Research proposal for Risk Management
Contents:
(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
Questionnaire
Individual Interviews
Case Study
(VII) Proposed Research Time-Table
(VIII) References
Proposed Title:
Risk and its Management in construction industry in China
Introduction:
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 effectiveness of risk management becomes an important issue in project management. To make risk management more efficient and effective, all parties must understand risk responsibilities, risk event conditions, risk preference, and risk management capabilities (Wehrung et al. 1988; Al-Bahar and Crandall 1990)
Different parties involved in a construction project face a variety of uncertain factors. These factors can be compiled under the category of risk. Making decisions on the basis of assumptions, expectations, estimates and forecasts of future events involves taking risks. Risk and uncertainty characterize situations where the actual outcome for a particular event or activity is likely to deviate from the estimate or forecast value (Raftery 1994).
The definition of risk management varies; risk management is generally defined as, 'A formal orderly process for systematically identifying, analysing, and responding to risk events throughout the life of a project to obtain the optimum or acceptable degree of risk elimination or control' (Al-Bahar & Crandall 1990).
The objective of my research is to present the perception of typical Chinese contractor towards construction risk. The result of surveys should further clarify the
(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
Questionnaire
Individual Interviews
Case Study
(VII) Proposed Research Time-Table
(VIII) References
Proposed Title:
Risk and its Management in construction industry in China
Introduction:
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 effectiveness of risk management becomes an important issue in project management. To make risk management more efficient and effective, all parties must understand risk responsibilities, risk event conditions, risk preference, and risk management capabilities (Wehrung et al. 1988; Al-Bahar and Crandall 1990)
Different parties involved in a construction project face a variety of uncertain factors. These factors can be compiled under the category of risk. Making decisions on the basis of assumptions, expectations, estimates and forecasts of future events involves taking risks. Risk and uncertainty characterize situations where the actual outcome for a particular event or activity is likely to deviate from the estimate or forecast value (Raftery 1994).
The definition of risk management varies; risk management is generally defined as, 'A formal orderly process for systematically identifying, analysing, and responding to risk events throughout the life of a project to obtain the optimum or acceptable degree of risk elimination or control' (Al-Bahar & Crandall 1990).
The objective of my research is to present the perception of typical Chinese contractor towards construction risk. The result of surveys should further clarify the
References: Al-Bahar, J. F., and Crandall, K. C. (1990) Systematic risk management approach for construction projects. Journal of Construction Engineering Management, 116~3, 533-546. China Statistical Yearbook, 2002, China Statistics Press. China Statistical Yearbook 2004, China Statistics Press. Lu, Y. J. (2003) Risk Management for Large-scale Infrastructure Projects in China, 11 Merna, A. and Smith, N. J. (1996) Projects procured by privately financial concession contracts, vol.1. Asia Law and Practice, Hong Kong. Raftery, J. (1994) Risk Analysis in Project Management. E & FN Spon, London. Smith, N. J. (2003) Appraisal, Risk and Uncertainty. 6, 42-43 Wehrung, D. A., Lee, K., Tse, D. K., and Vertinsky, I. B. (1988). Adjusting risky situations: A theoretical framework and empirical test. Journal of Risk Uncertainty, 2, 189-212. Yin, R. K. (2002) Case Study Research, Design and Methods, 3rd ed. Newbury Park, Sage Publications.