International Conference on Construction and Real Estate Management 2016
Investigating Risk Management Practices in Construction Projects in the Gauteng Province in South Africa: A Contractors’ Perspective
Publication: ICCREM 2016: BIM Application and Off-Site Construction
ABSTRACT
The significant impact of construction projects on a nation has been characterised in literature in terms of infrastructure development and job creation. These projects are nevertheless associated with various risks that need to be managed to achieve set goals. To manage the project for a successful delivery, several management actions or practices are used to avoid or reduce the negative effects of risks. Hence, this study sought to investigate the effectiveness of risk management actions used in construction projects according to contractor’s perspective. A questionnaire survey was carried out, and a total of thirteen risk management actions were identified which were further categorized into two groups of preventive and mitigative actions. Research findings identified subjective judgment to produce a proper programme and production of a proper schedule as mostly used actions to manage risks in the first group. Furthermore, close supervision, increase the working hours, and coordinate closely with subcontractors were the most used actions to manage risks in the latter group. The results of this study would considerably boost the understanding of risk management actions and also assist contractors in handling various risks faced by the industry.
Get full access to this chapter
View all available purchase options and get full access to this chapter.
REFERENCES
Agumba, J.N. (2013). “A Construction Health and Safety Performance Improvement Model for South African Small and Medium Enterprises.” University of Johannesburg, Johannesburg, South Africa, 119.
Bajaj, D., Oluwoye, J. and Lenard, D. (1997). “An analysis of contractor’s approach to risk identification in New South Wales, Australia.” Construction Management and Economics, 15(4), 363–369
Creedy, G.D. (2005). Risk factors leading to cost overrun in the delivery of highway construction projects. Queensland University of Technology, Queensland, Australia, 2.
Edwards, P.J. and Bowen, P.A. (2005). “Risk and risk management in construction: a review and future direction for research, engineering.” Construction and architectural management, 5(4), 339–349.
Flanagan, R. (2003). “Managing Risk for an Uncertain Future-A Project Management Perspective.” The University of Reading, UK, 23–26.
Hillson. D. (2002). “The risk breakdown structure as an aid to effective risk management.” 5th European Project Management Conference, PMI Europe, Cannes, France, 1–2.
Jaffari, A. (2001). “Management of risks, uncertainties and opportunities on projects: time for a fundamental shift.” International Journal of Project Management, 19(2), 89–101.
Johnson, T. (2008). Project Management Professional (PMP) exam success series:certification exam manual, Crosswind Project Management Inc, Texas.
Kalayjian, W.H. (2000). “Third world markets: anticipating the risks.” Civil Engineering, 70(5), 56–57.
Koirala, M.P. (2014). “Risks in housing and real estate construction projects.” Journal of the Institute of Engineering, 10(1), 34–44.
Laryea, S. (2008). “Risk pricing practices in finances, insurance and construction.” COBRA Research Conference September 4th–5th, Dublin, Ireland, 2.
Le-Hoai, L., Lee, Y.D. and Lee, J.Y. (2008). “Delay and cost overruns in Vietnam large construction projects: A comparison with other selected countries.” KSCE Journal of Civil Engineering, 12 (6), 367–377.
Loosemore, M., Raftery, J., Reily, C. and Higgion, D. (2006). Risk management in projects, Routledge, London.
Project Management Institute (PMI). (2008). A Guide to the Project Management Body of Knowledge, Newtown Square, Pennsylvania.
Ramcharran, H. (1998). “PEER-REVIEWED PAPER: Obstacles and Opportunities in International Engineering Services.” Journal of Management in Engineering, 14(5), 38–47.
Raz, T. and Michael, E. (2001). “Use and benefits of tools for project risk management.” International Journal of Project Management, 19(1), 9–17.
Tummala, V. and Burchett, J. (1999). “Applying a risk management process (RPM) to manage cost risk for an EHV transmission line project.” International Journal of Project Management. 17(4), 223–235.
Zayed, T., Amer, M. and Pan, J. (2007). “Assessing risk and uncertainty inherent in Chinese highway project using AHP.” International journal of project management, 26(4), 408–419.
Information & Authors
Information
Published In
ICCREM 2016: BIM Application and Off-Site Construction
Pages: 1304 - 1310
Editors: Yaowu Wang, Ph.D., Professor, Harbin Institute of Technology, Mohamed Al-Hussein, Ph.D., Professor, University of Alberta, Geoffrey Q. P. Shen, Ph.D., Professor, The Hong Kong Polytechnic University, and Yimin Zhu, Ph.D., Professor, Louisiana State University
ISBN (Online): 978-0-7844-8027-4
Copyright
© 2017 American Society of Civil Engineers.
History
Published online: Aug 14, 2017
Authors
Metrics & Citations
Metrics
Citations
Download citation
If you have the appropriate software installed, you can download article citation data to the citation manager of your choice. Simply select your manager software from the list below and click Download.