Next Article in Journal
Determining Distribution for the Product of Random Variables by Using Copulas
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
Article Menu

Export Article

Open AccessArticle
Risks 2019, 7(1), 24; https://doi.org/10.3390/risks7010024

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.
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)
Full-Text   |   PDF [760 KB, uploaded 25 February 2019]   |  

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. View Full-Text
Keywords: risk management; construction projects; projects success; contractor’s perspective risk management; construction projects; projects success; contractor’s perspective
Figures

Figure 1

This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
SciFeed

Share & Cite This Article

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.

Related Articles

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
Risks EISSN 2227-9091 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top