The research activities in RiMaCon are organized within 5 work packages which comprise the necessary secondments (or knowledge exchanges) between the commercial and non-commercial sectors.
- Work Package 1: Identification of risks and current risk management systems in the construction sector
This work package will review the literature to look at the current situation regarding the impact of risks in the construction sector. Data will be collected on aspects such how companies and their stakeholders manage their operations, processes, customers and suppliers. Relevant threats/variables affecting the sector as well as the methodologies used to eliminate or minimise their impact will be identified.
- Work Package 2: Development of conceptual Enterprise Risk Management framework
Data and information gained from work package 1 will be used to help develop a risk management framework. The framework will be developed in parallel with the previous work package as an iterative process to constantly improve and validate the framework with the data collected.
- Work Package 3: Simulation and modelling of risks impacts for case study companies
This work package will assess the impact of risks in an operational context, characterizing the threats using quantitative models which define the potential impacts (independent measures) and variables (dependent variables). This task will apply statistical process control techniques to model and simulate business process environments using the various risk factors to minimise negative performance output or enhance positive output.
- Work Package 4: Development of Risk Management System prototype
The objective of this work package is to develop a robust, reliable and sustainable risk management system suitable for use by SMEs in the construction sector. The aim is to produce a prototype capable of establishing the business context of the risk analysis and then proceed to identify the underlying risk variables and impact type (e.g. strategic, operational, financial) and also be able to establish the site of impact. The prototype should then be able to prescribe risk measures for treatment on a continuous basis.
- Work Package 5: Testing and validation of the Risk Management System prototype
This work package will test and validate the prototype developed in work package 4. Data from four case study companies will be used to test and validate the system. The prototype will be tested for reliability , stability and consistency. Simulated data output will be compared with real data obtained from case study companies.