Ayub, Bilal and Thaheem, Muhammad Jamaluddin and Ullah, Fahim 
ORCID: https://orcid.org/0000-0002-6221-1175
(2019)
Contingency release during project execution: the contractor’s decision-making dilemma.
Project Management Journal, 50 (6).
pp. 734-748.
ISSN 8756-9728
Abstract
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.
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| Item Type: | Article (Commonwealth Reporting Category C) |
|---|---|
| Refereed: | Yes |
| Item Status: | Live Archive |
| Additional Information: | Permanent restricted access to Published version in accordance with the copyright policy of the publisher. |
| Faculty/School / Institute/Centre: | No Faculty |
| Faculty/School / Institute/Centre: | No Faculty |
| Date Deposited: | 02 Aug 2021 04:42 |
| Last Modified: | 01 Sep 2021 01:41 |
| Uncontrolled Keywords: | contingency management, contingency release, key performance indicators, mathematical model |
| Fields of Research (2008): | 12 Built Environment and Design > 1202 Building > 120201 Building Construction Management and Project Planning |
| Fields of Research (2020): | 33 BUILT ENVIRONMENT AND DESIGN > 3302 Building > 330202 Building construction management and project planning |
| Identification Number or DOI: | https://doi.org/10.1177/8756972819848250 |
| URI: | http://eprints.usq.edu.au/id/eprint/42560 |
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