Perrenoud, A (2014) Exploratory study of risk maturity impact on construction project outcomes. PhD thesis, Arizona State University, USA.
Abstract
The construction industry has accepted the uncertainty that is included with every project that is initiated. Because of the existing uncertainty, best practices with risk management are commonly recommended and educated to industry participants. However, the current status of the construction industry's ability to manage risk was found to be limited, unstructured, and inadequate. Furthermore, many barriers block organizations from implementing and improving risk management practices. A significant barrier with improving risk management methods is the lack of evidence that clearly demonstrates the need to improve risk management practices. Logical explanations of the benefits of risk management doesn't provide the necessary justification or motivation needed for many organizations to dedicate resources towards improving risk management. Nevertheless, some organizations understand the importance of risk management practices and have begun to measure their risk maturity in order to identify weaknesses and improve risk management practices. Risk maturity measures the organization's ability and perceptions towards risk management. It is possible that many of the barriers to improving risk management would not exist if increased risk maturity was found to have a positive correlation with successful project performance. The comprehensive hypothesis of the research is that increased risk maturity improves project performance. An exploratory study was conducted on data collected to identify measurable benefits with risk management. Quantitative and qualitative data was collected on 266 construction projects over a seven year period. Multiple statistical analyses were performed on the data and found a positive correlations between risk maturity and project performance. A positive correlations was found between customer satisfaction and contractors risk maturity. Additional findings from the recorded data included the increased ability to predict risks during construction projects within an organization. These findings provide clear reasoning for organizations to devote additional resources in which improve their risk management practices.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Thesis advisor: | Sullivan, K T |
| Uncontrolled Keywords: | motivation; reasoning; uncertainty; construction project; best practice; risk management; project performance |
| Index terms: | construction project, evidence, exploratory study, motivation, reasoning, construction industry, best practice, customer satisfaction, risk management, project performance, statistical analysis |
| Subjects: | cognitive psychology, production management, research methods, psychology, evaluation and assessment methods, industry analysis, service delivery, project management theory and practice, data science, risk assessment, business |
| Topics: | Human Resources, Stakeholder Management, Business Strategy, Research Practice, Risk Management, Project Management |
| Descriptive scope: | 4 PCTA |
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