Applicability of Multi-Party Risk and Uncertainty Management Process : Benefits from Its Application on an Infrastructure Project

• Pipattanapiwong, Jirapong

• Watanabe, Tsunemi

Abstract

This paper demonstrates application of the multi-party risk and uncertainty management process (MRUMP) to a real infrastructure project located in a Southeast Asian country as a case study. There are two objectives for its application. The first objective is to discuss applicability of the MRUMP for further refinement and improvement. The second objective is to reveal lessons learnt resulting from outputs of the MRUMP as benefits for both practitioners currently working on site and prospective practitioners of future projects. The MRUMP is designed for proactively solving problem through problem awareness, problem identification and problem solving. From the application, it could illustrate the MRUMP’s benefits at least in the following aspects, i.e., 1) facilitating problem solving by integration of multiple parties’ views, 2) increasing attention on uncertainty, 3) enhancing assessment by valuation of probability and impact and 4) realizing efficient management measures of uncertainty. Moreover, the MRUMP can be used as a post-evaluation study to draw lessons learnt for similar projects in future. It is further expected that the MRUMP is applicable for contract evaluation, assistance in policy making, planning, and problem avoidance at early stage of project and problem solving at later stage of project.

Journal

• Society for Social Management Systems Internet Journal

  Society for Social Management Systems Internet Journal 5 (1), 2009-03

  Society for Social Management Systems

Keywords

• risk and uncertainty
• risk management process
• application of risk management process in infrastructure project

Details

• CRID: 1050001201680532096
• NII Article ID: 120006666247
• ISSN: 2432552X
• Web Site: http://hdl.handle.net/10173/1778
• Text Lang: en
• Article Type: conference paper
• Data Source:
  • IRDB
  • CiNii Articles