Publisher: name: Purdue University Graduate School
Year: 2024
Subjects: classificationCode: 400504
subject: Construction engineering

description: The high stakes and complexities of infrastructure projects and megaprojects (IPMP) involves substantial financial investments, resources, time, construction experts and provide economic benefits to the host communities. Despite the benefits of these endeavors, they have experienced consistent failures resulting in monetary loss, cost overrun, time extension, environmental disruption and impact on financiers and stakeholders. These failures underscore the inadequacy of risk assessment and management, as well as the lack of effective control measures, highlighting the need for improved risk mitigation strategies to ensure successful project outcomes.Existing studies have provided valuable insights and are widely relied upon by construction professionals, a notable gap in risk management remains. This research aims to address this gap by thoroughly investigating the risk factors that impact the lifecycle of projects and megaprojects, impacting scope, cost quality and safety. The study identifies and categorizes various risk factors, including Political, Economic &amp; Financial, Planning and Design, Construction Management, Safety, and Quality, Contracts and Legal, Resources and Technology, and Health and Environment Risks, which arise during different project phases (Pre-planning, Planning, Execution, and Closeout). By exploring these risk factors and their behavior, this research seeks to enhance risk management practices and promote successful project outcomes.A research questionnaire was administered to construction professionals, and their responses were analyzed using the research methodologies to achieve the study's objectives. The first objective was addressed using the Relative Importance Index (RII) method, which revealed that all risk factors occur in every project phase. However, the analysis showed that "Planning &amp; Design" and "Construction, Quality, and Safety" risk factors have a significantly higher frequency of occurrence compared to other categories, highlighting their paramount importance in project risk management.The second objective was addressed by analyzing the questionnaire data to examine the behavior and impact of project risk factors throughout the project phases. The Multinomial Logistics Regression (MnLR) technique was employed to investigate how risk factors evolve and impact the project metrics (scope, cost, quality and Safety) as they transition from one phase to another. The results revealed that risk factors follow different paths throughout the project lifecycle, their effects snowballs from one phase to the next, ultimately impacting project metrics.This research highlights the crucial need for proactive risk management throughout all phases of projects and megaprojects. By embracing a forward-thinking and comprehensive approach to risk management, project teams and stakeholders can proactively identify potential risks, develop robust mitigation strategies, and effectively minimize the likelihood of cost overruns, schedule delays, quality issues, safety risks, and stakeholder concerns, ultimately ensuring successful project outcomes.