Jackson, S H; Griffith, A; Stephenson, P and Smith, J (1997) Risk management tools and techniques used when estimating initial budgets for building projects. In: Stephenson, P (ed.) Proceedings of 13th Annual ARCOM Conference, 15-17 September 1997, Cambridge, UK.
Abstract
This paper presents the results of a survey of 125 professional quantity surveying practices in the UK. The survey focuses on the use of risk management tools and techniques used when estimating initial budgets for building construction projects. Risk management is introduced and the research methodology is discussed, including reference to key publications. The results of the survey show that the awareness and use of most "academic" tools and techniques is low, and the performance of most methods used is perceived as mainly "fair" to "good" - with the exception of only a small proportion of responses. It is recommended that further research is needed to evaluate the potential use of the relatively unknown risk management tools and techniques, and it is argued that excellence should be achieved in performance of client budget risk management methods used by quantity surveyors.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | risk; budgets; buildings; quantity surveyors |
| Index terms: | quantity surveying practice, quantity surveying, survey, building construction, research methodology, risk management, estimating, publication, risk management tool |
| Subjects: | research design and methodology, data collection methods, research dissemination and communication, risk assessment, profession, financial and cost management, financial risk, building construction |
| Topics: | Information Management, Research Practice, Cost Management, Construction Technology, Roles and Professions, Risk Management |
| Descriptive scope: | 2 PE |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here