Risk assessment model in construction projects
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Date
2014
Authors
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Publisher
Universiti Teknologi Malaysia
Abstract
Risk assessment has become a seriously considered topic and plays a leading role in the modern corporation's plans. The construction projects encounter many challenges of risks in order to compete in the construction industry. Oman is one of the Arabian Gulf countries that has huge offers from both private and public sectors of billions of dollars investment in the construction industry in infrastructure services, tourism and real estate. Lack of knowledge and awareness of risk management or assessment procedures in the construction industry in Oman have caused additional cost and time delay in most of construction projects. This research is essentially needed in order to develop a risk assessment model that suit the situation and conditions of construction projects in Oman. The research covers the study of risks that are involved in different types of contracts and their performance effects on quality, cost, time, technical, safety, and end user/client satisfaction. The techniques for the assessment and evaluation of risks are also investigated with emphasis given to the impact on organizations. Through questionnaire survey, risk factors in Oman’s construction projects have been identified and prioritized. The risk prioritization is considered very significant to Oman’s construction industry as the most significant one may be promptly taken under consideration in future construction projects. The results of the survey served as a basis for developing a risk assessment model that suit the nature of the construction industry in Oman. The model development involved a field survey of semi-structured questionnaire through face-to-face interviews with experts that represented the clients, contractors and consultants. The approach used for analysing the data collected in this research was a combination of quantitative and qualitative data analysis methods such as the Principle Component Analysis and Content Analysis. The results revealed that out of forty-two risk factors which could be linked to Oman’s construction projects, seventeen factors are considered critical and must be managed properly. The study has successfully developed a seven steps risk assessment model that can be used to enhance the risk assessment practice in the construction industry. The model is more practical than theoretical and has a good and beneficial contribution to save time and cost for both public and private sectors construction projects. The model has been verified suitable to be applied to all types of construction projects considering risk factor components are comprehensive. This is considered as an improvement to the previously developed risk assessment models for construction projects
Description
Thesis (PhD. (Civil Engineering))
Keywords
Construction projects—Risk management, Construction projects—Management, Risk Assessment—methods