scholarly journals Studies to Understand The Importance of Risk Management in a Construction Project Procurement During Unprecedented Times

2021 ◽  
Vol 10 (4) ◽  
pp. 106-111
Author(s):  
Ishwarya P ◽  
Joseph V Thanikal ◽  
Subendu Prasad Misra ◽  
Mohd. Suhail Khan
Keyword(s):  
Risk Management ◽  
Data Collection ◽  
Natural Disasters ◽  
Construction Industry ◽  
Secondary Data ◽  
Literature Survey ◽  
Management Process ◽  
Risk Management Process ◽  
The Government ◽  
Project Procurement

Risk management is very vital in the construction industry as the industry is full of uncertainties. Every organization follows a risk management process in their projects especially if a project is complex and has a lot of technicalities, but the method of practice may differ in every organization and how importantly used in projects. The COVID-19 lockdown has created serious impacts on the supply chains of the industry. Hence, the study aimed to establish the importance of risk management in the procurement systems by assessing the impacts due to the pandemic lockdown. The data collection was limited in accessing the industry due to the guidelines issued by the government. The study used secondary data collection through a literature survey and a questionnaire survey. The identified risks were qualitatively analyzed using descriptive scales of likely hood and impact. This study has established the importance of risk management in procurement systems and the importance of risk management during natural disasters and other uncertain times. At times when everything comes to a halt and no movement is allowed, it’s important to be prepared to save a business from downfall, in case of situations like COVID19 and to mitigate project-specific risks

scholarly journals IMPLEMENTASI MANAJEMEN RISIKO UNDERWRITING PADA PT ASURANSI JASINDO SYARIAH

2020 ◽  
Vol 7 (5) ◽  
pp. 901
Author(s):  
Wahyu Rofikah ◽  
Dina Fitrisia Septiarini
Keyword(s):  
Risk Management ◽  
Secondary Data ◽  
Risk Identification ◽  
Primary Data ◽  
Management Process ◽  
Snowball Sampling ◽  
Descriptive Case Study ◽  
Risk Monitoring ◽  
Risk Management Process

This study purpose to how the risk management process in PT Asuransi Jasindo Syariah with a case study of vehicle insurance class of business. This research uses a qualitative approach with a descriptive case study strategic. The research data was obtained through primary data in the form of interviews and secondary data. The selection of informants in interviews through snowball sampling techniques and secondary data obtained from supporting data in the form of archives, reports and relevant document and literature reviews related to research. The results of this study indicate that PT Asuransi Jasindo Syariah has a significant role in the process of underwriting risk management, especially in vehicle insurance product, which have the highest loss ratio among other products. The underwriting risk management process carried out by PT Asuransi Jasindo Syariah is risk identification, risk measurement, risk monitoring, and risk control.Keywords: risk management, underwriting, syariah insurance

Measuring project risk management process for construction contractors with statement indicators linked to numerical scores

2010 ◽  
Vol 17 (4) ◽  
pp. 336-351 ◽  
Author(s):  
Grant Kululanga ◽  
Witness Kuotcha
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
Management Practices ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Management Processes ◽  
Risk Management Process ◽  
Sub Saharan

PurposeThere is relatively low implementation of formal project risk management methods in practice, leading to the construction industry consistently suffering from poor project performance. This study aims to ascertain the extent to which current project risk management practices are used by construction contractors in one of the countries of the sub‐Saharan region – Malawi.Design/methodology/approachA management process tool with statement indicators linked to numerical scores was conceived that characterised a series of steps of project risk management process. To ascertain the degree to which project risk management processes were used, a questionnaire survey was employed. Data were elicited from registered Malawian construction contractors on the elements underlining a series of steps of project risk management process as espoused by the literature. Out of 84 sampled construction contractors, 51 completed questionnaires were received.FindingsApart from large‐sized and more experienced construction contractors, all the small and medium‐sized construction contractors – which constitute the largest proportion of the construction industry – were characterised by a low implementation of the various required steps for the project risk management process. The application of project risk management processes was significantly influenced by the various categories of size and experience of the surveyed construction contractors at p<0.01. Furthermore, contingence planning within the series of steps of project risk management process featured highly among the surveyed construction contractors. The majority of the variables under the series of steps of project risk management process were positively and significantly linked to progression in size and experience of construction contractors at p<0.01.Research limitations/implicationsThe study forms the basis for further research; replication of this study to other parts of world about how the actual implementation of the series of steps of project risk management process is undertaken could yield rich lessons for the construction industry.Practical implicationsThe intentional move by industry towards measuring management processes as a precursor to uncovering the root causes that underlie project success or failure to provide quick feedback for remedial action is supported by an approach such as this.Originality/valueThe originality of this paper lies in its uniqueness for a systematic approach to quantifying the project risk management processes with the view to understanding the implementation behaviours of construction contractors in one country in the sub‐Saharan region.

scholarly journals LIQUIDITY RISK MANAGEMENT AND FINANCIAL PERFORMANACE OF STATE OWNED ENTERPRISES IN KENYA

2021 ◽  
Vol 6 (2) ◽  
pp. 12-28
Author(s):  
Ambrose Jagongo ◽  
Emmy Rop
Keyword(s):  
Risk Management ◽  
Financial Performance ◽  
Liquidity Risk ◽  
Field Research ◽  
Secondary Data ◽  
Policy Formulation ◽  
Unique Contribution ◽  
Risk Management Process ◽  
The Government ◽  
Desk Research

Purpose: The study sought to investigate the effect of liquidity risk management on financial performance of state owned enterprises in Kenya. Materials and Methods: The study adopted a desktop methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library Results: The results revealed that the studies done had conceptual framework gap. The study also found out that the study had geographical gap because they were not conducted in Kenya and also had different time scope Unique contribution to theory, practice and policy: The study will be significant to state owned enterprises, students, general public and State Corporations Advisory Committee as it will offer contributions from both a theoretical and practical perspective. Regulatory bodies such as SCAC as well as the government can utilize the findings from the study to improve on the framework for policy formulation and regulation. The study also recommends the Commercial and manufacturing state Corporations to adopt efficient strategies to improve financial performance through risk management process.

scholarly journals Risk management in the logistics projects

2019 ◽  
Vol 292 ◽  
pp. 01049
Author(s):  
Tereza Belantová ◽  
Pavel Taraba
Keyword(s):  
Risk Management ◽  
Czech Republic ◽  
Data Collection ◽  
Questionnaire Survey ◽  
Management Process ◽  
The Czech Republic ◽  
Single Person ◽  
Risk Management Process ◽  
Theoretical Foundations

The aim of the research was to find out what approach the companies in the Czech Republic are taking to the risk management process in logistics projects. The article briefly introduces theoretical foundations with an emphasis on risk management. Data collection was conducted through a questionnaire survey in the first quarter of 2019. The conclusion of the questionnaire survey clearly shows that most companies in the Czech Republic implement the risk management process themselves using their employees and do not use external workers. The smaller majority of these companies have a single person and do not have the need to have multiple workers for risk management.

scholarly journals Risk Management in Seaports: A Community Analysis at the Port of Hamburg

2021 ◽  
Vol 13 (14) ◽  
pp. 8035
Author(s):  
Ayman Nagi ◽  
Meike Schroeder ◽  
Wolfgang Kersten
Keyword(s):  
Risk Management ◽  
Natural Disasters ◽  
Secondary Data ◽  
Community Analysis ◽  
Detection Algorithm ◽  
Structured Interviews ◽  
Emergency Plans ◽  
Plausibility Check ◽  
Safety Risks ◽  
Community Detection Algorithm

The aim of this work is to detect communities of stakeholders at the port of Hamburg regarding their communication intensity in activities related to risk management. An exploratory mixed-method design is chosen as a methodology based on a compact survey and semi-structured interviews, as well as secondary data. A compact survey at the port of Hamburg is utilized to address the communication intensity values among stakeholders. Based on 28 full responses, the data is extracted, cleansed, and prepared for the network analysis using the software “Gephi”. Thereafter, the Louvain community detection algorithm is used to extract the communities from the network. A plausibility check is carried out using 15 semi-structured interviews and secondary data to verify and refine the results of the community analysis. The results have revealed different communities for the following risk categories: (a) natural disasters and (b) operational and safety risks. The focus of cooperation is on the reactive process and emergency plans. For instance, emergency plans play an important role in the handling of natural disasters such as floods or extreme winds.

Customisable framework for project risk management

2017 ◽  
Vol 17 (1) ◽  
pp. 68-89 ◽  
Author(s):  
Jennifer Firmenich
Keyword(s):  
Risk Management ◽  
Management Practices ◽  
New Institutional Economics ◽  
Future Research ◽  
Project Risk Management ◽  
Management Process ◽  
Project Risk ◽  
Content Type ◽  
Risk Management Process ◽  
Management Concepts

Purpose The purpose of this paper is to emphasise on the need for efficient and effective project risk management practices and to support project managers in increasing the cost certainty of projects by proposing a new framework for project risk management. Design/methodology/approach The author adopts a “constructivist” methodology, drawing on practices common in construction management sciences and new institutional economics. Findings The author presents a holistic and customisable project risk management framework that is grounded in both practice and academia. The framework is holistic because, amongst others, all steps of the typical risk management process are addressed. The framework is customisable, because it allows for alternative ways of implementing the project risk management steps depending on the project-specific circumstances. Research limitations/implications The framework does not address the potential unwillingness of the project players to set up a project risk management process, at all. The proposed framework has not yet been tested empirically. Future research will seek to validate the framework. Originality/value The framework is designed to account for the difficult circumstances of a complex construction project. It is intended to support decision makers in customising a practical yet comprehensive project risk management concept to the characteristics of the unique project. Although many other project risk management concepts are designed based on the assumption that actors are perfectly rational and informed, this framework’s design is based on the opposite assumption. The framework is dynamic and should adapt over time.

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