-- Dissertation Proposal –

Implementation of Risk Management In the Construction Industry in Developing Countries: A

Case Study of the Iranian Construction Industry from Contractor’s Perspective

Sample Made by: https://www.theacademicpapers.co.uk/

Table of Contents

Background ................................................................................................................................ 2

Research Objectives ................................................................................................................ 3

Literature Review ....................................................................................................................... 4

Risk Management ................................................................................................................... 5

Fundamentals of Risk Management ......................................................................................... 6

Risk Management Process ....................................................................................................... 8

Classification of Risks in Construction .................................................................................. 11

Proposed Analysis .................................................................................................................... 14

Ethical Considerations: ............................................................................................................. 15

References ................................................................................................................................ 16

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Background

One of the primary subfields of project management is risk management. Risk

management is a strategy that whose application will bring about a total reduction of costs in the

long-term and hence right decision-making by the manager. Risk management alludes to a

progression of procedures which are needed for the recognizable proof, examination, and and

reaction vis-à-vis the project's risk with a specific end goal to boost the impacts of positive

occurrences and minimize the results of unfavorable episodes. This can impact the time, cost,

quality, benefit and execution of the project.

Risk management is well organized and properly regulated in developed nations. Thus,

the risk management is properly entrenched in the systems of developed nations. Contrasting and

different nations with different circumstances, Iran is a developing nation in which the business

environment, laws, and regulations have made particular risks particularly related.Unfortunately,

in Iran, risk management is not precise and requires more studies and investment.

Iran is a developing nation; therefore, the interest for infrastructures is profoundly

expanding. Presently, the legislature of Iran is upholding the fifth development plan. Falling

behind this arrangement is likely to result into financial and budgetary implications on the

economy of the country. Along these lines, it is vital to perceive the boundaries through deeper

understanding of the risks that jeopardize the system. Since a good portion of Iran's financial

plan is spent on investment in the development business, recognizing the risk generation factors

in the processes of construction and having data about the degree and sorts of impacts and

investigating them will bring about decreasing the misfortunes brought on by such conceivable

episodes. The use of risk management will bring about taking right, managed, and brief choices

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
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through being educated about nature notwithstanding the hitches and quick changes in the

construction industry.

Research Objectives

The core objectives of this study are listed as follows;

1) To identify the types of risks that exist which affect the construction industry

2) To identify the risks in construction industry and classify them

3) To establish barriers that arise in implementation of risk management

4) To find out the theoretical mechanisms to employ inorder to improve the

implementation of risk management in projects

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Literature Review

A standout amongst the most critical parts of decision making processes in construction

companies is risk management. Risk could have an impact on plan of a construction project,

quality, execution, and general level of productivity. This section outlines construction project

risks. Then, construction project risks will be perceived and arranged into various groups.

Besides, the ebb and flow incline in risk management would be considered. To meet the first

objective of this study; which entails identification and classification of risks in construction

projects, its crucial to extend the construction projects risks.

To satisfy the second objective of this study, which is to recognize the boundaries of

implementation of risk management in construction projects, it is important to distinguish the

risks in construction projects at first. In this study, the study will focus on the risks from

contractors' perspective. Moreover, this section will look for a hypothetical technique to enhance

the usage of risk management in construction projects to attain to the third objective of this

study.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Risk Management

Risk management is a framework which plans to recognize and measure all risks to

which the business or project is uncovered so that a cognizant choice can be taken on how to

manage the risks'(Flanagan and Norman, 1993). Risk management has been said in PMBOK as

one of the nine territories of project management and has been delineated as the procedures

concerned with leading risk management arranging, distinguishing proof, examination, reactions,

and observing and control on a project'.

In light of the meaning of AS/NZS of risk management, it can be portrayed as the way of

life, techniques and structures that are regulated towards acknowledging potential open doors

whilst overseeing unfriendly effects'(AS/NZS, 2004). In consonance with these definitions, risk

management is characterized by (Zou et al., 2007) as a composed system for breaking down,

perceiving, and taking care of risks associated with construction projects meaning to fulfill

project goals. With respect to developing centrality, risk management is distinguished as an

indispensable piece of construction projects, and an accumulation of arrangements and

techniques have been developed to manage in effects of plausible risks (Zou et al., 2007).

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Fundamentals of Risk Management

An assortment of risk definitions have been used in construction projects, and there is not

any standard portrayal or routines accessible to clarify the premise on what risk appraisal is

established. As per (RAMP, 1998), risk is frequently mentioned in construction industry as the

presence of genuine or conceivable chances or dangers influencing the objectives of the projects

while commissioning, working, or commissioning of the project. As indicated by meaning of

(Al-Bahar and Crandall, 1990) of risk, risk is introduction to the likelihood of happening of

mishaps positively or unfavorably which impact the destination of the project as a consequence

of uncertainty(Al-Bahar and Crandall, 1990).

As indicated by (Walewski and Gibson, 2003) as specified by Dias and Ioannou (1995) ,

risks can be ordered in two sorts: 1) pure risk when there is the likelihood of budgetary

misfortune yet no probability of monetary benefit, and 2) speculative risk that incorporates the

likelihood of both increases and misfortunes. CII's definitive study on construction risks

(Diekmann et al., 1998) uses exemplary operations research writing to separate the ideas of

conviction, risk, and vulnerability, and is rational with the writing (Smith, 2001;ASCE, 1979;

Kangari, 1995; CIRA, 1994; Hastak and Shaked, 2000; PMI, 2001;) about what is measured as

the successive methodologies of risk management: 1) ID, 2) evaluation, 3) investigation of

effect, and 4) management reaction.

Being worried with respect to construction risks has brought on diverse endeavors to

enhance risk management systems. For example the Institute of Civil Engineers and the Institute

of Actuaries in the United Kingdom (RAMP, 1998) planned a methodology called Risk Analysis

and Management of Projects (RAMP). In this strategy, the project structure has been utilized for

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

distinguishing and alleviating risks by means of applying the concurred risk ID and project

controls system through focus on risks while happening as all through the lifecycle of project.

Users are obliged to seek after a sensible grouping of techniques and also leading

analysis at planned interims while project lifecycle. Probabilistic analysis for construction has

been comparable to conventional risk evaluation (Liftson and Shaifer, 1992, Al-Bahar and

Crandall, 1990). These strategies need occasions to be extensive, fundamentally unrelated, and

temporarily self-sufficient. All things considered, construction incorporates bunches of elements,

and choosing similitude, dependence, and causality is every now and again hard. In this manner,

subjective diagnostic systems that rely on past encounters and learning of firms and persons is

utilized to assess the impact of vulnerability and construction risk (Bajaj et al., 1997).

Risks could be productively managed in one of the different routines. Risk could be:

i. Diminished or removed via using problem correcting actions towards the plan

of project;

ii. Transferred towards other activities or other liable professionals, like external

Salesmen;

iii. Combined or absorbed with planning for risks; and

iv. Avoided with using procedures and exercises of quality control.

According to (Lyons and Skitmore, 2004), the employment of risk management in the

planning and implementation phases of project life cycle is more than its employment during

termination or conceptual stages. This is against the opinion that it’s significant to apply risk

management during conceptual stage of the project.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Risk Management Process

Project Risk Management includes methodology considering executing risk management

planning, identification, analysis, response, and monitoring and control on a project. The

dominant part of these strategies amid the project get to be upgraded. Project risk management

means to upgrade the likelihood and impact of positive occasions, and diminish the likelihood

and impact of negative incidents to the project.

As indicated by the Project Management Body Of Knowledge (PMI, 2004), the Project

Risk Management procedures incorporate the accompanying:

i. Risk Management Planning : choosing how to approach, plan, and execute the risk

management exercises for a project.

ii. Risk Identification : figuring out which risks may influence the project and archiving

their attributes.

iii. Qualitative Risk Analysis : organizing risks for resulting further analysis on the other

hand activity by surveying and consolidating their probability of event and sway.

iv. Quantitative Risk Analysis : numerically examining the impact on in general project

targets of identified risks.

v. Risk Response Planning : developing choices and activities to upgrade opportunities, and

to lessen dangers to project destinations.

vi. Risk Monitoring and Control: following identified risks, monitoring lingering risks,

identifying new risks, executing risk response plans, and assessing their viability all

through the project life cycle.

The aforementioned methods have collaborations with one another and also with

methodologies in different zones of learning. Each one methodology may require one or more
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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

experts to endeavor relying upon the prerequisites of the project. Each procedure happens no less

than one time amid the project and rehashes for one or more phases of the project. Despite the

fact that the method clarified here as different segments with pointed out definition about their

interfaces, in the field they probably cover one another or interface with one another in

circumstances that are not clarified here.

Project risk has been characterized as an indeterminate circumstance or condition that if

there should be an occurrence of happening has good or unfavorable effects on finally one of the

goals of the project, in the same way as degree, cost, time, or quality (i.e. at the point when the

target of project in regards to time is to convey it taking into account planned planning, when the

goal of project with respect to cost is to convey it in light of conceded cost).A project risk may

originates from one or more reasons and if there should be an occurrence of happening have one

or more impacts. Case in point, the reason may be the requirement for issuing natural grant to

perform an action, or the absence of specialists for planning the project. A risk happens when the

locale whose obligation is to issue the grant defers over than what planned before for issuing the

license, or the absence of enough architects for the action.

Upon occurrence of any of these risks, a few results would influence the project schedule,

execution, or cost. Risks could happen as a consequence of project arranged or association

situated environment which may bring about project risk. Case in point, simultaneous various

projects, absence of coordinated management frameworks, poor project management practices,

or dependence external parties who are wild.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Tools and Techniques for Risk Response Planning

Distinct and different phases and duties in structuring projects could raise risks with

secluding the members of the project in such a way that the least consideration is delivered to

main issues of the project. According to (Kim and Bajaj, 2000), individual members of the

project usually concern about only the role they have in project risks and voluntarily or

involuntarily try to pass these risks on to other project members. The crucial part of risk

management is mitigating risk by reducing their effects. Having a properly executed risk

management strategy help in decrease the adverse effects as much as possible. Upon properly

planning and managing risks, the volatile risks that are likely to occur are deterred and put in a

likely position with a predictable response (Chapman and Ward, 2002).

By all means, the likelihood of occurrence of a risk must be reduced by all means. This is

achieved only when there is a proper mitigation strategy. The four main categories of risk

management include:

i. Risk Avoidance: when a risk is not accepted and other lower risk choices are available

from several alternatives;

ii. Risk Retention/Acceptance: when a conscious decision is made to accept the outcomes

the event should occur;

iii. Risk Control/Reduction: when a process of sequentially monitoring and improving the

situation on the project is used. This process includes the development of a risk reduction

plan and then pursuing the plan. This mitigation strategy is the most common risk

management and handling technique;

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

iv. Risk Transfer/Deflect: when the risk is shared with others. Forms of sharing the risk with

others involve contractual shifting, performance encouragement, insurance, warranties,

bonds, etc.

Classification of Risks in Construction

The beginning phase of risk management is risk identification, where probable risks

joined with construction projects are perceived. Risk order is a necessary piece of risk

identification attempting to sort out diverse risks impacting a construction project. A mixed bag

of techniques for ordering risks have been prescribed in the writing. A rundown of variables

were taken out from a few assets by (Perry and Hayes, 1985) which were arranged in regards to

their association with customers, experts, and contractors. (Flanagan and Norman, 1993)

suggested three techniques for sorting risk through an incorporated methodology of general

frameworks hypothesis with respect to work breakdown structure as a structure being as per the

following: by means of perceiving sort, result, and effect of risk. (Chapman, 2001) grouped risks

to four subcategories: project, industry, customer, and environment. Out of 58 risks perceived

joined with Sino-Foreign construction joint wanders, (Shen et al., 2001) grouped them in 6

gatherings as per risks' temperament, i.e. lawful, market, budgetary, management, specialized,

and approach and political. By and large, an assortment of techniques exist for classifying risks

associated with construction projects and the motivation behind why a strategy is utilized should

be taking into account the targets of the study.

Abdou (1996) sorts risks in three primary gatherings, specifically construction time,

construction fund, and construction outline, and explained the risks considering different

contractual cooperations among diverse construction gatherings occupied with development,

configuration and execution of project.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Methodology

This research will take after a deductive reasoning as proposed by Adams et al. (2009) on

the grounds that it will be an endeavor to get conclusions from something that is known to be

genuine, and an explanatory methodology where qualitative and quantitative research systems

will be used. An explanatory configuration methodology will guarantee the variables included in

the research, business and technological components are connected. This research will depend on

both primary and secondary data gathering techniques.

The qualitative system will be used to disregard the results of the research speculation

and grow further study to test and help the research. Concerning the quantitative methodology,

face-to-face interview will be the primary instrument of research. Face-to-face interview is

favored because of their legitimacy and unwavering quality. The face-to-face interview will be

straightforward and both open and shut finished to upgrade high reaction rate and get more data

from the clients. Qualitative interviews will be utilized to confirm and illuminate the data

gathered (Adams et al., 2009).

Primary data will be accessible from through the face-to-face interviews; the study

sample size will be 30 persons and at least 20 will be sampled, drawn from different contractors

in the construction industry with more inclination on the Iranian. While secondary data might be

gathered from the Internet, diaries, data effectively gathered, distributions, for example,

company reports, course readings, newspaper articles, and data from the government sources.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Proposed Analysis

The data analysis procedure will be caught on a scale that ranges from "Disagree" and

'Agree'. With the assistance of the softwares like Microsoft Excel will be utilized to present the

quantitative data. Some regular factual methodologies used will be mean and standard deviation.

To investigateimplementation of risk management in the construction industry in developing

countries, a bunch analysis will be utilized to cluster organizational characteristics.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
Case Study of the Iranian Construction Industry from Contractor’s Perspective

Ethical Considerations:

In any research there are ethical issues that the researcher should contemplate before

engaging in the research. The ethics include the requirements for daily work and the publication

of information ethics where the protection of the dignity and confidentiality of information

provide is paramount up to the point that the participant requires to be the case. This paper

examines the effectiveness of business and information technology intergration within an

organization. The research will be conducted in a professional manner and high standards to

ensure the document is in line with the ethical standards. There are ethical considerations which

the researcher will consider before, during and after conducting the research to ensure he does

not infringe upon either parties interest or business.

One of the requirements is that the research will be objective and focused towards the

main subject of the research. This means that the researcher will ensure that they concentrate

solely on the research question or the subject of the research without making any other forms of

research which may not be within the specific research originally intended to be conducted. The

researcher will also ensure that they do not form their own opinions or have their own agenda or

bias when doing the research. As a result, the researcher should be concentrated on the research

question and the answers provided by the participants when drawing his conclusions. This in turn

means that the questions directed to the participants should not be biased to draw a specific

conclusion. The researcher will acknowledge all the sources from which the information is

borrowed that is not theirs.

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 Implementation of Risk Management In the Construction Industry in Developing Countries: A
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