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Effectiveness of risk management: barriers and solutions

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  • Andrew Carter
  • Ezekiel Chinyio

Abstract

The effectiveness of risk management within the UK construction industry is discussed in terms of barriers and enablers. A questionnaire was used to collect both qualitative and quantitative data. One hundred and thirteen construction professionals were sampled who included project managers, clients, quantity surveyors, and contract experts and 40% of these responded. The quantitative data were analysed by descriptive statistics while the qualitative data were synthesised by the content analysis. Results of the analyses showed that most respondents use a structured approach; and manage risks throughout the different phases of a project. They also feel that the risk management process is fairly okay but some barriers were identified, e.g., making a late start, using inexperienced personnel, not fully pro-active, etc. In view of these, solutions for improvement were proffered such as providing adequate training to personnel, not circumventing some steps in the risk management process, nurturing the right attitude towards risks, etc.

Suggested Citation

  • Andrew Carter & Ezekiel Chinyio, 2012. "Effectiveness of risk management: barriers and solutions," International Journal of Project Organisation and Management, Inderscience Enterprises Ltd, vol. 4(4), pages 368-378.
    • Handle: RePEc:ids:ijpoma:v:4:y:2012:i:4:p:368-378
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    Cited by:

    1. Abdullah Aloqab & Farouk Alobaidi & Bassam Raweh, 2018. "Operational Risk Management in Financial Institutions: An Overview," Business and Economic Research, Macrothink Institute, vol. 8(2), pages 11-32, June.

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