Construction Risk Management Case Studies

(2007), "Risk management practices of contractors: A case study of power station projects in Egypt", Journal of Financial Management of Property and Construction, Vol. https://doi.org/10.1108/13664380780001102 Download as . Failure to manage such risks might further result in financial loss, damage of reputation, and loss of future business.

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Case study research includes single or multiple case studies.

In multiple case studies, researchers study cases individually in depth as well as looking across cases for similarities and differences [18].

Moreover, due to insufficiency of relevant data, most of the Malaysian construction firms still do not apply risk management in their construction projects [17].

Given that risks can have major impacts on the outcomes of the construction projects, the objectives of this study are to identify the current tools and techniques used in risk management during the construction and to determine the effects of risk management implementation on the performance of the construction projects in terms of time and cost.

In Malaysia, risk management has been implemented since early 1990s [16].

However, not all companies have established their own risk management departments. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.Construction industries are exposed to wide array of risks, such as financial, design, and contractual ones, which might have a direct impact on their performance toward achieving the desired objectives.Thus, this study aims to identify the actual process of risk management that is being applied in the construction projects and to determine the effects of risk management implementation on the performance of the construction projects in terms of time and cost.The data were obtained from four case studies in Kuala Lumpur, Malaysia, through semistructured interviews.Systematic risk management practices are essential in order to handle and manage risks so that the success of projects can be ensured [14].In fact, having systematic risk management results in the early detection of risks where there is no more need for contingency plans to cover almost every eventuality.Then, four interviews were carried out in order to obtain information and opinion about the process of risk management implemented in four on-going construction projects in Kuala Lumpur, Malaysia.The case study is defined as a research strategy or an empirical inquiry that investigates a phenomenon within its real-life context.Hence, limited resources can only be concentrated on the major risks to achieve maximum effects. [15] revealed that, for an ideal risk management, a prioritization process should be carried out whereby the risks with greatest loss and the greatest probability of occurring are handled first and risks with lower probability of occurrence and lower loss are handled later.Construction industry is one of the most challenging and dynamic industries in Malaysia.

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