Research proposal for Risk Management

2030 Words Jul 21st, 2005 9 Pages

(I) Proposed Title

(II) Introduction

(III) Brief introduction of Chinese construction industry

(IV) The recent trends of risk management in Chinese construction industry

(V) Brief Literature Review

Sources of risk

Classification of risk

Perceptions of risk

Risk management process

(VI) Methodology

Secondary Analysis


Individual Interviews

Case Study

(VII) Proposed Research Time-Table

(VIII) References

Proposed Title:

Risk and its Management in construction industry in China


The increasing pace of change, customer demands and market globalization all put risk management high on the agenda for forward thinking companies. Risks cause cost overrun and schedule delay in many projects. The
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This can be traced to many causes as Lu mentioned, including: Technical, quality or performance reasons, such as employment of inexperienced designers, changes to the technology used or to industry standards during the project. Organizational problems, such as cost, time and scope objectives that are internally inconsistent, lack of prioritization of projects, inadequacy or interruption of funding, and resource conflicts with other projects in the organization. External problems, such as shifting legal or regulatory environment, poor geological conditions and weather, force majeure. Project management, such as poor allocation of time and resources, inadequate quality of project plan, and poor use of project management disciplines. (Lu 2003)

Risk management is still new to China; it was introduced and applied in construction industry for a relative short period. Survey showed that Chinese contractors are often responsible for most risk factors, meanwhile, the use of risk analysis techniques for managing and controlling risk are generally low among the Chinese construction industry. Basically, most contractors still resort to the subjective judgment and practice experience for perceiving and managing risks. However,
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