Next Article in Journal
Determining Distribution for the Product of Random Variables by Using Copulas
Next Article in Special Issue
Treatment Level and Store Level Analyses of Healthcare Data
Previous Article in Journal
Mortality Forecasting: How Far Back Should We Look in Time?
Previous Article in Special Issue
Efficient Retirement Portfolios: Using Life Insurance to Meet Income and Bequest Goals in Retirement
Open AccessArticle

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

1
Department of Project Management, Bahria University Islamabad (Lahore Campus), Punjab 54770, Pakistan
2
Department of Civil Engineering, Pakistan Institute of Engineering and Technology, Multan 66000, Pakistan
3
Department of Engineering Management, University of Engineering and Technology, Taxila 47050, Pakistan
4
Department of Civil Engineering, University of Engineering and Technology, Taxila 47050, Pakistan
*
Author to whom correspondence should be addressed.
Risks 2019, 7(1), 24; https://doi.org/10.3390/risks7010024
Received: 28 November 2018 / Revised: 13 February 2019 / Accepted: 19 February 2019 / Published: 25 February 2019
(This article belongs to the Special Issue Young Researchers in Insurance and Risk Management)
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. View Full-Text
Keywords: risk management; construction projects; projects success; contractor’s perspective risk management; construction projects; projects success; contractor’s perspective
Show Figures

Figure 1

MDPI and ACS Style

Nawaz, A.; Waqar, A.; Shah, S.A.R.; Sajid, M.; Khalid, M.I. An Innovative Framework for Risk Management in Construction Projects in Developing Countries: Evidence from Pakistan. Risks 2019, 7, 24.

Show more citation formats Show less citations formats
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Access Map by Country/Region

1
Back to TopTop