Abstract
AbstractThe cost of materials is the largest proportion of a construction project’s total budget. If the materials cannot be delivered to the construction site on time, completely and with acceptable quality, the project’s duration and cost will be greatly affected. Based on the generalized project risk element transmission theory and system dynamics, a system dynamics model was developed to capture dynamics of procurement risk elements transmission during construction projects and how various procurement risk elements affect the project’s duration and cost by simulation. In this paper, procurement risk element is considered as the uncertain factors in procurement. Based on these results, it is concluded that the developed model can provide important information for risk managers and project managers addressing procurement risk.
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