Bryde, D J and Volm, J M (2009) Perceptions of owners in German construction projects: Congruence with project risk theory. Construction Management and Economics, 27(11), pp. 1059-1071. ISSN 1466433X
Abstract
The construction industry is a major user of formal project risk management practices, yet risk is often dealt with inadequately, which is a contributory factor to poor performance. Conceptual developments propose a holistic view of risk incorporating threats and opportunities and the management of uncertainty. To optimize a risk management process there needs to be a reflection of this holistic view in management practice. A key project participant is the owner and understanding the perceptions of project risk of construction owners is an important step in assessing the degree to which practices reflect theory. Semi-structured interviews were conducted with 10 practitioners in German construction owner organizations to explore their perceptions of project risk. The results showed no common definition of project risk and a general belief that risk equated to threat. Some owners did manage opportunities and saw a link between threats and opportunities, yet this practice seemed more the result of experience than an awareness that it was an integral part of a theoretical risk management framework. Most owners perceived risk to encompass uncertainty and the sources of uncertainty perceived as most important were those linked to a longer timescale, such as the ability to let out buildings.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | Germany; interview; owner; project management; risk management; risk perceptions |
| Index terms: | interview, risk perception, construction project, management practice, Germany, practitioner, contributory factor, owner, project risk management, reflection, risk management, construction industry, project management |
| Subjects: | risk assessment, data collection methods, practitioner, management, financial risk, project management theory and practice, professional development, Geography, production management, sociology, environmental hazards, industry analysis |
| Topics: | Business Strategy, Cost Management, Information Management, Research Practice, Project Management, Geographical Context, Risk Management, Roles and Professions, Stakeholder Management, Sustainability |
| Descriptive scope: | 4 PCTE |
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