Validation of the model for evaluating client-generated risk by project consultants

Abstract

This paper reports the results of studies in 29 construction consulting firms aimed at validating a model for evaluating client-generated risks (see Kometa et al. 1995a). Validation required quantification of project outcomes in terms of time, cost, quality and fee (charged for services provided) and comparing them with risk exposure indices suggested by the model. Results indicate that the model correctly predicted project outcomes in ten cases (nearly 35%) and was found to be more conservative in predicting project outcomes in all others barring two outliers; thus confirming the applicability of the model as a helpful early warning tool for predicting client-generated risks to construction consulting firms.

Keywords:

• Client Generated-risks
• Project Consultants
• Risk Assessment
• Risk Management
• Model Validation