Risk Assessment in the Industry Chain of Industrialized Construction: A Chinese Case Study

Abstract

The industry chain of industrialized construction is a key strategy for promoting the sustainable performance of China’s construction industry. Its risk identification is the fundamental step to promote the development of the industry chain. The study was conducted in two phases. The first phase included an extensive literature review and case study analysis to document 32 key factors affecting the process of the industry chain of industrialized construction. In the second phase, 22 key factors influencing the development of the industry chain of industrialized construction in Shandong Province were screened through data collection and expert consultation. A complex network of industrialized construction risk associations (CNICRA) was developed to assess these risks by considering the interrelationship among risks, network nodes, and network edges, and the comprehensive degree indicators for improving the model’s accuracy and resolution. The results show that enterprise collaboration level is the most important factor in the industry chain of industrialized construction. The industrialized system is the most transmittable factor of risk. This study investigated a list of risks in the industrialization of construction, optimized a complex network of risk association, and provided theoretical support for risk management of the industry chain of industrialized construction and understanding of risk response strategies for decision makers.