Risk management framework for construction project managers

• Main Author: Tan, Ying Ling
• Other Authors: Chen Chun-Hsien
• Format: Thesis-Master by Coursework
• Language: English
• Published: Nanyang Technological University 2024
• Subjects: Engineering
• Online Access: https://hdl.handle.net/10356/176573
• Institution: Nanyang Technological University

This dissertation introduces a framework for risk management tailored for project managers in the construction industry, recognizing its unique project management challenges. With an emphasis on process-driven projects, the research identifies the critical need for an integrated approach to risk management, spanning from project initiation through to operational and maintenance phases. Drawing on a thorough literature review, the study underscores the complexity and high-stakes nature of construction projects, which are often susceptible to unforeseen events and uncertainties. The framework proposed herein is grounded in best practices and industry standards, ensuring adaptability across different organizational structures. Methodologically, the research consists of a combination of literature review, questionnaires, and semi-structured interviews to pinpoint key risk factors and effective risk management strategies. This comprehensive approach aims at enhancing project managers' skills in identifying, assessing, prioritizing, and mitigating risks. The findings highlight how a structured risk management process is essential in ensuring project success and offer valuable insights for business operators, the public, and stakeholders within the construction sector. The study contributes significantly to the academic and practical understanding of risk management, proposing a flexible, scalable, and adaptable framework that addresses the specific needs of the construction industry.