Mapping of synchronous activities through virtual management momentum simulation

Mapping of synchronous activities through virtual management momentum simulation Purpose – This paper seeks to present an approach to the improvement of the risk analysis of construction projects by linking risk analysis to the potential variances in time and cost performance of endogenous variables. This link is synchronous, such that changes in either the cost or time schedule variables are uniquely modelled to the overall time and cost profile of a project. Design/methodology/approach – The presented approach is based on synchronous time and cost scheduling, simulation and the methodology presented here develops technical indicators on the basis of virtual management momentum (VMM). Findings – The paper shows a potential improvement to management decision making by the use of VMM. Senior management can test alternative strategies and develop probability matrices defining the potential results. Research limitations/implications – The current model simulates the impact of endogenous risks, and therefore by implication excludes all exogenous risks. This limitation can be removed by the introduction of other risk vectors, but is beyond the scope of the current research. Originality/value – The mapping technique utilised to display these changes makes the appreciation of such impacts visually simple and is extremely effective in improving the management of endogenous project risk. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Construction Innovation: Information, Process, Management Emerald Publishing

Mapping of synchronous activities through virtual management momentum simulation

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1471-4175
DOI
10.1108/14714171111124167
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper seeks to present an approach to the improvement of the risk analysis of construction projects by linking risk analysis to the potential variances in time and cost performance of endogenous variables. This link is synchronous, such that changes in either the cost or time schedule variables are uniquely modelled to the overall time and cost profile of a project. Design/methodology/approach – The presented approach is based on synchronous time and cost scheduling, simulation and the methodology presented here develops technical indicators on the basis of virtual management momentum (VMM). Findings – The paper shows a potential improvement to management decision making by the use of VMM. Senior management can test alternative strategies and develop probability matrices defining the potential results. Research limitations/implications – The current model simulates the impact of endogenous risks, and therefore by implication excludes all exogenous risks. This limitation can be removed by the introduction of other risk vectors, but is beyond the scope of the current research. Originality/value – The mapping technique utilised to display these changes makes the appreciation of such impacts visually simple and is extremely effective in improving the management of endogenous project risk.

Journal

Construction Innovation: Information, Process, ManagementEmerald Publishing

Published: Apr 19, 2011

Keywords: Risk analysis; Risk assessment

References

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