Application of an Integrated risk management system (IRMS) to an international construction project

Date

2006-09-06

Author

Dikmen Toker, İrem
Birgönül, Mustafa Talat

Metadata

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Integrated Risk Management System (IRMS) is a decision support tool designed to support users at all phases of risk management and to assist cost estimation in the bid preparation stage, especially in international construction projects. IRMS process model consists of four integrated phases such as risk identification, risk rating and response development, risk analysis, and finally, risk revising and monitoring. A hierarchical risk breakdown structure is provided in the system which facilitates systematic risk identification process. Risk coding option embedded in the system creates a common language between the project participants. IRMS carries out an iterative risk rating and response generation process as an input for Monte Carlo Simulation. Moreover, IRMS is designed to store and retrieve risk information from a corporate memory that helps learning from projects. IRMS also allows multi-user risk rating. It increases the awareness of project participants on the magnitude of risks and helps visualization of risk scenarios by its effective reporting options. It can be used throughout the project life cycle and risk scenarios can be revised as the project proceeds. In this paper, application of IRMS prototype is illustrated by a real case study. The example project is a hydro electric power plant project (HEPP) which has been carried out by an international consortium in Turkey. Performance, shortcomings and benefits of IRMS are discussed by referring to experiences gained as a result of this application.

URI

https://hdl.handle.net/11511/88264

Conference Name

ARCOM 2006, (4 - 06 Eylül 2006)

Collections

Department of Civil Engineering, Conference / Seminar

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Citation Formats

İ. Dikmen Toker and M. T. Birgönül, “Application of an Integrated risk management system (IRMS) to an international construction project,” presented at the ARCOM 2006, (4 - 06 Eylül 2006), 2006, Accessed: 00, 2021. [Online]. Available: https://hdl.handle.net/11511/88264.