A comparative study of systematic risk management implementation within UK construction projects and implications on project success

Finch, Adam (2013) A comparative study of systematic risk management implementation within UK construction projects and implications on project success. MSc dissertation, University of Portsmouth.

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    Abstract

    This research project will attempt to determine the extent to which construction organisations adopt a structured RM process, and how the structure of RM may differ across a sample of large scale construction projects. The decision to focus on large scale projects was based on the assumption that the size and complexity of the projects would necessitate more formal RM procedures, with additional resources and time being allocated to systematic RM.
    The findings provide evidence on the utilisation of SRM within construction projects in the UK, and insightful perspectives regarding the current state and relevance of SRM to projects and their successful outcomes.
    Whilst it has become apparent that recent trends show a rise in the application of SRM techniques, and an increasing consensus on the value of SRM within the industry, evidence from this research project illustrates that, there is still room for improvement if the UK construction industry is to maximise the potential benefits of SRM. The core elements are known and adopted, and risk identification and analysis is appreciated in particular. Not all organisations implement SRM to the same degree throughout the entire lifecycle of the project, and in some instances it becomes more arbitrary as the project develops.
    Short programmes and tight budgets place a burden on the SRM process and restrict the time, energy and resources being committed to the process. There still appears to be a lack of in-house risk management training within organisations and there is a general reluctance to adopt probabilistic simulation models that are frequently used in other industries. The research found there to be a largely negative perception of risk within the industry and, as a consequence, this may encourage a risk-averse decision making avoiding risk rather than attempting to exploit the opportunities that they may present.

    Item Type: Dissertation
    Departments/Research Groups: Faculty of Technology > School of Civil Engineering and Surveying
    Depositing User: Beth Atkins
    Date Deposited: 01 Aug 2014 09:02
    Last Modified: 28 Jan 2015 12:39
    URI: http://eprints.port.ac.uk/id/eprint/15186

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