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Table Of Contents

1 Introduction
Table 1: Search words used for literature searches
1.5Structure of the Study
2 Project Risk Management
2.1.1Project Risk Categorisations
Table 3: Risk categorisation according to Miller and Lessard
Table 4: Risk categorisation according to Finnerty
2.1.2Typical Construction Project Risks and Uncertainties
Table 7: Typical construction risk categorisation
Table 8: Construction risk categorisation by impact
Table 9: Typical risk sources in construction projects according to Cohen and
Table 10: Comparison of typical risk management processes47
2.2.1Risk Identification
2.2.2Risk Estimation
Figure 3: Probability-Impact Grid
2.2.3Risk Response Planning and Execution
Table 11: Proposal for risk status definitions
3 Project Networks and Managing Risks in Project Networks
3.2.1Why Co-Operate in Construction Projects?
Table 12: Construction project success factors according to Phua and
3.2.2Why to Co-Operate in Risk Management?
3.3.1Social Mechanisms to Govern Network
3.3.3Relational Contracting
Table 13: The importance of different items for a successful relational
3.4 Transaction Cost Economics
3.5.1Transaction Cost Based Reasoning
3.5.2Construction Industry’s Business Practices Based Reasoning
4.2.1Actor Specific
4.2.2Dyadic Relational
5.2.1Lack of Risk Management Knowledge
5.2.2Lack of Risk Management Motivation
5.2.3Lack of Experience and Professional Pride
5.2.4Adversial Relationships
5.2.5Incomplete Designs
5.2.6Information Flow Breaks
5.2.7Foreign Workers
5.2.8Competition Based on the Lowest Bid
5.2.9Force Majeure
5.2.10Extensive Subcontracting
5.2.11Subcontractors’ Subcontractors
5.3.1Actor Specific
5.3.2 Dyadic Relational
5.4Improvement Suggestions from Interviewees
5.5Characteristics of the Finnish Construction Industry
Figure 7: Identified risk sources in construction project network from
6 Conclusions and Discussion
Table 15: Typical risk sources in construction projects
Figure 8: Identified risk sources divided in four groups according to the causes
6.2.1Co-Operative Risk Management Model
6.2.2Co-Operative Model in Relation to Identified Risks
6.2.3Benefits Created by the Co-Operative Model
6.3.1Reasons for the Shortcomings of Risk Management Process
6.3.2Main Challenges and Recommendations
6.4Validity and Reliability
7 Final Remarks
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Published by pradeep singh

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Published by: pradeep singh on Oct 30, 2008
Copyright:Attribution Non-commercial


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