Abstract
Risk management is an important task in construction management that helps the contractor to actively identify, evaluate, control, and minimize negative impacts of risks on the project, thereby ensuring its effectiveness. People involved in the construction industry need to be well - equipped with information and knowledge to manage risks adequately and systematically. The purpose of this research is to explore the attitude towards risk and risk management in construction projects of the Vietnamese construction industry, with emphasis on the perspective of contractors. The research data are collected through a questionnaire associated with in-depth semi-structured interviews. The results indicate that the perception of risk within the Vietnamese construction industry includes both threats and opportunities. The majority of professionals in the industry have a risk-neutral approach, contrary to previous research. The importance of implementing effective risk management is shared, in the planning and production phase while risk identification was perceived to be the most important out of the four core processes.
Highlights
Risk management in construction is designed to plan, monitor, and control those measures needed to prevent exposure to risk
Risk management is becoming an extensive component of the project management in civil engineering in a pursuit to efficiently deal with unexpected risks and uncertainty
The respondents covered a variety of occupations in Vietnamese construction industry, representing the overall picture of risk management perception and implementation, with their majority having more than 10 years of experience to enhance their credibly
Summary
Risk management in construction is designed to plan, monitor, and control those measures needed to prevent exposure to risk. It is necessary to identify the hazard, assess the extent of the risk, provide measures to control the risk and manage any residual risks. The managing of the adverse effects of risk and uncertainty in construction projects is rated ineffective, resulting in delays and a failure to meet quality and cost targets [1]. The aim of applying an efficient risk management procedure is to facilitate risk neutral decisions, resulting in superior performance. In order to obtain more information about risk and uncertainty of the construction project, different methods needed to be applied systematically [2]. The application of various such techniques will not remove all risks, it ensures that the risks are assessed and managed in a manner allowing the overall objectives of the project to be achieved [3]
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