Contractors’ Strategic Approaches to Risk Assessment Techniques at Project Planning Stage
AbstractAbstract — The construction industry is still plagued by poor quality, poor workmanship, poor safety and health environment, and poor practices. The current main problem in the Malaysian Construction Industry is delayed projects under the Ninth Malaysia Plan. The idea of introducing formal risk assessment among Malaysian contractors during the project planning stage is a proactive approach to achieve project objectives. Therefore, this research intends to achieve the following objectives: (1) to investigate the contractors’ approaches of risk assessment techniques at the project planning stage, (2) to investigate the consequences of risk assessment techniques at the project planning stage, and (3) to determine the appropriate risk assessment techniques in dealing with the potential risk factors at the project planning stage. The research methodology applied for this research includes literature reviews and questionnaires. Findings from this research show that the application of risk assessment techniques in the Malaysian Construction Industry is still moderate. Hence, it is suggested that these contractors should try to implement formal risk assessment techniques during the project planning stage in order to achieve the project objectives.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 33880.
Date of creation: 25 Sep 2011
Date of revision:
Keywords - Risk; Risk Assessment; Contractors; Project Planning Stage; Construction Industry;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- L7 - Industrial Organization - - Industry Studies: Primary Products and Construction
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-10-15 (All new papers)
- NEP-BEC-2011-10-15 (Business Economics)
- NEP-CSE-2011-10-15 (Economics of Strategic Management)
- NEP-PPM-2011-10-15 (Project, Program & Portfolio Management)
- NEP-SEA-2011-10-15 (South East Asia)
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