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Research for Risk Management of Construction Projects in Taiwan

Author

Listed:
  • Chien-Liang Lin

    (Department of Construction Engineering, National Kaohsiung University of Science and Technology, Kaohsiung 824, Taiwan)

  • Bey-Kun Chen

    (Institute of Engineering Science and Technology, National Kaohsiung University of Science and Technology, Kaohsiung 824, Taiwan)

Abstract

Risks inevitably exist in all stages of a project. In a construction project, which is highly dynamic and complex, risk factors affect the expected achievement rates of the three main performance goals, namely schedule, cost, and quality. A comprehensive risk management procedure requires three crucial steps: risk confirmation, analysis, and treatment. Risk analysis is the core of risk management. Through structural equation modeling, this study developed a risk analysis model that takes a different perspective and considered the occurrence probability of risk events and the extent to which these events affect a project. The contractor dimension was discovered to exert the strongest influence on an overall project, followed by the subcontractor and design dimensions. This paper proposes a novel construction project risk analysis model, which considers the entire project. The proposed model can be used as a reference for risk managers to make decisions about project risks, so as to achieve the ultimate goal of saving resources and the sustainable operation of the construction project.

Suggested Citation

  • Chien-Liang Lin & Bey-Kun Chen, 2021. "Research for Risk Management of Construction Projects in Taiwan," Sustainability, MDPI, vol. 13(4), pages 1-15, February.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:4:p:2034-:d:498954
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    References listed on IDEAS

    as
    1. Lee Cronbach, 1951. "Coefficient alpha and the internal structure of tests," Psychometrika, Springer;The Psychometric Society, vol. 16(3), pages 297-334, September.
    2. Ahsan Nawaz & Ahsan Waqar & Syyed Adnan Raheel Shah & Muhammad Sajid & Muhammad Irslan Khalid, 2019. "An Innovative Framework for Risk Management in Construction Projects in Developing Countries: Evidence from Pakistan," Risks, MDPI, vol. 7(1), pages 1-10, February.
    3. Chien-Liang Lin & Chen-Huu Jeng, 2017. "Exploring Interface Problems in Taiwan’s Construction Projects Using Structural Equation Modeling," Sustainability, MDPI, vol. 9(5), pages 1-15, May.
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    Cited by:

    1. Matej Špak & Tomáš Mandičák & Marcela Spišáková & Dominik Verčimák, 2023. "Risk Management on Concrete Structures as a Tool for the Control of Construction Efficiency," Sustainability, MDPI, vol. 15(12), pages 1-15, June.

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