Optimizing the portfolio of road project stakeholders with cost and risk approach

Abstract

The need for diverse expertise, abundant resources and coherent management are the most important results of project complexity. Therefore, construction project management is essential to achieve project goals. There are a variety of stakeholders who are interconnected and whose performance affects the success or failure of the project. In the present study, the selection of the optimal stakeholder composition is based on portfolio theory. So that more risky and costly stakeholders are selected for stakeholder management. Also, the correlation between stakeholders in construction projects is analyzed by social network analysis (SNA) method. The purpose of this research is to identify and analyze portfolio of stakeholders of construction projects for using the SNA and optimization method. First, stakeholders and their risk, cost and correlation coefficient were identified and evaluated through interviews and questionnaires. Then, using the NetMiner-4 software and augmented epsilon constraint method their risk and cost were optimized and Stakeholder portfolios are selected. In fact, the main focus would shift on such stakeholders in the selected portfolio, while others would receive their own due attention. Therefore, the research findings include identifying significant stakeholders based on the constraints and the impact they will have on the project to manage stakeholders.