A Conceptual Innovative Risk Management Model for Commercial Buildings Refurbishment Projects

Abstract

In construction industry, refurbishment is an alternativewayto upgrade the lifespan of the existing infrastructure. The refurbishment approach has been widely used even though it seems riskier, complex, and more difficult than constructing new projects. Despite several risk-management tools are available, a high level of uncertainties, risks and requirements of refurbishment for commercial projects have not been reduced and it becomes more challenging. There is a relatively low implementation of formal risk-management methods in practice and in fact, there have been limited studies focusing on this issue, particularly in Malaysia context. This study aims to promote a comprehensive tool to managing risks of refurbishment projects, particularly for commercial buildings in developing country including Malaysia. A critical review of the existing studies in regard to risks management from different perspectives was used to develop a conceptual framework. A qualitative method of face-to-face interviews was used in the study. Content analysis showed that the proposed tool would be beneficial and pave a way to developers as risk management can influence their decision-making process.This paper will be useful for developers in making decisions before undertaking refurbishment projects. In fact, the proposed risk-management model would be potentially providing a pave in motivating clients, consultants, and other participants to enhance their service and product quality in refurbishment project for commercial buildings.