Notice of Retraction: Risk management in construction industry

Abstract

Construction industry is highly risk prone, with complex and dynamic project environments creating an atmosphere of high uncertainty and risk. The industry is vulnerable to various technical, sociopolitical and business risks. The track record to cope with these risks has not been very good in construction industry. As a result, the people working in the industry bear various failures, such as, failure of abiding by quality and operational requirements, cost overruns and uncertain delays in project completion. In light of this, it can be said that an effective systems of risk assessment and management for construction industry remains a challenging task for the industry practitioners. The aim of the this research is to identify and evaluate current risks and uncertainties in the construction industry through extensive literature survey and aims to make a basis for future studies for development of a risk management framework to be adopted by prospective investors, developers and contractors in Pakistan.

Guidelines to Risk Management Maturity in Construction Projects

“…If the risks are not treated satisfactorily there is a maximum probability of exceeding costs, generate delay and low quality, resulting in customer and community dissatisfaction (Ehsan et al 2010).…”

“…Ehsan et al (2010) states that the construction industry is highly prone to risk and their complex and dynamic project environments create a climate of high uncertainty and risk. Zou et al (2007) states that the various interests of stakeholders in a construction project further aggravate the changeability and complexity of the risks and according to Nasirzadeh et al (2008), the occurrence of one risk may exacerbate other risks or portfolios of risks due to their highly complex interrelated structures and existing interactions.…”

“…Also according Ehsan et al 2010, the risk in the construction industry is perceived as a combination of activities that negatively affect the objectives of the project time, cost, scope and quality and in accordance with Kartam et Kartam (2001), risk analysis and risk management passed to be considered as important parts of the decision-making process in construction companies.…”

A Conceptual Framework of Safety and Health in Construction Management

“…Each job will have several safety and risk factors, requiring quality and safety management systems to be established as indicated by Mehta & Agnew [35]. This view is supported by Nadeem [4] who writes the process of planning, executing and maintaining all project activities is complex and timeconsuming. The situation is made complex by many external factors such as organizational structure, communication, clear instructions, safety culture, codes and standards, training, leadership and responsibility have been suggested to have influence on the general safety at the workplace.…”

Preliminary Survey of Safety and Health Cost Framework for Urban Rail Infrastructure Project in Malaysia

“…Mehta and Agnew (2010) argued that each job has diverse safety and risk factors. Ehsan et al (2010) concurred that all project activities are complex and time-consuming which include planning, executing and maintaining involved in the process. The situation has become more complex with the existing of many external factors such as organisational structure, communication, clear instructions, safety culture, codes and standards, training, leadership, and responsibility.…”