Assessment of Environmental Risks in Construction Projects: A Case of Malaysia
Risk management is a concept which is increasingly becoming exceptional in a number of organizations. Several companies regularly set up a risk assessment procedure for performance improvement and profit maximization. In the construction industry, projects are enormously complex in nature and ofte...
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| Main Authors: | , , , |
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| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
IEOM Society
2016
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| Subjects: | |
| Online Access: | http://umpir.ump.edu.my/id/eprint/16029/1/fim-2016-sorooshian-253.pdf http://umpir.ump.edu.my/id/eprint/16029/ http://ieomsociety.org/ieomdetroit/pdfs/253.pdf |
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| Summary: | Risk management is a concept which is increasingly becoming exceptional in a number of organizations.
Several companies regularly set up a risk assessment procedure for performance improvement and profit
maximization. In the construction industry, projects are enormously complex in nature and often involves
significant budgets, and therefore reducing risks associated with project development should be key for
every project manager. In this paper, risks associated with external sources have been identified and
investigated in a case study. The analysis of the risks has been presented using risk priority number (RPN)
to determine the failure modes in projects. From the results, the top risks included availability of labors,
lack of technical know-how , use of old methodologies, inefficient dissemination of information, changes
in government regulations, unrealistic contract time frame, licensing, permit, documents approvals, change
of government department heads, bribery and corruption, difficulty in accessing credit facilities, obsolete
technology and tools, market competition and conditions, inertia in government bureaucracies, changes in
taxes, and import and export restrictions. This study aims to provide a decision tool for establishing failure
modes and their priorities in Malaysian construction projects, thus, avoiding the major costly impact of the
risky variables to projects in terms of budget, time and quality considering the scarce resources of
construction companies. |
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