In the thesis paper, the relevant scientific and applied problem of developing and studying models and methods of risk management for construction projects on the basis of a value-oriented approach has been solved, aimed at reducing the consequences of risks during their implementation, contributing to an increase in the efficiency of management of such projects.
The current state of construction project management is analyzed, the peculiarity of application of the value-oriented approach is shown, the identification of risks connected with this approach is carried out. The analysis of existing models and methods of risk management for construction projects has identified their features and problems in management. It was also revealed that the existing models and methods do not take into account the peculiarities of construction projects, to which a value-oriented approach in management is applied, namely, when meeting the interests of stakeholders, which forms specific reasons for risks. Therefore, the need was found to develop models and methods for managing the risks of construction projects based on a value-oriented approach.
The author has proposed a number of terms for a more complete disclosure of the essence of risk management in construction projects based on a value-oriented approach: external stakeholder, value conflict, and value conflict management. An “external stakeholder” is a stakeholder in a construction project who is present in time outside the classical PLC and cannot exert management influences on the project team and project management processes, but it is a source of risks for construction projects of the VBM and whose expectations must be considered for the effective management of such projects. A “value conflict” is a way of resolving contradictions arising in the process of gaining / expecting value by stakeholders from a construction project, which is to counteract stakeholders from the successful project completion and is usually accompanied by negative impacts on the project or image of the project-oriented construction organization. The value conflict is the entity that is the source of the risks in the construction projects of the VBM. A “value conflict management” is the purposeful impact of the project team on the dynamics of the value conflict in the interests of successful completion of the project, by meeting the expectations of all stakeholders, by finding a harmonized value of the project.
A conceptual model of risk management for construction projects using a value-oriented approach has been developed by the author, which allows one to formalize the value conflict of stakeholders, which is transformed into risks of a construction project, the place and time of their occurrence. The model outlines the boundaries of risk management processes and their mutual arrangement with respect to the processes and stages of the life cycle of a classic project, shows the role of stakeholders in the formation of risks.
The model of decision-making in the context of risks has been improved and adapted to the subject area of construction projects. In the work, it is formed as a mathematical model of risk management for construction projects based on a value-oriented approach, by introducing weight coefficients that determine the significance of stakeholders' expectations of project results. The model is based on the identified risks of construction projects based on the value-oriented approach and developed conceptual model. The model allows one to choose a project alternative that provides harmonized value that will satisfy the maximum possible number of project stakeholders by reducing the conflict between them.
The author has developed a method of risk management for construction projects based on a value-oriented approach, which is based on the analysis of the value that stakeholders will receive as a result of project product construction, conceptual and mathematical models of risk management of construction projects based on a value-oriented approach that allows identifying the value conflict of the stakeholders who will form the corresponding risks. In order to reduce these risks, the project value is harmonized, which improves the efficiency of construction project management.
The results of the thesis research are implemented in the process of construction project management of the Limited Liability Company “Cherkasy Repair and Construction Company”, Cherkasy, and of the Limited Liability Company “Kyiv Energy Construction Company”, Kyiv.
The application of the models and method of risk management for construction projects developed by the author on the basis of a value-oriented approach allowed reducing the level of unforeseen expenses by 10-12% compared to other similar projects.
Keywords: construction projects, construction project management, value-oriented approach, stakeholders, value
