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

Boateng, Ali; Ameyaw, Collins; Mensah, Sarfo

doi:10.1080/15623599.2020.1842962

Cited by 14 publications

(15 citation statements)

References 41 publications

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“…Risks in the construction industry have been identified by numerous studies in different countries [9,[43][44][45][46][47][48][49][50][51][52]. While there are several books on risk management, there is scant data available on its use in practice [53].…”

Section: Literature Reviewmentioning

confidence: 99%

“…The implementation of project risk management varies significantly by industrial area [54,55]. Moreover, [8,9,49,50,[56][57][58] have examined a number of risk management techniques. Nevertheless, most of these techniques may not be appropriate in local environments.…”

Section: Literature Reviewmentioning

confidence: 99%

“…Risk management is the procedure of evaluating and managing these risk occurrences to reduce or eliminate the incidence and effect of negative impacts and promote positive benefits. As project risk grows, management and control become more challenging [9]. Numerous failures occur over the course of the project as a result of the risk and unpredictability inherent in the environment and in the project structure.…”

Section: Introductionmentioning

confidence: 99%

“…Owoo et al [2] defined construction as the process of constructing, repairing, maintaining, altering, and deconstructing structures, highways, streets, bridges, roads, sewers, trains, and communication networks. The industry's significance stems from its close ties to other sectors of the economy since it generates considerably more significant effects through strong linkages with other industries [2,9,11]. However, no construction activity is risk-free due to the industry's demanding, dynamic, and complicated character.…”

Section: Introductionmentioning

confidence: 99%

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The Current Risk Management Practices and Knowledge in the Construction Industry

et al. 2022

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Construction is a critical sector of any economy in terms of value production, labor, and contributing to the gross national product. Managing risk is a relatively young area in Yemen’s construction sector, but it is gaining traction as building activity and competition rise. Construction firms mitigate risk by using a variety of risk management methods. Therefore, there is a need to assess these procedures in order to detect shortcomings. This research aims to establish the existing risk management strategies used in Yemeni building projects. Survey questionnaires were used to collect data. Respondents were drawn from Yemeni construction businesses. Risk management is not executed systematically, intentionally, or continuously, and most firms’ risk management procedures are reactive, semipermanent, informal, and unstructured, with no or few dedicated resources to address risks. This strategy is inconsistent with generally accepted risk management principles. Nonetheless, the findings suggest a general understanding of risk management and a willingness to learn from previous errors. The study of the findings suggests that risk identification approaches such as judgment and historical data are employed for risk analysis, and that the industry typically attempts to avoid or transfer risks in Yemeni building projects. The results shed light on the shortcomings of Yemen’s project management practices. To guarantee that construction projects obtain maximum value for money, project managers of big construction businesses in Yemen need a strong understanding of and training in globally accepted systematic risk management procedures. Finally, this study can help future stakeholders determine how to work together to manage risk.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The Current Risk Management Practices and Knowledge in the Construction Industry

et al. 2022

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“…The construction industry is no exception in being exposed to these uncertainties, which are complex and diverse risks (Zhao et al, 2013). The management of these risk events to mitigate or eliminate the occurrence and impact of adverse effects and encourage positive results is called Risk Management (Boateng et al, 2020). Crispim et al (2019) posited that the inability to cope with risk is the leading cause for exceeding budget, deadlines, and other project objectives.…”

Section: Risk Managementmentioning

confidence: 99%

Perception of the Risk Factors in Official Development Assistance (ODA) Construction Project Management: Focused on Comparison between Project Owner and Construction Manager in KOICA Grant Projects

Kim¹

2021

J Int Dev Coop

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This study identified the most critical empirical risk factors at three sequential phases in a preconstruction period and investigated different perceptions of those risk factors by project owners (Korea international cooperation agency officers, KOICA) and construction managers (CM). It was found that the most prioritized empirical risk factors were evenly distributed in the three phases of the preconstruction period. Furthermore, the bidding phase of the Official Development Assistance (ODA) construction project had more high-ranking factors than the other phases; therefore, risk management

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Risk Analysis in Bridge Construction

Fathima Nizwa,

Kassim,

Philip

2023

Lecture Notes in Civil Engineering

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

Cited by 14 publications

References 41 publications

The Current Risk Management Practices and Knowledge in the Construction Industry

The Current Risk Management Practices and Knowledge in the Construction Industry

Perception of the Risk Factors in Official Development Assistance (ODA) Construction Project Management: Focused on Comparison between Project Owner and Construction Manager in KOICA Grant Projects

Risk Analysis in Bridge Construction

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