A critical success factors model for effective implementation of risk management process in the construction projects
Abstract
Construction experts are aware of the risk associated with the construction industry. The uniqueness of the delivered projects represents one of the main challenges while conducting business in this industry. Therefore, to succeed construction organizations need to optimize the utilization of their resources and minimize the associated risks. Managing the anticipated risks may be implemented intuitively or systematically based on the construction organizations’ experience and awareness of the risks. Regardless of the existence of the diverse approaches towards dealing with the expected risks there is consensus on the need to eliminate its negative consequences to achieve project success. Moreover, it can be argued that to maximize the likelihood of achieving the promised rewards from applying the risk management process several factors must occur. These factors are recognized as the Critical Success Factors (CSFs) for effective implementation of risk management process in the construction projects. It is believed that without creating the adequate environment for the risk management process its effectiveness would be minimized if not eliminated. Although the literature is rich with studies that are dedicated to study risk and its management is the construction industry, there is a shortage in the researches that focused on the CFSs of the risk management in the construction industry, particularly during the construction phase. Therefore, the aim of this study is to review several available studies in literature that have discussed the CSFs for successful management processes and then to develop a CSFs model that is specifically designed for risk management success. The model is designed to deliver a framework that depicts the role of the considered factors in achieving the promised rewards from systematic implementation of risk management process in the construction industry.
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