Integrating Multi-Party Contracting Risk Management (MPCRM) Model with Building Information Modeling (BIM)

This paper suggests the development of a Multi-Party Contracting Risk Assignment/Management (MPCRM) Model integrated with BIM. The model provides a collaborative decision support framework and a common platform for processing shared database on risk management strategy during the entire project life cycle – contracting, implementation, operation, and salvage. The database is initiated during the Contracting phase through the inputs of the potential contracting parties on risk identification, assessment, and management strategy. The common platform in the MPCRM model creates a transparent environment essential to Integrated Project Delivery approach and provides the opportunity for the potential contracting parties to share perspectives, and reach a general consensus on the most effective and efficient way of risk assignment and management strategy. The shared database on the MPCRM model continuously transforms during the different phases of the project life cycle and delivers evolving output at the end of each phase. The final deliverables of the model during the project life cycle are equitable risk assignment and management strategy, as-built risk layout and management strategy, and risk layout and management strategy during operation and salvage. Finally, the output of each phase would be stored as the lessons-learned database in the MPCRM model to supply the decision support framework of the model for future comparable projects. This paper focuses in more detail on the Contracting phase of the risk management process. It outlines how the MPCRM model integrated with BIM could be beneficial in assisting the owner to develop the most effective contracting strategy. The integration of the Multi-Party Contracting Risk Management model with BIM, further enriches the current multi attribute characteristics of Building Information Modeling. Thus in the New BIM, the information representing each task or element in the model would also indicate the associated risk and the risk management strategy.