Adopting Contractors’ Risk Management (CIRIM) Framework using Multi Dimensional Theories

Afzan Ahmad Zaini, Intan Rohani Endut, Roshana Takim and Mohammad Fadhil Mohammad

MPRA Paper from University Library of Munich, Germany

Abstract: In general, many contractors in Malaysia are found to have a limited expertise in developing an appropriate strategy to mitigate project risks. Consequently, this has led contractors struggling to complete the project on schedule, within the client’s budget and quality parameters. This was proven by the current issues on the delayed projects reported in the Ninth Malaysian Plan. Currently in Malaysia, there is no existing risk management framework specifically designed for contractors. Thus, the idea of introducing CIRIM among the Malaysian contractors is a proactive approach to achieve better project objectives. This paper therefore proposes to introduce the CIRIM framework to be adopted by the Malaysian contractors. The research methodology applied in the main research includes literature reviews, questionnaires and interviews. It is found that although there are some forms of risk management systems being used in the Malaysian construction industry, most of them are not well structured, documented and implemented in a formal manner. Therefore, the idea of establishing the CIRIM framework among Malaysian contractors is paramount and justified.

Keywords: Keywords: Risk Management; Contractors; CIRIM; Construction; Malaysia (search for similar items in EconPapers)
JEL-codes: L7 N6 (search for similar items in EconPapers)
Date: 2011-09-25
New Economics Papers: this item is included in nep-ppm and nep-sea
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Published in 2011 IEEE Symposium on Business Engineering & Industrial Application, Langkawi Malaysia (2011): pp. 338-342

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