Contingency release during project executing; The contractor’s decision-making dilemma
By: Ayub, B. Jamaluddin,M and Ullah, F
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Material type: 
BookPublisher: Project Management Journal Description: 50(6), 2019: p. 734-748.Subject(s): Contingency management, Contingency release, Key performance indicators, Mathematical model
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Project Management Journal Summary: Risk is inherent in construction projects and managed through contingency. Dynamic management of contingency escrow accounts during project execution poses decision-making challenges. Project managers use key performance indicators (KPIs) for contingency release decisions. However, their subjective mental models influence risk perception, exacerbating the decision-making dilemma. This research integrates project KPIs with future risk perception to develop a mathematical model for facilitating such decision making. Results suggest timely completion, project cost, stakeholder satisfaction, quality and safety as top KPIs, and the influence of managerial pressure as a significant decision contributor. The proposed model helps project managers in dynamic decision making for cost contingency.- Reproduced
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Articles
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Indian Institute of Public Administration | 50(6), 2019: p.734-748 | Available | AR123319 |
Risk is inherent in construction projects and managed through contingency. Dynamic management of contingency escrow accounts during project execution poses decision-making challenges. Project managers use key performance indicators (KPIs) for contingency release decisions. However, their subjective mental models influence risk perception, exacerbating the decision-making dilemma. This research integrates project KPIs with future risk perception to develop a mathematical model for facilitating such decision making. Results suggest timely completion, project cost, stakeholder satisfaction, quality and safety as top KPIs, and the influence of managerial pressure as a significant decision contributor. The proposed model helps project managers in dynamic decision making for cost contingency.- Reproduced
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