Yan, C (2006) Risk management strategy of construction projects in China. PhD thesis, University of Bedfordshire, UK.
Abstract
Embarking on a construction project means taking a risk. Project risk management (PRM) provides an effective approach to improve decision making and minimise project risk. Project risks may not possess the same level of significance for different countries, markets and projects. Current research on PRM in China has been rather theoretical, addressing technology issues. Considering the current practice in the Chinese construction industry (CCl), the PRM needs understanding and support from the industry and a mature market environment. This research aims to establish PRM strategies for identifying and adopting the best practice to provide practical guidelines for the CCl, thus improving the PRM, motivating the reform of the Chinese construction market, and enabling the CCl to function in the competitive environment of globalisation. An extensive literature review and a number of case studies for construction projects in China have been conducted, addressing issues closely related to the research. A systematic analysis is employed and developed for project planning and decision making. Contractual risks are considered as the first step and catalyst for improving the PRM in the CCl. Built on the findings from the case studies and analysis, the research puts forward a framework of contractual risk management to study the concept, identification and classification of contractual risks. Contract interfaces are analysed for contractual risk management under various project procurement routes (PPRs). The potentially large improvements to the PRM and reform of the Chinese construction market from the introduction and application of innovative PPRs and their contractual conditions are addressed. Two mathematical models -a probabilistic analysis model and an effective information entropy model for key contractual risks -are presented. The validity and applicability of the models are demonstrated with sample data for the CCl. Detailed recommendations and guidelines for the implementation of the proposed strategies are suggested.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Uncontrolled Keywords: | best practice; China; construction project; decision making; markets; procurement; project planning; project risk management; risk management |
| Index terms: | risk management, best practice, construction market, markets, construction industry, implementation, case study, project risk management, validity, globalization, contractual risk management, construction project, decision-making, project planning, project procurement, China, mathematical model, entropy, literature review, strategy |
| Subjects: | mathematical modelling, business, evaluation and assessment methods, data collection methods, risk assessment, control systems, economic analysis, contractual arrangements, data analysis and analytics, management, financial risk, contract management, production management, Geography, decision analysis, market analysis, economic factors, thermal systems, industry analysis |
| Topics: | Risk Management, Sustainability, Procurement, Project Management, Geographical Context, Contract Administration, International Construction, Business Strategy, Cost Management, Research Practice |
| 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