Modelling the critical risk factors for modular integrated construction projects

Abstract

For many types of projects, modular integrated construction (MiC) is increasingly becoming a preferred method of construction. However, MiC projects are associated with unique risk factors different from those of the traditional construction projects. Thus, it is imperative to conduct a bespoke assessment of the risk factors for MiC projects. This research modelled 29 critical risk factors (CRFs) associated with MiC projects. Quantitative data on the relative significance of CRFs were collected from international MiC experts using structured questionnaires. A principal component analysis generated 4 principal risk factors (PRFs) for MiC projects comprising stakeholder and supply chain risks, design and capabilities risks, financing risks, and regulatory risks. A fuzzy synthetic modelling of the CRFs revealed that the 4 PRFs were significant but with varied impact on MiC projects. This research constitutes the first exclusive quantitative modelling of MiC risk factors with useful practical and theoretical implications. Practically, the research has identified and prioritized the CRFs associated with MiC projects and may serve as a risk evaluation decision support in MiC project planning and implementation. Theoretically, the results contribute to the checklists of CRFs for MiC projects which may form the basis for future studies on the risks of MiC projects.