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Risk assessment model for international construction projects considering risk interdependence using the DEMATEL method

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  • Fengfeng Zhu
  • Hao Hu
  • Feng Xu

Abstract

Given the complexity of international construction projects (ICP), risk management difficulties commonly cause cost overruns. This paper analyzes the problems of risk interdependence and subjective ratings in the application of the traditional risk assessment model in ICP. To solve the above problems, this paper proposes a risk assessment model for ICP that considers risk interdependence and obtains references from similar projects. The model applies the Decision-Making Trial and Evaluation Laboratory (DEMATEL) to determine the risk interdependence and its contribution to the overall project risk. Moreover, this model recalls the risks, probabilities, impacts, and risk events records of similar historical projects as the necessary inputs, thereby addressing the issue of subjectivity. An integrated framework is provided to identify, analyze, and prioritize ICP risks to incorporate risk interdependence into the risk management process. Finally, this paper demonstrates and validates the proposed model through a real project. The proposed model is useful for international construction companies to support project selection and bidding decisions in the early stage of ICP.

Suggested Citation

  • Fengfeng Zhu & Hao Hu & Feng Xu, 2022. "Risk assessment model for international construction projects considering risk interdependence using the DEMATEL method," PLOS ONE, Public Library of Science, vol. 17(5), pages 1-20, May.
    • Handle: RePEc:plo:pone00:0265972
    DOI: 10.1371/journal.pone.0265972
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    References listed on IDEAS

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    1. Alireza Valipour & Hadi Sarvari & Jolanta Tamošaitiene, 2018. "Risk Assessment in PPP Projects by Applying Different MCDM Methods and Comparative Results Analysis," Administrative Sciences, MDPI, vol. 8(4), pages 1-17, December.
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    3. Hamzeh Dehghani & Ali Hormozi & Mansour Nikpour, 2022. "Systematic risks assessment of precast concrete canal in irrigation projects using DEMATEL method," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(1), pages 123-130, February.
    4. Augustinas Maceika & Andrej Bugajev & Olga Regina Šostak & Tatjana Vilutienė, 2021. "Decision Tree and AHP Methods Application for Projects Assessment: A Case Study," Sustainability, MDPI, vol. 13(10), pages 1-33, May.
    5. Satish Kumar Viswanathan & Kamalendra Kumar Tripathi & Kumar Neeraj Jha, 2020. "Influence of risk mitigation measures on international construction project success criteria – a survey of Indian experiences," Construction Management and Economics, Taylor & Francis Journals, vol. 38(3), pages 207-222, March.
    6. Gholamreza Dehdasht & Rosli Mohamad Zin & M. Salim Ferwati & Mu’azu Mohammed Abdullahi & Ali Keyvanfar & Ronald McCaffer, 2017. "DEMATEL-ANP Risk Assessment in Oil and Gas Construction Projects," Sustainability, MDPI, vol. 9(8), pages 1-24, August.
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    8. Georgios K. Koulinas & Alexandros S. Xanthopoulos & Konstantinos A. Sidas & Dimitrios E. Koulouriotis, 2021. "Risks Ranking in a Desalination Plant Construction Project with a Hybrid AHP, Risk Matrix, and Simulation-Based Approach," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 35(10), pages 3221-3233, August.
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