Risk Management In Construction Industry
In Malaysia, the construction industry is one of the important segments in the national economy since it provides impetus to other industry. There is no doubt that construction is a key activity in any economy, it influences, and is influenced by the gross domestic product (GDP) of any nation. However the construction industry is subjected to more risk and uncertainty than perhaps any other industry.
In Malaysia construction industry, risk management is one of the new management concepts. According to Yusuwan et.al (2008), risk management is not well practised due to the lack on risk management knowledge. Thus, it is important to understand risk management knowledge amongst the construction practitioners in order for them to practise the
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The researchers focus on managing risks in term of financial and economic aspects.
Cheng & Rahman (2013) study about identification of the major risks associated with the Malaysian construction industry and to evaluate the practical measures of the various local construction industry players would take to respond to those risks. Financial risk and time risk are found to be the major risks in terms of the occurrence frequency and the impacts to the projects. Hudin and Hamid (2014) discuss about drivers to the implementation of risk management practice in Malaysia construction industry.
In Malaysia, only few researchers have conducted a study that emphasizes on the risk factors of construction projects. Suharti (2009) study about risk factors in building construction projects belongs to Ministry of Education from the contractor’s perspectives and risk treatment. Researcher classified risks into nine categories which are physical risk, personal risk, technical risk, safety risk, construction design cause risk, political and regulation risk, financial risk, contractual risk and environmental risk with total of 124 risk factors. From the study, researcher concentrated on the top 10 risk factors that have the most important influenced on the project delivery. Top three ranked risk factor are material factor (construction risk), weather conditions (environmental
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(2012) identified that there are 22 risk factors from five category of risk classification which are environmental risk, design risk, construction risk, finance risk, and politic and contract provision risk that will bear by contractor in construction project. The risk factor have been study by giving it a ranking. From the study it can be seen that the 5 most important risk factors in construction project are shortage of materials, late delivery of material, insufficient technology, poor quality of workmanship and cash flow difficulty. These significant factors are from two risk categories which are construction risk and finance
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