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The Current Risk Management Practices and Knowledge in the Construction Industry. BUILDINGS 2022. [DOI: 10.3390/buildings12071016] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Abstract] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 11/17/2022]
Abstract
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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Beardmore DC, Molenaar KR. Roadway design and construction in infrastructure limited contexts: a risk breakdown structure. INTERNATIONAL JOURNAL OF CONSTRUCTION MANAGEMENT 2022. [DOI: 10.1080/15623599.2021.1999768] [Citation(s) in RCA: 0] [Impact Index Per Article: 0] [Reference Citation Analysis] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 10/18/2022]
Affiliation(s)
- D. C. Beardmore
- Department of Civil, Environmental, and Architectural Engineering, University of Colorado, Boulder, Colorado, USA
| | - Keith R. Molenaar
- Department of Civil, Environmental, and Architectural Engineering, University of Colorado, Boulder, Colorado, USA
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Boateng A, Ameyaw C, Mensah S. Assessment of systematic risk management practices on building construction projects in Ghana. INTERNATIONAL JOURNAL OF CONSTRUCTION MANAGEMENT 2020. [DOI: 10.1080/15623599.2020.1842962] [Citation(s) in RCA: 1] [Impact Index Per Article: 0.3] [Reference Citation Analysis] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 10/23/2022]
Affiliation(s)
- Ali Boateng
- Directorate of Works and Physical Development, Kumasi Technical University, Kumasi, Ghana
| | - Collins Ameyaw
- Department of Building Technology, Kumasi Technical University, Kumasi, Ghana
| | - Sarfo Mensah
- Department of Building Technology, Kumasi Technical University, Kumasi, Ghana
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Wuni IY, Shen GQ, Osei-Kyei R, Agyeman-Yeboah S. Modelling the critical risk factors for modular integrated construction projects. INTERNATIONAL JOURNAL OF CONSTRUCTION MANAGEMENT 2020. [DOI: 10.1080/15623599.2020.1763049] [Citation(s) in RCA: 4] [Impact Index Per Article: 1.0] [Reference Citation Analysis] [Track Full Text] [Subscribe] [Scholar Register] [Indexed: 10/24/2022]
Affiliation(s)
- Ibrahim Yahaya Wuni
- Department of Building and Real Estate, The Hong Kong Polytechnic University, Kowloon, Hong Kong
| | - Geoffrey Qiping Shen
- Department of Building and Real Estate, The Hong Kong Polytechnic University, Kowloon, Hong Kong
| | - Robert Osei-Kyei
- School of Computing Engineering and Mathematics, Western Sydney University, Sydney, Australia
| | - Stephen Agyeman-Yeboah
- Department of Land Economy, Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
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