Managing Cost-Based Risks in Construction Supply Chains: A Stakeholder-Based Dynamic Social Network Perspective

Author:

Tang Handong1,Wang Ge23,Miao Yanyan1,Zhang Peng4ORCID

Affiliation:

1. Department of Construction Management, Jiangxi University of Finance and Economics, Nanchang 330013, China

2. College of Public Administration, Huazhong Agricultural University, Wuhan 430070, China

3. Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, 200030, China

4. School of Public Affairs, Chongqing University, Chongqing 400044, China

Abstract

In construction projects, cost-related risks are challenges that need to be coped with. These cost-related risks interact with each other along with the project progress and involve different stakeholders, forming a stakeholder-cost risk network. Previous studies have discussed the stakeholder-cost risk network; however, few studies have considered its dynamic characteristics. Different from traditional methods, this study employed the social network analysis (SNA) to explore the key indicators of cost-related risks within the supply chain and identify the key risks and stakeholders across four project stages: the planning start-up stage, design preparation stage, construction period, and operations and maintenance period. From a horizontal point of view (i.e., network development process), the complexity of the stakeholder-cost risk network demonstrates a U-shaped development process during the project life cycle, ranging from simple to complex to simple. From a vertical point of view (i.e., network hierarchical characteristics), the important cost-based risks are diversified within each stage. The current study contributes to forming a better understanding of the stakeholder-cost risk network from a dynamic perspective as well as the crucial cost-based risks within each stage of the project. The findings provide implications for managers to better align cost-based risk intervention strategies, thereby facilitating the achievement of construction project success.

Funder

National Natural Science Foundation of China

Publisher

Hindawi Limited

Subject

Multidisciplinary,General Computer Science

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