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Risk Management in Engineering and Construction

Author

Listed:
  • Nguyen, Phong Thanh
  • Phu Nguyen, Cuong

Abstract

The constant demand for construction in developing countries like Vietnam causes more and more challenges and difficulties to Project Management Units (PMUs) in carrying projects to completion on schedule, with quality assurance and fewer costs. In order to do this, PMUs need to have better and tighter management tools and forms. However, in order to minimize risks during project implementation, the binding terms in contracts are also becoming stricter with more and more new forms of contracts. One of them is the design-build (DB) contract form. This paper presents the critical risk factors for designbuild projects in the construction industry. Good identification and management of these risk factors will help projects succeed and will increase the confidence of owners and contractors who seek to use the design-build form.

Suggested Citation

  • Nguyen, Phong Thanh & Phu Nguyen, Cuong, 2019. "Risk Management in Engineering and Construction," MPRA Paper 103509, University Library of Munich, Germany, revised 09 Jan 2020.
    • Handle: RePEc:pra:mprapa:103509
    as

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    File URL: https://mpra.ub.uni-muenchen.de/103509/1/MPRA_paper_103509.pdf
    File Function: original version
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    References listed on IDEAS

    as
    1. Nguyen, Phuc Van & Nguyen, Phong Thanh & Huynh, Vy Dang Bich & Nguyen, Quyen Le Hoang Thuy To, 2017. "Critical Factors Affecting The Happiness: A Vietnamese Perspective," MPRA Paper 96587, University Library of Munich, Germany.
    2. Yiannis Xenidis & Demos Angelides, 2005. "The financial risks in build-operate-transfer projects," Construction Management and Economics, Taylor & Francis Journals, vol. 23(4), pages 431-441.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Ngo, Chin & Nguyen, Quyen Le Hoang Thuy To & Nguyen, Phong Thanh, 2020. "Social Capital and Corporate Performance: Evidence from State Capital Enterprises in Vietnam," MPRA Paper 103440, University Library of Munich, Germany, revised 18 Apr 2020.
    2. Nguyen, Phong Thanh & Phu Pham, Cuong & Thanh Phan, Phuong & Bich Vu, Ngoc & Tien Ha Duong, My & Le Hoang Thuy To Nguyen, Quyen, 2020. "Exploring Critical Risk Factors of Office Building Projects," MPRA Paper 109901, University Library of Munich, Germany, revised 30 Dec 2020.
    3. Hasan Mahmoud & Vian Ahmed & Salwa Beheiry, 2021. "Construction Cash Flow Risk Index," JRFM, MDPI, vol. 14(6), pages 1-17, June.
    4. Quang Tran, Phu & Thi Quynh Tran, Nhu & Nguyen, Phong Thanh, 2020. "Practical Solutions to Ensure the Schedule Management of Ho Chi Minh City Urban Railway Project in Vietnam: Survey of Expert's Opinions," MPRA Paper 103532, University Library of Munich, Germany, revised 28 Jun 2020.
    5. Thanh NGUYEN, Phong & Le Hoang Thuy To NGUYEN, Quyen, 2020. "Critical Factors Affecting Construction Price Index: An Integrated Fuzzy Logic and Analytical Hierarchy Process," MPRA Paper 103437, University Library of Munich, Germany, revised 31 May 2020.
    6. Tien Ha Duong, My & Van Nguyen, Diep & Thanh Nguyen, Phong, 2019. "Using Fuzzy Approach to Model Skill Shortage in Vietnam’s Labor Market in the Context of Industry 4.0," MPRA Paper 103512, University Library of Munich, Germany, revised 07 May 2020.
    7. Quoc Vu, Thong & Phu Pham, Cuong & Anh Nguyen, Thu & Thanh Nguyen, Phong & Thanh Phan, Phuong & Le Hoang Thuy To Nguyen, Quyen, 2020. "Factors Influencing Cost Overruns in Construction Projects of International Contractors in Vietnam," MPRA Paper 103435, University Library of Munich, Germany, revised 28 Jul 2020.

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    More about this item

    Keywords

    design-build (DB); risk management; project manager; construction management; Vietnam;
    All these keywords.

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L33 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Comparison of Public and Private Enterprise and Nonprofit Institutions; Privatization; Contracting Out
    • R42 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Transportation Economics - - - Government and Private Investment Analysis; Road Maintenance; Transportation Planning

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