Critical success factor analysis for effective risk management at the execution stage of a construction project

Abstract

Despite the importance of proper risk management during the construction execution stage, the current studies mainly focus on risk management at the planning stage. In order to effectively manage risks and accomplish a project success, it is instrumental to manage and mitigate risks at the execution stage where the most of risks are actually occurred. Hence, this research aims to identify the most critical success factors for effective risk management at the execution stage of a construction project. A mixed method was adopted to identify the priorities among various success factors for risk management through a questionnaire survey, and follow-up interviews were conducted to retrieve more insights and lessons learnt from construction professionals. Total 55 construction professionals responded that a) Project management capacity; b) knowledge and experience; c) early involvement of contractors and d) socio-cultural forces are the most critical success factors for successful risk management during the execution stage. This research identified the critical success factors and its relative importance expected to provide a means for the construction professionals to prioritise critical success factors for risk management at the execution stage, and it will serve a risk management supporting tool to make a proper plan and decision on risks.