Assessment of systematic risk management practices on building construction projects in Ghana

2020 ◽  
pp. 1-10
Author(s):  
Ali Boateng ◽  
Collins Ameyaw ◽  
Sarfo Mensah
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Systematic Risk ◽  
Building Construction

scholarly journals STUDY ON RISK MANAGEMENT PRACTICES ON PUBLIC BUILDING CONSTRUCTION PROJECT: IN CASE OF EASTERN WOLLEGA ZONE

2021 ◽  
Vol 6 (3) ◽  
Author(s):  
Zelalem Mebrate Ejeta ◽  
Zelalem M ◽  
Vignesh Kumar M ◽  
Getnet Tadesse ◽  
Biftu Jaleta
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Management Practice ◽  
Construction Project ◽  
Research Work ◽  
Building Construction ◽  
Market Condition ◽  
Public Building ◽  
Project Objectives

The Construction Industry is embedded with risky situations that affect construction projects and therefore requires systematic processing to achieve project objectives and ensure business sustainability (5). This research work was tries to study the risk management practice on public building construction projects and aims to identify the level that use of risk management practice especially in the public building. The data collection method was a combination of interview and questionnaire. Samples were purposively selected from clients, consultants, and contractors representatives who are now actively participating in public building construction projects. For this study, the data was collected using both primary and secondary sources. Depending on the data that was gathered from the respondent to test the level of awareness, identifying the Risk that affect the performance of public building construction project and major risk management practice on public building construction project are considered and the RII was used to rank the factors. This data was analyzed using SPSS of version 22 to perform descriptive statistics. A total of 75 questionnaires were targeted to be distributed and out of those 50 which is 66.67% are successfully responded. The finding from this study revealed that, about (52%) of the project progress is lagging from the schedule. Regarding the awareness of the risk management, (94%) of the respondents where confirmed that they have awareness of risk management ideologies and they are confident enough to implement their knowledge while, (6%) of them have no concept about the risk management. The top five risks that affect the performance of construction project have been identified and ranked. Accordingly; market condition, unexpected inflation, local taxes, inadequate production of raw materials, and the economic condition of country are the top five identified associated project risks.

scholarly journals An Innovative Framework for Risk Management in Construction Projects in Developing Countries: Evidence from Pakistan

Risks ◽  
2019 ◽  
Vol 7 (1) ◽  
pp. 24 ◽  
Author(s):  
Ahsan Nawaz ◽  
Ahsan Waqar ◽  
Syyed Shah ◽  
Muhammad Sajid ◽  
Muhammad Khalid
Keyword(s):  
Risk Management ◽  
Developing Countries ◽  
Construction Projects ◽  
Management Practices ◽  
Project Success ◽  
Local Environment ◽  
Core System ◽  
Good Reputation ◽  
Management Techniques ◽  
Key Participants

Risk management is a comparatively new field and there is no core system of risk management in the construction industries of developing countries. In Pakistan, construction is an extremely risk-seeking industry lacking a good reputation for handling risk. However, it is gradually giving it more importance as a result of increased competition and construction activities. For this purpose, a survey-based study has been conducted which aims to investigate the risk management practices used in construction projects in Pakistan. To achieve the objective, data was collected from 22 contractor firms working on 100 diverse projects. The analysis indicates that risk management has been implemented at a low level in the local environment. The results also disclose that there is a higher degree of correlation between effective risk management and project success. The findings reveal the importance of risk management techniques, their usage, implication, and the effect of these techniques on the success of construction projects from the contractor’s perspective, thus convincing the key participants of projects about the use of risk management.

A stakeholder-based risk assessment and intervention framework for international construction projects

2019 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Tao Wang ◽  
Shangde Gao ◽  
Pinchao Liao ◽  
Tsenguun Ganbat ◽  
Junhua Chen
Keyword(s):  
Risk Factors ◽  
Risk Assessment ◽  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Intervention Strategies ◽  
The Body ◽  
Content Type ◽  
International Construction ◽  
Project Objectives

Purpose The purpose of this paper is to construct a two-stage risk management framework for international construction projects based on the meta-network analysis (MNA) approach. A plethora of international construction studies seems to assume risks as independent and therefore, risk intervention strategies are usually critiqued as ineffective. Design/methodology/approach In the risk assessment stage, a multi-tiered risk network structure was developed with the project objectives, risk events, risk factors and stakeholders, and critical risk factors were selected based on a series of calculations. In the risk intervention stage, targeted risk intervention strategies were proposed for stakeholders based on the results of the first stage. A highway construction project in Eastern Europe was selected as a case study. Findings The results showed that 17 risk factors in three categories – external, stakeholder-related and internal – are critical, and the project manager, construction management department, supplier and contract department are the most critical stakeholders that affect the entire project performance. Based on the critical risk factors and project stakeholders, targeted risk intervention strategies were proposed. The risk assessment results of MNA were found to be more reliable and consistent with the project conditions than the risk matrix method; the risk intervention strategies of MNA can effectively address project objectives. Originality/value This study modeled risk priorities based on risk associations and put forward a new method for risk management, supplementing the body of knowledge of international construction. The results of this study are of critical importance in management practices.

scholarly journals The Assessment of Risk Management & Engineering Management Practices at Project Planning Phase on Performance of Construction Projects

2020 ◽  
Vol 6 (4) ◽  
pp. 1365-1375
Author(s):  
Shahid Iqbal ◽  
Nabeel Ehtisham ◽  
Syed Farqaleet K. Bukhari ◽  
Shahid Mahmood
Keyword(s):  
Risk Management ◽  
Site Selection ◽  
Construction Projects ◽  
Management Practices ◽  
Construction Project ◽  
Engineering Management ◽  
Project Planning ◽  
Project Managers ◽  
Planning Stage ◽  
The World

Project Risk management is known as an important workout for the achievement of desired objectives for the construction projects. Success in construction project is quantified by attaining its enactment in terms of project quality, project cost, project time, project safety. Construction projects in Pakistan, typically in the whole world have a high risk of being pointedly late and over budget. However, a bit of schedule and cost related risks are unavoidable in any construction project around the world. It was found out that the engineers were generally nominated earlier the design phase of any project. Due to this reason maximum projects did not get the advantage from SMEs at the planning stage of the project. This study also supports that project managers who are engineers be involved in construction projects site selection, in preliminary budget and schedule development by using good Engineering Management Practices.

scholarly journals The Influence of Risk Management on Construction Project Performance: A Case Study.

2018 ◽  
pp. 936-942
Author(s):  
Mazurina Mohd Ali ◽  
Sakinah Zahra Norman ◽  
Erlane K. Ghani ◽  
Noor Hasniza Haron
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Management Practice ◽  
Methodological Approach ◽  
Construction Project ◽  
Project Performance ◽  
Time Cost ◽  
Schedule Delay

Risk Management is recognized as an important exercise that creates value to a project and improves project performance. Time, cost and quality are the primary measures of a project performance in this industry. The success or failure in any construction project can be monitored through the attainment of these primary measures. Notably, Malaysian construction industry is considered as one of the important industries that positively contribute to the increase of Gross Domestic Product and subsequently the growth of the country’s economic development. Unfortunately, this industry suffers poor performance in which it leads to failure in accomplishing effective time, cost and quality performance. Most construction projects face a schedule delay, cost overrun and are poor in product quality. Thus, the aim of this study is to determine the influence of risk management on construction project performance of Malaysian companies based on these three primary measures. The degree of diffusion of risk management practice in the chosen construction project in Malaysia is also examined. The methodological approach exploited in this study is a case study approach involving analysis of documented data and face-to-face interviews with key players that hold different roles and responsibilities. They include a director, project managers, finance managers, contract managers and quantity surveyor managers. The results demonstrate that adopting effective risk management practices positively impacts project performance thus leading to project success. Nevertheless, the lack of knowledge and poor communication of risk management practices in construction projects contribute to the weak implementation of an effective and systematic risk management practices in Malaysia.

scholarly journals Critical success factors for implementing risk management systems in developing countries

2016 ◽  
Vol 16 (1) ◽  
pp. 18-32 ◽  
Author(s):  
M.Reza Hosseini ◽  
Nicholas Chileshe ◽  
Jacqueline Jepson ◽  
Mehrdad Arashpour
Keyword(s):  
Risk Management ◽  
Developing Countries ◽  
Knowledge Management ◽  
Construction Projects ◽  
Critical Success Factors ◽  
Success Factors ◽  
Management Practices ◽  
Management Systems ◽  
Construction Education ◽  
Critical Success

A review of published studies on risk management in developing countries reveals that critical success factors for implementing risk management has remained an under-researched area of investigation. This paper is aimed at investigating the perceptions of construction professionals concerning the critical success factors (CSFs) for implementation of risk management systems (IRMS). Survey data was collected from 87 construction professionals from the Iranian construction industry as a developing country. The results indicate that four factors are regarded as highly critical: ‘support from managers’, ‘inclusion of risk management in construction education and training courses for construction practitioners’, ‘attempting to deliver projects systematically’, and ‘awareness and knowledge of the process for implementing risk management’. Assessing the associations among CSFs also highlighted the crucial role of enhancing the effectiveness of knowledge management practices in construction organisations. Study also revealed that parties involved in projects do not agree on the level of importance of CSFs for implementing risk management in developing countries. This study contributes to practice and research in several ways. For practice, it increases understanding of how closely knowledge management is associated with the implementation of risk management systems in developing countries. For research, the findings would encourage construction practitioners to support effective knowledge management as a precursor to higher levels of risk management implementation on construction projects. 

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