Developing Risk Management as a Competitive Capability

Silva, Emmanuel Sirimal; Wu, Yue; Ojiako, Udechukwu

doi:10.1002/jsc.1940

Cited by 23 publications

(20 citation statements)

References 51 publications

(68 reference statements)

Supporting

Mentioning

Contrasting

Unclassified

Order By: Relevance

“…Choudhry and Iqbal (2013) concluded that the most significant barriers were the lack of a formal RM system and the lack of a mechanism for joint RM by stakeholders in Pakistan. This finding was echoed in the study conducted by Silva, Wu and Ojiako (2013) in Sri-Lanka, in which the limited awareness of best practices, the lack of qualified expertise and the time required for and the and costs of RAMP were detected as barriers. The lack of knowledge regarding RAMP in Sri-Lanka was later acknowledged by Perera et al (2014) as a barrier to the effective implementation of RAMP.…”

Section: Barriers To Ramp In Developing Countriesmentioning

confidence: 98%

“…Evidence attests that developing countries show a lack of interest in implementing RM to mitigate ongoing issues in the construction industry (Silva, Wu and Ojiako, 2013). The application of RAMP in developing countries has remained in the early stages (Chileshe and Kikwasi, 2014).…”

Section: Construction Projects In Developing Countriesmentioning

confidence: 99%

“…This is understandable in light of the common issues experienced in developing countries, i.e., a lack of "joint industry activities" and "effective coordination" among the main units of the construction industry as noted by Kululanga (2012). This could be a major barrier to the implementation of RM, as a lack of champions and managerial support in one party might hinder the implementation of RM and result in a diminished interest in RM among the other parties involved in the same project, as indicated by Silva, Wu and Ojiako (2013). According to Zhao et al (2014), the commitment, support and leadership of a company's board and senior management are critical for implementing RM in projects.…”

Section: Lack Of Agreement Among the Project Parties And Stakeholdersmentioning

confidence: 99%

See 2 more Smart Citations

Critical Barriers to Implementing Risk Assessment and Management Practices (RAMP) in the Iranian Construction Sector

Chileshe¹,

Hosseini²,

Jepson³

2016

JCDC

View full text Add to dashboard Cite

Late completions, frequent work stoppages and cost overruns are common issues in developing countries. Effective risk management (RM) can be utilised to address these common construction issues; however, the uptake of risk management within the Iranian construction industry, as in many developing nations, is limited. This study explored why RM is not used through a questionnaire survey of 90 professionals in the Iranian construction industry. The findings show that professionals in the industry perceive the three greatest barriers to be (1) a lack of experience among practitioners, (2) the lack of available risk management consultants and (3) a lack of knowledge and necessary skills. In contrast, the professionals believed that the least common barriers were tight scheduling of projects and costs associated with risk management implementation. No significant differences were found between the perceptions of the three sub-groups-contractors, consultants and clients (private and public)-regarding the barriers to risk management. The study contributes to the field by providing insights into what causes the low level of implementation of risk assessment and management practices (RAMP) in Iran. It is anticipated that this type of study will result in raising the level of awareness about practices designed to improve risk management in developing countries. The study advocates a number of solutions for addressing the identified barriers. These solutions can be implemented or used as guidelines by construction companies and policy makers in other developing countries confronting similar problems.

show abstract

Section: Barriers To Ramp In Developing Countriesmentioning

confidence: 98%

Section: Construction Projects In Developing Countriesmentioning

confidence: 99%

Section: Lack Of Agreement Among the Project Parties And Stakeholdersmentioning

confidence: 99%

See 1 more Smart Citation

Critical Barriers to Implementing Risk Assessment and Management Practices (RAMP) in the Iranian Construction Sector

Chileshe¹,

Hosseini²,

Jepson³

2016

JCDC

View full text Add to dashboard Cite

show abstract

“…In line with this, [92] notes that there is a need for the adoption of powerful tools such as Data Mining techniques which can aid in modelling the complex relationships that are inherent in Big Data. Moreover, it is noteworthy that the recent financial crisis has seen an increase in the prolific importance of risk management in organizations, and as [83] states, companies are now seeking to use risk management as a tool for maximising their opportunities whilst minimising the associated threats. Herein lays the opportunity, as Big Data forecasting has the ability to improve organizational performance whilst enabling better risk management [16].…”

Section: Introductionmentioning

confidence: 99%

Forecasting with Big Data: A Review

2015

Self Cite

View full text Add to dashboard Cite

Big Data is a revolutionary phenomenon which is one of the most frequently discussed topics in the modern age, and is expected to remain so in the foreseeable future. In this paper we present a comprehensive review on the use of Big Data for forecasting by identifying and reviewing the problems, potential, challenges and most importantly the related applications. Skills, hardware and software, algorithm architecture, statistical significance, the signal to noise ratio and the nature of Big Data itself are identified as the major challenges which are hindering the process of obtaining meaningful forecasts from Big Data. The review finds that at present, the fields of Economics, Energy and Population Dynamics have been the major exploiters of Big Data forecasting whilst Factor models, Bayesian models and Neural Networks are the most common tools adopted for forecasting with Big Data.

show abstract

“…Since then, there has been more frequent oil price shocks experienced over the last two decades which in turn has increased the importance of analysing and understanding the relationships that exist between of oil prices and key economic variables. Accordingly, many governments and economic policy makers are now keen on developing risk management capability which increasingly refers to the exploitation of opportunities and minimisation of threats [1] to economic variables associated with oil price spikes. This is even more important for the Iranian economy given the fact that oil remains the most significant source of government revenue.…”

Section: Introductionmentioning

confidence: 99%

Analysing the effects of oil price shocks on government expenditure in the Iranian economy

Pazouki¹,

Pazouki²

2014

Int. J. Energy Stat.

View full text Add to dashboard Cite

The Iranian economy is closely associated with the oil industry as a key player in the global oil market. Accordingly, oil price spikes have a major influence on government spending with oil revenues being a major source for financing different expenditure categories such as social security, education, arts and culture, and health care. Moreover, recently there have been economic sanctions imposed on Iran owing to the nuclear program which has greatly restricted Iranian oil exports and caused significant distress to government revenue which in turn has spill over effects on Iran's allocations for investment in the energy industry, and more importantly in government spending on care, education, culture and arts, and social security. This paper aims to analyse these overall effects and the impact of oil price spikes on Iranian government expenditure. In order to achieve our objective we rely on a VAR econometric model using data from 1965-2011. The results show that Iranian government social spending does not appear to be significantly affected by oil price shocks.

show abstract

Developing Risk Management as a Competitive Capability

Cited by 23 publications

References 51 publications

Critical Barriers to Implementing Risk Assessment and Management Practices (RAMP) in the Iranian Construction Sector

Critical Barriers to Implementing Risk Assessment and Management Practices (RAMP) in the Iranian Construction Sector

Forecasting with Big Data: A Review

Analysing the effects of oil price shocks on government expenditure in the Iranian economy

Contact Info

Product

Resources

About