Open Access
Table 7
Factor analysis.
| Correlation matrix | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | (9) | |
| Correlation | |||||||||
| The current LCC techniques integrate risk assessment methods | 1.000 | −.129 | −.041 | .177 | −.068 | −.150 | .161 | .044 | −.136 |
| Risk assessment augments the accuracy of cost forecasts, accelerating the integration into the examination of unanticipated happenings all through the life cycle of the building | −.129 | 1.000 | .197 | −.043 | .064 | .327 | −.446 | −.110 | −.054 |
| It allows the decision-maker to answer a series of ‘what if questions with respect to the various options under consideration’ | −.041 | .197 | 1.000 | −.069 | −.170 | −.033 | −.189 | −.268 | .056 |
| It is important for minimising losses and increasing profits | .177 | −.043 | −.069 | 1.000 | .056 | .008 | .073 | −.242 | −.278 |
| It helps to reduce the chance of failure or to maximise opportunities in the projects | −.068 | .064 | −.170 | .056 | 1.000 | .162 | −.072 | .039 | −.001 |
| Risk management assists decision makers in evaluating whole life alternatives so that investment success is maximised | −.150 | .327 | −.033 | .008 | .162 | 1.000 | −.031 | .139 | −.175 |
| It makes it possible to identify the scale of the risk, which areas of the project will be affected, what the possible responses could be and the necessary resources required to face the risks | .161 | −.446 | −.189 | .073 | −.072 | −.031 | 1.000 | .122 | −.012 |
| It forms a major element in the decision making process during project procurement and also in value analysis, especially in today's highly uncertain business environment | .044 | −.110 | −.268 | −.242 | .039 | .139 | .122 | 1.000 | .046 |
| It provide useful insights in instances where the probability density function can be precisely defined | −.136 | −.054 | .056 | −.278 | −.001 | −.175 | −.012 | .046 | 1.000 |
| Sig. (1-tailed) | |||||||||
| The current LCC techniques integrate risk assessment methods | .145 | .368 | .073 | .290 | .110 | .093 | .360 | .132 | |
| Risk assessment augments the accuracy of cost forecasts, accelerating the integration into the examination of unanticipated happenings all through the life cycle of the building | .145 | .052 | .362 | .300 | .003 | .000 | .185 | .331 | |
| It allows the decision-maker to answer a series of ‘what if questions with respect to the various options under consideration’ | .368 | .052 | .287 | .081 | .393 | .060 | .013 | .323 | |
| It is important for minimising losses and increasing profits | .073 | .362 | .287 | .323 | .473 | .276 | .022 | .010 | |
| It helps to reduce the chance of failure or to maximise opportunities in the projects | .290 | .300 | .081 | .323 | .092 | .280 | .377 | .496 | |
| Risk management assists decision makers in evaluating whole life alternatives so that investment success is maximised | .110 | .003 | .393 | .473 | .092 | .401 | .128 | .076 | |
| It makes it possible to identify the scale of the risk, which areas of the project will be affected, what the possible responses could be and the necessary resources required to face the risks | .093 | .000 | .060 | .276 | .280 | .401 | .159 | .460 | |
| It forms a major element in the decision making process during project procurement and also in value analysis, especially in today's highly uncertain business environment | .360 | .185 | .013 | .022 | .377 | .128 | .159 | .353 | |
| It provide useful insights in instances where the probability density function can be precisely defined | .132 | .331 | .323 | .010 | .496 | .076 | .460 | .353 | |
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