Enhancing the Golden Triangle (Cost, Time, Quality) in Infrastructure Projects through Risk Management: A Case Study of the Algiers Metro Project
Journal Title: Journal of Corporate Governance, Insurance, and Risk Management - Year 2024, Vol 11, Issue 4
Abstract
The Golden Triangle consisting of cost, time and quality serves as a fundamental framework for assessing the success of infrastructure projects. Effective risk management is critical for optimising these interconnected dimensions by proactively identifying potential threats implementing risk mitigation strategies and ensuring project control. This study investigates the application of the international standard ISO 31000:2018 in enhancing the Golden Triangle’s dimensions—time management, cost optimization and quality assurance—within the context of large-scale infrastructure projects. A qualitative research methodology was employed incorporating semi-structured interviews, document analysis and site observations to collect comprehensive data. Analytical techniques such as Failure Modes and Effects Analysis (FMEA), Bow-Tie analysis and Fishbone diagrams were utilised to prioritise risks, examine preventive measures and identify underlying causes. A total of forty-three (43) critical risks were identified as having significant impacts on the performance of the Algiers Metro project. The findings revealed that the implementation of a structured risk management approach improved adherence to project timelines, optimised cost control and ensured the delivery of quality outcomes. The integration of ISO 31000:2018 principles in conjunction with tailored analytical tools was found to add considerable value providing practical insights for improving infrastructure project performance. This work underscores the importance of systematic risk management and its role in enhancing the efficiency and success of large infrastructure projects.
Authors and Affiliations
Imene Mohammedi, Wissam Beliman, Mehdi Bouchetara
Keywords
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- EP ID EP765183
- DOI https://doi.org/10.56578/jcgirm110403
- Views 3
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