Modeling global risk factors affecting construction cost performance
General Review
This research paper is simply because it is written in plain English, and the complex terminologies are clearly explained.
Conceptualization and theoretical basis of the work
The paper entails a discussion on how to manage, assess, and represent the universal risk factors affecting cost performance in the construction industry. The study forms part of another research study aimed at developing an effective framework to enable key players in the construction industry to handle the risk factors affecting cost performance at the stage of project performance. The major concepts in the paper are clearly explained and defined through extensive literature review. Besides, all the concepts are well referenced. The paper indicates that many construction projects are characterized by extreme time and cost overruns, which ruins their reputation (Baloi &Price, 2003, p. 261). Besides, the major factors influencing costs are explored at length.
Through a broad literature review of specific relevant materials and conduction of discussions with contractors, the paper provides a clear framework for the management of risk factors affecting the performance cost in the construction industry. The paper further reviews some relevant theories in management science in addition to explaining their appropriateness to the research study. The article reviewed can be found in the project management and management science section in the school library (Baloi & Price 2003, p. 263).
Analytical Framework
There is no clearly stated research question. However, the author has provided an elaborate explanation of the research objectives and concepts. The introductory part of the paper provides an in-depth explanation of the major issues addressed in the paper in addition to defining the concepts dealt with in the paper. Besides, the objectives of the study are clearly outlined (Baloi & Price, 2003, p.260).
The article does not have any hypotheses, and the research entails the development of a resource base to contribute ideas to another study. The study is a review of studies on risk management, analysis, and modeling in line with the theories and techniques of management sciences. The theory is well developed properly in this study in that it explores the most critical risk factors affecting cost performance in addition to eliciting the most relevant sources which are related to the chosen risk factors. In this way, the study provides the most effective approach to sanctify, assess, and evaluate the appropriateness of the developed framework.
The study shows a strong correlation and significance in the development of a successful framework for managing, assessing, and modeling the risk factors which affect cost performance in the construction industry. The paper evaluates the appropriateness of several theories in the management of risks and uncertainties in construction in addition to the process of modeling the chosen risk factors using the new framework (Baloi &Price, 2003, p. 267).
Research Design
This study aims at formulating a research question that best suits the issue being addressed by the topic. In this case, the authors aim at bringing forth ideas and facts around the issues being addressed by the research topic. Initially, the study focuses on defining the study problem from a wider perspective, which is then followed by the introduction of precise and specific theories and concepts that define the problem. This method is appropriate for the issues that the research topic seeks to address. Also, the sensitivity of the method is in line with the aims and objectives of the topic. In this case, the paper employs the literature review method through consideration of the appropriateness of the secondary data and preliminary discussions. However, the research method could have been improved through the introduction of a research hypothesis and statistical data to allow assessment of statistical significance.
The selected literature sources are analyzed. However, the criterion employed in selecting them has not been stated. After evaluation of the whole article, there is no indication of the study isolating the measured variable through other effects. The variables have also not been operationalized. Also, the study does not include a discussion relating to the reliability and validity of the variables measured. The number of sources employed in this review is appropriate for the research question. However, it is not clear whether the results of the research can be generalized because the study does not have any empirical data.
Results and Discussions
Because the data used in this study is derived from previous studies on the same or related topics, it proves to be appropriate but not adequate for the research topic. Besides, neither statistical data nor the methods of data collection and analysis have been provided in this study. A description of the statistical techniques used in the study has not been provided and thus it is impossible to tell whether statistical analyses were conducted. Hence, analysis of the secondary data is not referenced by the accepted procedures of data analysis.
The study does not include a description of the research methodology employed and, therefore, it falls short of the data appropriate for the analysis of control variables. Control variables are also not clearly defined in this case, which makes the process of data analysis inappropriate. However, several factors, such as linguistic variables and membership functions are considered in risk assessment and management. There is no systematic analysis of data in this study and thus, it is not possible to tell whether the concepts, themes, and categories follow from the sources used.
Conclusions
The conclusions follow systematically from the facts discussed in the body of the article. The conclusions offer a summary of all the main points represented in the main discussion. Besides, there are no alternative conclusions provided in this article. This should be accounted for. The conclusions do not include an adequate discussion on the theoretical and practical implications of the data considered. Also, there is no clear connection linking the conclusions with the theoretical implications of the data analyzed.
On the other hand, the limitations of the study are not included in the conclusions and thus it is impossible to account for the applicability of the research findings and the parameters of the research. Furthermore, the study does not provide a clear discussion of the evidence for and against the arguments of the researchers. However, the conclusions include a clear distinction between the data considered and their possible interpretations relative to the research topic. Overall, the research provides a stable foundation and a possible framework for additional studies on the same topic. However, the framework provided in this study is suitable for the research topic and the issue considered if implemented carefully.
Risk management: Risk lifecycle and risk relationships on construction projects
General Review
This research paper is simply because it is written in plain English, and the complex terminologies are clearly explained.
Conceptualization and theoretical basis of the work
The paper entails a discussion on a new method of financial risk assessment in the construction industry. The new method considered in this case comprises two elements, which include the risk lifecycle and the risk relationships. These elements are differentiated under different project risk factors. In this paper, the risk lifecycle entails the possible events which occur during concealment or action. On the other hand, the discussions on the risk relationships involve the interactions and the possible effects of risks on each other (Ren, 1994, p. 68).
The two major concepts included in this paper include risk lifecycle and risk relationships. The concepts are adequately defined and elaborated thus, providing a generalized overview of the research problem. The practical relevance of the paper is based on the additional approaches it provides to the process of risk management. It entails a literature review leading to a theoretical framework that is then applied in a case study to test its effectiveness in addressing certain issues in risk evaluation.
The literature review section develops a clear connection with other studies conducted earlier on the same or related topics. This section highlights the basic events which lead to the development of risks and the relationships between risks including the patterns followed by these relationships. The theoretical basis of this article lies in the field of project management and management science (Ren, 1994, p. 70).
Analytical framework
The research question is not clearly stated, although, through the introductory section, sufficient literature is provided concerning the research problem. The paper entails a discussion of the available theory, which leads to the development of a framework that is tested in a case study. There are no hypotheses developed for the study and, thus, the study involves both a literature review and a case study analysis. In this way, the theory developed in the paper is adequate to address the research problems. The paper aims at assessing the applicability of the two elements, risk lifecycle and risk relationships in risk management techniques to accurately predict the probability of certain projects incurring financial losses (Ren, 1994, p. 68).
The research entails two main variables whose significance and connection to each other, and the research problem is clearly explained through elaborate literature review and acknowledgment. The study explores a variety of events that comprise what is regarded as the risk lifecycle such as the start time and duration of the risk and the cash-flow of the risk losses. On the other hand, the relationship between these risks is also explained including the basic patterns of the risk relationships such as independence, series, dependence, and parallel.
Research Design
As indicated earlier, the study entails both the development of a theoretical framework and testing its practical applicability by considering a case of a commercial construction development project in England. It is an appropriate method of addressing the research problems because there is no developed research question. For this study, the research design entails both a literature review and a case study. The case study is designed in such a way that it covers discussions on the risks identified and their relationships. Besides, it covers definitions and estimations of various parameters measured, such as time and losses. The study also entails simulations and analyses of the data generated.
The research design could have been improved through the incorporation of a designed research methodology because the current study entails intensive literature review and estimation of some analytical parameters instead of measuring raw and analyzable data. The study accounts for the chosen parameters, but it does not include the criterion employed in choosing them. However, the research study successfully isolates what is being measured/ considered from other effects. Additionally, the two variables considered are clearly and reasonably operationalized. The validity and reliability of the measures have not been discussed because the simulations and analyses are based on assumptions. The secondary data considered in this case is appropriate for the research question. However, the sample size considered is not specified and, thus, it is not possible to generalize the results based on the sample.
Results and Discussions
The data considered in this study is secondary data, which is appropriate for the research topic because it entails the measurement of risk lifecycle and risk relationships. The two variables may not generate statistically analyzable data under normal circumstances. About the literature review, there is no indication of a systematic data collection procedure. However, in the case studied, the data collected is systematically generated by computer software and recorded. The statistical techniques considered for this case study are clearly described and appropriate. However, no reference is made to the accepted procedures of analysis.
There is no control variable considered in this case study and, thus, is impossible to tell of any control variables which were omitted. The analysis is systematically carried out since it entails computer simulations and analyses, which are more precise and accurate compared to conventional methods of analysis. However, the study does not include discussions on how concepts, themes, and categories are derived from the data considered.
Conclusions
The conclusions provided represent a summary of the main points considered in the main study. Moreover, the conclusions are consistent with the results of the case study in that it is indicated that using the new methodology, decision-makers can assess risks based on the risks identified, analyzed, and the time and common effects considered. On the other hand, there are no alternative conclusions that are provided and accounted for in this study. Besides, the theoretical and practical implications of the results are not adequately discussed in this study except that it is mentioned that the new methodology discussed is appropriate for sound decision making.
Furthermore, the limitations of the study have not been discussed in line with the parameters considered in the research and the applicability of the findings. Also, the conclusion does not offer discussions of the evidence for and against the researcher’s arguments. Finally, the conclusion fails to provide a clear distinction between the data considered and their interpretations. Overall, the literature used in reviewing the research is adequate. However, the statistical analyses are not adequate for the study. On the other hand, the paper provides an effective methodology for risk assessment and management.
Project risk management in the Queensland engineering construction industry: a survey
General Review
This research paper is difficult to review because it incorporates several studies and concepts into the current research.
Conceptualization and theoretical basis of the work
Risk management forms a crucial part of project management because many studies indicate that failure to manage and mitigate risks is the main cause of project failure. This paper entails a survey conducted on senior managers of the construction projects in Queensland to assess the application of risk management in their daily practice. Further, the results of the survey are compared with earlier studies conducted in the United States, Uher, Canada, Australia, and Israel, among other countries (Lyons & Skitmore, 2004, p. 51).
The paper provides a summary of the major concepts considered in the survey. The paper explores the importance of incorporating risk management into practice as opposed to other studies that fail miserably in terms of evaluating the practical applications of risk management. Furthermore, the paper has wider practical relevance in terms of presenting the techniques for assessing the level of risk tolerance among individuals or construction companies and the possible ways of recording risk data and its usage in future project management practices (Lyons & Skitmore, 2004, p. 52).
The process of detailing the aims and objectives of the research entails a review of four published papers on the same topic. However, there is no clear connection between the current study and the published materials. Moreover, the paper does not explain the relevance of previous studies in detail. This research paper is mainly concerned with aspects related to organizational behavior management, project management, and management science.
Analytical Framework
In this paper, the research question has been clearly explained in the introductory section by referring to a body of relevant data. However, there is no clearly stated research question. A discussion on the practical applicability of risk management is employed in developing the intended research question. The study does not include any hypotheses which need to be tested. However, it includes consideration of several variables, which are statistically measured to assess the level of agreement or disagreement between the findings of the current study and four other studies concerning the same topic.
Furthermore, the paper entails an analysis of the cohesion between the four investigations conducted earlier in addition to a consideration of the objectives and results of the four studies. In this way, the preliminary analysis contributes to the development of a multiple-choice questionnaire and theory development. It was then followed by a pilot study, which led to the development of a final questionnaire (Lyons & Skitmore, 2004, p. 52). The questionnaire was designed in such a way that it reflects the objectives of the previous studies to allow for comparison of the results of the four studies against the current research. Thus, there are clear indications that the contents of the questionnaire are significant to theoretical literature development.
Research Design
Considering the nature of the research question in this paper, the research methods used are appropriate. The research entails a quantitative comparative survey, thereby making the questionnaire methodology the most appropriate method for the study. The study aims at generating statistical data to be utilized in comparing a variety of variables concerning risk management between different surveys. This kind of study requires primary data, which is collected directly from participants using the multiple-choice questionnaire. Therefore, the sensitivity of the research method is sufficient to cater to the requirements of the current study. It is a quantitative kind of study, which involves numerical data related to a variety of variables.
The survey could be improved through the inclusion of hypotheses, which could allow for systematic analysis of the data generated. Additionally, this could narrow the scope of the research to considering specific variables related to the research question. The article includes a clear account of the criterion used in selecting the focus units of analysis. The chosen cases and variables are related to risk management in one way or the other. Analysis of the objectives and findings of previous studies provides the background of the study. The research isolates the measures considered from other effects, thereby clearly separating and reasonably operationalizing the variables. The variables considered in this research include risk management training, risk management usage, and risk management application. The reliability and validity of the measures used have also been adequately discussed. The population considered in this study is appropriate for the research question. Moreover, the population sample has been specified to be 200 construction organizations chosen randomly. However, it is not possible to generalize the results based on the sample.
Results and Discussions
It is possible to tell that the data considered in this research study is appropriate and enough. Additionally, data collection and record-keeping is done systematically and tabulated. The main statistical techniques employed in this research study are ANOVA and weighted average scores (WAS), which are appropriate and adequately described in the study. Also, reference is made to accepted procedures for analysis. On the other hand, there are no control variables, which are considered in this research study. Moreover, there are no additional variables, which are supposed to be considered that have not been included in the study.
The analysis conducted in this case is systematic, highly organized, and adequately described. Besides, there is an adequate discussion on the techniques employed in deriving themes, categories, and concepts from the data.
Conclusions
The conclusions provided in this research study are derived from the results as inferred from the data analyzed. The conclusions are also consistent with the results of the study, although it does not include any numerical analysis. However, the conclusions are consistent with the arguments developed in the main body. The alternative conclusions provided in this case are consistent with the results described and are adequately accounted for.
The conclusion does not provide adequate discussions on the theoretical and practical implications of the results. Furthermore, the limitations of the study in terms of the parameters of the study and applicability of the findings are not considered. However, there is an adequate discussion of the evidence for and against the researchers’ arguments. On the other hand, the conclusions do not include a clear distinction between the data and related interpretations. Overall, the article adequately handles the research question in terms of the arguments provided and the results generated. Careful implementation of the researcher’s findings can help in terms of reducing the level of risk tolerance in many construction organizations.
Understanding the key risks in construction projects in China
General Review
This research paper is very difficult to review because it covers a wide area of risk management, which comprises numerous potential risks to be considered under a single research article.
Conceptualization and theoretical basis of the work
Since most construction projects are characterized by complex procedures, long periods, and organizational/ technological convolutions, they are associated with numerous risk factors. This article aims at exploring the major risk factors in the construction industry in China to come up with strategies for mitigating them. In this case, priority is given to those risks showing the greatest influence on the time, safety, quality, and cost of construction projects relative to the combined standpoints of the industry stakeholders and the risk lifecycles.
The major concepts are clearly explained relative to the previous research studies concerning the same topic. Furthermore, the paper has a wide range of practical applications in that the research findings contribute to studies in risk mitigation in practice. Besides, the research findings can be a crucial resource base for service providers wishing to provide their risk management techniques in the Chinese construction industry (Zou et al., 2007, p. 601). Besides, the research is based on previously conducted studies to which a strong connection is created and acknowledged. Finally, the theoretical basis of this work is based on the field of management science, operation/production management, and project management.
Analytical Framework
The research does not include a clearly stated research question. However, adequate discussions lead to the development of the research problem addressed in the research study. There are no hypotheses in this research because it entails a comprehensive literature review coupled with a postal questionnaire data collection methodology and data analysis. The three methods lead to the identification of the major risk factors in the construction industry in China and the possible strategies to address them (Zou et al, 2007, p. 604).
The study entails a wide range of literature sources such as journals, books, and worldwide paper reviews, which contributes to a strong theoretical development process. Additionally, a pilot study was conducted before the main survey to test the validity of the content in the questionnaire. Although the research fails to include hypotheses in its statistical framework, the literature review conducted shows clear indications connecting it to theoretical development.
Research Design
The research methodology adopted in this research study is appropriate for the nature of the study question being addressed. Since the research question comprises both qualitative and quantitative factors, the sensitivity aspects of the methods match the requirements of the research question. Furthermore, the research study requires both primary and secondary data. Thus, the type of research design represented hereby is a mixture of qualitative, quantitative, and comparative research.
Since the research study reviews work that has been done in addition to collecting raw data from participants, the methodology could have been improved if hypotheses were included to allow for the development of a systematic analysis. Additionally, hypotheses could have narrowed the scope of the research to specific measurable parameters. The research comprises a clear account of the criterion employed in choosing the cases analyzed. The literature reviewed in this case is based on the major risks that affect the construction industry worldwide.
The research isolates the variables to be measured from the other effects. Through questionnaire analysis, the researchers have clearly and reasonably operationalized the variables considered in the study. The variables measured include cost-related risks, time-related risks, quality-related risks, and environmental and safety-related risks. Furthermore, the reliability and validity of the measures employed are discussed clearly. The population considered is appropriate for the research question. However, the population sample has not been specified and therefore it is not possible to generalize the results based on the sample.
Results and Discussions
The data generated in this research study is appropriate in terms of addressing the research question, but it is not sufficient. On the other hand, the process of data collection and record-keeping is done systematically. The study analyzes the data generated based on the probability of a risk occurring and the magnitude of the associated consequences. These statistical methods are appropriate for this kind of study. Besides, the statistical techniques are adequately described and referenced by the accepted procedures of analysis.
Besides, the control variables have not been clearly defined in the study. Based on the discussions provided, time, cost, quality, safety, and the environment can make good control variables. Despite the section involving a data analysis by considering several variables, there is no systematic approach in the whole process of analysis. However, the discussions section comprises clearly described accounts of how themes, concepts, and categories have been inferred from the research findings.
Conclusions
The conclusions provided by the researchers flow from the discussions and results of the main study. Also, the conclusions are consistent with the results of the data analyzed. However, there are no numerical data discussed in the conclusions. Additionally, the conclusions are consistent with the development of the arguments provided in the main paper.
There are no alternative conclusions that are provided in this article. Moreover, the conclusions fail to provide the theoretical and practical implications of the study. However, the researchers have included a list of recommendations on how certain risks should be addressed by key players in the construction industry. The limitations of the study in terms of research parameters and applicability of the results have not been provided in the conclusion. The conclusions do not provide adequate discussions of the evidence for and against the researchers’ arguments. Besides, it also fails to include clear distinctions between the data and their interpretations.
Overall Review
Research paper review-1 and 2 have proven to be relatively simple to analyze and criticize. However, papers 3 and 4 were relatively difficult to review due to the complexity of their content and wider scope. Overall, the paper review task has been beneficial and helpful in terms of highlighting the major characteristics and pitfalls in research materials. It has also important in terms of developing the skills needed to determine the quality, originality, and importance of research findings in any research material.
Reference list
Baloi, D & Price, A.F. 2003.Modeling global risk factors affecting construction cost Performance. International Journal of Project management. Vol. 21, pp. 261-269.
Lyons, T & Skitmore, M. 2004. Project risk management in the Queensland engineering construction industry: a survey. International Journal of management. Vol. 22, pp. 51-61.
Ren, H. 1994. Risk lifecycle and risk relationships on construction projects. International Journal of Management. Vol. 12, no. 2, pp. 68-74.
Zou, P.X., Zhang, G. & Wang, J. 2007. Understanding the key risks in construction projects in China, International Journal of management. Vol. 25, pp. 601-614.