Wang, W; Zhao, J; Zhang, W and Wang, Y (2015) Conceptual framework for risk propensity, risk perception, and risk behaviour of construction project managers. In: Raiden, A and Aboagye-Nimo, E (eds.) Proceedings of 31st Annual ARCOM Conference, 7-9 September 2015, Lincoln, UK.
Abstract
Although a number of quantitative risk management measures and methods have been developed, the risk decision-making behaviour of construction project managers still needs to be further considered. Taking the characteristics of construction projects into consideration, this research put forward an integrated framework from the perspective of construction project managers and proposes 11 general hypotheses, putting risk propensity and risk perception in central roles. Individual differences, including demographic traits, personality differences, and knowledge and experience are identified as factors affecting risk propensity of construction project managers. Risk perception, on the other hand, is mainly influenced by magnitude or probability of potential gain or loss, problem framing, and culture influence. Questionnaires were distributed and multiple hierarchy regressions were employed to test 2 of the 11 hypotheses. The results confirm that extraversion positively influences risk propensity while agreeableness negatively does. Besides, risk propensity has a negative influence on risk perception of construction project managers. Propositions derived not only shed light on guidance for future research on the risk behaviour of construction project managers, but also provide decision-making support through a better understanding of the factors affecting risk behaviour. More empirical tests of the proposed hypotheses should be conducted in future researches.
| Item Type: | Conference Paper (Paper) |
|---|---|
| Uncontrolled Keywords: | construction project manager; risk decision-making; risk perception; risk propensity |
| Index terms: | conceptual framework, construction project, decision-making, risk behaviour, risk management, questionnaire, problem framing, risk perception, personality, manager, risk propensity |
| Subjects: | practitioner, quality of life and wellbeing, risk assessment, data collection methods, behavioral psychology, environmental hazards, decision analysis, production management, theoretical framing, decision-making and reasoning |
| Topics: | Sustainability, Risk Management, Roles and Professions, Research Practice, Project Management |
| Descriptive scope: | 3 PCA |
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