An Innovative Framework for Risk Management in Construction Projects in Developing Countries: Evidence from Pakistan

Ahsan Nawaz, Ahsan Waqar, Syyed Adnan Raheel Shah, Muhammad Sajid and Muhammad Irslan Khalid
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Ahsan Nawaz: Department of Project Management, Bahria University Islamabad (Lahore Campus), Punjab 54770, Pakistan
Ahsan Waqar: Department of Civil Engineering, Pakistan Institute of Engineering and Technology, Multan 66000, Pakistan
Syyed Adnan Raheel Shah: Department of Civil Engineering, Pakistan Institute of Engineering and Technology, Multan 66000, Pakistan
Muhammad Sajid: Department of Engineering Management, University of Engineering and Technology, Taxila 47050, Pakistan
Muhammad Irslan Khalid: Department of Civil Engineering, University of Engineering and Technology, Taxila 47050, Pakistan

Risks, 2019, vol. 7, issue 1, 1-10

Abstract: Risk management is a comparatively new field and there is no core system of risk management in the construction industries of developing countries. In Pakistan, construction is an extremely risk-seeking industry lacking a good reputation for handling risk. However, it is gradually giving it more importance as a result of increased competition and construction activities. For this purpose, a survey-based study has been conducted which aims to investigate the risk management practices used in construction projects in Pakistan. To achieve the objective, data was collected from 22 contractor firms working on 100 diverse projects. The analysis indicates that risk management has been implemented at a low level in the local environment. The results also disclose that there is a higher degree of correlation between effective risk management and project success. The findings reveal the importance of risk management techniques, their usage, implication, and the effect of these techniques on the success of construction projects from the contractor’s perspective, thus convincing the key participants of projects about the use of risk management.

Keywords: risk management; construction projects; projects success; contractor’s perspective (search for similar items in EconPapers)
JEL-codes: C G0 G1 G2 G3 K2 M2 M4 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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