A web-based integrated system for international project risk management

Abstract

Overseas construction projects tend to have a high possibility of loss/failure compared to domestic projects. For this reason, risk management is becoming more emphasized and systemized in international projects so as to improve the quality of difficult decisions that normally encompass a higher level of risk exposures. Since each phase of an overseas project has different types of risks in the decision-making process, a decision support system should be tailored to satisfy the specific needs of a particular phase. In this way, various risks that arise through the life cycle of a project can be constantly checked and monitored. This study reviews basic decision-making processes in global construction projects, and presents a web-based decision support system that is closely associated with relevant risks and each cycle of sequential decisions. The system allows easier access than those of stand-alone or intranet systems. Through the proposed system, anyone can access the system anywhere in the world, anytime, with any device. Construction firms are expected to make better decision in pursuing international construction projects with a consideration of key risk factors at each stage of a project.