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Assessing the Client's Risk Management Performance in Construction Procurement and Contracting: Case Studies.

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Title: Assessing the Client's Risk Management Performance in Construction Procurement and Contracting: Case Studies.
Authors: Serpell, Alfredo1 aserpell@ing.puc.cl, Ferrada, Ximena2, Howard, Rodolfo1
Source: Procedia Engineering. 2015, Vol. 123, p510-518. 9p.
Subjects: Construction industry, Risk management in business, Construction contracts, Decision making, Mineral industries, Construction projects
Abstract: Today we are facing an increasingly uncertain world that can pose a threat to any business, but also an instance to leverage and generate new opportunities. Risk Management (RM) understands that present decisions and actions can influence the future, by identifying opportunities and threats. This paper addresses these issues with regards to the procurement and contract management of construction services in the mining industry, considering that this industry has not yet established a systematic framework for the application of RM in these functions. This situation results in the lack of knowledge about RM performance and gaps in procurement and contracting, making an evaluation and monitoring system of this function a needed methodology. With such a system, gaps in RM can be identified, improvement actions recommended and performance controlled. Then, a prototype evaluation system has been constructed based on maturity models where the evaluation is based on 1) a knowledge-based system that is able to propose actions to overcome current limitations of the RM function, and 2) a monitoring approach that is able to show the evolution of the RM function with the goal of improving it continuously. The maturity model and the prototype system used for this evaluation are described and results from two case studies corresponding to two mining companies are discussed. Also, main conclusions obtained from their analysis are presented. The prototype system has been validated through these cases and it might become the basis for the construction of a more functional system that could improve RM in procurement and contracting management in the future. These mining companies have considered the prototype as a useful tool because it establishes a framework for RM in the management of procurement and contracting processes, it can generate a systematic evaluation of RM in this area, and it is of easy access and use. [ABSTRACT FROM AUTHOR]
Copyright of Procedia Engineering is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
Database: Engineering Source
FullText Text:
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DbLabel: Engineering Source
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PubType: Academic Journal
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  Data: Assessing the Client's Risk Management Performance in Construction Procurement and Contracting: Case Studies.
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  Data: <searchLink fieldCode="AR" term="%22Serpell%2C+Alfredo%22">Serpell, Alfredo</searchLink><relatesTo>1</relatesTo><i> aserpell@ing.puc.cl</i><br /><searchLink fieldCode="AR" term="%22Ferrada%2C+Ximena%22">Ferrada, Ximena</searchLink><relatesTo>2</relatesTo><br /><searchLink fieldCode="AR" term="%22Howard%2C+Rodolfo%22">Howard, Rodolfo</searchLink><relatesTo>1</relatesTo>
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  Data: <searchLink fieldCode="JN" term="%22Procedia+Engineering%22">Procedia Engineering</searchLink>. 2015, Vol. 123, p510-518. 9p.
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  Data: <searchLink fieldCode="DE" term="%22Construction+industry%22">Construction industry</searchLink><br /><searchLink fieldCode="DE" term="%22Risk+management+in+business%22">Risk management in business</searchLink><br /><searchLink fieldCode="DE" term="%22Construction+contracts%22">Construction contracts</searchLink><br /><searchLink fieldCode="DE" term="%22Decision+making%22">Decision making</searchLink><br /><searchLink fieldCode="DE" term="%22Mineral+industries%22">Mineral industries</searchLink><br /><searchLink fieldCode="DE" term="%22Construction+projects%22">Construction projects</searchLink>
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  Data: Today we are facing an increasingly uncertain world that can pose a threat to any business, but also an instance to leverage and generate new opportunities. Risk Management (RM) understands that present decisions and actions can influence the future, by identifying opportunities and threats. This paper addresses these issues with regards to the procurement and contract management of construction services in the mining industry, considering that this industry has not yet established a systematic framework for the application of RM in these functions. This situation results in the lack of knowledge about RM performance and gaps in procurement and contracting, making an evaluation and monitoring system of this function a needed methodology. With such a system, gaps in RM can be identified, improvement actions recommended and performance controlled. Then, a prototype evaluation system has been constructed based on maturity models where the evaluation is based on 1) a knowledge-based system that is able to propose actions to overcome current limitations of the RM function, and 2) a monitoring approach that is able to show the evolution of the RM function with the goal of improving it continuously. The maturity model and the prototype system used for this evaluation are described and results from two case studies corresponding to two mining companies are discussed. Also, main conclusions obtained from their analysis are presented. The prototype system has been validated through these cases and it might become the basis for the construction of a more functional system that could improve RM in procurement and contracting management in the future. These mining companies have considered the prototype as a useful tool because it establishes a framework for RM in the management of procurement and contracting processes, it can generate a systematic evaluation of RM in this area, and it is of easy access and use. [ABSTRACT FROM AUTHOR]
– Name: AbstractSuppliedCopyright
  Label:
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  Data: <i>Copyright of Procedia Engineering is the property of Elsevier B.V. and its content may not be copied or emailed to multiple sites without the copyright holder's express written permission. Additionally, content may not be used with any artificial intelligence tools or machine learning technologies. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.</i> (Copyright applies to all Abstracts.)
PLink https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=egs&AN=110577086
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        Value: 10.1016/j.proeng.2015.10.103
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        Text: English
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        PageCount: 9
        StartPage: 510
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      – SubjectFull: Construction industry
        Type: general
      – SubjectFull: Risk management in business
        Type: general
      – SubjectFull: Construction contracts
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      – SubjectFull: Decision making
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      – SubjectFull: Mineral industries
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      – SubjectFull: Construction projects
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      – TitleFull: Assessing the Client's Risk Management Performance in Construction Procurement and Contracting: Case Studies.
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            NameFull: Ferrada, Ximena
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            NameFull: Howard, Rodolfo
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              M: 12
              Text: 2015
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