Ahmed, S (2022) Risk management framework an analysis of risk management process in SMEs of the UK construction industry. PhD thesis, University of the West of Scotland, UK.
Abstract
It is crucial to counter the multifaceted threats associated within construction project lifecycle, in particular for SME's in the UK construction industry, not only to secure work but also to make a profit. This research seeks to identify and evaluate these risks and their effective mitigation measures and to develop a risk management framework for the SME's in the UK construction industry, which the investors/ developers/ contractors can adopt when contracting construction work or during the project lifecycle. Furthermore, the current status of risk management and organizational culture is also evaluated. Two surveys were conducted, and thirty-two critical risks were identified, categorized into six hierarchical risk levels subcategories, and evaluated and ranked their criticality. For the top 10 the identified risks, practical mitigation measures have also been proposed. The survey respondents have perceived almost all mitigation measures as effective. Findings after the extraction of results were, that there are no active Risk Management Frameworks for the SME's in the UK construction industry. Considering all the factors identified which include the expertise, knowledge, resources and need, an easy to understand risk management framework is proposed which has 5 step procedures which is beneficial at any stage of the project cycle, and does not require special qualifications or knowledge to adopt and implement. All the guidelines are provided in the appendix for successful implementation of risk management framework. Based on the findings and results from the questionnaire surveys and literature review, a qualitative risk management framework was fmally proposed with its complete implementation guidelines provided, which will benefit the risk management of SME's in the UK construction industry.
| Item Type: | Thesis (Doctoral) |
|---|---|
| Uncontrolled Keywords: | culture; organizational culture; construction project; SMEs; lifecycle; risk management; developer; UK; questionnaire survey |
| Index terms: | literature review, profit, survey, organizational culture, construction project, questionnaire, mitigation, project lifecycle, investor, qualification, implementation, construction industry, risk management, construction work, lifecycle |
| Subjects: | industry analysis, sociology, data analysis and analytics, project delivery, risk assessment, data collection methods, production management, financial risk, educational resources, contractual arrangements, economic analysis, operations management, project completion |
| Topics: | Organizational Design, Stakeholder Management, Cost Management, Business Strategy, Research Practice, Education, Risk Management, Procurement, Project Management |
| 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