Title: Multi-party risk management helps manage cement plant construction in Thailand

Authors: Prasanta Kumar Dey, Chotchai Charoenngam, Stephen O. Ogunlana, Dechjaroen Kajornkiat

Addresses: Operations and Information Management Group, Aston Business School, Aston University, Aston Triangle, Birmingham B4 7ET, UK. ' School of Engineering and Technology, Asian Institute of Technology, Bangkok, Thailand. ' School of the Built Environment, Heriot-Watt University, Edinburgh, UK ' School of Engineering and Technology, Asian Institute of Technology, Bangkok, Thailand

Abstract: Several parties (stakeholders) are involved in a construction project. The conventional Risk Management Process (RMP) manages risks from a single party perspective, which does not give adequate consideration to the needs of others. The objective of multi-party risk management is to assist decision-makers in managing risk systematically and most efficiently in a multi-party environment. Multi-party Risk Management Processes (MRMP) consist of risk identification, structuring, analysis and developing responses from all party perspectives. The MRMP has been applied to a cement plant construction project in Thailand to demonstrate its effectiveness.

Keywords: risk management; multi-party risks; cement plant construction; FTA; fault tree analysis; risk responses; construction management; Thailand.

DOI: 10.1504/IJSTM.2009.024577

International Journal of Services Technology and Management, 2009 Vol.11 No.4, pp.411 - 435

Published online: 10 Apr 2009 *

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