scholarly journals Contractor's Attitude towards Risk and Risk Management in Construction in Two Western Provinces of Vietnam

2020 ◽  
Vol 10 (6) ◽  
pp. 6418-6421
Author(s):  
V. T. Phan
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
Construction Management ◽  
Construction Projects ◽  
Risk Identification ◽  
Research Data ◽  
Important Task ◽  
Structured Interviews ◽  
Perception Of Risk ◽  
Negative Impacts

Risk management is an important task in construction management that helps the contractor to actively identify, evaluate, control, and minimize negative impacts of risks on the project, thereby ensuring its effectiveness. People involved in the construction industry need to be well - equipped with information and knowledge to manage risks adequately and systematically. The purpose of this research is to explore the attitude towards risk and risk management in construction projects of the Vietnamese construction industry, with emphasis on the perspective of contractors. The research data are collected through a questionnaire associated with in-depth semi-structured interviews. The results indicate that the perception of risk within the Vietnamese construction industry includes both threats and opportunities. The majority of professionals in the industry have a risk-neutral approach, contrary to previous research. The importance of implementing effective risk management is shared, in the planning and production phase while risk identification was perceived to be the most important out of the four core processes.

scholarly journals Key risks in construction projects in Italy: contractors’ perspective

2017 ◽  
Vol 24 (3) ◽  
pp. 451-462 ◽  
Author(s):  
Ali Rostami ◽  
Chike F. Oduoza
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
Construction Projects ◽  
Cultural Influences ◽  
Risk Identification ◽  
Structured Interviews ◽  
Content Type ◽  
Management Framework ◽  
Identification Process ◽  
Risk Management Framework

Purpose Risks play an important role in the success of construction projects. Failure in identification and assessment of risks can lead to inadequacy in the process of managing risks, which in turn can critically affect the projects’ resources. A formal risk management is rarely practised in construction projects due to the lack of contractors’ awareness of key risks. The purpose of this paper is to focus on the investigation of risk factors in construction projects in Italy from contractors’ perspective. Design/methodology/approach Semi-structured interviews were conducted to collect data, based on which a total of ten key risks were ascertained. The identified risks were compared with the findings of the surveys conducted in the Australian and Chinese construction industry to address the unique risks associated with construction projects in Italy. Findings The key risks included delays in payments, client variations, design variations, inaccurate cost estimates, and tight project schedules. The comparison between those three countries specified the delays in payments and project funding problems as the most critical factors that are related to cultural influences and behaviour of clients. The findings assist contractors in the risk identification process, and can be applied to the development of a risk management framework for construction projects. Research limitations/implications The findings of this study cannot be generalised statistically for the whole of Italy as it was constrained geographically, with respondents drawn only from a self-selection sample of construction projects in the Veneto region of Northern Italy. The findings represent a snapshot of the key potential internal and external risks from the perspective of contractors. Originality/value The results of the study specified the key risks of construction projects from the perspective of contractors which can contribute to risk management for construction projects.

scholarly journals Establishing Core Factors of Risk Management Influencing Performance Outcome of Small and Medium Firm's Construction Projects in Gauteng

2020 ◽  
Vol 25 (2) ◽  
pp. 93-127
Author(s):  
Berenger Yembi Renault ◽  
Justus Ngala Agumba ◽  
Nazeem Ansary
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
South African ◽  
Construction Projects ◽  
Geographical Area ◽  
Risk Identification ◽  
Influential Factors ◽  
Performance Outcome ◽  
Management Factors ◽  
Project Objectives

The quest for delivering successful construction projects has urged South African small and medium enterprises (SMEs) to adopt risk management in their projects. However, it has been evinced that SMEs projects in South Africa especially in the Gauteng province have encountered poor performances. Thus, this article determines core risk management factors influencing project outcome of SMEs. A deductive approach was embraced using a questionnaire. The data were collected from 181 conveniently sampled respondents in Gauteng, graded from Grade 1 to 6 of the CIDB (Construction Industry Development Board) grading system. The Statistical Package for the Social Science (SPSS) version 23 was used to analyse the data by computing exploratory factor analysis and multiple regression analysis. It was revealed that SMEs performance outcome is influenced by eight risk management factors. The influential factors are organisational environment, defining project objectives, resource requirements, risk measurement, risk identification, risk assessment, risk response and action planning and monitoring, review and continuous improvement. The risk management factors established in this article are reliable and valid in projects undertaken by SMEs in the South African construction industry and the findings can serve as a guideline for contractors to achieve success in this context. The study may be repeated in other countries globally, however, it cannot be generalised due to the restrictions pertaining to the geographical area.

scholarly journals The Importance and Use of Risk Management in Various Stages of Construction Projects Life Cycle (PLC)

2016 ◽  
Vol 11 (1) ◽  
pp. 48
Author(s):  
Kaveh Miladi Rad ◽  
O. Aminoroayaie Yamini
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Project Management ◽  
Construction Industry ◽  
Construction Management ◽  
Construction Projects ◽  
Risk And Return ◽  
Industrial Sectors ◽  
Management Concept ◽  
The Way

Risk management is a step to make construction projects more efficient and practical such that uncertainties should be identified before occurring and changing into crisis and a balance should be made between threats and opportunities. Accordingly, construction industry is one of the most important and job creating industries in all countries. Compared to other economic-industrial sectors, construction management is highly influenced by the perception and employment of risk management concept. Additionally, there are abundant risks in such activities since Construction projects activities are very complex and various. Hence, it seems necessary to evaluate the proper use of risk management in various stages of Construction projects life cycle. In this regard, the present study attempts to describe Construction projects life cycle step by step and analyze the way of using risk management from designing stage to reviewing and supporting stage. The final objective of the study is to describe the process of using project management and its tools to create an optimal status in terms of risk and return balance in order to reach main objectives in construction projects.

scholarly journals Quantity Surveyors’ Response to the COVID-19 Outbreak: A Mixed Method Approach

2021 ◽  
Vol 7 (2) ◽  
pp. 177
Author(s):  
Seng Hansen ◽  
Susy F Rostiyanti ◽  
Rizaldi Rizaldi ◽  
Clara Andjarwati
Keyword(s):  
Construction Industry ◽  
Mixed Method ◽  
Construction Projects ◽  
Work Culture ◽  
Structured Interviews ◽  
Mixed Method Approach ◽  
Professional Activities ◽  
Project Sustainability ◽  
Project Objectives ◽  
Method Approach

The COVID-19 outbreak began at the end of 2019, and has evolved to a pandemic threatening various industries’ sustainability. Decisive actions have been taken to tackle the pandemic’s spread, however, various impacts continue to be felt by many industries, including the construction industry. This paper therefore focuses on the COVID-19 outbreak’s impact on Quantity Surveyors’ (QS) construction projects and activities, as a key profession in the industry. A mixed method approach, questionnaire survey followed by expert interviews, was adopted. Subsequently, 199 valid responses for analysis were obtained from the questionnaire distribution, using descriptive statistics and Significance Index. Furthermore, qualitative data were acquired through semi-structured interviews with five experts, and analyzed using a structured thematic analysis. According to the results, 56.78% of respondents experienced project slowdowns, 13.57% experienced project suspensions or terminations, and 12.56% experienced cost overruns. Most respondents acknowledged the pandemic had present changes to projects (84.92%), in the form of changes in organization structure, work culture, technological application, and project objectives. Meanwhile, the Significance Index has successfully established an 11-factors ranking, regarding the pandemic’s impact on QS activities, with impact on the overall project completion as the most profound impact followed by impacts on project scheduling, supply chain, tendering, cost controlling, and claim management. This study’s qualitative and quantitative findings tend to be in accordance, thus, providing some fundamental insights regarding the COVID-19 outbreak’s impact on the construction industry, including direct impacts on project sustainability, technology adoption, and project resiliency issues. In addition, this study also contributes to scientific knowledge by discussing the issues and trends of work culture changes in QS professional activities.

scholarly journals PENGELOLAAN MANAJEMEN RESIKO GADAI NON-EMAS TIDAK TERTEBUS DI PEGADAIAN SYARIAH CABANG BLAURAN

2020 ◽  
Vol 6 (3) ◽  
pp. 446
Author(s):  
Dyah Palupi Dwi Cahyani ◽  
Muhammad Nafik Hadi Ryandono
Keyword(s):  
Qualitative Research ◽  
Risk Management ◽  
Research Method ◽  
Risk Control ◽  
Risk Identification ◽  
Research Data ◽  
Management Process ◽  
Regional Office ◽  
Risk Ranking ◽  
Risk Management Process

This study is aimed to know the mechanism of risk management in the management of unredeemed non-gold pawn in Blauran Sharia Pawnshop. Through the three phases of risk management that is risk identification, risk ranking, and risk control Blauran Sharia Pawnshop expected can be more minimize the risks, one of them is unredeemed non-gold pawn. The research method used was qualitative. Research data is obtained by doing interview techniques and documentation to the informant that was assistant deputy manager Pawnshop of Surabaya Regional Office, Head of Blauran Surabaya Sharia Pawnshop branch, and staff of Blauran Surabaya Sharia Pawnshop. The research showed that Blauran Sharia Pawnshop has run the risk management process in three ways: risk identification, risk ranking based on potency and the most influential risk, and risk control by conducting auction on non-goldpawning items that were not redeemed.Keyword: Risk Management, sharia mortgage, sharia pawnshop,unreedemed non-gold pawn

scholarly journals Identification of Causes and Minimization of Delays in Highway Projects of Pakistan

2019 ◽  
Vol 38 (1) ◽  
pp. 103-112
Author(s):  
Samiullah Sohu ◽  
Abdul Fattah Chandio ◽  
Kaleem ullah
Keyword(s):  
Literature Review ◽  
Construction Industry ◽  
Questionnaire Survey ◽  
Construction Projects ◽  
Structured Interview ◽  
Mitigation Measures ◽  
Structured Interviews ◽  
Highway Projects ◽  
Mean Values ◽  
Causes Of Delays

The problem of delay in construction industry is a regular phenomenon worldwide, and construction industry of Pakistan has no exception, particularly in highways projects. Delay can be described as the extension of time to complete the construction project. The aim of this paper is to identify main causes of delays in highway projects of Pakistan, and to determine mitigating measures for the identified causes. The research method of this study is based on literature review, questionnaire survey and semi structured interview. From in-depth literature review, twenty-six common causes of delay were found. A questionnaire survey was carried out among construction professionals of highway projects. The causes of delay in highways projects were ranked referring to their Mean values. A semi structured interview was carried out to determine mitigation measures for the top ten causes of delays. The data gathered from questionnaire survey was analyzed using SPSS (Statistical Package for the Social Sciences) while, data collected through semi structured interviews was analyzed using Nvivo software. The findings of this study are expected to be useful for construction parties, to mitigate the delays in highway construction projects of Pakistan.

scholarly journals Characteristics of Procurement Methods in Malaysia – Comparing Design-Bid-Build, Design-Build and Construction Management

2020 ◽  
Vol 11 (3) ◽  
Author(s):  
Azeanita Suratkon ◽  
◽  
Riduan Yunus ◽  
Rafikullah Deraman ◽  
◽  
...  
Keyword(s):  
Construction Industry ◽  
Construction Management ◽  
Construction Projects ◽  
Building Construction ◽  
Technical Expertise ◽  
Time Cost ◽  
Project Complexity ◽  
Design Build ◽  
Procurement Method ◽  
Design Bid Build

Design-Bid-Build (DBB) or commonly known as Traditional method is the earliest and most prevalent procurement method used in Malaysian construction industry. Design-Build (DB) and Construction Management (CM) procurement methods were later introduced in Malaysia as an endeavour to satisfy and accommodate the increase in project complexity and the need for avoiding drawbacks of the Traditional methods. Each procurement method has different nature and possesses certain characteristics. Therefore, this study was carried out to ascertain and compare the characteristics of these three procurement methods that are implemented in building construction projects in Malaysia. A questionnaire survey was conducted among architects, consultants, contractors and owners or developers to elicit their feedback on the characteristics which were categorised into time, cost, quality, complexity and flexibility, degree of involvement and responsibility allocation and technical expertise. The findings indicated that only DB method almost fulfils all the characteristics under the six categories, whereas, DBB methods garnered agreement only for certain characteristics under time, cost, complexity and flexibility and technical expertise categories. Meanwhile, the only CM method’s characteristics that satisfy agreement from the respondents are the often used of fast track approach and lack of certainty in price. This study concludes that when a procurement method is adopted for a construction project, not all the features or characteristics will turn out as expected. There are many factors that contribute and are influential on the success in procurement methods that are worth for further investigation.

scholarly journals A Study on Construction Risks Prioritization and its Management

2018 ◽  
Vol 7 (3.12) ◽  
pp. 822
Author(s):  
Subramanyam B ◽  
Nycilin Karunya.Nemi Chandran
Keyword(s):  
Risk Management ◽  
Construction Industry ◽  
Construction Projects ◽  
Development Process ◽  
Direct Costs ◽  
Bodily Injury ◽  
Proposed Model ◽  
Model Set ◽  
Management Techniques ◽  
Financial Losses

Construction industry is an important industry and remains so with the continuation of the development process especially in the developing countries. On the other it is very risk and hazard. As industry when compared to other industries financial losses and bodily injury and death, and resulting human, social impacts are more in the case of construction.  Mishaps also contain significant costs that are not insurable. Financial deliberations contains direct costs like medical reimbursement and  hidden costs includes loss of competence by breaking up crew, cost to train fresh or changed employee, damage to equipment and tools, cost experienced by delays. Many researchers have been suggested risk management techniques to minimize the losses in the industry and very few companies may be implemented the suggestions.  The goal of this study is to recognize and rank risks in construction projects. This study proposes the hierarchical dependencies between the criteria. The variations and factors have been investigated via questionnaire and is an element of an on-going research into the application of risk management in major projects. To know the performance and applicable of proposed model set of data collected from different industries by using the informal approaches such as intuition and experiences the study is conducted to prioritize and manage risks. 

scholarly journals Management of Business Risk Hedging in Construction Contracts from the Perspective of Public Investors

2020 ◽  
Vol 14 (2) ◽  
pp. 168-173
Author(s):  
Barbara Andrlova ◽  
Jana Korytarova
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Current Practice ◽  
Public Procurement ◽  
Public Works ◽  
Business Risk ◽  
Structured Interviews ◽  
The Czech Republic ◽  
Construction Contracts ◽  
Risk Hedging

Risk management of construction projects presented in the article focuses on the management of business risk from the perspective of public investors in public works contracts in the Czech Republic. Based on the data analysis and a comparative study of specific attributes in contracts for works, the result of the research has been a portfolio of specific instruments and their recommended parameters for effective business risk management. Qualitative analysis was conducted using a questionnaire survey and structured interviews with public sector representatives to share their views on the current practice of protecting public procurement with regard to mitigate business risk. Types, functions and recommended parameters of hedging instruments has been proposed. Effective forms of hedging are mainly liability insurance for damage to things, property and health, contractual penalties, retention money and bank guarantees. Results of the research were compared with foreign practice and international contractual standards.

scholarly journals Maturing Construction Management Up The Bim Model & Scheduling Using Primavera

2018 ◽  
Vol 7 (3.10) ◽  
pp. 1 ◽  
Author(s):  
T Subramani ◽  
A Ammai
Keyword(s):  
Risk Management ◽  
Project Management ◽  
Construction Management ◽  
Construction Projects ◽  
Hazard Management ◽  
Project Completion ◽  
Schedule Delay ◽  
Venture Management ◽  
Construction Risk ◽  
Timely Project Completion

Poor hazard management is among significant difficulties confronting the construction business on issues of timely project completion. Although hazard factors are various, the nature of construction projects being inclined to changes amid execution makes it hard to satisfactorily catch chance perspectives identified with scheduling and timely project completion. Conventional 2D PC based devices don't enough use digitized calculable data, along these lines constrained in capturing construction risk. Hence, derive the benefit  of prominent BIM to pass over this gap is presently being noted in growth  venture management. This examination researches the utilization of BIM in managing scheduling risk of construction projects. In our study, to properly minimize the risk of schedule delay in projects; construction sequencing exercises should be satisfactorily digitized and BIM offers the total chance to integrate vital aspects of project management that  management enhance scheduling risk management.  

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