Goh, C S and Abdul-Rahman, H (2013) The identification and management of major risks in the Malaysian construction industry. Journal of Construction in Developing Countries, 18(1), pp. 19-32. ISSN 1823-6499
Abstract
Effective risk management can bring greater rewards to project performance by enhancing productivity. The objectives of this study are to identify the major risks associated with the Malaysian construction industry and to evaluate the practical measures that the various local construction industry players would take to respond to those risks. A mixed method of questionnaire and interviews was used to investigate the current trend of risk management implementation in the Malaysian construction industry. Financial risk and time risk are found to be the major risks in terms of the occurrence frequency and the impacts. A lack of knowledge and the associated costs of risk management application are the main reasons given by local contractors who lag behind in implementing risk management in their practices. It can be deduced that risk management is still at an early stage of development in the Malaysian construction industry.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | construction industry; Malaysia; risk; risk management |
| Index terms: | interview, questionnaire, local contractor, Malaysia, mixed method, productivity, risk management, project performance, implementation, construction industry |
| Subjects: | contractual arrangements, data collection methods, risk assessment, practitioner, industry analysis, management, project management theory and practice, Geography |
| Topics: | Procurement, Roles and Professions, Risk Management, Geographical Context, Project Management, Research Practice, Business Strategy |
| Descriptive scope: | 5 PCTEA |
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