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Department of Mechanical and Construction Engineering
Faculty of Engineering and Environment
Project Report
KB7052- Master’s Research Project
The significance of Risk Management and successful
project delivery: Problem definition and delivery
MOHAN CHANDRA CHEBATHINI
Student ID: W19046970
MSC Project Management with Advanced practices
Supervisor Name : Talib E.Butt
9th January -2023
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Faculty of Engineering and Environment-2
KB7052 Research Project Research Declaration Form
I declare the following:
1. That the material contained in my dissertation/journal paper is the result of my
work and that due acknowledgement has been given in the bibliography and
references to all sources be they printed, digital, or personal, using the Cite
Them Right bibliographic referencing system.
2. The word count of my dissertation is 10,000 words
3. I agree to an entire digital copy or sections of my dissertation/journal paper
being placed on the Blackboard module if deemed appropriate, to allow future
students and academic staff the opportunity to see examples of past students’
dissertations/journal papers.
4. I agree to my dissertation/journal paper being submitted to a plagiarism
detection service where it will be stored in a database and compared against
work submitted from this or any other module in Northumbria University and
from other UK, EU, and international institutions using the service. In the
event of the service detecting a high degree of similarity between the content
of my dissertation/journal paper and the documents contained within the
database, this will be reported back to my supervisor, examiners, and internal
moderators, who may decide to undertake further investigation that may
ultimately lead to disciplinary action (according to ARTA), should an instance
of academic misconduct be detected.
5. I have read the Northumbria University policy statements on ethics and
governance and confirm that ethical issues have been considered, evaluated,
and appropriately addressed during my research and during the production of
my dissertation/journal paper.
6. I agree to the module tutor nominating my dissertation/journal paper on my
behalf for appropriate academic with the CIOB, RICS, IMechE, and APM, etc.
Signed (Student Number): W19046970 / MOHAN CHANDRA CHEBATHINI
Date: 9th January -2023
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Contents
List of Tables ........................................................................................................................ 5
ABSTRACT......................................................................................................................... 6
CHAPTER ONE: INTRODUCTION ................................................................................ 8
1.1. Background ...................................................................................................................... 8
1.2. Problem Statement ........................................................................................................... 9
1.3. Research Aim and Objectives ........................................................................................ 12
1.4. Research Significance..................................................................................................... 12
1.5. Research Organization ................................................................................................... 13
CHAPTER 2: LITERATURE REVIEW ......................................................................... 14
2.1. Introduction ........................................................................................................................ 14
2.2. Theoretical Framework ...................................................................................................... 14
2.2.1. Contingency Theory ..................................................................................................... 14
2.3. Concept of Risk Management............................................................................................. 16
2.4. Elements of Project Delivery .............................................................................................. 17
2.5. Risk Management and Project Management ..................................................................... 18
CHAPTER 3: RESEARCH METHODOLOGY ............................................................. 24
3.1. Introduction ........................................................................................................................ 24
3.2. Research Philosophy ........................................................................................................... 25
3.3. Research Approach ............................................................................................................. 26
3.4. Research Strategy ............................................................................................................... 26
3.5. Methodological Choice ........................................................................................................ 27
3.6. Data collection ..................................................................................................................... 27
3.7. Data analysis ....................................................................................................................... 29
3.8. Ethical consideration .......................................................................................................... 30
CHAPTER4: RESULTS ................................................................................................... 31
4.1. Introduction ........................................................................................................................ 31
4.2. Results ............................................................................................................................ 31
4.2.1. Themes identified ................................................................................................... 31
4.2.3. Types of risks in construction projects ........................................................................ 32
4.2.4. Risk management process in construction project management ................................ 35
4.2.5. Significance of risk management in successful project delivery ................................. 44
CHAPTER FIVE: DISCUSSION ..................................................................................... 50
CHAPTER SIX: CONCLUSIONS ................................................................................... 52
6.1. Introduction ........................................................................................................................ 52
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6.2. Conclusion ........................................................................................................................... 52
7. Recommendations ......................................................................................................... 56
CHAPTER EIGHT: REFLECTIVE ACCOUNT ........................................................... 57
8.1. Project Management Approach ......................................................................................... 57
8.2. Professional Development ................................................................................................... 57
8.3. Communication Approach ................................................................................................. 57
IMPACT OF COVID ........................................................................................................ 59
REFERENCES .................................................................................................................. 60
Appendix A. Project Management Records ..................................................................... 67
A.1 Project Management Record .............................................................................................. 67
A.2 Final Gantt chart ................................................................................................................ 69
A.3 Ethics Approval................................................................................................................... 70
Appendix B. Literature Review Matrix ............................................................................ 79
Appendix C. Risk Assignment Form ................................................................................ 81
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List of Figures
Figure 1:UK GDP contribution from Construction from 2014- 2022 (ONS, 2022) ................ 9
Figure 2: Economic output of the UK Construction Industry vs. economy average (UK
Parliament, 2022). ............................................................................................................... 10
Figure 3: Trend in increased material construction costs since 2021 (ONS, 2022) ............... 11
Figure 4: Research Onion (Saunders et al., 2009) ................................................................ 25
Figure 5: Cause of fatal construction injuries between 2021 and 2022 (Health and Safety
Executive, 2022). ................................................................................................................ 33
Figure 6:Rate of non-fatal construction injuries in the construction industry compared to other
industries (Health and Safety Executive, 2022).................................................................... 34
Figure 7: Construction Risk management process (Wysocki, 2018)Error! Bookmark not
defined.
Figure 8: Work break down structure .................................................................................. 38
Figure 9: Construction Project Life-cycle phases (Rad & Yamini, 2017).Error! Bookmark
not defined.
Figure 10:An example of a probability and impact matrix (Baumann et al., 2016) ............... 42
Figure 11: BIM Modelling framework................................................................................. 47
List of Tables
Table 1: Contingency Planning Framework ......................................................................... 16
Table 2: Flow Table ............................................................ Error! Bookmark not defined.
Table 3: Risk matrix ............................................................................................................ 41
Table 4: Decision tree ......................................................................................................... 42
Table 5: Risk Management Plan .......................................................................................... 46
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ABSTRACT
The purpose of this research was to investigate the significance of risk management on
successful project delivery. The research focused on the construction industry, which is made
up of all commercial construction, residential construction, industrial, civil, energy, and
utility projects. The UK construction industry was seen to play an important role in the
economic growth and sustainability of the economy by contributing to 5% of the GDP, 6.6%
of the total employment and also enabling the design and development of public and private
infrastructure which is crucial to the development of other industries. The industry is however
experiencing a productivity gap characterized by increased uncertainty in the operating
environment. According to the literature review, risk management is only conducted at an
arbitrary level in the construction industry, which often exposes the sector to unforeseen
challenges and interruptions. Underpinned by the contingency theory, the research
emphasized the need to develop contingencies to address inevitable changes in the project
management environment. To investigate the research phenomenon, the researcher adopted a
systematic review of literature involving 20 peer-reviewed journals, identified from Scopus
and Web of Science databases. The articles were critically evaluated and analyzed using
thematic analysis. The findings of the SRL identified the main types of risks experienced in
the construction environment as; financial, environmental, logistics, technical and legal. The
risk management process was seen to have four key processes including; risk identification,
risk assessment, risk response and risk control and monitoring. The findings showed that risk
management aids in successful project delivery by; proactively addressing risks based on a
life-cycle perspective, improving efficiency of the project by eliminating bottlenecks,
identifying opportunities for automation, identifying opportunities for sustainability, allowing
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refining of quality and improving the safety of the project processes. The research
recommended the need to improve RM using advanced technology tools such as BIM.
Keywords
Risk Management, Construction industry, construction project, risk identification, risk
analysis, risk control.
Abbreviations
RM Risk Management, ONS Office of National Statistics, FMB Federation of Master
Builders
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CHAPTER ONE: INTRODUCTION
1.1. Background
The construction industry plays a crucial role in every country’s economy. The UK
construction industry constitutes all commercial construction, residential construction,
industrial, civil, energy, and utility projects (Global Data, 2022). The UK construction sector
contributes substantially to the development and sustainability of the UK economy (ONS,
2022). According to the Office of National Statistics, the construction industry generated
revenue worth $447 billion and contributed over $117 billion to the GDP, which accounted
for 5% of the UK’sGDP (ONS, 2O22). The sector also designs and develops public and
private infrastructure which is crucial to the development of other industries. In addition, the
construction sector accounts for 6.6% of the total employment in the UK, employing more
than 2.4 million people in the country. The industry is considered to be among the fastest-
growing sectors in the world, with an expected growth rate of 47% between 2022- 2040
(Global Data, 2022). In the UK, the construction industry is set to be at a pace of 3.8%,
mainly due to the rapid growth and urbanization of the country, the competitive advantage of
the industry globally, and recent government incentives to drive industry performance (ONS,
2022b). The construction industry is therefore considered an important sector and contributor
to the development and sustainability of the UK economy. Understanding the factors that
influence the industry is key to delivering sustained performance amid the uncertain
operating environment. The purpose of the current research, therefore, will be to investigate
the significance of risk management to successful project delivery in the contemporary
industry environment.
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Figure 1: UK GDP contribution from Construction from 2014- 2022 (ONS, 2022)
1.2. Problem Statement
The UK construction industry is currently experiencing a productivity gap owing to
increased changes and challenges in the macro-environment. While the UK construction
sector is expected to grow at an annual rate of 3.7%, the industry has been experiencing
significant challenges due to the uncertain business environment, leading to lower than
average performance (see figure below).
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Figure 2: Economic output of the UK Construction Industry vs. economy average (UK Parliament,
2022).
The figure shows that the construction industry has been operating with a lower economic
output compared to the average economic output generated in the UK. Further, a report by
Inman (2022), showed that the performance of the industry has shrunk significantly as
inflation reached a 40-year high in the UK. The S&P global construction sector index
indicated a contracted industry stated that the industry has been experiencing poor
performance since January 2022, achieving an index of 49.2 in August and 48.9 in
September (Global Data, 2022). The S&P organization noted that civil engineering and
commercial building had experienced the poorest performance and were expected to
continued facing challenges in future (Umar, 2022). The Office of National Statistics
stated that the construction industry is expected to experience major operation challenges
owing to increased inflation, increased interest rates, the rise of construction material
prices, disruptions in the supply chain, and labor shortages (ONS, 2022). The figure
below identifies the trend in increased material costs in the UK since 2021;
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Figure 3: Trend in increased material construction costs since 2021 (ONS, 2022)
These challenges have been attributed to the Russia-Ukraine crisis that has put pressure
on material prices, created supply chain disruptions, and also build up uncertainty in the
business environment (Global Data, 2022). The ONS (2022), reported that the
construction material price index had increased by more than 30% in August 2022,
marking more than 15 months of continued material prices since June 2021. The FMB
(2022), also reported that construction companies had experienced significant uncertainty
due to the surging inflation, with over 83% passing on the costs to consumers. The
organization also reported that over 70% of construction companies have delayed
projects owing to lack of materials while 95% expect a continued rise in business
uncertainty.
To improve project management in the uncertain operating environment, it is essential to
develop a solution-oriented and practical approach to risk management. Risk
management will increase performance and sustainability of projects by ensuring that
uncertainties are identified proactively to help firms develop crisis management
strategies.Rad & Yamini (2017), states that compared to other industries, the
performance of the construction industry is strongly influenced by perception and
adoption of risk management.The role of risk management in successful project delivery
in the current post-COVID and high uncertainty environment is not well understood
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(Awwad et al., 2022).The project aims to build more relevant and up to date knowledge
on risk management in project delivery to emphasis the role played by the function to
manage future project uncertainty. The objective of this research is to investigate the role
of risk management in successful project delivery. The research will aim to evaluate the
significance of risk management in construction projects based on a life-cycle basis
including the different stages of the construction process.
1.3. Research Aim and Objectives
The main aim of this research project is to investigate the significance of risk
management in successful project delivery. The secondary objectives of this project are;
1. To investigate the key risks facing the UK construction industry.
2. To explore the risk management process adopted by UK construction firms
3. To evaluate the role of risk management in successful construction project delivery.
4. To evaluate the barriers of effective risk management in UK construction industry.
1.4. Research Significance
The research will be shared with construction professionals, industry researchers and
policy makers in both government and non-government organizations to guide new strategic
planning in construction. As noted by the ONS (2022), the construction industry is one of the
most influential and fastest growing industries in the world and in the UK. It is therefore
important to secure its future performance and ensure sustainable management of
uncertainties through proper risk management strategies. The research will seek to identify
the key risk management practices that are associated with successful project delivery, and to
understand the mechanisms by which these practices contribute to successful outcomes. The
findings of the research will be used to develop guidance for project managers on how to
effectively manage risk in their projects.
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1.5. Research Organization
The research will be organized into 5 main chapters. The first chapter provided an
introduction and background of the study to help set the tone of the research. The researcher
expresses the research problem and the research aims to justify the meaning of the research.
The second chapter addresses the review of theoretical and empirical literature to guide
methodology identification and also form a foundation for further research. The third chapter
provided the research methodology to indicate how the researcher sought information while
the fourth chapter presented the findings and analysis of data. The fifth chapter will offer a
summary of the research and give recommendations for future research.
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CHAPTER 2: LITERATURE REVIEW
2.1. Introduction
The purpose of this chapter is to look into literature relating to risk management and
its significance to project delivery. The chapter begins by evaluating the theoretical basis
of the research by defining the concept of risk management and exploring some of the
theories relating to the discipline of risk management. The chapter will then delve into
literature discussing the significance of risk management in successful project delivery
based on a life-cycle-analysis process. The research will guide the identification of the
research gap motivating the study and also help justify the research methods the
researcher chose for the study.
2.2. Theoretical Framework
2.2.1. Contingency Theory
Researchers have identified a number of theories that can explain the role and nature
of risk management strategies. One of the theories constantly mentioned in the risk
management landscape is the contingency theory, which has been applied to project
management research since the 1950s (Gunarathne & Lee, 2021; Barbosa et al., 2021;
Alkhlaifat, 2021). The theory was developed from the systems theory that tends to integrate
the role of the project macro-environment in project management decision making. The
contingency theory argues that there exists no fixed or optimal way to organize a business or
make strategic decisions. The theory claims that the optimal course of action is determined by
the internal or external operating environment, which makes decisions contingent on different
situations. The theory also reflects the works of Thompson (1967), who draws attention to the
environmental factors that influence the performance of an organization. The contingency
theory emphasizes the role played by flexible and dynamic business operations amid rapid
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and uncertain changes in the operating environment (Barbosa et al., 2021). The theory has
been used to demonstrate the role of risk management in the construction industry due to the
complexity and dynamic nature of the sector (Alkhlaifat, 2021). The theory notes that there
are a significant number of contextual variables that influence construction project delivery
and performance, emphasizing the need for risk management to create a balance in the
variables (Gunarathne & Lee, 2021).According to Thompson (1967), depending on the
factors in the macro-environment, firms to remain resilient in an uncertain environment
depends on the firm’s ability to match its internal resources and competencies to the needs of
the external environment. Scott (1987), then argued that the dynamic nature of the macro-
environment and the level of uncertainty in the operating environment affects the
performance and development of the internal organizational environment. The theory
recognizes that there are a wide range of factors affecting the performance of the project both
in the internal and external operating environment, and calls attention to the need to
understand the variables when making decisions. These factors are likely to generate
significant uncertainty due to differences in changing conditions and variables, which makes
it important for firms to attempt to predict the changes in the operating environment and
develop strategies to mitigate risks. In the construction industry, the contingency theory
denotes the relationship between the contextual variables including; economic, technology,
organizational structure, cost, social, legal, and political environments, and their effect on the
risk environment of projects. According to Zeithaml et al. (1998), the contingency theory is
based on three main types of variables including; contingency variables, response variables,
and performance variables all which are contingent to the operating environment.Alkhlaifat
(2021), denotes the changing client demand, an unstable business environment characterized
by the COVID-19 pandemic, sustainable development demands, and competition from other
firms. The ONS (2022), also denotes changes caused by rising inflation that erodes the
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company’s profits as well as uncertain supply chain cycles that become difficult to manage in
the contemporary world. Traditionally, Alkhlaifat (2021), states that construction firms often
ignore strategic planning functions which often exposes them to unpredictable environmental
changes. The table below represents the process of construction risk management requiring
the use contingency to enhance risk management;
Table 1: Contingency Planning Framework
2.3. Concept of Risk Management
In the business environment, risk management has been defined as the unforeseen
incidents that affect the performance of a business (Smith & Ruiz, 2020). Shad et al. (2018),
suggest that these include uncertainties in the cost of input and market trends in the future.
There different types of risks include; financial, operating and environmental risks.Financial
risks are characterized by growing uncertainties in stock prices, interest rates, exchange rates,
and commodity prices, which often affect the liquidity and financial leverage of a firm
(Smith&Ruiz, 2020). Operational risks emerge from the day to day business operations and
often include any unforeseen event that can lead to the disruption of firm operations.
Operational risk sources include accidents, legal liabilities, natural disasters, technology
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failure, and management errors (Thabit & Younus, 2018). Over the past years, there have
been an increase in firm scandals involving risks and losses that would have been avoided. As
a result, investors and stakeholders in businesses have forced financial institutions and
insurance companies to prioritize risk management to reduce risk of loss. Risk management,
therefore, refers to the active process of identifyingand developing strategies to mitigate
organization risk. According to Shad et al. (2019), risk management involves identifying,
assessing, and coming up with solutions to threats facing a business’s capital and earnings. In
addition, monitoring and reporting on the risk forms serve as another critical concept in risk
management. Identifying a risk entails showing events that may hurt a project’s objectives
positively or negatively. According to Abdel-Basset et al. (2019), risk assessment entails both
qualitative and quantitative analysis. A qualitative evaluation ranks the identified risks by
occurrence probability and impact severity. On the other hand, quantitative assessment
analyzes the financial benefit of the event. Risk management involves developing preventive
and mitigation actions toward risk occurrence (Thabit & Younus, 2018).
2.4. Elements of Project Delivery
Project delivery refers to the methods used to carry out and comprehensively
complete projects. Unlike in the traditional project management context where project
managers only focused on cost of delivering projects, contemporary project management
expands on client satisfaction, quality and sustainability as key elements of project delivery
(Smith &Ruiz, 2020). Successful project delivery, therefore, goes beyond balancing the
constructs of time, scope and quality to include elements of sustainable construction and
client satisfaction (Masengesho et al. 2020). Project managers have to look at the project
management process from a life cycle analysis and strive to understand how different stages
of the project affect the final project delivery. For effective project delivery, careful planning,
design, and construction measures are necessary from all stakeholders in the project. The
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various stakeholders in a project include the client, the designer, the contractor, and the
project manager (Masengesho et al., 2020).
In the construction industry, the project delivery elements, therefore range from the project
initiation phase to the project end phase. Risk management focuses on understanding the
processes and risks emerging in each phase as opposed to doing a risk analysis for the entire
project (Smith & Ruiz, 2020). The first phase involves the planning phase where the project
managers engage in design, budgeting, forecasting and resource allocation. During this phase,
the designers including the architects and engineering develop drawings and design plans for
guiding a construction project and identify emerging risks. During the execution phase,
theproject managers ensure the successful implementation of the project through proper
coordination of team work, client needs, project specifications and technology. Project
managers act as consultants to the project owner and manage the entire undertaking on behalf
of the owner, while ensuring to optimize the needs of the client. Project delivery in the
contemporary world also incorporates strong use of technology. According to Luo et al.
(2017), several types of project delivery systems are used today. They include the traditional
Design-Bid-Build (DBB), Design-Build (DB), Construction Manager-at-Risk (CMR), and
Integrated Project Delivery (IPD). All these project delivery systems entail a competent
project delivery (Masengesho et al., 2020).
2.5. Risk Management and Project Management
Risks are inevitable outcomes of the project management environment, owing to the
complex and intertwined nature of the construction environment (Abdel-Basset et al., 2019).
Unmanaged risks hinder the success of a project (Muriana & Vizzini, 2017). Risk
management is integral in project initiation, planning, and execution. Well-managed risks
increase the likelihood of project success. Construction projects face several risks which
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negatively affect project factors such as time, cost, and quality. Common hazards in the
construction industry include adverse weather conditions, equipment failures, worker
disputes, and fires, among others (Abdel-Basset et al., 2019). These potential risks threaten
the safety of workers, the quality of work, and the construction project’s overall success
(Muriana & Vizzini, 2017). There are several benefits of risk management to a construction
project’s success. Risk management reduces the possibility of uncertainties occurrence,
maximizes efficiency, profits, and project goals and objectivesreduce duplication of effort,
and improves a construction firm’s reputation (Abdel-Basset et al., 2019).In addition, risk
management helpsimprove project performance and harvest new knowledge through
documentation.
Risk management enhances prediction and forecasting, thus reducing uncertainty in
the project environment.Risk management reduces the possibility of the occurrence of
uncertainties. These uncertainties can be defined as the difference between the information
required in decision-making and the one available. Risk management is about anticipating
risks and having a plan in place to solve threats arising from those dangers (Martella, 2019).
Construction firms do not have precise information, especially regarding long-term planning.
However, it is possible to determine some parameters from experience or statistical data
through risk management software underpinned by modern technologies such as big data
analytics (Muriana & Vizzini, 2017).
According to research conducted by Muriana & Vizzini (2017), risk management
allows for the maximization of a project’s goals and objectives. Effective risk management
strategies enable construction firms to identify the project’s strengths, weaknesses,
opportunities, and threats. Project managers recognize the importance of risk management in
achieving project goals (Martela, 2019). Achieving the said goals depends on proper
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planning, preparation, results, and evaluation that contribute to achieving strategic goals. By
defining risk management processes, construction firms minimize and eliminate negative
risks resulting in on-time project completion (Muriana & Vizzini, 2017). In addition, these
firms are able to work within set budgets. Clients want their construction projects finished on
time and within the set budget (Muriana & Vizzini, 2017). On the other hand, contractors
want to minimize expenses used in construction, hence maximizing profits. Without proper
planning, construction firms get exposed to several vulnerabilities.
Risk management contributes to a project’s success by identifying ways to
eliminating possible loss and bottlenecks that may lead to project delays. Risks result in
increased construction costs, disruption of the construction schedule, and degradation of
project performance. Effective communication between the construction stakeholders: the
client, the contractor, the project manager, and the workers, ensure the project runs smoothly
(Luo et al., 2017; Abdel-Basset et al., 2019). The reactive approach results in project delays.
On the other hand, the proactive approach ensures projects are completed on time. This
outcome earns the project manager trust of other construction stakeholders. Project
performance improvement also provides that construction firms reposition themselves well
with their competitors. Risk management plays a vital role in improving project performance
hence a successful project delivery.
Risk management helps improve the safety of workers, enhancing successful project
delivery. Accidents are common on construction sites. According to Thabit & Younus
(2018), some potential safety risks on construction sites include falls, fires and electrical
incidents, exposure to hazardous materials, noise pollution, and equipment failure. Over the
years, there has been a surge in construction-related accidents (Eskander, 2018). During
construction processes, several mechanisms are used to make work easier, among them the
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use of machinery (Eskander, 2018). Various cases are arising that are injury-related and even
deaths in the construction industry. These accidents occur due to careless machinery handling
and a lack of servicing or repairing broken machines. Risk management helps the
construction industry devise measures to curb unsafe working conditions (Thabit & Younus,
2018). Therefore, it is important to be proactive in protecting workers, the general public, and
company properties. Creating a construction risk management policy has several benefits. It
leads to increased safety and well-being of workers and the general public. It also builds a
good reputation for the construction company. In addition, it helps cut costs associated with
workplace accidents (Abdel-Basset et al., 2019). Risk management also prevents damage to
machinery, property, and equipment.
Research has shown that risk management aids in cost savings and expense
management (Thabit & Younus, 2018).According to research conducted by Masengesho et
al. (2020), several risks threaten the completion of tasks in the construction project strategy.
Risk management help save the entire construction cost cycle of a project. It also prevents
waste and supplements the planned events of project activities. To avoid over-expenditure,
the project risk management teams initiate better cost and time estimates (Thabit & Younus,
2018). These estimates ensure project’s economic conditions are not invalidated. They also
increase the project value by identifying, analyzing, assessing, and answering the risks related
to options that provide better value to the project. A quantity surveyor is part of the design of
a construction project. Quantity surveyors estimate the whole cost of a construction project.
They also have a detailed process by which the construction abides. The systematic flow of
these events ensures buildings are completed on time and cost-efficiently. Risk management
plays a vital role in ensuring these processes are followed. Risk management also contributes
to cost savings by helping to reduce duplication of costs in the project management process.
According to Martela (2019), duplication of effort occurs when two or more people make the
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same effort to perform a similar task. Depending on the outcome, duplication of effort can
either be productive or unproductive. If a duplicated effort’s outcome remains unchanged, the
result is counterproductive. If there is a change in the outcome, then the result is said to be
productive. Risk management involves the active process of risk identification and process
evaluation which helps understand the entire project cycle from a holistic view. The project
manager is able to understand how different tasks can be integrated and how technology can
be applied within the different phases of the project management process to yield more
efficient operations.
Risk management helps reduce such cases, ensuring successful project delivery. Construction
firms develop ways of mitigating or preventing its occurrence upon identifying duplication of
efforts as a risk. According to research done by Smith & Ruiz (2020), lack of communication
is a leading cause of duplication of work. Regular contact ensures there is no unproductive
work duplication. A meeting involving all stakeholders should be organized at the onset of a
construction project. Other meetings should be held during the construction period. These
meetings are vital as they help preserve work transparency while building team relationships.
Risk management allows for track record keeping and progress measures. Having constant
discussions among the construction team members reduces duplication of work. The
discussions will, in turn, ensure the project is delivered on time and efficiently.
Risk management helps to harvest new knowledge through documentation (Thabit &
Younus, 2018).As mentioned earlier, risk management involves identifying, assessing, and
coming up with solutions to a company’s growth threats. With the documentation of risk
management techniques, construction firms can prevent the occurrence of certain risks in the
future. The other step is to analyze that risk, which entails researching the said locality and
finding ways to ensure houses built there will not fall. The data collected from the research
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will guide the construction firm on materials and mode of building to use during construction
in the said. The data harvested during this process is documented for future reference.
In conclusion, risk management plays a significant role in ensuring a successful
project delivery process. Risk management helps reduce the occurrence of uncertainties. Low
risk in delays propels the construction industry to successful project deliveries. Risk
management also increases a company’s efficiency and profit margins. A company running
efficiently is able to achieve set goals on time. Risk management enhances proper
communication across the construction industry. With good communication, the company is
able to avoid reputational risks. It is also able to help save on time and cut operational costs.
Operation risks are other threats facing the construction industry. With proper risk
management techniques in place, the company can cut costs resulting from accidents. The
safety and well-being of workers and the general public are protected. Data collected in risk
management research is vital for future reference. For construction projects to run smoothly
and efficiently, risk management should be put in place.
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CHAPTER 3: RESEARCH METHODOLOGY
3.1. Introduction
The primary aim of the research was to investigate the role played by risk
management in ensuring successful project delivery. A key element of the research was the
tools and techniques adopted by the researcher to collect and analyze data (Lê & Schmid,
2022). The purpose of the research methodology chapter, therefore, is to provide context and
justification for the research design adopted by the researcher, to give the research
legitimacy. The methodology allows the researcher to clarify the reliability and validity of the
overall study by showing the systematic steps followed to ensure scientific-based inquiry. To
ensure a more critical analysis of the methods and techniques used, the research adopted
Saunders et al. (2009), research onion shown in figure 3.1. The research onion gives a
guideline of all the important elements of the research methodology a researcher must clarify
to legitimize the research (Saunders et al., 2012). The research onion contains six main layers
of alternative research methods. The researcher chooses a method or technique from each
layer and justified the selected method.
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Figure 4: Research Onion (Saunders et al., 2009)
3.2. Research Philosophy
The research philosophy is one of the basic components of the research methodology
that explains how a researcher identifies and interprets data collected. According to Saunders
et al. (2015), the research philosophy explains the beliefs and assumptions that define how
data is interpreted and understood. Researchers have identified two main philosophical
stances that are the; positivism and interpretivism philosophies. Positivists believe that reality
is stable and can only be observed from an objective perspective (Armat et al., 2018).
Positivists, therefore, use logic and mathematical computations to construct reality and do not
involve any subjective interpretation from the researcher (Saunders et al., 2012). Interpretivist
on the other hand believe that reality is subjective and that knowledge can be constructed by
looking at the social activities or engaging the subjective interpretation of the researcher. Due
to the belief systems of each of the philosophical stances, positivists is mainly adopted for
quantitative research that is verifiable and more objective while interpretivism is used in
qualitative studies that involve subjective interpretation (Saunders et al. 2015). The current
research aims do not involve the testing of hypothesis and therefore used the interpretivism
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philosophy as the underpinning philosophy. Interpretivism allowed the researcher to
understand the role of risk management from a social opinions and experiences of project
managers. The researcher also incorporated interpretivism by playing an active role in the
subjective interpretation of data collected from the research process.
3.3. Research Approach
Every research aims to form a connection between research and theory. The research
approach refers to the strategy a research adopts towards theory development. According to
Saunders et al. (2009), one of the main qualities of scientifically verifiable research is the use
of theories to underpin research. Theory offers a basis for defining the problem and also
determines the approach chosen by the researcher for a study. Saunders et al. (2009),
identified two main research approaches which are the inductive and deductive reasoning
approach. The inductive reasoning aligns with the positivist philosophy as it aims to propose
a set of general theories and then collect data to test the theories to verify the most suitable
theory for the research (Armat et al., 2018). Inductive reasoning is therefore known as a
theory-testing approach (Saunders et al., 2009). The current research adopted inductive
reasoning as it aims to include the subjective interpretation of the researcher in the data
analysis and also aimed to include qualitative data to inform the analysis. Inductive reasoning
also aligns with interpretivism research philosophy as it allows social interpretation of non-
numerical data.
3.4. Research Strategy
The research strategy refers to the plan a researcher develops for the collection and
analysis of data. The research strategy guides the researcher in selecting suitable research
tools and plays an important role in guiding the blueprint of the study. The current research
chose the systematic literature review of the literature to collect and analyze data. A
systematic literature review “identifies, selects, and critically appraises research in order to
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answer a clearly formulated question” (Lê & Schmid, 2022). One of the main advantages of
the SRL is that it allows the researcher to develop a comprehensive overview of existing
evidence on the research topic. The research strategy aims to collate all verifiable evidence
relating to a research question and uses systematic identification and analysis of the evidence
to minimize bias (Lê & Schmid, 2022). The SLR also supports the identification of research
gaps to guide directions for future research.
3.5. Methodological Choice
Saunders et al. (2009), identified two alternatives to the methodological choice;
including mono-method and multi-method. The methodological choice is strongly determined
by the nature of the research in regard to whether the research is qualitative or quantitative
(Saunders et al., 2012). The mono-methodological choice adopts either the qualitative or
quantitative methods while the multi-methodological choice adopts a combination of
qualitative and quantitative research (Lê & Schmid, 2022). The current research aims to focus
on qualitative research and will therefore identify as a mono-method research. The qualitative
data was collected in the form of systematic literature review of both primary studies
conducted on the significance of risk management in construction projects.
3.6. Data collection
The researcher aimed to collect evidence on the research topic from both qualitative
and quantitative studies that have been conducted before.Secondary data involves grey
literature from white papers, discussions, and peer reviewed journals ((Braun & Clarke,
2022). To generate secondary data, the researcher identified Web of Science and Scopus
databases as the sources of data. The researcher then used the key words; ‘risk’, ‘risk
management’, ‘risk mitigation' ‘project management ', ‘project delivery’, ‘project success'.
The initial search for sources generated 1500 articles (653 from Web of Science and 847
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from Scopus database. The researcher then followed the following research inclusion criteria
to identify sources eligible for the study;
1. Sources published between 2012 and 2022
2. Peer reviewed journals involving primary studies
3. Sources available in English language
4. Articles focusing on risk management in relation to construction project management
5. Articles addressing the significance of risk management in construction projects
Articles were excluded if:
1. They did not involve primary qualitative or quantitative studies
2. Focused on any sector other than construction project management
3. Focused on any other area of project management except risk management process
4. Published before 2012
5. Not openly available on the internet databases.
The diagram below presents the PRISMA flow diagram indicating the identification of
eligible studies for the SRL.
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Table 2: Flow Table
The search led to the generation of 20 articles relating to the research topic.
3.7. Data analysis
The researcher used thematic analysis to comprehensively analyze each identified
theme from the eligible articles. Thematic analysis involves critical evaluation of each source
identified to report on any repeated patterns of data (Braun & Clarke, 2022). The researcher
begun by familiarizing with the data and analyzing each of the individual articles selected
Sources identified from:
Web of Science (n = 653)
Scopus (n =847)
Records removed before screening: Duplicate records removed (n = 350)
Records screened (n = 1150)
Records excluded:
(n =1114)
Date of publication (n=140) Dissertations (n=27) Not linked to construction and risk management (347) Books (n =600)
Reports sought for retrieval (n = 36)
Reports not retrieved (n = 16)
Studies included in review (n = 20)
Source selection process
Identification
Screening
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from the database search. Familiarizing with texts involved reading through texts and taking
initial notes on notable points. The research highlighted codes of data emerging from the
texts to note patterns of repeated texts and phrases. The codes guided the identification of key
themes from the research to guide the data analysis. Finally, the researcher names the themes
from the corresponding patterns of text and then addressed the findings of each theme in turn.
3.8. Ethical consideration
Ethical considerations refer to the deliberate course of action a researcher takes to
ensure data collection and analysis meets the research’s ethical standards and guidelines. The
researcher maintained the integrity of data by ensuring to reference all secondary material
used in the research to prevent ethical issues arising from plagiarism.
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CHAPTER4: RESULTS
4.1. Introduction
The purpose of the research was to investigate the significance of risk management on
successful project delivery, with a focus on the construction project management. Having
selected systematic literature review as the research design, the researcher identified a sample
of 20 articles that were relevant to the topic to guide the research analysis. The purpose of
this chapter will be to provide a critical analysis of the articles identified and conduct a
synthesis of the data using thematic analysis methods. The chapter is therefore divided into
two distinct sections, the first section will present the results of the systematic review which
will involve a critical analysis of the articles identified, while the second section will offer a
discussion of the results based on the themes identified.
4.2. Results
4.2.1. Themes identified
The research familiarized with data and identified the key themes as;
1. Concept of risk management
2. Types of risks in construction project management
3. Risk management process in construction projects
4. Significance of risk management in construction project delivery
4.2.2. Concept of risk management
One of the common themes emerging from the identified articles was the concept and
definition of risk and project risk management. The definition of risk management was best
understood from an underlying understanding of the concept of risk. According to Alkhlaifat
(2021), risk refers to an unforeseen event that creates uncertainty in project management and
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has the ability to influence deviation from the desired project deliverables. The Project
Management Institute (2008), defined project risk as “an uncertain event or condition that, if
it occurs, has a positive or negative effect on at least one project objective”. Risks in the
project environment are therefore best understood based on probabilities, consequences, or
implications on project management. Construction projects generate a wide variety of risks
owing to the use of heavy and sophisticate equipment, precarious working conditions,
complex logistics, safety and health hazards and operational risks that can affect project
delivery (Karasan et al., 2018). The task of risk management, therefore, is to prevent losses or
inadequate achievement of project objectives by putting in place measures to monitor and
control risks in a project environment. Another definition by Rad & Yamini (2017), identified
risk management as the systematic process of identifying analyzing, and managing project
risks. In construction, risk management involves evaluating and implementing strategic
course of action to eliminate or reduce the effect of risks on construction projects. Through
risk management, the project manager aims to maximize the opportunities for positive results
while minimizing the probability of the occurrence of negative events. Muriana & Vizzini
(2017), suggests that risk management can be defined as a systemized decision-making
process that involves developing a comprehensive understanding of project risks and
developing the necessary course of action to prevent the probability of complications while
increasing the chances of success. Karasan et al. (2018), defined the risk management process
as a proactive process of anticipating and controlling risks instead of reacting to them as they
occur in project management.
4.2.3. Types of risks in construction projects
Literature identified a range of potential risks that are likely to occur in the course of
construction projects. Construction projects are complex in nature and generate a variety of
internal and external risks that create uncertain conditions for project success. The different
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classes of risks identified in the literature include; environmental risks, financial and
economic risks, legal risks, technical and logistics risks. Safety hazards are one of the most
common risks associated with construction projects due to the precarious nature of work, use
of hazardous material such as asbestos, steep drops, heavy machinery and complex
procedures that present safety hazards (Stride et al., 2021). Statistics released by the Health
and Safety Executive in the UK identified the construction industry as the deadliest industry
in the UK, at a rate of 3690 per 100,000 workers. More than 78,000 construction workers,
accounting for 3.7% of the total workforce, were diagnosed with work-related illnesses
between the years 2021-2022 (Health and Safety Executive, 2022). Work-related illness
includes; stress and depression, muscle-skeletal disorders, occupational cancer, and
respiratory complications. An average of 32 fatal injuries and 59,000 non-fatal injuries were
experienced in UK construction between 2021 and 2022 (see Figures 4.1. and 4.2. below)
(Health and Safety Executive, 2022).
Figure 5.: Cause of fatal construction injuries between 2021 and 2022 (Health and Safety Executive, 2022).
The figure indicates that the highest fatalities were due to falls from a height (51%),
while getting trapped, getting stuck, accidents by moving vehicles and contact with electricity
accounted for 14%, 10%, 9%, and 6%, respectively (Health and Safety Executive, 2022).
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Figure 6. Rate of non-fatal construction injuries in the construction industry compared to other industries
(Health and Safety Executive, 2022).
Karasan et al. (2018), claims that environmental risks emerge from natural
environmental disasters such as floods, earthquakes, landslides or public health pandemics.
Environmental risks are catastrophic to construction projects and often lead to project delays
due to interruption to site operations and financial loss owing to damage on construction
resources. For example, the COVID-19 pandemic which emerged in 2020 caused significant
disruptions to the UK construction industry, which accounted for more than 35% loss in
productivity and financial loss of up to £301.5 million per day, due to material delays and
labor shortages (Stride et al., 2021). Construction projects also generate significant effects on
the environment, presenting both environmental and compliance risks (Royal Academy of
Engineering, 2022). In 2021, the UK construction industry was estimated to have contributed
to 18% of the total particle pollution in the country, 11.4 metric tons of carbon dioxide (40%
of carbon emissions in the country) and highest level of water pollution compared to any
other industry (Royal Academy of Engineering, 2022).These risks contribute to poor project
management outcomes by reducing the sustainability of projects.
Other risks identified by Rad & Yamini (2017), include the technical risks, that
emerge from any event that restricts the operation of construction projects including;
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disruptions in material supply, inadequate site investigation, design errors or omissions. The
logistics risks emerge from the challenges undermining transportation and availability of
material, lack of fuel and labor to complete a project (Rad & Yamini, 2017). Financial risks
occur due to fluctuation in the macro-economic environment and include factors such as
foreign exchange fluctuations, rise in inflation and changes to local tax regimes, which can
create cost-overrun and create financial loss for companies (Kim et al., 2022). The current
rate of inflation in the UK has risen to 11%, manifesting in an increase in 24.1% of material
prices. The construction costs are expected to rise further by 2023, due to the Russia-Ukraine
war that has put a lot of pressure on energy costs, fuel costs, metal and material inputs that
directly serve the construction sector (Kim et al., 2022). Another risk identified by Wysocki
(2018), is the contractual risk that emerges when the construction team engages an
incompetent contractor or designers who engage in costly mistakes for the project.
Incompetent contractors cause project delays and conduct sub-standard work, which leads to
project re-dos and client dissatisfaction.
4.2.4. Risk management process in construction project management
A number of articles mention the risk management process adopted by project
managers in ensuring proper risk identification and control. Wysocki (2018), identified the
typical risk management processes to be; risk identification, risk assessment, risk response,
and risk monitoring.as shown in the figure below;
Figure 7.: Construction Risk management process (Wysocki, 2018)
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Risk identification is the first process of the iterative risk management process and is
considered the most important step in project risk management (Wysocki, 2018; Iqbal et al.,
2015; Banaitiene & Banaitis, 2012), given that an unidentified risk cannot be managed
(Baumann et al., 2016). The effectiveness of project risk management relies on the correct
identification and classification of risks since risk identification determines future risk
assessment and response interventions (Iqbal et al., 2017). Risk identification is designed to
identify the source and type of risks that could affect project delivery in the future through
unmanageable or unforeseen outcomes (Bahamid & Doh, 2017). The risk identification
process entails the identification of potential risk events in the course of the construction
project and the clarification of risk categories, to understand what must be managed to ensure
project delivery success.
Literature identifies the main methods adopted for risk identification include
“documentation review, information gathering, checklist and risk catalogs, assumption
analysis and diagram techniques” (Iqbal et al., 2015; Karasan et al.; 2018; Baumann et al.,
2016; Rad & Yamini, 2017). The information-gathering technique is the most common
method of risk identification in the project management environment and often involves
brainstorming sessions with the project manager and team to develop a detailed list of
potential risks (Szymański, 2017). The information gathering capitalizes on the knowledge
and experience of project management experts, stakeholders, and other relevant project
participants (Karasan et al.; 2018; Baumann et al., 2016). Risk identification can also be done
through the review of project documentation to identify challenges or inconsistencies in the
project processes. Different project documents contain information on project processes,
estimations and assumptions, all which act as frames of reference for developing the project
risk register (Bahamid & Doh, 2017). Some of the construction project documentation
identified from literature include; risk management plans, cost management plan, schedule
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management plan, quality management plan, work breakdown schedule, scope baselines,
budget and activity cost estimates (Nawaz et al., 2019; Project Management Institute, Inc.,
2013). These documents are reviewed in a structured format to reveal incompleteness or
inconsistencies in potential project. Due to advancements in technology, project managers in
the contemporary world also adopt digitalized flow charts, influence diagrams or modeling
intelligence tools that use sophisticated technology to identify risks (Wideman, 2022;
Karasan et al.; 2018; Baumann et al., 2016). Advanced technology tools such as Fuzzy logic
and Building Intelligence Modelling have the ability to generate a range of possible risks
based on inaccuracy, instability, or inconsistencies shown in the project design models
(Bahamid & Doh, 2017). The computerized systems have the ability to develop influence
diagrams, process diagrams, and cause and effect diagrams, all of which are used to evaluate
the entire project management process to identify bottlenecks and inconsistencies. The risk
identification processes influence the development of a risk register containing all the
findings of the analysis and modeling techniques (Szymański, 2017). Some of the
construction project documentation identified from literature include; risk management plans,
cost management plan, schedule management plan, quality management plan, work
breakdown schedule, scope baselines, budget and activity cost estimates (Nawaz et al., 2019;
Project Management Institute, Inc., 2013). The diagram below shows an example of a work
breakdown schedule;
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Figure 5: Work break down structure
These documents are reviewed in a structured format to reveal incompleteness or
inconsistencies in potential project. Due to advancements in technology, project managers in
the contemporary world also adopt digitalized flow charts, influence diagrams or modeling
intelligence tools that use sophisticated technology to identify risks (Wideman, 2022;
Karasan et al.; 2018; Baumann et al., 2016). Advanced technology tools such as Fuzzy logic
and Building Intelligence Modelling have the ability to generate a range of possible risks
based on inaccuracy, instability, or inconsistencies shown in the project design models
(Bahamid & Doh, 2017). The computerized systems have the ability to develop influence
diagrams, process diagrams, and cause and effect diagrams, all of which are used to evaluate
the entire project management process to identify bottlenecks and inconsistencies. The risk
identification processes influence the development of a risk register containing all the
findings of the analysis and modeling techniques (Szymański, 2017). The risk register is used
in subsequent processes of risk assessment and risk response.
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One of the notable characteristics of risk management in construction projects is that
risks are diverse and spread out through the different stages of construction project
management.Banaitiene & Banaitis (2012), claimed that risk management is a continuous
process that systematically applies to all phases of the project life cycle. Rad & Yamini
(2017), claimed that project managers adopt the project life cycle methodology to ensure
comprehensive risk identification. The life cycle approach (see figure 4.4.) ensures that risk is
successfully employed in separate phases and based on each of the life cycle stages to support
relevant and systematic risk management.
Figure 9: Construction Project Life-cycle phases (Rad & Yamini, 2017)
According to Rad & Yamin (2017), some of the risks that emerge from the project
design and planning phase include; contractual risks with project third parties, poorly defined
scope of work, scope creep, environmental externalities, compliance risks. During the project
execution risk, the project may develop risks relating to; shortage in manpower or unskilled
labor (Renault & Agumba, 2016), unsafe contractor behaviors (Rad & Yamin, 2017), lack of
experienced designers, material price fluctuations (Serpella et al., 2014), exchange rate
fluctuations, supply chain disruptions (Renault & Agumba, 2016), and changes in laws and
regulatory environment. The final stage of the project life cycle on the other hand generates
risks such as output product not meeting client expectations, environmental risk management
(Serpella et al., 2014).
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The second phase of the risk management process as identified by literature is the risk
assessment process (Nawz et al., 2019; Renault & Agumba, 2016; Iqbal et al., 2015; Karasan
et al.; 2018; Baumann et al., 2016; Rad & Yamini, 2017; Muriana & Vizzini, 2017). The risk
assessment process aims to leverage on available information to estimate the probability,
impact, and frequency of potential project risks. According to Muriana & Vizzini (2017),
following the active identification of risks, the project team engages in a process of
qualitative risk assessment to assign probability and impact on each risk identified. The
factors considered during the risk assessment process include; the potential effect of the risk
on the project objectives, the ability to mitigate or manage the risk, the likelihood of
occurrence of the risk, the timing of the risk within the project life cycle and the interrelation
of the risk with other identified risks (Muriana & Vizzini, 2017). The main methods adopted
for the risk assessment process are either qualitative or quantitative. The qualitative methods
are applied by placing the risks on a descriptive scale and using non-numerical constructs to
define and categorize the risks (Serpella et al., 2016). The quantitative assessment methods
on the other hand adopt statistical or mathematical analysis to develop quantifiable estimates
and probabilities, that guide risk assessment (Al-Ajmi & Makinde, 2018). Quantitative risk
assessment offers more accurate and actionable risk analysis as the results are presented in
terms of measurable probabilities and effects on the project delivery. The project team uses
methods such as the Monte Carlo simulation, decision trees or stochastic modelling to
quantify the risks and magnitude of each event (Baumann et al., 2016; Sami Ur Rehman et
al., 2022; Zou et al., 2016; da Silva et al., 2016). The risk matrix below shows an example of
a descriptive risk assessment table;
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Table 2: Risk matrix
The quantitative assessment methods on the other hand adopt statistical or mathematical
analysis to develop quantifiable estimates and probabilities, that guide risk assessment (Al-
Ajmi & Makinde, 2018). Quantitative risk assessment offers more accurate and actionable
risk analysis as the results are presented in terms of measurable probabilities and effects on
the project delivery. The project team uses methods such as the Monte Carlo simulation,
decision trees or stochastic modelling to quantify the risks and magnitude of each event
(Baumann et al., 2016; Sami Ur Rehman et al., 2022; Zou et al., 2016; da Silva et al., 2016).
The diagram below shows an example of a decision tree diagram;
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Table 3: Decision tree
Once the risks have been assessed, the most common tool for presenting the risk assessment
results is the probability and impact matrix (see figure 4.3.) which helps to map risks based
on the frequency of occurrence and the potential effect on the project delivery process. The
matrix maps risks based on urgency and helps the project team identify risks with higher
priority.
Figure10.; An example of a probability and impact matrix (Baumann et al., 2016)
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The third process in project risk management identified by literature is the risk
response phase (Nawz et al., 2019; Renault & Agumba, 2016; Iqbal et al., 2015; Karasan et
al.; 2018; Baumann et al., 2016; Rad & Yamini, 2017; Muriana & Vizzini, 2017). Risk
response is a fundamental process of the risk management process that involves the
development of a suitable course of action to manage and mitigate risks based on their
classification. Nawz et al. (2019), also define the risk response as the processes and course of
action adopted by the project management team to eliminate, reduce or transfer identified risk
to prevent undesirable project outcomes. Renault & Agumba (2016), categorized the different
risk responses into four main ways; avoidance, reduction, transfer, and risk retention. Risk
avoidance is adopted when the risk involved has potentially serious implications on the
project delivery (Baumann et al., 2016), thus the project team engages in project reappraisal
to change the project plan in a way that renders the project risks irrelevant (Serpella et al.,
2016). Risk transfer allows the project team to transfer the risks and effects on third parties
willing to bear the responsibility or liability of the risk (Rad &Yamini, 2017) and includes
use of tools such as insurance that provide monetary reimbursement in the event a risk occurs
(Baumann et al., 2016). Mitigation and reduction are adopted by changing the scope of the
project in a way that prevents the undesirable event from occurring (Renault & Agumba,
2016). The final stage of the project risk management process is the risk control and
monitoring phase, where the identified risk responses are implemented (Nawz et al., 2019;
Renault & Agumba, 2016; Iqbal et al., 2015; Karasan et al.; 2018; Baumann et al., 2016; Rad
& Yamini, 2017; Muriana & Vizzini, 2017). The risk control and monitoring not only ensure
proper implementation of the risk management strategies but also ensure continued updates to
the management techniques to respond to emerging challenges (Renault & Agumba, 2016).
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4.2.5. Significance of risk management in successful project delivery
Risk management in construction project involves the continuous, proactive and
strategic process of managing project risks, and therefore plays an important role in ensuring
project quality. By controlling and monitoring the adverse events leading to project delays,
cost increase and project failures, literature has identified a range of positive contributions of
risk management to project delivery (Nawz et al., 2019; Serpella et al., 2014; Renault &
Agumba, 2016; Iqbal et al., 2015; Karasan et al.; 2018; Baumann et al., 2016; Rad & Yamini,
2017; Muriana & Vizzini, 2017). One of the notable roles played by risk management in
ensuring successful project delivery is ensuring high-quality outputs (Serpella et al., 2014;
Renault & Agumba, 2016; Al-Ajmi & Makinde, 2018). Risk management is ideal for
developing a detailed construction model that can be used to improve the quality of
construction deliverables. Using quantitative risk assessment techniques, project team can
make calculations and models that result in more detailed evaluation of risks, giving
designers an opportunity to improve the quality of outputs by refining the inadequate project
processes (Qazi et al., 2021). Risk management has also been linked with improved
environmental performance of project as it allows for identification of environmental risks
and hazards associated with the project delivery (Yap et al., 2021). For example, the case of
British Petroleum Oil spill that occurred in 2010 within the Gulf of Mexico was noted as a
risk management failure that would have been detected with proper assessment (Wideman,
2022). The drilling project led to the death of 11 site workers after an explosion occurred.
The project risk management allows project managers to incorporate elements of sustainable
project delivery which increases the quality of project deliverables (Yap et al., 2021;
Wideman, 2022). The sustainable performance of projects in the contemporary world is one
of the defining aspects of successful project delivery. A project is considered sustainable
when it achieves a balance of positive social, environmental, and economic outcomes (Lin et
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al., 2021; Al-Ajmi & Makinde, 2018; Serpella et al., 2016; Iqbal et al., 2015; Yap et al.,
2021; Wideman, 2022).
Evidence from the literature reveals that risk management can help project teams
predict problems and develop solutions that prevent undesirable project outcomes and ensure
project efficiency (Rad & Yamini, 2017; Renault & Agumba, 2016; Iqbal et al., 2015;
Karasan et al.; 2018). An effective risk management plan, allows the project management to
view the project from a holistic perspective including all elements of; resource utilization,
project scope, scheduling, work breakdown, and human resources as well as supply chain
procedures (Qazi et al., 2021).
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Table 4: Risk Management Plan
Single risks are identified from a life-cycle project evaluation, to prevent any future delays
and associated costs from unforeseen risky events, while ensuring clear definition of project
scope and responsibilities (Rad & Yamini, 2017). Notably, the risk management process has
become more influential in project management decision-making and risk mitigation due to
the availability of better-quality data to guide decision-making (Yap et al., 2021; Wideman,
2022). As mentioned by Renault & Agumba (2016), the project risk identification process is
the most important phase of the risk management process as it determines the ability of the
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project team to identify and develop risk management strategies for all risks. Better quality
data can be acquired in the contemporary world using tools such as BIM and big data analytic
tools (Sami Ur Rehman et al., 2022; Zou et al., 2016; da Silva et al., 2016).
The BIM (Business intelligence modeling), is a digital plan of the construction design that
allows project teams to view accurate construction information in real time. Unlike in the
traditional modelling process, where project managers relied on manual or computer
spreadsheets to represent information about the project, the BIM technology allows
automated data generation at each phase of the project life-cycle (Zou et al., 2016; Yap et al.,
2021; Wideman, 2022).
Figure 6: BIM Modelling framework
The BIM technology extracts information on the construction design and presents it in a 3D
model, allowing for a more in-depth and critical evaluation of potential risks (Lin et al.,
2021). The practical and realistic project visualization enhances the brainstorming and
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information review processes of project managers for more accurate risk identification
(Renault & Agumba, 2016; Iqbal et al., 2015; Karasan et al.; 2018). The risk management
process creates a more accurate representation of potential risks, thus guiding the project
team in developing more accurate budgets and scheduling of tasks (Renault & Agumba,
2016).
The risk management provides provisions for potential risks and enhances the success
of project delivering by guiding more strategic project management (Lin et al., 2021). Using
the models and estimates used to assess project processes and procedures, the project
managers are better positioned to design a more efficient workflow and process schedule that
optimizes project success. The risk information allows timely reappraisal and reconfiguring
of the project plan in a way that ensures the most efficient construction workflow for the
construction. According to Qazi et al. (2022), one of the major advantages of the risk
management process, is that the project manager is able to develop more reliable construction
cost and resource utilization estimates before the project initiation, allowing the project
managers to develop more practical project schedules and processes (Sami Ur Rehman et al.,
2022; Zou et al., 2016; da Silva et al., 2016). The accurate estimates guide the project
managers in making practical decisions concerning material requirements, inventory
management and labour inputs for efficient project management processes. The project
management team develops a holistic understanding of the project, which makes it possible
for them to reduce clashes in the project execution for more timely and cost-effective project
delivery. The improved decision making also enhances workflows and eliminates project
inefficiencies that leads to on-time project delivery (Yap et al., 2021; Wideman, 2022). In
addition, the risk management process helps to eliminate bottle necks relating to
communication and team coordination. During the risk identification phase, the project
manager and stakeholders use all necessary tools to help develop a clearer visualisation of the
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entire project life-cycle (Sami Ur Rehman et al., 2022; Zou et al., 2016; da Silva et al., 2016).
The increased visibility of the entire project helps to eliminate information silos and improves
communication channels between project teams for better coordination of project
deliverables. The improved communication channels enhance the engagement of stakeholders
and contribute to successful project delivery through stakeholder satisfaction (Qazi et al.,
2021).
Project risk management has been seen to contribute positively to workplace safety.
The project risk management allows for the proactive identification of operating risks
involving work schedules and employee well-being. The risk identification process allows for
proactive identification of risks relating to; falls, hazardous material, noise exposure, fire or
property damage as well as poor equipment performance.
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CHAPTER FIVE: DISCUSSION
A significant number of articles identified from the systematic review indicated that risk
management played a significant role in the success or failure of projects in the construction
industry. The research analysis identified the key themes emerging from the range of
identified literature and then conducted a comprehensive review of the literature to guide
further conclusions and recommendations. The main emerging themes from the systematic
literature review included; the concept of risk management in construction, types of risks
in construction, the risk management process in construction and the significance of risk
management in construction project delivery. Risk management was seen to be the
systematic process of identifying analyzing, and managing project risks. The different classes
of risks identified in the literature include; environmental risks, financial and economic risks,
legal risks, technical and logistics risks. To ensure proper risk management, the research
noted that project managers follow a process starting with; risk identification, risk
assessment, risk response and risk monitoring for effective risk management. Risk
management was seen to have a significant effect on the risk management process. One of the
significant areas was improved environmental performance. Several articles reported on the
role played by risk management in improving visibility of environmental risks and hazards,
which helps a firm eliminate the externalities before they happen. The risk management
process was seen to enhance the efficiency and effectiveness of the project process. As
mentioned by Renault & Agumba (2016), the project risk identification process is the most
important phase of the risk management process as it determines the ability of the project
team to identify and develop risk management strategies for all risks.The risk management
process creates a more accurate representation of potential risks, thus guiding the project
team in developing more accurate budgets and scheduling of tasks (Renault & Agumba,
2016).The project management team develops a holistic understanding of the project, which
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makes it possible for them to reduce clashes in the project execution for more timely and
cost-effective project delivery.
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CHAPTER SIX: CONCLUSIONS
6.1. Introduction
The purpose of this chapter is to offer a summary of the research and develop
recommendations for future action and research based on the research findings. The primary
purpose of the research was to evaluate the significance of risk management on the successful
project delivery with a focus on the construction industry. The construction industry is one of
the crucial industries in the UK and a fundamental contributor to the national economy. The
research aimed to evaluate the role of risk management based on a qualitative study paradigm
guided by systematic review of literature. The following chapter, therefore, will summarize
the research process and explain how the researcher achieved the research objectives through
the study findings. The chapter will also offer a list of recommendations for construction
firms and provide guidance for future research on the research area.
6.2. Conclusion
The primary purpose of the research was to investigate the significance of risk
management, being a case of the UK construction industry. Background research on the UK
construction industry showed that the sector plays a crucial role in the UK economy and is an
avenue for delivering sustainable development in the country. According to the Office of
National Statistics, the construction industry generated revenue worth $447 billion and
contributed over $117 billion to the GDP, which accounted for 5% of the UK’s GDP (ONS,
2O22). The sector also designs and develops public and private infrastructure which is crucial
to the development of other industries. In addition, the construction sector accounts for 6.6%
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of the total employment in the UK, employing more than 2.4 million people in the country.
The industry is considered to be among the fastest-growing sectors in the world, with an
expected growth rate of 47% between 2022- 2040. The background information indicated the
important role played by the UK construction industry to the economy and to the sustainable
development of the country.
The rationale for the study was underpinned by the recent decline in performance
facing the UK construction industry. Based on the evidence from the ONS (2022), the
construction industry is intricately related to other sectors of the economy and is highly
vulnerable to events occurring in the business environment. As a result, recent events from
2017 including Brexit, Coronavirus pandemic, Russia-Ukraine war and global economic
uncertainty have affected the construction industry significantly. The events in the external
environment have caused supply chain disruptions, increased inflation, higher fuel costs and
labour shortages, all which have created uncertainty and reduced performance for
construction firms. The S&P global construction sector index indicated a contracted industry
stated that the industry has been experiencing poor performance since January 2022,
achieving an index of 49.2 in August and 48.9 in September. Risk management was proposed
as a solution to managing the current challenges and uncertainty in the construction operating
environment, to help firms mitigate inevitable risks. The research was underpinned by the
contingency theory and dynamic capability theory. The contingency theory emphasizes that
there exists no optimal course of action to guide an organization in navigating the dynamic
business environment. The optimal course of action, however, is contingent on the
environmental conditions and requires firms to develop response strategies to address the
environmental changes. On the other hand, the dynamic capability theory encourages firms to
develop strategies and competencies to enhance environmental responsiveness to changing
environment. The objective of the study therefore included the need to understand risk
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management in construction projects, types of risks and mitigation strategies as well as the
importance of risk management in the successful project delivery.
To address the research objectives, the researcher identified a sample of 20 peer-
reviewed articles from Web of Science and Scopus. The peer-reviewed articles were then
analyzed using thematic analysis that helped identify emerging and repetitive themes in the
field of construction project risk management. A definition of risk management by Rad &
Yamini (2017), stated that risk management is the systematic process of identifying
analyzing, and managing project risks. Through risk management, the project manager aims
to maximize the opportunities for positive results while minimizing the probability of the
occurrence for negative events. According to the research findings, the iterative process of
risk management in project management includes; risk identification, risk assessment, risk
response and risk control and monitoring. Risk identification involves recognizing possible
risks affecting a project and is usually done through information seeking techniques such as
brainstorming, modelling and interviews, documentation review, Delphi techniques and
expert discussions. The identified risks are then assessed using qualitative and quantitative
assessment methods to determine probability and impact of risk occurrence. The risk
assessments guides the development of risk responses that are either; risk avoidance, transfer,
mitigation or prevention. Finally, the risk management process entails the risk control and
monitoring which is focused on implementing the risk responses and ensuring continuous
improvement of the risk management plans. The research also identified the significant role
played by risk management in successful project delivery. Some of the qualities of successful
project delivery identified included; stakeholder engagement, project quality, project
efficiency, timely delivery and sustainability. Risk management was seen to increase
visibility, strategic planning, modelling and forecasting, communication and improved
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integration of sustainability elements. Risk management was seen to have a significant effect
on the successful delivery of project deliverables.
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CHAPTER SEVEN: RECOMMENDATIONS
7. Recommendations
1. Construction firms should design their risk management plans from a life-cycle project
perceptive to identify systematic risks affecting each phase of the project process. The life-
cycle project perspective supports holistic and more accurate identification of risks, thus
supporting the more practical implementation of risk responses (Wideman, 2022)
2. Construction firms should increase their adoption of modern technology tools such as
Building Modelling Intelligence, which increases modeling automation (Yap et al., 2021).
The BIM technology makes it possible for the project managers to follow up on the project
risks based on different stages of the project life-cycle.
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CHAPTER EIGHT: REFLECTIVE ACCOUNT
8.1. Project Management Approach
The research was underpinned by an Agile project management approach. As
mentioned in the literature review, the theory guiding the research was the contingency
theory, that suggests that no optimal project management style exists. The optimal course of
action relies on the environmental conditions and changes taking place. The Agile project
management approach is a flexible approach that allows adjustments to be made based on the
contingent conditions affecting the project management process. The agile approach supports
flexible risk management to ensure the project addresses continually emerging risks in the
operating environment.
8.2. Professional Development
During the project, I developed research skills and critical analysis skills. Collecting
literature and evidence relating to the research topic allowed me to familiarize with different
academic research databases as well as data synthesis techniques. I was able to understand
how different techniques and research tools work to ensure quality presentation of data. I
developed critical analysis of data through critical appraisal of data sources through the
systematic literature review. I had to evaluate each of the identified sources of data and
critically appraise the evidence presented to form verifiable conclusions on the research topic.
8.3. Communication Approach
I communicated my project results and findings in the form of weekly status reports. I
began by communicating the purpose and objectives of the research to the project team. I
then developed a weekly communication plan, where I communicated the status of my
project and any emerging challenges or modifications I made in the course of the research.
Frequent communication kept stakeholders engaged and in the loop of the project process. I
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presented the final report in the form of a written document detailing all the stages of the
research, the findings, and recommendations developed from the research.
Assessment Component 3 word count=10000
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IMPACT OF COVID
COVID-19 affected the research methods and techniques adopted during research by
reducing incentive for face-to-face interaction.The COVID-19 pandemic had a significant
impact on world health and increased anxiety around social interaction. After the COVID-19
virus was declared a pandemic by the World Health Organization, governments around the
world put in place strict measures to reduce social interaction and spread of the virus by
imposing lockdowns and social distancing measures. Even with the easing of the lockdown
measures around the world, a lot of people still felt anxious about contracting the virus and
therefore avoided human contact. The COVID-19 pandemic, therefore, discouraged the use
of research methods involving human interaction.
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Al-Ajmi, H. F., & Makinde, E. (2018). Risk management in construction projects. Journal of
Advanced Management Science Vol, 6(2).
Abdel-Basset, M., Gunasekaran, M., Mohamed, M., & Chilamkurti, N. (2019). A framework
for risk assessment, management and evaluation: Economic tool for quantifying risks
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Abusafiya, H. A. M., & Suliman, S. M. A. (2017). Causes and Effects of Cost Overrun on
Construction Project in Bahrain: Part I (Ranking of Cost Overrun Factors and Risk
Mapping). Modern Applied Science, 11(7), 20. https://doi.org/10.5539/mas.v11n7p20
Armat, M. R., Assarroudi, A., Rad, M., Sharifi, H., & Heydari, A. (2018). Inductive and
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Bahamid, R. A., & Doh, S. I. (2017, November). A review of risk management process in
construction projects of developing countries. In IOP Conference Series: Materials
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Qazi, A., Shamayleh, A., El-Sayegh, S., & Formaneck, S. (2021). Prioritizing risks in
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Appendix A. Project Management Records
A.1 Project Management Record
KB7052: Master’s Research Project Progress Meeting Attendance Form
Student Name: Mohan Chandra Chebathini
Student ID: W19046970
It is your responsibility to complete this form as you progress with your project and to get your supervisor to
initial it each meeting, to show that they are aware of your progress.
You will be expected to go to these meetings well prepared reporting on the progress you have made and have a
discussion on the plans to take your work forward.
It MUST be submitted as an appendix in your Final Dissertation.
Date Progress on tasks as agreed during
previous
meeting
Tasks to complete before the
next meeting
Supervisor
Signature
09/10/22
1st Meeting
(Online)
Pre-kick off meeting
-Introduction of research project
- Title proposal
- Problem statement
- Aim, Objective and problem statement
and changes to title proposal
Approved by
14/10/22
(Online)
-Reviewing the proposal and getting
feedback from supervisor
-Modification of title, aim and objective
-categorizing risks
18/10/22
(Online)
-Finding out problem
-Types of risk factors
- exchanging opinions with the
supervisor and guidance to continue
writing
-Starting the introduction regarding the
approved proposal and work on literature
review
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19/10/22
(Online)
-Literature review
-Finding the knowledge gap
-Continuation of the literature review and
assessing the procedures for risk
management
T. E. Butt
(Use my
response as
my signature) 21/10/22
(Online)
-Literature review guidance -Identifying the knowledge gaps
-Starting methodology –qualitative and
quantitative analysis
4/11/22
(Online)
- Methodology- Qualitative and
Quantitative research and getting
furthermore recommendations and
guidance from supervisor
-Identify methods for data collection
Themes identified with data
11/11/22
(Online)
-Explanation of data collection and more
discussion regarding data collection
methods
-Preparing draft copy of literature review
and methodology for feedback from
supervisor
1/12/22
(Online)
Getting recommendations from the
supervisor
-Preparing the final results that obtained
12/12/22
(Online)
-Getting general feedback for the final
research document
-Modifications to final research document
and
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A.2 Final Gantt chart
Activity Month 1 Month 2 Month 3 Month 4
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Defining the research question
Project proposal
Submission of proposal
Literature review
Research methodology
Data collection
Data analysis
Discussion of finding
Conclusion
Reflective account
Developing report draft
Final report submission
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A.3 Ethics Approval
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Department of Mechanical and Construction Engineering
Faculty of Engineering and Environment-72
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Department of Mechanical and Construction Engineering
Faculty of Engineering and Environment-74
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Appendix B. Literature Review Matrix
KEY LITERAURE
/ PUBLICATION
MEDIA
(D)
Journal Type Title of the work
Author Year Type PDA
(D1)
MEA
(D2)
V8 Media
(D3)
Alkhlaifat, B. 2021 Journal
✔ ✔ Available at SSRN 3818232
The effect of project management
performance with the roles of
project risk management
Awwad, K. A., Shibani, A., &
Ghostin, M 2022 Journal
✔ ✔ ✔ International journal of construction management,
22(10), 1894-1901
Exploring the critical success
factors influencing BIM level 2
implementation in the UK
construction industry: the case of
SMEs
Al-Ajmi, H. F., & Makinde, E. 2018 Journal ✔
Journal of Advanced Management Science
Vol, 6(2).
Risk management in construction
projects
Abdel-Basset, M.,
Gunasekaran, M., Mohamed,
M., & Chilamkurti, N. 2019 Journal
✔ Future Generation Computer Systems, 90, 489–502.
https://doi.org/10.1016/j.future.2018.08.035
A framework for risk assessment,
management and evaluation:
Economic tool for quantifying
risks in supply chain.
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Abusafiya, H. A. M., &
Suliman, S. M. A. 2017 Journal
✔
Part I (Ranking of Cost Overrun Factors and Risk
Mapping). Modern Applied Science, 11(7),
20. https://doi.org/10.5539/mas.v11n7p20
Causes and Effects of Cost
Overrun on Construction Project in
Bahrain
Armat, M. R., Assarroudi, A.,
Rad, M., Sharifi, H., &
Heydari, A. 2018 Journal
✔
The Qualitative Report, 23(1), 219-221.
Inductive and deductive:
Ambiguous labels in qualitative
content analysis.
Bahamid, R. A., & Doh, S. I. 2017 Journal
✔
.In IOP Conference Series: Materials Science and
Engineering (Vol. 271, No. 1, p. 012042).
IOP Publishing.
A review of risk management
process in construction projects of
developing countries.
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Appendix C. Risk Assignment Form
Date: 22/10/2022 Assessor:
Area/Activity: Research Project Assessment Title: An Examination of Risk Management and Its Importance in Completing a
Project
It em
N
o .
Activity, Equipment,
Materials, etc. Hazard Persons at risk
S ev
er it
y
L ik
el ih
o o d
Risk Rating
H 20-36
M 12-18
L 1-10
Control Measures Required
F in
al R
es u lt
*
1 Data collection process No No 1 1 1L Proper use of IEEE articles
. Proper readings
1L
2
Relevant Building Data Physical Operational 2 1 2L Knowing about the British stands
. Principles of equipment usages
2L
3 Physical Operational 2 1 2L Communication 2L
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Faculty of Engineering and Environment-82
Refurbishment data
Does this Risk Assessment Require Further Specific Risk Assessment:
Manual Handling: Y/N
Please list reference No:
COSHH: Y/N?
Please list reference
No:
PUWER: Y/N?
Please list reference
No:
DSEAR: Y/N?
Please list reference No:
Young Persons: Y/N?
Please list reference No:
New & Expectant Mothers:
Y/N?
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To be completed by the person undertaking the risk assessment
Name: MOHAN CHANDRA CHEBATHINI Job Title: Research Work study
Signature: MOHAN CHANDRA CHEBATHINI /Date: 22/10/2022
Department of Mechanical and Construction Engineering
Faculty of Engineering and Environment-83
To be completed by the Project Supervisor
I consider this risk assessment to be suitable and sufficient to control the risks to the health & safety of both employees undertaking the tasks and any other person who may be
affected by the activities.
Name: Talib E.Butt Job Title: Research Study
Signature: Talib E. Butt Date: 22/10/2022
NB – If Project Supervisors do not agree that the risk assessment is suitable and sufficient then the assessment must be reviewedand amended accordingly.
To ensure we are consistent in managing safety risks across the UNN please answer the following question and take any appropriate action: -
1. Can this risk assessment be shared and labelled as Generic to the University i.e. is the activity carried out within another faculty or department? Y/ N
2. Is there a related risk assessment that may require review and update following completion of this risk assessment? Y/N
- List of Tables
- ABSTRACT
- CHAPTER ONE: INTRODUCTION
- 1.1. Background
- 1.2. Problem Statement
- 1.3. Research Aim and Objectives
- 1.4. Research Significance
- 1.5. Research Organization
- CHAPTER 2: LITERATURE REVIEW
- 2.1. Introduction
- 2.2. Theoretical Framework
- 2.2.1. Contingency Theory
- 2.3. Concept of Risk Management
- 2.4. Elements of Project Delivery
- 2.5. Risk Management and Project Management
- CHAPTER 3: RESEARCH METHODOLOGY
- 3.1. Introduction
- 3.2. Research Philosophy
- 3.3. Research Approach
- 3.4. Research Strategy
- 3.5. Methodological Choice
- 3.6. Data collection
- 3.7. Data analysis
- 3.8. Ethical consideration
- CHAPTER4: RESULTS
- 4.1. Introduction
- 4.2. Results
- 4.2.1. Themes identified
- 4.2.3. Types of risks in construction projects
- 4.2.4. Risk management process in construction project management
- 4.2.5. Significance of risk management in successful project delivery
- CHAPTER FIVE: DISCUSSION
- CHAPTER SIX: CONCLUSIONS
- 6.1. Introduction
- 6.2. Conclusion
- 7. Recommendations
- CHAPTER EIGHT: REFLECTIVE ACCOUNT
- 8.1. Project Management Approach
- 8.2. Professional Development
- 8.3. Communication Approach
- IMPACT OF COVID
- REFERENCES
- Appendix A. Project Management Records
- A.1 Project Management Record
- A.2 Final Gantt chart
- A.3 Ethics Approval
- Appendix B. Literature Review Matrix
- Appendix C. Risk Assignment Form
