New success criteria system takes guess work out of large-scale construction projects
Which criterion is considered most crucial for project efficiency?
Effective risk management is considered the most crucial criterion for project efficiency, as it enables organizations to manage and monitor risks effectively by employing strategies such as resource reallocation2. This finding is based on research conducted by Dr. Neda Kiani Mavi from Edith Cowan University, who developed a system to forecast the success of mid- and large-scale construction projects.
What are the five clusters of success criteria identified by Dr. Mavi?
Dr. Mavi's research identified five clusters of success criteria for construction projects: 1) project efficiency, 2) business success, 3) impacts on end-users, 4) impacts on stakeholders, and 5) impacts on the project team3. Project efficiency holds the highest importance, followed by impacts on the project team and stakeholders.
How does the system forecast the success of construction projects?
The system forecasts the success of construction projects using a machine learning-based decision support system that analyzes critical success factors and criteria4. It identifies 19 success criteria grouped into five clusters: project efficiency, business success, impacts on end-users, impacts on stakeholders, and impacts on the project team. Effective risk management is ranked as the most crucial criterion within project efficiency.