Risk management is considered to be important to control the level of risk and to lessen the effects and has become the major element of an organization activity. This is to ensure the organizational activities can take place smoothly and the organizational objective can be reached efficiently. Referring to research conducted in, a conceptual model has been developed which describes the generic approach of risk assessment and outline the gaps in the assessment steps. Besides, a comprehensive framework is developed for successful implementation of risk management in manufacturing organizations.
Conceptual Model and comprehensive framework in Construction sector
The risk concept plays a major role in any field where the decisions are going …show more content…
It is accepted that the construction project is successfully completed if the project meet the specification, budget and finish on time. In the construction fields, the projects are influenced by various factors including the conditions of soil, weather, productivity of the staff, subcontractors, manpower, resource limitations and unreliable deliveries. A static project schedule and cost might be greatly affected by the by disturbances and uncontrollable factors. There are various ways to describe the risk in construction such as damage, loss, possibility of injuries. Besides that, risk can be considered as any exposure to the chances of loss or destruction. All these risk factors have a major effect on the outcome of a project in terms of the project duration that might cause the delays in the schedule. The risk management should be applied to control the level of risk and reduce its effects.. In the construction industry the project performance majorly depends on the three constraints which are the time, quality and cost. The effects of risk factors on the construction processs depend on the contractor specific, location-specifics conditions and project specific. There are also a number of construction projects conditions which seems to affect the project risk level such as skill and avaibaility of human reources,quality and completeness of design documents,quality of project and construction management …show more content…
The level of success in carrying out construction and development activities will depend heavily on the quality of the managerial, financial, technical and organisational performance of the respective parties, while taking into consideration the associated risk management, the business environment, and economic and political stability. In certain cases, projects are clashed due to improper planning where design and structural failures will leads to heavy damages in terms of collapse of buildings. The project will be considered sussesful when it is completed on time,cost and the required quality standard. The conceptual model recognises that the parameters for the successful performance of a construction project. This can also be related to the busssiness performance measurement in construction. The construction industry has been criticised for its underperformance (Kagioglou et al.,2001).Hence, a comprehenive framework need to be identified. A study was conducted by Bassioni et al.(2004) to fulfil this need by building a conceptual framework for measuring the business performance of construction organizations.
The research attempts to empirically evaluate and revise the framework through a series of expert interviews and case studies. In addition, empirical feedback has been used to express the revised framework in a more communicative form, illustrate
Conceptual Model and comprehensive framework in Construction sector
The risk concept plays a major role in any field where the decisions are going …show more content…
It is accepted that the construction project is successfully completed if the project meet the specification, budget and finish on time. In the construction fields, the projects are influenced by various factors including the conditions of soil, weather, productivity of the staff, subcontractors, manpower, resource limitations and unreliable deliveries. A static project schedule and cost might be greatly affected by the by disturbances and uncontrollable factors. There are various ways to describe the risk in construction such as damage, loss, possibility of injuries. Besides that, risk can be considered as any exposure to the chances of loss or destruction. All these risk factors have a major effect on the outcome of a project in terms of the project duration that might cause the delays in the schedule. The risk management should be applied to control the level of risk and reduce its effects.. In the construction industry the project performance majorly depends on the three constraints which are the time, quality and cost. The effects of risk factors on the construction processs depend on the contractor specific, location-specifics conditions and project specific. There are also a number of construction projects conditions which seems to affect the project risk level such as skill and avaibaility of human reources,quality and completeness of design documents,quality of project and construction management …show more content…
The level of success in carrying out construction and development activities will depend heavily on the quality of the managerial, financial, technical and organisational performance of the respective parties, while taking into consideration the associated risk management, the business environment, and economic and political stability. In certain cases, projects are clashed due to improper planning where design and structural failures will leads to heavy damages in terms of collapse of buildings. The project will be considered sussesful when it is completed on time,cost and the required quality standard. The conceptual model recognises that the parameters for the successful performance of a construction project. This can also be related to the busssiness performance measurement in construction. The construction industry has been criticised for its underperformance (Kagioglou et al.,2001).Hence, a comprehenive framework need to be identified. A study was conducted by Bassioni et al.(2004) to fulfil this need by building a conceptual framework for measuring the business performance of construction organizations.
The research attempts to empirically evaluate and revise the framework through a series of expert interviews and case studies. In addition, empirical feedback has been used to express the revised framework in a more communicative form, illustrate