Construction Risk Management Case Studies

Construction Risk Management Case Studies-30
It was found that the implementation of risk management process in Malaysian construction industry is still at a low level, mainly due to the fact that most of the construction employees involved in risk management are not fully aware of the available risk management techniques that can be applied in construction projects. [1], risk is an unforeseen event that occurs during the process of construction projects.Studies show that construction industry is subject to more risks and uncertainties than any other industries [2].

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(2007), "Risk management practices of contractors: A case study of power station projects in Egypt", Journal of Financial Management of Property and Construction, Vol. Download as .

Risk management is an essential part of construction projects which aims at identifying the potential risks associated with a project and responding to those risks to reduce them to an acceptable extent [7, 8].

Risk management is indeed a dynamic tool which must be continuous throughout the project life cycle, and it is based on intuition and past experience for a high level of judgment.

There are three main processes in risk management which are risk identification, risk analysis, and risk response [1, 9–11].

It should be borne in mind that the main principle of risk management is not about eliminating the whole risks but to control them properly [12].Risk Management is a proactive decision-making process used to minimize and manage the risks in the most efficient and appropriate manner.However, most construction firms in Malaysia do not apply formal risk management in their projects.The reason for that is mainly due to the complex nature of construction business activities, processes, environment, and organization [3].In fact, risk in construction industry has been the object of attention because of time and cost overruns associated with construction projects [4].Case study research includes single or multiple case studies.In multiple case studies, researchers study cases individually in depth as well as looking across cases for similarities and differences [18].Systematic risk management practices are essential in order to handle and manage risks so that the success of projects can be ensured [14].In fact, having systematic risk management results in the early detection of risks where there is no more need for contingency plans to cover almost every eventuality.Hence, limited resources can only be concentrated on the major risks to achieve maximum effects. [15] revealed that, for an ideal risk management, a prioritization process should be carried out whereby the risks with greatest loss and the greatest probability of occurring are handled first and risks with lower probability of occurrence and lower loss are handled later.Construction industry is one of the most challenging and dynamic industries in Malaysia.


Comments Construction Risk Management Case Studies

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