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1 – 10 of over 1000
Article
Publication date: 17 February 2012

Joseph H.L. Chan, Daniel W.M. Chan, Albert P.C. Chan and Patrick T.I. Lam

There is a lack of empirical research on risk mitigation strategies for those construction projects procured by guaranteed maximum price contracts (GMP) and target cost contracts…

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Abstract

Purpose

There is a lack of empirical research on risk mitigation strategies for those construction projects procured by guaranteed maximum price contracts (GMP) and target cost contracts (TCC). The paper aims to identify and analyse the risk mitigation strategies for GMP/TCC construction projects from the Hong Kong perspective.

Design/methodology/approach

A total of 94 industrial practitioners with both sound knowledge and abundant hands‐on experience of the GMP/TCC methodology participated in an industry‐wide empirical questionnaire survey to indicate their levels of agreement on those 18 risk mitigation strategies identified from reported literature and in‐depth interviews which were later analysed by factor analysis.

Findings

The results of factor analysis revealed that the 18 individual risk mitigation strategies can be consolidated into seven underlying grouped factors: relational contracting and mutual trust; clear contract provisions and well‐defined scope of works; involvement of contractor in decision making process; right selection of project team; third party review of project design at tender stage; standard contract clauses for GMP/TCC schemes; and fair treatment of contractor.

Research limitations/implications

Although both GMP/TCC contracts have been increasingly popular in the construction market of Hong Kong, not all of these projects have been equally successful and some of them have been exposed to very high risks or uneven allocation of risks. A detailed analysis and an implementation of recommended effective risk mitigation strategies are essential to the success of GMP/TCC schemes.

Originality/value

The research findings of this study are expected to help the decision makers to generate useful insights into risk mitigation strategies when administering GMP/TCC contracts at an early stage of project delivery and lay a solid foundation for further research on GMP/TCC in both local and international contexts.

Article
Publication date: 4 August 2014

Daniel W.M. Chan, Joseph H.L. Chan and Tony Ma

This paper aims to develop a fuzzy risk assessment model for construction projects procured with target cost contracts and guaranteed maximum price contracts (TCC/GMP) using the…

Abstract

Purpose

This paper aims to develop a fuzzy risk assessment model for construction projects procured with target cost contracts and guaranteed maximum price contracts (TCC/GMP) using the fuzzy synthetic evaluation method, based on an empirical questionnaire survey with relevant industrial practitioners in South Australia.

Design/methodology/approach

A total of 34 major risk factors inherent with TCC/GMP contracts were identified through an extensive literature review and a series of structured interviews. A questionnaire survey was then launched to solicit the opinions of industrial practitioners on risk assessment of such risk factors.

Findings

The most important 14 key risk factors after the computation of normalised values were selected for undertaking fuzzy evaluation analysis. Five key risk groups (KRGs) were then generated in descending order of importance as: physical risks, lack of experience of contracting parties throughout TCC/GMP procurement process, design risks, contractual risks and delayed payment on contracts. These survey findings also revealed that physical risks may be the major hurdle to the success of TCC/GMP projects in South Australia.

Practical implications

Although the fuzzy risk assessment model was developed for those new-build construction projects procured by TCC/GMP contracts in this paper, the same research methodology may be applied to other contracts within the wide spectrum of facilities management or building maintenance services under the target cost-based model. Therefore, the contribution from this paper could be extended to the discipline of facilities management as well.

Originality/value

An overall risk index associated with TCC/GMP construction projects and the risk indices of individual KRGs can be generated from the model for reference. An objective and a holistic assessment can be achieved. The model has provided a solid platform to measure, evaluate and reduce the risk levels of TCC/GMP projects based on objective evidence instead of subjective judgements. The research methodology could be replicated in other countries or regions to produce similar models for international comparisons, and the assessment of risk levels for different types of TCC/GMP projects (including new-build or maintenance) worldwide.

Article
Publication date: 18 October 2011

Joseph H.L. Chan, Daniel W.M. Chan, Patrick T.I. Lam and Albert P.C. Chan

The purpose of this paper is to identify the party most preferred to take the risks associated with the target cost contracts and guaranteed maximum price contracts (TCC/GMP) in…

3673

Abstract

Purpose

The purpose of this paper is to identify the party most preferred to take the risks associated with the target cost contracts and guaranteed maximum price contracts (TCC/GMP) in the Hong Kong context.

Design/methodology/approach

An empirical questionnaire survey was conducted with the relevant industrial practitioners to solicit their preferences of risk allocation in TCC/GMP construction projects in Hong Kong.

Findings

The survey findings indicated that risks on tender documentation and project design are better borne by clients, while construction related risks are perceived to be taken by contractors. The research findings are consistent with other similar studies on risk allocation in construction projects in general.

Practical implications

This paper has developed a preferred risk allocation scheme for the delivery of future TCC/GMP projects, taking Hong Kong as an example. It can serve as a useful guide for decision makers to determine an optimal risk allocation at the planning stage of a TCC/GMP scheme.

Originality/value

The paper can benefit both academic researchers and industrial practitioners in generating an equitable risk sharing mechanism for TCC/GMP projects. It provides sufficient empirical evidence, added to the growing body of knowledge and lays a solid foundation for further research such as an international comparison of various risk allocation schemes associated with this kind of contractual arrangement.

Article
Publication date: 22 February 2011

Joseph H.L. Chan, Daniel W.M. Chan, Albert P.C. Chan, Patrick T.I. Lam and John F.Y. Yeung

The purpose of this paper is to develop a fuzzy risk assessment model for construction projects procured with target cost contracts (TCC) and guaranteed maximum price (GMP…

1734

Abstract

Purpose

The purpose of this paper is to develop a fuzzy risk assessment model for construction projects procured with target cost contracts (TCC) and guaranteed maximum price (GMP) contracts using factor analysis (FA) and fuzzy synthetic evaluation method, based on an empirical questionnaire survey with relevant industrial practitioners in Hong Kong.

Design/methodology/approach

A total of 34 key risk factors (RFs) inherent with TCC/GMP contracts were identified through an extensive literature review and a series of structured interviews. A questionnaire survey was then launched to solicit the opinions of industrial practitioners on risk assessment of such RFs.

Findings

The most important 17 principal RFs after the calculation of normalised values were selected for undertaking FA. Five principal risk groups (PRGs) were then generated in descending order of importance as: design risks, pre‐contract risks, economic and financial risks, lack of experience in TCC/GMP procurement process and post‐contract risks. These survey findings also reveal that design risks may be the major hurdle to the success of TCC/GMP projects in Hong Kong.

Originality/value

An overall risk index (ORI) associated with TCC/GMP construction projects and the risk indices of individual PRGs can be generated from the model for reference. An objective and reliable assessment can be achieved. The model provides a solid platform to measure, evaluate and reduce the risk levels of TCC/GMP projects based on objective evidence instead of subjective judgments. The research methodology could be replicated in other countries or regions to produce similar models for international comparisons and the assessment of risk levels for different types of TCC/GMP projects worldwide.

Details

Journal of Facilities Management, vol. 9 no. 1
Type: Research Article
ISSN: 1472-5967

Keywords

Article
Publication date: 1 April 2003

Georgios I. Zekos

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some…

86938

Abstract

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

Details

Managerial Law, vol. 45 no. 1/2
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 1 April 2013

Khong Kok Wei and Wu, You Li

This paper examines the impact of celebrity endorsement on Malaysian consumers' behavioural intentions. Source attractiveness, source credibility and the fit between the endorser…

5258

Abstract

This paper examines the impact of celebrity endorsement on Malaysian consumers' behavioural intentions. Source attractiveness, source credibility and the fit between the endorser and the endorsed product are discussed and examined. An empirical study is carried out which uses stimulus materials that involve a sport shoe brand and a fitness centre. The dataset is analysed using a series of multivariate analyses and a model subsequently constructed using structural equation modelling. The findings indicated that source attractiveness and credibility are essential for celebrity endorsement effectiveness. However, the fit between the endorser and the product is not found to be significant. Nonetheless, this fit has an indirect effect on consumers' behavioural intentions, via the shared variances with source attractiveness and credibility.

Details

International Journal of Sports Marketing and Sponsorship, vol. 14 no. 3
Type: Research Article
ISSN: 1464-6668

Keywords

Article
Publication date: 10 August 2018

Robert Osei-Kyei, Albert P.C. Chan, Ayirebi Dansoh, Joseph Kwame Ofori-Kuragu and Emmanuel Kingsford Owusu

The purpose of this study is to explore the motivations of governments for adopting unsolicited proposals for public–private partnership (PPP) project implementation.

Abstract

Purpose

The purpose of this study is to explore the motivations of governments for adopting unsolicited proposals for public–private partnership (PPP) project implementation.

Design/methodology/approach

A comprehensive review of literature was conducted to derive a list of motivations for adopting unsolicited PPPs. Subsequently, an empirical questionnaire survey was conducted with international PPP experts. Inter-rater agreement analysis, mean significance index and independent two-sample t-test were used for data analysis.

Findings

Results reveal four very critical motivations for governments’ interest in unsolicited PPPs; these include: “enhanced private sector innovation and creativity in PPPs”; “lack of public sector capacity to identify, prioritise and procure projects”; “lack of private investors’/developers’ interest in projects at remote areas”; and “rapid implementation of PPP projects”. Further analysis shows that developing and developed countries view the significance of three motivations differently.

Research limitations/implications

The major limitation lies in the fact that this study only focused on the general motivations/rationale for using unsolicited PPP proposals and did not thoroughly examine and consider the inherent property of motivations (i.e. push and pull theories). Therefore, future studies should explore the “pull and push” motivations for adopting unsolicited PPPs within a specific country or region.

Originality/value

The research outputs inform international private developers of the key expectations of governments/public departments when submitting unsolicited PPP proposals for consideration by the public sector. Furthermore, the outputs will enable governments/public departments and private proponents to derive performance objectives and standards for unsolicited PPP projects.

Details

Journal of Financial Management of Property and Construction, vol. 23 no. 2
Type: Research Article
ISSN: 1366-4387

Keywords

Article
Publication date: 1 February 2000

Richard Friedrich

This bibliography contains references to papers, conference proceedings, theses and books dealing with finite strip, finite prism and finite layer analysis of structures…

1193

Abstract

This bibliography contains references to papers, conference proceedings, theses and books dealing with finite strip, finite prism and finite layer analysis of structures, materially and/or geometrically linear or non‐linear.

Details

Engineering Computations, vol. 17 no. 1
Type: Research Article
ISSN: 0264-4401

Keywords

Article
Publication date: 20 October 2010

Nguyen Van Huy, Michael Dunne, Joseph Debattista and Dao An

Rural‐urban migration continues to grow in many developing countries including Vietnam. The experience of stress and coping associated with this process may vary for people from…

Abstract

Rural‐urban migration continues to grow in many developing countries including Vietnam. The experience of stress and coping associated with this process may vary for people from different circumstances. However, there has been little research on migrants to date. This study adopts a qualitative approach to research on unregistered, male, migrant freelance labourers in urban Vietnam and to explore factors contributing to stress and coping among this population. The study revealed an array of stressors related to migrants' life experiences in urban space, including physical, financial and social factors. Coping was diverse, including problem‐focused coping (PFC) and emotion‐focused coping (EFC), pro‐social and anti‐social, active and passive. Less active and anti‐social coping appeared common. Together, weak social network and lack of support from formal systems placed coping and adaptation in a cyclic relationship. The results highlight a multi‐disciplinary approach to help cope and adapt effectively for these men.

Details

International Journal of Migration, Health and Social Care, vol. 6 no. 2
Type: Research Article
ISSN: 1747-9894

Keywords

Article
Publication date: 1 June 2007

Bridget Candy, Vicky Cattell, Charlotte Clark and Stephen Stansfeld

Those most socially disadvantaged are at a greater risk of common mental disorder (CMD). The need to evaluate the health impact of social policy interventions that aim to reduce…

Abstract

Those most socially disadvantaged are at a greater risk of common mental disorder (CMD). The need to evaluate the health impact of social policy interventions that aim to reduce social inequalities between the disadvantaged and the better off is well recognised. This paper reports findings from a review to explore evidence on the health impact of UK policy interventions that aim to tackle the key social determinants of CMD. These were previously identified from the literature as cumulative socioeconomic deprivation, unemployment, psychosocial work characteristics, and poor social relationships. We identified some evidence of a positive impact on CMD of urban regeneration schemes, but evidence was sparse on interventions relating to the other determinants. The ability of research to inform policy designed to improve the lives of the disadvantaged could be assisted by a broader definition of what counts as evidence. This may include wider use of qualitative methodologies and a more deliberate focus on social processes known to be implicated in mental health.

Details

Journal of Public Mental Health, vol. 6 no. 2
Type: Research Article
ISSN: 1746-5729

Keywords

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