Risk Management Practices in Malaysia

Ayodeji E. Oke, Pelumi E. Adetoro, Seyi S. Stephen, Clinton O. Aigbavboa (caigbavboa@uj.ac.za), Lukman O. Oyewobi (l.oyewobi@futminna.edu.ng) and Douglas O. Aghimien
Additional contact information
Ayodeji E. Oke: Federal University of Technology Akure
Pelumi E. Adetoro: Malawi University of Business and Applied Sciences
Seyi S. Stephen: University of Johannesburg
Clinton O. Aigbavboa: University of Johannesburg
Lukman O. Oyewobi: Federal University of Technology Minna
Douglas O. Aghimien: De Mont Fort University

Chapter Chapter 2 in Risk Management Practices in Construction, 2023, pp 9-19 from Springer

Abstract: Abstract The construction sector has always been plagued with risk and uncertainty when compared to other sectors due to its magnitude as well as its complex and time-consuming nature. In as much as risk management entails predicting the unforeseeable, it can as well be thought of as the most important management tool for dealing with project uncertainty. Risk management is a crucial component for adding value to a project and improving its cost, time, and quality performance. Efficient risk management can bring great result to project performance by improving the productivity. In Malaysia, however, most construction companies do not practice systematic risk management. This condition has resulted in significant numbers of project failure, cost and time overrun, and poor-quality performance. Therefore, this chapter looked into the existing practice of risk management in the Malaysian construction sector and evaluated the various approaches and tools currently being utilized to manage project risk.

Keywords: Construction risk; Efficient risk; Project delivery; Project risk; Risk planning; Sustainable construction (search for similar items in EconPapers)
Date: 2023
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-35557-8_2

Ordering information: This item can be ordered from
http://www.springer.com/9783031355578

DOI: 10.1007/978-3-031-35557-8_2

Access Statistics for this chapter

More chapters in Springer Books from Springer
Bibliographic data for series maintained by Sonal Shukla (sonal.shukla@springer.com) and Springer Nature Abstracting and Indexing (indexing@springernature.com).