Risk Management Processes and Analysis in Projects Construction Industry

Boateng Leslie Appiah

doi:doi:10.11648/j.jccee.20200504.14

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Risk Management Processes and Analysis in Projects Construction Industry

Boateng Leslie Appiah

Published in Journal of Civil, Construction and Environmental Engineering (Volume 5, Issue 4)

Received: 25 June 2020 Accepted: 10 July 2020 Published: 25 August 2020

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Abstract

In the area of project construction industry, risk management has become an indispensable index of concern which needs to be focused on in order to ensure effective and successful execution of projects in the construction industry. This paper focuses on risk management within projects construction field and also to find out the opinions and ideas on the significance of the construction projects risks, and also to explore the risk analysis, risk response techniques and strategies as well as risk management processes and practices in construction industry. The questionnaire prepared for the survey was distributed both via e-mail and by sending questionnaire link onto a WhatsApp platform group of the respondents and 85 member respondents results were analyzed in the form of bar charts, column chart and radar chart. The survey results revealed that majority of the total respondents are in the capacity or position as Project Managers and also have over 15 years working experience, and as well attained Master’s degree qualification. It was also revealed that risk events are usually responsible for the poor delivery and quality of work, accompanied with delays and other associated losses in project construction and also risks that are associated with high probability and high impact are required to undergo further analysis, including quantification and thorough risk management. The most frequently used risk response technique according to the respondents is through the issuance of performance bonds, warranties and guarantees and also the most frequently used risk analysis practice is the Project Documented knowledge and Review Analysis. Risk management in project construction is therefore a constant learning process to constantly improve upon practices in order to adapt and increase the process efficiency of dealing with risk in construction projects as well as its successful execution.

Published in	Journal of Civil, Construction and Environmental Engineering (Volume 5, Issue 4)
DOI	10.11648/j.jccee.20200504.14
Page(s)	92-101
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2020. Published by Science Publishing Group

Keywords

Risk Management, Projects Construction, Risk Events, Survey Results, Risk Response Technique

References

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[2]	J. Tamosaitiene, E. Kazimieras, and Z. Turskis, (2013) “Multi-criteria risk assessment of a construction project,” Vilnius Gediminas Technical University, Department of Construction Technology and Management, Sauletekio Ave. 11, LT-10223, pp. 129-133.
[3]	Project Management Institute. (2013) A Guide to the Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition.
[4]	S. K. Kamane and S. A. Mahadik, “Risk management in construction industry,” IOSR Journal of Mechanical and Civil Engineering (IOSR-JMCE), pp. 59-65.
[5]	https://theconstructor.org/construction/risk-management-construction-projects/24873/.
[6]	KarimiAzari, et al. (2011). Risk assessment model selection in construction industry, Expert Systems with Applications, 38, 9105–9111.
[7]	Bannerman, P. L. (2008). Risk and risk management in software projects: A reassessment. The Journal of Systems and Software, 81 (12), 2118–2133.
[8]	https://fardapaper.ir/mohavaha/uploads/2018/07/Fardapaper-Risk-management-in-construction-projects.pdf.
[9]	Paweł Szymański / Procedia Engineering 208 (2017) 174–182.
[10]	Zou PXW, Zhang G, Wang J. Understanding the key risks in construction projects in China. Int J Project Manage 2007; 25 (6): 601–614.
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[12]	Wang MT, Chou HY. Risk allocation and risk handling of highway projects in Taiwan. J Manage Eng 2003; 19 (2): 60–68.
[13]	A. Dziadosz and M. Rejment, (2015) “Risk analysis in construction project – chosen methods,” 15th German-Lithuanian-Polish Colloquium (ORSDCE 2015), pp. 258-265.
[14]	Kapliński O.: Risk Management of Construction Works by Means of the Utility Theory: a Case Study. Procedia Engineering. - 2013, 57, 533539.
[15]	S. H. A. Kalkhoran, G. Liravi, and F. Rezagholi, (2014) “Risk management in construction projects,” International Journal of Engineering Trends and Technology (IJETT), vol. 10, no. 3.

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APA Style

Boateng Leslie Appiah. (2020). Risk Management Processes and Analysis in Projects Construction Industry. Journal of Civil, Construction and Environmental Engineering, 5(4), 92-101. https://doi.org/10.11648/j.jccee.20200504.14

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Boateng Leslie Appiah. Risk Management Processes and Analysis in Projects Construction Industry. J. Civ. Constr. Environ. Eng. 2020, 5(4), 92-101. doi: 10.11648/j.jccee.20200504.14

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AMA Style

Boateng Leslie Appiah. Risk Management Processes and Analysis in Projects Construction Industry. J Civ Constr Environ Eng. 2020;5(4):92-101. doi: 10.11648/j.jccee.20200504.14

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@article{10.11648/j.jccee.20200504.14,
  author = {Boateng Leslie Appiah},
  title = {Risk Management Processes and Analysis in Projects Construction Industry},
  journal = {Journal of Civil, Construction and Environmental Engineering},
  volume = {5},
  number = {4},
  pages = {92-101},
  doi = {10.11648/j.jccee.20200504.14},
  url = {https://doi.org/10.11648/j.jccee.20200504.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jccee.20200504.14},
  abstract = {In the area of project construction industry, risk management has become an indispensable index of concern which needs to be focused on in order to ensure effective and successful execution of projects in the construction industry. This paper focuses on risk management within projects construction field and also to find out the opinions and ideas on the significance of the construction projects risks, and also to explore the risk analysis, risk response techniques and strategies as well as risk management processes and practices in construction industry. The questionnaire prepared for the survey was distributed both via e-mail and by sending questionnaire link onto a WhatsApp platform group of the respondents and 85 member respondents results were analyzed in the form of bar charts, column chart and radar chart. The survey results revealed that majority of the total respondents are in the capacity or position as Project Managers and also have over 15 years working experience, and as well attained Master’s degree qualification. It was also revealed that risk events are usually responsible for the poor delivery and quality of work, accompanied with delays and other associated losses in project construction and also risks that are associated with high probability and high impact are required to undergo further analysis, including quantification and thorough risk management. The most frequently used risk response technique according to the respondents is through the issuance of performance bonds, warranties and guarantees and also the most frequently used risk analysis practice is the Project Documented knowledge and Review Analysis. Risk management in project construction is therefore a constant learning process to constantly improve upon practices in order to adapt and increase the process efficiency of dealing with risk in construction projects as well as its successful execution.},
 year = {2020}
}

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TY  - JOUR
T1  - Risk Management Processes and Analysis in Projects Construction Industry
AU  - Boateng Leslie Appiah
Y1  - 2020/08/25
PY  - 2020
N1  - https://doi.org/10.11648/j.jccee.20200504.14
DO  - 10.11648/j.jccee.20200504.14
T2  - Journal of Civil, Construction and Environmental Engineering
JF  - Journal of Civil, Construction and Environmental Engineering
JO  - Journal of Civil, Construction and Environmental Engineering
SP  - 92
EP  - 101
PB  - Science Publishing Group
SN  - 2637-3890
UR  - https://doi.org/10.11648/j.jccee.20200504.14
AB  - In the area of project construction industry, risk management has become an indispensable index of concern which needs to be focused on in order to ensure effective and successful execution of projects in the construction industry. This paper focuses on risk management within projects construction field and also to find out the opinions and ideas on the significance of the construction projects risks, and also to explore the risk analysis, risk response techniques and strategies as well as risk management processes and practices in construction industry. The questionnaire prepared for the survey was distributed both via e-mail and by sending questionnaire link onto a WhatsApp platform group of the respondents and 85 member respondents results were analyzed in the form of bar charts, column chart and radar chart. The survey results revealed that majority of the total respondents are in the capacity or position as Project Managers and also have over 15 years working experience, and as well attained Master’s degree qualification. It was also revealed that risk events are usually responsible for the poor delivery and quality of work, accompanied with delays and other associated losses in project construction and also risks that are associated with high probability and high impact are required to undergo further analysis, including quantification and thorough risk management. The most frequently used risk response technique according to the respondents is through the issuance of performance bonds, warranties and guarantees and also the most frequently used risk analysis practice is the Project Documented knowledge and Review Analysis. Risk management in project construction is therefore a constant learning process to constantly improve upon practices in order to adapt and increase the process efficiency of dealing with risk in construction projects as well as its successful execution.
VL  - 5
IS  - 4
ER  -

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Author Information

Boateng Leslie Appiah

Faculty of School of Urban Construction and Civil Engineering, Yangtze University, Jingzhou, China

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APA Style

Boateng Leslie Appiah. (2020). Risk Management Processes and Analysis in Projects Construction Industry. Journal of Civil, Construction and Environmental Engineering, 5(4), 92-101. https://doi.org/10.11648/j.jccee.20200504.14

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ACS Style

Boateng Leslie Appiah. Risk Management Processes and Analysis in Projects Construction Industry. J. Civ. Constr. Environ. Eng. 2020, 5(4), 92-101. doi: 10.11648/j.jccee.20200504.14

Copy | Download

AMA Style

Boateng Leslie Appiah. Risk Management Processes and Analysis in Projects Construction Industry. J Civ Constr Environ Eng. 2020;5(4):92-101. doi: 10.11648/j.jccee.20200504.14

Copy | Download

@article{10.11648/j.jccee.20200504.14,
  author = {Boateng Leslie Appiah},
  title = {Risk Management Processes and Analysis in Projects Construction Industry},
  journal = {Journal of Civil, Construction and Environmental Engineering},
  volume = {5},
  number = {4},
  pages = {92-101},
  doi = {10.11648/j.jccee.20200504.14},
  url = {https://doi.org/10.11648/j.jccee.20200504.14},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.jccee.20200504.14},
  abstract = {In the area of project construction industry, risk management has become an indispensable index of concern which needs to be focused on in order to ensure effective and successful execution of projects in the construction industry. This paper focuses on risk management within projects construction field and also to find out the opinions and ideas on the significance of the construction projects risks, and also to explore the risk analysis, risk response techniques and strategies as well as risk management processes and practices in construction industry. The questionnaire prepared for the survey was distributed both via e-mail and by sending questionnaire link onto a WhatsApp platform group of the respondents and 85 member respondents results were analyzed in the form of bar charts, column chart and radar chart. The survey results revealed that majority of the total respondents are in the capacity or position as Project Managers and also have over 15 years working experience, and as well attained Master’s degree qualification. It was also revealed that risk events are usually responsible for the poor delivery and quality of work, accompanied with delays and other associated losses in project construction and also risks that are associated with high probability and high impact are required to undergo further analysis, including quantification and thorough risk management. The most frequently used risk response technique according to the respondents is through the issuance of performance bonds, warranties and guarantees and also the most frequently used risk analysis practice is the Project Documented knowledge and Review Analysis. Risk management in project construction is therefore a constant learning process to constantly improve upon practices in order to adapt and increase the process efficiency of dealing with risk in construction projects as well as its successful execution.},
 year = {2020}
}

Copy | Download

TY  - JOUR
T1  - Risk Management Processes and Analysis in Projects Construction Industry
AU  - Boateng Leslie Appiah
Y1  - 2020/08/25
PY  - 2020
N1  - https://doi.org/10.11648/j.jccee.20200504.14
DO  - 10.11648/j.jccee.20200504.14
T2  - Journal of Civil, Construction and Environmental Engineering
JF  - Journal of Civil, Construction and Environmental Engineering
JO  - Journal of Civil, Construction and Environmental Engineering
SP  - 92
EP  - 101
PB  - Science Publishing Group
SN  - 2637-3890
UR  - https://doi.org/10.11648/j.jccee.20200504.14
AB  - In the area of project construction industry, risk management has become an indispensable index of concern which needs to be focused on in order to ensure effective and successful execution of projects in the construction industry. This paper focuses on risk management within projects construction field and also to find out the opinions and ideas on the significance of the construction projects risks, and also to explore the risk analysis, risk response techniques and strategies as well as risk management processes and practices in construction industry. The questionnaire prepared for the survey was distributed both via e-mail and by sending questionnaire link onto a WhatsApp platform group of the respondents and 85 member respondents results were analyzed in the form of bar charts, column chart and radar chart. The survey results revealed that majority of the total respondents are in the capacity or position as Project Managers and also have over 15 years working experience, and as well attained Master’s degree qualification. It was also revealed that risk events are usually responsible for the poor delivery and quality of work, accompanied with delays and other associated losses in project construction and also risks that are associated with high probability and high impact are required to undergo further analysis, including quantification and thorough risk management. The most frequently used risk response technique according to the respondents is through the issuance of performance bonds, warranties and guarantees and also the most frequently used risk analysis practice is the Project Documented knowledge and Review Analysis. Risk management in project construction is therefore a constant learning process to constantly improve upon practices in order to adapt and increase the process efficiency of dealing with risk in construction projects as well as its successful execution.
VL  - 5
IS  - 4
ER  -

Copy | Download