Wang, S Q; Dulaimi, M F and Aguria, M Y (2004) Risk management framework for construction projects in developing countries. Construction Management and Economics, 22(3), pp. 237-252. ISSN 01446193
Abstract
It is important to manage the multifaceted risks associated with international construction projects, in particular in developing countries, not only to secure work but also to make profit. This research seeks to identify and evaluate these risks and their effective mitigation measures and to develop a risk management framework which the international investors/ developers/ contractors can adopt when contracting construction work in developing countries. A survey was conducted and twenty-eight critical risks were identified, categorized into three (country, market and project) hierarchical levels and their criticality evaluated and ranked. For each of the identified risks, practical mitigation measures have also been proposed and evaluated. Almost all mitigation measures have been perceived by the survey respondents as effective. A risk model, named Alien Eyes' Risk Model, which shows the hierarchical levels of the risks and the influence relationship among the risks, is also proposed. Based on the findings, a qualitative risk mitigation framework was finally proposed which will benefit the risk management of construction project in developing countries.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | developing countries; international construction project; risk identification; risk management; risk mitigation; risk model |
| Index terms: | profit, risk identification, survey, developing country, risk mitigation, international construction project, construction project, mitigation, investor, construction work, risk management |
| Subjects: | production management, financial risk, development economics, sociology, strategic management, risk assessment, data collection methods, economic analysis, operations management |
| Topics: | Risk Management, Stakeholder Management, Research Practice, Project Management, Cost Management, Business Strategy, International Construction |
| Descriptive scope: | 3 PCE |
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