Risk Response Selection in Construction Projects

Naji, Hafeth I.; Ali, Rouwaida Hussein

doi:10.28991/cej-030950

Cited by 12 publications

(11 citation statements)

References 25 publications

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“…Background Although the construction industry (CI) is indubitably known for its importance in economic development through employment provision and infrastructure development (Nawaz et al, 2019;Mwangi & Ngugi, 2018), it has also been criticised for its poor performance (Osuizugbo, 2019;Muzondo & McCutcheon, 2018). According to Potensis (2017), the construction sector accounts for 7% of global employment and contributes 10% to the global Gross Domestic Product (GDP).…”

Section: 1mentioning

confidence: 99%

“…As for small contractors, they are defined as enterprises employing less than 50 full-time employees, with average total annual amount turnover fewer than ZAR6m2 with a total gross asset value (fixed property) of fewer than ZAR1m. This study employed this definition given that previous studies (Muzondo & McCutcheon, 2018;Naude & Chiweshe, 2017) in SA have employed it.…”

Section: Construction Smes In South Africamentioning

confidence: 99%

“…Risk management in SMEs According to Hwang et al (2014), not only SMEs encounter more uncertainties and challenges than large enterprises but also, they lack resources to respond promptly to hazards that have the potential to engender massive losses and even bankruptcy of the firm. As a result, SMEs need to practise risk management much more than large enterprises (Zoghi, 2017) and consider risk management as an integral part of the business management to keep the firms viable and productive (Naji & Ali, 2017). However, in order to attain a competitive edge and increase the rate of success of their business, SMEs need to make risky decisions and participate in risky activities so that they can protect the innovativeness of delivering projects (Hove & Banjo, 2018).…”

Section: 2mentioning

confidence: 99%

“…In line with this statement, Rehacek (2017a) indicated that even management with regular use of risk management finds it difficult to understand the rationale for and formal process of risk management in new projects. Diversity in parties' perceptions in a construction project invites undesirable biases in decision making, which makes the process of managing risk more complex (Naji & Ali, 2017). Many researchers (Moshesh et al, 2018;Al-Ajmi & Makinde, 2018;Sayilir & Farhan, 2017) believe that few organisations practise formal risk management systems with analytical approaches in assessing risks.…”

Section: 2mentioning

confidence: 99%

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Correlation analysis between risk measurement and project success of small and medium contractors in Gauteng, South Africa

Renault

Agumba²,

Ansary³

2020

JCBM

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Risk measurement (RM) and construction project success (PS) are closely related. Preceding studies highlight the importance of RM in the management of risks without revealing its effect on PS. This study aims to determine the influence of RM on the PS of small and medium enterprises (SMEs). A positivist research design was applied using a survey questionnaire circulated to 181 respondents in Gauteng, South Africa (SA). Raw data analysed using inferential statistics extracted one-component solution and evinced statistical significance (p=0.000<0.05) between RM and PS. In particular, results revealed that RM significantly influences PS of construction SMEs through delimiting the RM criteria to be adopted, establishing the level of acceptable risk and risk timeframe relevant to risk effect and risk likelihood. It is suggested that the management of SMEs and industry professionals involved in risk management should adopt RM for the management of their project risks to accomplish project objectives effectively. The study renders new empirical evidence of risk management factors that influence PS of SMEs in the context of SA. It remains to be seen whether the current finding could be replicated in other datasets. If indeed that is the case, then this article expands to the discourse and literature on RM of SMEs. However, the current findings cannot be generalised due to the restrictions pertaining to the geographical area and respondents. Keywords: Contractors, Correlation analysis, Factor analysis, Project success, Risk measurement.

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Section: 1mentioning

confidence: 99%

Section: Construction Smes In South Africamentioning

confidence: 99%

Section: 2mentioning

confidence: 99%

Section: 2mentioning

confidence: 99%

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Correlation analysis between risk measurement and project success of small and medium contractors in Gauteng, South Africa

Renault

Agumba²,

Ansary³

2020

JCBM

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“…The available risk response strategies together with their variants are traced in a number of studies [6][7][8][9][10][11][12][13][14]. Collectively, these strategies can be summarised as risk avoidance, reduction/mitigation, transfer/sharing, retention/acceptance.…”

Section: Introductionmentioning

confidence: 99%

Selection of Risk Management Strategies in Informal Construction Sector

Phoya¹,

Kikwasi²,

Sospeter³

et al. 2018

JCEA

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The informal construction sector is unregulated and operates in a risky environment, thus the need for adoption of appropriate risk management strategies for its survival is essential. Therefore, the aim of this study was to examine methods used in choosing appropriate risk response strategy in informal construction sector in Tanzania. The study involved construction workers in informal sector in Dar es Salaam and Mwanza in Tanzania. Dar es Salaam and Mwanza are among big cities in Tanzania having more informal construction workers. Questionnaires were prepared in English, translated in Kiswahili and administered by research assistants on informal construction workers. Workers were purposively selected. Out of 1,000 questionnaires distributed 849 questionnaires were fairly filled equating to 84.9%. The collected data was coded and analysed using descriptive statistics mainly frequencies cross tabulation and Chi-square tests. The study established that majority of informal construction workers choose risk response strategies by using common sense followed by previous experience. Within the location, the methods significantly differ whereby Dar es Salaam was dominated by common sense and Mwanza dominated by previous experience. Likewise, use of common sense among respondents was significantly different between gender, age group, level of education and experience. This implies that apart from formal process of choosing risk response strategies, the informal construction sector has its own surviving strategies. The issue of location, gender and experience are essential for risk management in informal construction sector.

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Development of Knowledge Graph Based on Risk Register to Support Risk Management of Construction Projects

Isah

Kim

2023

KSCE J Civ Eng

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Risk management (RM) in construction projects is a knowledge-intensive process that requires an efficient mechanism for capturing, storing, exploiting, and managing risk-related knowledge. Although some existing studies have proposed various knowledge-based risk management (KBRM) tools. However, not all tools suit all projects, as every project is unique. Besides, each tool is developed based on certain assumptions with methodological drawbacks. Hence, new tools are required in response to the continuous change in the project environment, complexity, and dynamism by adopting new technologies to improve the RM processes. This study proposes a knowledge graph technique to improve risk-related knowledge storage, sharing, and reuse in managing construction project risks. This study constructed a risk knowledge graph (RisKG) based on a project risk register. The proposed RisKG was then used to develop a construction risk dashboard (ConRisk Dashboard) that can be used for quick risk information retrieval to support the RM of construction projects. The effectiveness of the proposed ConRisk Dashboard was verified through its use for the search and retrieval of risk assessment details of a particular risk source associated with the case project used in RisKG. The results indicate that the ConRisk Dashboard can improve the RM processes by saving time spent on project documentation reviews and cost expended on expert workshops at the beginning of every new project. Conclusively, the contribution of this study to the body of knowledge is that it provides a framework for developing knowledge-based risk management systems (KBRMS) and intelligent tools that can facilitate integrated risk management and digital collaboration among project stakeholders to support informed decision-making in construction projects. In addition, this work paves the way for research towards developing and adopting digital tools that can facilitate the digital transformation of RM and CM practices to improve project performance and productivity in the construction industry.

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Risk Response Selection in Construction Projects

Cited by 12 publications

References 25 publications

Correlation analysis between risk measurement and project success of small and medium contractors in Gauteng, South Africa

Correlation analysis between risk measurement and project success of small and medium contractors in Gauteng, South Africa

Selection of Risk Management Strategies in Informal Construction Sector

Development of Knowledge Graph Based on Risk Register to Support Risk Management of Construction Projects

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