Abstract
Risk management is a comparatively new field and there is no core system of risk management in the construction industries of developing countries. In Pakistan, construction is an extremely risk-seeking industry lacking a good reputation for handling risk. However, it is gradually giving it more importance as a result of increased competition and construction activities. For this purpose, a survey-based study has been conducted which aims to investigate the risk management practices used in construction projects in Pakistan. To achieve the objective, data was collected from 22 contractor firms working on 100 diverse projects. The analysis indicates that risk management has been implemented at a low level in the local environment. The results also disclose that there is a higher degree of correlation between effective risk management and project success. The findings reveal the importance of risk management techniques, their usage, implication, and the effect of these techniques on the success of construction projects from the contractor’s perspective, thus convincing the key participants of projects about the use of risk management.
Highlights
Construction is a very risk-inclined industry with a relatively poor reputation for handling the risk (Shen et al 2001)
Risk Management technique implementation followed by understanding of project success provides an overview of successful analysis of applied techniques and provides a correlation analysis showing the relationship between applied technique and obtain benefits
This research presents an innovative framework for risk management in the construction sector of Pakistan
Summary
Construction is a very risk-inclined industry with a relatively poor reputation for handling the risk (Shen et al 2001). With the increasing association of many contracting parties, such as contractors, subcontractors, suppliers, owners, and designers, the level of risk increases (Iqbal et al 2015). Many infrastructure projects, being massive in shape, involve huge budgets leading to huge monetary losses, and these losses are caused by the various risks linked with such megaprojects (Deviparasath 2007).
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