Abstract
In construction projects, cost-related risks are challenges that need to be coped with. These cost-related risks interact with each other along with the project progress and involve different stakeholders, forming a stakeholder-cost risk network. Previous studies have discussed the stakeholder-cost risk network; however, few studies have considered its dynamic characteristics. Different from traditional methods, this study employed the social network analysis (SNA) to explore the key indicators of cost-related risks within the supply chain and identify the key risks and stakeholders across four project stages: the planning start-up stage, design preparation stage, construction period, and operations and maintenance period. From a horizontal point of view (i.e., network development process), the complexity of the stakeholder-cost risk network demonstrates a U-shaped development process during the project life cycle, ranging from simple to complex to simple. From a vertical point of view (i.e., network hierarchical characteristics), the important cost-based risks are diversified within each stage. The current study contributes to forming a better understanding of the stakeholder-cost risk network from a dynamic perspective as well as the crucial cost-based risks within each stage of the project. The findings provide implications for managers to better align cost-based risk intervention strategies, thereby facilitating the achievement of construction project success.
Highlights
Serious cost-related problems have been identified in largescale projects over many years, including projects to construct large-scale structures such as highways, bridges, and airports [1, 2]. ese projects include many project stakeholders, with coordination difficulties from beginning to end, making it difficult for managers to take effective action to control cost-based risks
Flyvbjerg et al [3] conducted a survey of 258 highway and railway projects and found that 90 percent of cost overruns were caused by improper cost risk management
This study developed a stakeholder-cost risk network in different project stages and applied a social network analysis to analyze the stakeholdercost risk network structure in different stages. e costrelated risks were evaluated according to the topological structure changes and network characteristics in each stage
Summary
Serious cost-related problems have been identified in largescale projects over many years, including projects to construct large-scale structures such as highways, bridges, and airports [1, 2]. ese projects include many project stakeholders, with coordination difficulties from beginning to end, making it difficult for managers to take effective action to control cost-based risks. Serious cost-related problems have been identified in largescale projects over many years, including projects to construct large-scale structures such as highways, bridges, and airports [1, 2]. Ese projects include many project stakeholders, with coordination difficulties from beginning to end, making it difficult for managers to take effective action to control cost-based risks. Salling and Leleur [1] conducted a study of large transport projects and found that improper cost risk management by owners led to cost overruns in the design phase. Flyvbjerg et al [3] conducted a survey of 258 highway and railway projects and found that 90 percent of cost overruns were caused by improper cost risk management. E life cycle of engineering construction projects, especially large-scale projects, is becoming increasingly complex, and the cost-related challenges and risks are increasing daily. Complex stakeholder-related problems are often faced in construction projects [6, 7]
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