IDENTIFICATION AND PRIORITIZATION OF KEY FACTORS OF RISKSIN GMP/TCC PROJECTS

In last decade, global competition has rapidly increased due to rapid technological changes and dynamic environment. Today, two methods of guaranteed maximum price (GMP) and target cost contract (TCC) are among generally accepted and effected methods in complicated and large projects. In the meantime, many risks may affect time, cost, quality and scope of performance of GMP/TCC contracts. Large and complicated infrastructural projects involve a large variety of risk factors, and their successful performance depends on effective risk management of these key factors. This research aims to identify and prioritize key risks in GMP/TCC constructions projects. First, we tried to extract the most important risks based on survey of experts? opinions and review of literature so to prioritize them. Then, time, cost, quality, scope indices were separately weighted using hierarchical analysis process for risk prioritization using TOPSIS technique. Finally, interactions of risks were measured using DEAMTEL technique, and the outputs were made available to project managers so that they would be used for risk prioritization in future projects.