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    Identification of Risk Management System in Construction Industry in Pakistan

    Source: Journal of Management in Engineering:;2013:;Volume ( 029 ):;issue: 001
    Author:
    Rafiq M. Choudhry
    ,
    Khurram Iqbal
    DOI: 10.1061/(ASCE)ME.1943-5479.0000122
    Publisher: American Society of Civil Engineers
    Abstract: Risk management is a relatively new field in the construction industry of Pakistan, but it is gradually gaining prominence because of increased construction activity and competitiveness. This is an empirical survey-based study of risk management in the construction industry of Pakistan. It reports the findings of the importance of risks, their current management techniques, the existing status of risk management systems of the organizations, and barriers to effective risk management from the perspective of key stakeholders. The analysis of the results reveals that financial and economic factors, followed by quality, are the most important risks, and the industry generally tries to avoid or transfer these risks. Results indicated that the risk management system and practices of most of the organizations are reactive, semipermanent, informal, and unstructured with nonexistent and limited committed resources to deal with risks. Nonetheless, the results of interviews indicate that there is awareness about risk management and a desire to learn from past mistakes. The study concludes that the major barriers to effective risk management are the lack of a formal risk management system and the lack of a mechanism for joint risk management by the parties. Insights and discussions are given in the analysis, which are valuable to planners, project managers, supervisors, and other stakeholders. Finally, this work can be used in exploring mechanisms for joint risk management by prospective stakeholders.
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      Identification of Risk Management System in Construction Industry in Pakistan

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    http://yetl.yabesh.ir/yetl1/handle/yetl/66181
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    contributor authorRafiq M. Choudhry
    contributor authorKhurram Iqbal
    date accessioned2017-05-08T21:54:37Z
    date available2017-05-08T21:54:37Z
    date copyrightJanuary 2013
    date issued2013
    identifier other%28asce%29me%2E1943-5479%2E0000154.pdf
    identifier urihttp://yetl.yabesh.ir/yetl/handle/yetl/66181
    description abstractRisk management is a relatively new field in the construction industry of Pakistan, but it is gradually gaining prominence because of increased construction activity and competitiveness. This is an empirical survey-based study of risk management in the construction industry of Pakistan. It reports the findings of the importance of risks, their current management techniques, the existing status of risk management systems of the organizations, and barriers to effective risk management from the perspective of key stakeholders. The analysis of the results reveals that financial and economic factors, followed by quality, are the most important risks, and the industry generally tries to avoid or transfer these risks. Results indicated that the risk management system and practices of most of the organizations are reactive, semipermanent, informal, and unstructured with nonexistent and limited committed resources to deal with risks. Nonetheless, the results of interviews indicate that there is awareness about risk management and a desire to learn from past mistakes. The study concludes that the major barriers to effective risk management are the lack of a formal risk management system and the lack of a mechanism for joint risk management by the parties. Insights and discussions are given in the analysis, which are valuable to planners, project managers, supervisors, and other stakeholders. Finally, this work can be used in exploring mechanisms for joint risk management by prospective stakeholders.
    publisherAmerican Society of Civil Engineers
    titleIdentification of Risk Management System in Construction Industry in Pakistan
    typeJournal Paper
    journal volume29
    journal issue1
    journal titleJournal of Management in Engineering
    identifier doi10.1061/(ASCE)ME.1943-5479.0000122
    treeJournal of Management in Engineering:;2013:;Volume ( 029 ):;issue: 001
    contenttypeFulltext
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