Multi-party risk management helps manage cement plant construction in Thailand
by Prasanta Kumar Dey, Chotchai Charoenngam, Stephen O. Ogunlana, Dechjaroen Kajornkiat
International Journal of Services Technology and Management (IJSTM), Vol. 11, No. 4, 2009

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.

Online publication date: Fri, 10-Apr-2009

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