Anita Cerić

Minimizing communication risk in construction: a Delphi study of the key role of project managers

All significant construction projects involve the project owner and the contractor, as well as their project managers. Following upon recent research into the multiple principal-agent problem, which was applied to the minimization of communication risk in construction projects, the focus here is on communication issues between the four project parties. Recent research has shown that the relationship between the project owner and the contractor is paramount for risk minimization before the contract between them is signed. However, the relationship between project managers is dominant for risk minimization after the contract is signed. To further explore risk minimization at this stage of the project, the Delphi method was employed. A panel of highly-experienced project managers working for both project owners and contractors was asked several rounds of questions in an attempt to arrive to a consensus concerning the most important relationships between project parties in terms of risk minimization after the contract is signed. The relationship between the two project managers tops the ranking, thus focusing further research. As they are both agents, and as there is no contract between them, this offers a fresh challenge for the principal-agent theory.

Strategies for minimizing information asymmetries in construction projects: project managers' perceptions

Communication risk is of crucial importance in construction projects. The situation in which one of the project parties is better informed than another is known as information asymmetry. This problem is addressed by the principal-agent theory. According to this theory, information asymmetries cause three problems: adverse selection, moral hazard, and hold up. The focus here is on strategies for minimizing information asymmetries in the construction phase. A survey of project managers was conducted to establish an understanding of the relative importance of risk-minimization strategies established in the literature: bureaucratic control (contracts), information systems, incentives (bonuses), corporate culture, reputation, and trust. The multi-attribute utility theory was used to analyze the responses. According to the project managers who participated in the survey, trust is the most important strategy in the construction phase, followed by bureaucratic control (contracts) and information systems.

SELECTION OF A FIELD TESTING METHOD FOR KARST ROCK MASS DEFORMABILITY BY MULTI CRITERIA DECISION ANALYSIS

Abstract The rock mass deformation modulus is an essential parameter for any numerical analysis and prediction of deformation in geotechnical engineering. Experience acquired using a large number of geotechnical projects in Croatia and the world indicates a somewhat unreliable determination of rock mass deformability based on correlation of classification results. The method of field testing for deformability can provide a more reliable insight into rock mass behaviour under loading conditions. The paper presents the most frequently used methods for field testing rock deformability. The benefits and disadvantages are shown of each particular method used in determining criteria and forming a ranking list of test methods using the multi criteria decision analysis. This ranking list of terrain testing for the rock mass stiffness is acquired on the basis of set criteria, assumes guidelines for compiling an exploratory works plan necessary for designing complex geotechnical structures in karst. Appropriate ana...

The impact of project managers' experience on the selection of strategies for minimizing information asymmetries in construction projects

This research has evolved in four stages, the last of which is presented here. The principal-agent theory has formed the core of the research through all the stages. The relationship between the project owner and contractor was extended to include their respective project managers. The first stage was based on an exploratory survey of project managers with considerable experience in the field. It was found that the two project managers play the key role in the construction phase of a project, whereas the project owner and contractor play subsidiary roles during this phase. The second stage investigated this finding by using the Delphi method. A panel of experienced project managers selected from the exploratory survey confirmed its findings. The third stage of the research involved another exploratory survey of the same participants to establish the relative importance of a number of risk-minimization strategies in construction projects established on the basis of the principal-agent theory. It was establ...