The Current Risk Management Practices and Knowledge in the Construction Industry
Construction is a critical sector of any economy in terms of value production, labor, and contributing to the gross national product. Managing risk is a relatively young area in Yemen’s construction sector, but it is gaining traction as building activity and competition rise. Construction firms miti...
| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
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MDPI
2022
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| Subjects: | |
| Online Access: | http://umpir.ump.edu.my/id/eprint/37518/1/TheCurrentRiskManagementPractices.pdf |
| _version_ | 1825814946353512448 |
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| author | Bahamid, Rami A. Doh, Shu Ing Muhamad, Azry Khoiry Kassem, Mukhtar A. Al-Sharafi, Mohammed A. |
| author_facet | Bahamid, Rami A. Doh, Shu Ing Muhamad, Azry Khoiry Kassem, Mukhtar A. Al-Sharafi, Mohammed A. |
| author_sort | Bahamid, Rami A. |
| collection | UMP |
| description | Construction is a critical sector of any economy in terms of value production, labor, and contributing to the gross national product. Managing risk is a relatively young area in Yemen’s construction sector, but it is gaining traction as building activity and competition rise. Construction firms mitigate risk by using a variety of risk management methods. Therefore, there is a need to assess these procedures in order to detect shortcomings. This research aims to establish the existing risk management strategies used in Yemeni building projects. Survey questionnaires were used to collect data. Respondents were drawn from Yemeni construction businesses. Risk management is not executed systematically, intentionally, or continuously, and most firms’ risk management procedures are reactive, semipermanent, informal, and unstructured, with no or few dedicated resources to address risks. This strategy is inconsistent with generally accepted risk management principles. Nonetheless, the findings suggest a general understanding of risk management and a willingness to learn from previous errors. The study of the findings suggests that risk identification approaches such as judgment and historical data are employed for risk analysis, and that the industry typically attempts to avoid or transfer risks in Yemeni building projects. The results shed light on the shortcomings of Yemen’s project management practices. To guarantee that construction projects obtain maximum value for money, project managers of big construction businesses in Yemen need a strong understanding of and training in globally accepted systematic risk management procedures. Finally, this study can help future stakeholders determine how to work together to manage risk. |
| first_indexed | 2024-03-06T13:06:07Z |
| format | Article |
| id | UMPir37518 |
| institution | Universiti Malaysia Pahang |
| language | English |
| last_indexed | 2024-03-06T13:06:07Z |
| publishDate | 2022 |
| publisher | MDPI |
| record_format | dspace |
| spelling | UMPir375182023-04-27T06:31:50Z http://umpir.ump.edu.my/id/eprint/37518/ The Current Risk Management Practices and Knowledge in the Construction Industry Bahamid, Rami A. Doh, Shu Ing Muhamad, Azry Khoiry Kassem, Mukhtar A. Al-Sharafi, Mohammed A. HD Industries. Land use. Labor HD61 Risk Management TA Engineering (General). Civil engineering (General) Construction is a critical sector of any economy in terms of value production, labor, and contributing to the gross national product. Managing risk is a relatively young area in Yemen’s construction sector, but it is gaining traction as building activity and competition rise. Construction firms mitigate risk by using a variety of risk management methods. Therefore, there is a need to assess these procedures in order to detect shortcomings. This research aims to establish the existing risk management strategies used in Yemeni building projects. Survey questionnaires were used to collect data. Respondents were drawn from Yemeni construction businesses. Risk management is not executed systematically, intentionally, or continuously, and most firms’ risk management procedures are reactive, semipermanent, informal, and unstructured, with no or few dedicated resources to address risks. This strategy is inconsistent with generally accepted risk management principles. Nonetheless, the findings suggest a general understanding of risk management and a willingness to learn from previous errors. The study of the findings suggests that risk identification approaches such as judgment and historical data are employed for risk analysis, and that the industry typically attempts to avoid or transfer risks in Yemeni building projects. The results shed light on the shortcomings of Yemen’s project management practices. To guarantee that construction projects obtain maximum value for money, project managers of big construction businesses in Yemen need a strong understanding of and training in globally accepted systematic risk management procedures. Finally, this study can help future stakeholders determine how to work together to manage risk. MDPI 2022 Article PeerReviewed pdf en cc_by_4 http://umpir.ump.edu.my/id/eprint/37518/1/TheCurrentRiskManagementPractices.pdf Bahamid, Rami A. and Doh, Shu Ing and Muhamad, Azry Khoiry and Kassem, Mukhtar A. and Al-Sharafi, Mohammed A. (2022) The Current Risk Management Practices and Knowledge in the Construction Industry. Buildings, 12 (7). pp. 1-13. ISSN 2075-5309. (Published) https://doi.org/10.3390/buildings12071016 https://doi.org/10.3390/buildings12071016 |
| spellingShingle | HD Industries. Land use. Labor HD61 Risk Management TA Engineering (General). Civil engineering (General) Bahamid, Rami A. Doh, Shu Ing Muhamad, Azry Khoiry Kassem, Mukhtar A. Al-Sharafi, Mohammed A. The Current Risk Management Practices and Knowledge in the Construction Industry |
| title | The Current Risk Management Practices and Knowledge in the Construction Industry |
| title_full | The Current Risk Management Practices and Knowledge in the Construction Industry |
| title_fullStr | The Current Risk Management Practices and Knowledge in the Construction Industry |
| title_full_unstemmed | The Current Risk Management Practices and Knowledge in the Construction Industry |
| title_short | The Current Risk Management Practices and Knowledge in the Construction Industry |
| title_sort | current risk management practices and knowledge in the construction industry |
| topic | HD Industries. Land use. Labor HD61 Risk Management TA Engineering (General). Civil engineering (General) |
| url | http://umpir.ump.edu.my/id/eprint/37518/1/TheCurrentRiskManagementPractices.pdf |
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