Abstract
The Mass Rapid Transit (MRT) project is a massive, large-scale construction venture with a complex interface. In order to reduce the risk of disasters and industrial accidents in the project and to save costs, a simple and flexible risk management system is necessary for projects such as MRT. A set of risk management processes was identified through a literature review and data collection, and the Integration Definition for Function Modeling (IDEF0) process was used for logical analysis. The IDEF0 diagram clearly depicts the items to be delivered at each interface, and risk is reduced by facilitating the flow of data on various risk items. The results of this research will be applied to other practical projects, with special emphasis on the project planning and design stages. Future work will verify whether the implementation of the proposed risk management process does indeed effectively reduce risks in the completed project.
Highlights
Uncertainty in a project is a source of risk [1], and the complicated and changeable environment of the construction industry is associated with high uncertainty and high risks
Extra effort should be put into the management of risk in public construction projects [11], and the complete management process must include risk identification, risk analysis, and the disposition of each risk item to minimize disasters and losses [12,13]
In this study found that risk management must be continuously applied in a feedback loop, and risk control and monitoring are performed via data management systems [25,26]
Summary
Uncertainty in a project is a source of risk [1], and the complicated and changeable environment of the construction industry is associated with high uncertainty and high risks. Projects must be completed within a limited time frame [2]. Public construction projects are large-scale with complex environments and long durations, so the uncertainty is much higher and more difficult to control than other types of projects [3,4]. Risk management has become a very important part of project management. Extra effort should be put into the management of risk in public construction projects [11], and the complete management process must include risk identification, risk analysis, and the disposition of each risk item to minimize disasters and losses [12,13].
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