DETERMINING MAJOR RISK FACTORS IN CONSTRUCTION PROJECTS FROM THE VIEW POINT OF LIFE CYCLE AND STAKEHOLDER
To accomplish a construction project successfully, it is important managing the risk in terms of cost, time, safety, quality and environmental sustainability. Yet, researches regarding the construction project until very recently has focused usually on different risk items instead of systematic approach to determine risks and to evaluate project as a whole. This paper intends to determine and analyze major risk related to the construction project from the standpoint of life cycle and stakeholder’s wealth. Measuring the important risk factors, we use an ARCH Model to assess Turkish developers’ stock exchange performance considering the risk management effectiveness from the view point of project schedule, owners, employers, and other related parties. One major REIT, ISGYO as well as REIT index is studied for this purpose. Finally the relation between construction project contractor and client, designer and other external parties are determined, in order to make sure the project goals maximization and eliminate the failure in design variation, abnormal approval procedures official administrative quality expectation and inadequate planning additionally