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Assessment of Risk Management Perceptions and Practices of Construction Contractors - Dissertation Example

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HOW EFFECTIVE IS RISK MANAGEMENT EMPLOYED BY CONSTRUCTION CONTRACTORS IN SAUDI ARABIA? TABLE OF CONTENTS Title Page No. Introduction …………………………………………… 3 Significance of the study ……………………………… 4 Aim ……………………………………………
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Assessment of Risk Management Perceptions and Practices of Construction Contractors
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Download file to see previous pages 7 Methodology …………………………………………. 7 Ethical considerations …………………………………. 10 Conclusion ………………………………………….. 11 Introduction The construction industry is a source of risks and uncertainties. This is true in any country, especially in Saudi Arabia, which has experienced a construction boom these past three decades because of the vast oil revenues poured into government coffers. Risks account not only in physical terms, but also in abstract terms like financial and economic outcomes. Contractors devise plans to manage risks and to pre-empt problems and risks during and after construction. Managing risks involves taking care of the safety and security of the construction project or the finished building and the workers and employees therein. Risk management also involves analysing problems or surprises that will occur during and after project construction. Risks include environmental hazards caused by construction and demolition wastes, the health and safety of the workers, and risks associated with the design of the structure whether it can withstand natural disasters. Other risks include insurance and value for money or the business side of the construction project. Saudi Arabia has a long, hot summer, with a short, cool, winter season with very minimal rain. Some parts of Saudi Arabia have some of the extreme climatic conditions, which are most unfavorable for contractors to work with. This is very detrimental to the operations of any project, and could lead to loss of productivity on the part of the owners and contractors. Risk management should consider this aspect. (Shublaq, 1999, p. 277) Another aspect contractors have to include in risk management is the importation of laborers who are from other countries. Laborers have to adjust to the kind of unique culture Saudi Arabia has. Culture shock on the part of the laborers affects the kind of work they produce. Significance of the study This paper provides a brief assessment of how construction contractors in Saudi Arabia employ risk management perceptions and practices. The significance of the study brings to light the common practices of contractors in managing risks, and future problems and possible delays that may occur while construction is ongoing. The research will therefore seek to answer the following questions What risk management techniques are available to construction contractor in Saudi Arabia? What is the level of usage of these risk management techniques by the construction contractors? What is the importance of organizational risk management among construction companies in Saudi Arabia? What are the challenges faced be construction contractors in Saudi Arabia in using risk management techniques? Aim of the research The aim of this paper is to determine the extent to which risk management techniques are used construction contractors in Saudi Arabia and also determine the perception of construction professional to various construction risks. Objectives To identify risk management techniques used by contractors in Saudi Arabia To determine the level of usage of identified risk management techniques among Saudi construction companies To determine the importance of organizational risk management among Saudi construction companies To identify challenges faced by Saudi construction companies in using risk management techniques To recommend effective ways to limit the challenges identified in the ...Download file to see next pagesRead More
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