Contractors’ Approaches to Risk Management at the Construction Phase in Malaysia
AbstractAbstract - Often times, contractors failed to identify, plan, strategize, analyzed, execute, monitor, control and manage the risk involves during construction phase in Malaysia. Consequently, the contractor failed to complete the project on schedule, within client’s budget and quality. The idea of introducing formal risk management among Malaysian contractors during construction phase is seem to be a proactive approach to achieve the project objectives. This paper intends to identify the application of formal risk management among the contractors during the construction phase in Malaysia. Questionnaires and interviews were used. It was found that although the risk management process in Malaysian construction industry has been introduced, most of them are not well structured and not being implemented in a formal manner. Therefore, it is suggested that these contractors should try to implement formal risk management and hope that the construction industry in Malaysia can enjoy the benefits and lead our industry effectively into the next stage of building the nation.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 33883.
Date of creation: 16 Nov 2010
Date of revision:
Keywords : Risk Management; Contractors; Construction Phase; Malaysia;
Find related papers by JEL classification:
- G3 - Financial Economics - - Corporate Finance and Governance
- D8 - Microeconomics - - Information, Knowledge, and Uncertainty
- 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-RMG-2011-10-15 (Risk Management)
- NEP-SEA-2011-10-15 (South East Asia)
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