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Analysis of Common Strategies Used To Manage Risk In Construction Projects. A Study of the Kuwait Construction Industry (2019)

Manage Risk In Construction Projects Dissertation – There is no construction project which is risk free. The life cycle of projects has a lot of risks. Construction project experiences various technical, business and socio-political risks. Moreover, the complexity and size of construction projects are increasing thus adding more risks. Construction risks have negative impacts on the cost, time and quality of a project. Thus there is importance of studying these risks and coming up with ways to manage these risks.

This paper presents the analysis of common strategies used to manage risk on construction projects, with a view to identify strategies that are best suited to the Kuwait construction industry. This dissertation starts by reviewing literature on common strategies used to manage risk on construction projects in Kuwait have been discussed in detail.

Assessment of the available evidence of research that has proposed risk management strategies that are best suited to the Kuwait construction industry was done too. The collected data was analyzed through two techniques namely Relative Important Index (RII) and Percentages. RII was used in determining the relative importance of the risk factors affecting Kuwait construction industry. The probabilities given the survey questionnaire respondents based on the 5 point scale were transformed to relative important indices and therefore the rank and extent of risk factors was determined so as to propose an effective risk management strategy.

The analyzed data was presented inform of pie charts and bar charts. It was noted that the growth of the construction sector in Kuwait is mainly hampered by many risks such as complex regulatory framework, inadequate skilled labour, intercultural, inadequate transport infrastructure, fluctuations in foreign stock exchange market and harsh climatic conditions. A detailed proposal on how to handle the risks was formulated and it contains the risks affecting the construction industry, risk owner, risk response and risk handling principles.

Dissertation objectives

  • To define risks in construction projects and what are the common types of risks related to construction projects in general
  • To describe common strategies used to manage risk on construction projects
  • To review strategies that are currently used to manage risk on construction projects in Kuwait
  • To propose risk management strategies that are best suited to the Kuwait construction industry

  • 14,000 words – 64 pages in length
  • Excellent use of literature
  • Excellent of subject area
  • Well written throughout
  • Includes survey questions
  • Ideal for construction project management students

1 – Introduction
Background
Aims and Objectives

2 – Literature Review
Common Risk Management Strategies on Construction Projects
Risk Identification
Risk Assessment / Evaluation
Risk Plan and Control / Risk Response
What I have learnt in Relation to my aims and objectives
Current Risk Management Strategies on Construction Projects in Kuwait
Available Evidence Proposing Best Risk Management Strategies on Kuwait Construction Industry

3 – Methodology
Research Methods
Survey Questionnaires
Interviews
How to Source the Respondents / Participants
Data Analysis

4 – Results and Data
Survey Questionnaire Analysis
Participant’s Professionalism description
Assessment of the Extent of the Risk Factors Affecting the Kuwait Construction Industry
Interviews Analysis
Personal Information
Specific Questions

5 – Discussion
Assessment of the Extent of the Risk Factors Affecting the Kuwait Construction Industry
Design Risks
Legal Risks
Management Risks
Logistics Risks
Financial Risks
Safety Risks
Environmental Risks
Political Risks
Social Risks
Risk Management Strategies Best Suited to the Kuwait construction industry

6 – Conclusion
Conclusions
Research Limitations and Recommendations

References

Manage Risk In Construction Projects Dissertation
Manage Risk In Construction Projects Dissertation

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