Guidelines for Risk Management of Knock Down Furniture Installation Project
Keywords:Risk management; Project risk management; Knock down furniture; Fault tree analysis; Index of item-objective congruence
This study has conducted guidelines for risk management plan for knock down furniture installation project in accordance with Australian/New Zealand Standard 4360 (AS/NZS 4360). The objectives of this study are to analyze the related risks and to provide risk control plan for mitigating the risks of the project. In the past, the company often encountered project delays later than the plan, which the delayed projects are equal to 67% of the total 27 projects within last 5 years (2014-2018), which led to loss of the company’s resources and expenses of 30,000,000 baht. There are 8 potential delays in project operations that are derived from identifying risks and assessing risks, which can be divided into 6 internal risks and 2 external risks. The root causes of the internal risks were analyzed by using the Fault Tree Analysis (FTA) method. There are 15 risk control plans that were created from those root causes. The Index of Item-Objective Congruence (IOC) was conducted to consider the ability to reduce the likelihood and consequence of those 15 risk control plans. The IOC evaluation shows that there are 14 risk control plans (93% of the total plans) which their scores are higher than 0.5. It can be concluded that the risk control plans that were created from this study can be used as a model and can be used in other projects of the company.
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