Key issues and challenges of risk management and insurance in China's construction industry

Liu, Junying; Li, Bingguang; Lin, Bin; Nguyen, Vanthuan

doi:10.1108/02635570710734280

Cited by 85 publications

(59 citation statements)

References 15 publications

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“…Liu et al (2007) observed that the ineffective implementations of holistic risk management still exist among Chinese construction firms in Mainland China, and are caused by a lack of formalized risk management procedures, including risk identification, analysis and control; a lack of continuity of risk management in the different stages in the project life cycle, including conceive, design, plan, allocate, execute, deliver, review and support; poor integration between risk management and other key processes, including design, estimating, planning, production, logistics, cost analysis, manufacturing, quality assurance, reliability, schedule analysis, support (e.g. maintainability), and test and evaluation; and a lack of interaction among different parties, including clients, contractors, insurers, and suppliers (Liu et al, 2007).…”

Section: External Risk Managementmentioning

confidence: 97%

External risk management practices of Chinese construction firms in Singapore

Low

Liu

2009

KSCE Journal of Civil Engineering

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External risk management encompasses many areas such as finance, politics and national cultures, and there are many literatures that focus significantly on risk management in each area. Managing external risks are not unlike managing project risks and the same principles that are applied to project risk management may well be used to manage external risks. However, although external risk management is a critical success factor for many construction firms who have ventured out of their home countries, like project risks, this is often neglected by construction firms and construction firms generally either do not have sufficient knowledge pertinent to external risk management, or tend to overlook the effects that a lack of external risk management may have on their businesses. The objective of this study is to examine how construction firms attempt to manage external risks during the period that they venture into host countries. The study anchors on the external risk management practices of Chinese contractors that have ventured out of Mainland China into Singapore. A survey was conducted of all Chinese contractors in Singapore to gain a better insight into the external risk management practices which a typical Chinese contractor implements. From these, areas that may be improved in the current external risk management system will also be discussed to gain a learning experience from what is currently being practised in the industry.

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Section: External Risk Managementmentioning

confidence: 97%

External risk management practices of Chinese construction firms in Singapore

Low

Liu

2009

KSCE Journal of Civil Engineering

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“…This method also facilitates the process of retrieving, updating, and exchanging of information. It thus provides useful information in better equipping the construction practitioners to make more informed decisions to the contractual issues in contract administration (Liu et al, 2007). In addition, it also assists contract drafters and experts to review and clarify the clauses of the contract form in a way understandable to the parties.…”

Section: Introductionmentioning

confidence: 99%

Construction contract administration in Malaysia using DFD: a conceptual model

Chong

Balakrishnan

Chong³

2011

Industrial Management &Amp; Data Systems

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Purpose -The purpose of this paper is to propose a conceptual model which is aimed at assisting end-users, i.e. construction practitioners who are without a proper legal background for effective administration of construction contracts, to enable them to make correct interpretations and decisions in dealing with vast amount of legal information. Design/methodology/approach -This study proposes the application of data warehouse technology in the contract administration process of the construction industry. Upon identification of a comprehensive list of problems associated with construction contracts based on the feedback from 12 reputed experts in the construction industry, a conceptual model is developed using a data flow diagram. Findings -The results show that data warehouse technology is feasible and practical to the construction practitioners in the contract administration process. Research limitations/implications -This research focuses only on the development of a conceptual model and thus the practicability aspect of the model is a major concern. As such, the resulting practical implications are limited and are constrained only to the construction industry in Malaysia, raising the question of generalizability of the proposed model, as well as across different industries and countries. Practical implications -It is posited that the proposed conceptual model, when implemented, would enable construction practitioners to administer construction contracts with better clarity and accuracy, so that interpretation errors and disputes can be mitigated. This will facilitate the development of harmonious working relationships. Originality/value -The application of data warehouse technology in contract administration is rather new in the construction industry. The conceptual model thus offers a more effective and proactive approach in construction contract administration towards dispute resolution and/or prevention.

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“…Material availability Liu et al (2007) Labour productivity Elhag, Boussabaine and Ballal (2005); Shash (1993) Level of profit Park and Chapin (1992) Project financing Han and Diekmann (2001) Cost of manpower Shash (1993) Location and control of site Akintoye (2000) Zonal rates Zou (2007) Category of contractor Shen et al (2004) Management ability Hatush and Skitmore (1999) Contract type Drew and Skitmore (1997) Method of tender selection and degree of competition Oo, Drew and Lo (2008) Government policy Shen et al (2004) Project definition/size Drew and Skitmore (1992) Type of development Fu, Drew and Lo (2003) Construction plan Watt, Kayis and Willey (2009)…”

Section: Factors Referencesmentioning

confidence: 99%

Factors Influencing Success Rate of Contractors in Competitive Bidding for Construction Works in South-East, Nigeria

Aje¹,

Oladinrin²,

Nwaole³

2016

JCDC

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The focal point of this study was to assess the perspectives of construction professionals on factors influencing tender prices of construction works and the contribution of the factors to the success rate of contractors. Using literature review and questionnaire survey, 15 factors were identified in respect to contractors' tender price and success rate in Nigeria. The findings of this study based on the results of statistical analyses (mean score and chi-square) reveal that all the construction professionals (architects, builders, engineers and quantity surveyors) are of the opinion that material availability, labour productivity and level of profit are the most significant factors that highly influence tender price of construction works and consequently affect the success rate of contractors in competitive bidding. Project definition and construction plan have least influence on contractors' tender price. Also, it was found that government policy does not have significant effect on contractors' success rate in competitive bidding in Nigeria. It is hoped that the information presented in this paper will be of interest to all parties concerned, including Nigerian construction companies and foreign companies planning to enter the Nigerian construction market. In addition, while the research focused on a particular country, Nigeria, the study can be replicated in other countries particularly developing countries and the results can be compared.

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Key issues and challenges of risk management and insurance in China's construction industry

Cited by 85 publications

References 15 publications

External risk management practices of Chinese construction firms in Singapore

External risk management practices of Chinese construction firms in Singapore

Construction contract administration in Malaysia using DFD: a conceptual model

Factors Influencing Success Rate of Contractors in Competitive Bidding for Construction Works in South-East, Nigeria

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