APPLIED RISK MANAGEMENT IN CONSTRUCTION INDUSTRY: A REVIEW

  • Dr. Chaiwat Pooworakulchai Department of Engineering Law and Inspection, Faculty of Engineering, Ramkhamhaeng University, Bangkok, Thailand
Keywords: Applied, Risk Management, Construction Industry

Abstract

Risk management was applied to many organizations. There was a risk of multiple and complex manner in the construction industry, because it has a variety of elements. The application of risk management was therefore used in solving problems that suffer from the past to create an alternative to proper functioning under conditions. This article studied the main application to risk management in the construction industry by the sample texts document. The applying of risk management in the construction industry was 3 stages of risk management which were the risk analysis, risk assessment, risk control and follow-up, which was used to store information in the past and brainstorm by virtue of experience, expert tips and techniques to determine the risk analysis and risk evaluation of a mathematical methodology combined with the master planning of construction work to analyze, evaluate the risk under different condition and situations. Control, risk monitoring and risk assessment were a small amount so it should be a topic of research in future rely on notes and update the plan. The three important things for the applying of risk management in the construction industry were personnel, information and continuous learning.

Downloads

Download data is not yet available.

References

Energy conservation fund. (2014). www.enconfund.go.th/pdf/km-1.pdf.

Committee of Sponsoring Organizations of the Treadway Commission. (2017). Enterprise Risk Management Integrating with Strategy and Performance.Retrieved December 15, 2017 from https://www.coso.org/Documents/2017-COSO-ERM-Integrating-with-Strategy-and-Performance-Executive-Summary.pdf.

Alfredo Federico Serpella., XimenaFerrada., Rodolfo Howard., & Larissa Rubio. (2014). Risk management in construction projects: a knowledge-based approach. 27th IPMA World Congress. Social and Behavioral Sciences 119 (2014) 653-662.

Berenger Y Renault., Justus N. Agumba., &Balogun, O.A. (2016). Drivers for and obstacles to enterprise risk management in construction firms: a literature review. Creative Construction Conference 2016 Budapest, Hungary. Engineering 164 ( 2016 ) 402 – 408

Luiz Henrique Rodrigues-da-Silva. and Jose Antonio Crispim. (2014). The project risk management process, a preliminary stud. CENTERIS 2014/ ProjMan2014/ HCIST 2014. Technology 16(2014) 943-949.

Mohammed Algahtany., YasirAlhammadi, & Dean Kashiwagi. (2016). Introducing a New Rish Management Model to the Saudi Arabian Construction Industry. International Conference on Sustainable Design, Engineering and Construction. Engineering 145(2016) 940-947.

Ana I. Irimia-Dieguez., Alvaro Sanchez-Cazorla, & Rafaela Alfalla-Luque. (2014). Risk Management in Megaprojects. 27 th IPMA world Cogress. Social and Behavioral Sciences 119(2014) 407-416. DOI: https://doi.org/10.1016/j.sbspro.2014.03.046

P.G. Grabovy. and A.K. Orlov. (2016). The Overall Risk Assessment and Management: Implementation of Foreign Investment Construction Megaprojects by Russian Development Companies. XXV Polish-Russian-Slovak Seminar “Theoretical Foundation of Civil Engineering”. Engineering 153(2016) 195-202.

Ahmed Alofi., Jacob Kashiwagi.,& Dean Kashiwagi. (2016). The perception of the government and private sectors on the procurement system delivery method in Saudi Arabia. International Conference on Sustainable Design, Engineering and Construction. Engineering 145(2016) 1394-1401. DOI: https://doi.org/10.1016/j.proeng.2016.04.175

Rasheed A Salawu. andFadhlin Abdullah. (2015). Assessing Risk Management Maturity of Construction Organisations on Infrastructural Project Delivery in Nigeria. Global Conference on Business & Social Science-2014, GCBSS-2014, 15th & 16th December, Kuala Lumpur. Social and Behavioral Sciences 172(2015) 643-650.

LokSiew Chin. and Abdul Rahim Abdul Hamid. (2015). The practice of time management on construction project. The 5th International Conference of Euro Asia Civil Engineering Forum (EACEF-5). Engineering 125(2015) 32-39. DOI: https://doi.org/10.1016/j.proeng.2015.11.006

AurelijaPeckiene., AndzelikaKomarovska, & LeonasUstinovicius.(2013). Overview of Risk Allocation between Construction Parties.11th International Conference on Modern Building Materials, Structures and Techniques, MBMST 2013. Engineering 57(2013) 889-894.

Pooworakulchai C., Kongsong W., and Kongbenjapuch K. (2017). Affecting on Contract Administration in Government Construction Projects. International Journal of Applied Engineering Research. Volume 12(9), pp. 2079-2086.

Alfredo Serpell., XimenaFerrada., Larissa Rubio.,& Sergio Arauzo. (2015). Evaluating risk management practices in construction organizations. 28th IPMA World Congress, IPMA 2014, 29 September – 1 October 2014, Rotterdam, The Netherlands. Social and Behavioral Sciences 194(2015) 201-210. DOI: https://doi.org/10.1016/j.sbspro.2015.06.135

AgnieszkaDziadosz., AndrzejTomczyk., & Oleg Kapliński. (2015). Financial risk estimation in construction contracts.Operational Research in Sustainable Development and Civil Engineering - EURO working group meeting and 15th German-Lithuanian-Polish colloquium (ORSDCE 2015). Engineering 122(2015) 120-128.

AgnieszkaDziadosz. And MariuszRejment.(2015). Risk analysis in construction project - chosen methods.Operational Research in Sustainable Development and Civil Engineering - meeting of EURO working group and 15th German-Lithuanian-Polish colloquium (ORSDCE 2015). Engineering 122(2015) 258-265.

AcelyaEcemYildiz., IremDikmen., & M. TalatBirgonul. (2014). Using expert opinion for risk assessment: a case study of a construction project utilizing a risk mapping tool. 27th IPMA World Congress. Social and Behavioral Sciences 119(2014)519-528.

Barbara Gładysz., DariuszSkorupka., DorotaKuchta., &ArturDuchaczek.(2015). Project risk time management – a proposed model and a case study in the construction industry. Conference on ENTERprise Information Systems / International Conference on Project Management / Conference on Health and Social Care Information Systems and Technologies, CENTERIS / ProjMAN / HCist 2015 October 7-9, 2015. Computer Science 64(2015) 24-31. DOI: https://doi.org/10.1016/j.procs.2015.08.459

Oleg Kaplinski. (2013). Risk Management of Construction Works by Means of the Utility Theory: a Case Study. 11th International Conference on Modern Building Materials, Structures and Techniques, MBMST 2013. Engineering 54(2013) 533-539. DOI: https://doi.org/10.1016/j.proeng.2013.04.068

JolantaTamosaitience., EdmundasKazimierasZavadskas., & ZenonasTurskis. (2013). Multi-criteria risk assessment of a construction project. Information Technology and Quantitative Management (ITQMn 2013). Computer Science 17(2013) 129-133.

TamasToth. andZoltanSebestyen. (2015). Time-varying risks of construction projects.bCreative Construction Conference 2015 (CCC2015). Engineering 123(2015) 565-573.

Published
2018-03-31
How to Cite
Pooworakulchai, C. (2018). APPLIED RISK MANAGEMENT IN CONSTRUCTION INDUSTRY: A REVIEW . International Journal of Engineering Technologies and Management Research, 5(3), 234-240. https://doi.org/10.29121/ijetmr.v5.i3.2018.196