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Risk response techniques employed currently for major projects

Author

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  • Scott Baker
  • David Ponniah
  • Simon Smith

Abstract

Risk management is fundamental to the success of a major project. However, the variations in using risk management practices are considerable and are dependent on numerous factors such as the industry sector, the size of the project, and the stage in the project life cycle. One of the major constituents of successful risk control is the use of risk response. This paper concentrates on the choice and use of the most successful risk response techniques within the oil and gas industry and compares them with the use of those chosen by the construction industry. Results were ascertained through a survey of over one hundred companies within these two sectors by use of an extensive questionnaire. The main conclusions are that risk reduction as a response to assessed risks is most commonly used by both sectors; and that the construction industry concentrates almost exclusively on reduction of financial risk. It is proposed that the construction industry can benefit greatly from the more experienced oil and gas industry in managing technical risk which, with the advent of private funding, is likely to become a more predominant part of construction procurement.

Suggested Citation

  • Scott Baker & David Ponniah & Simon Smith, 1999. "Risk response techniques employed currently for major projects," Construction Management and Economics, Taylor & Francis Journals, vol. 17(2), pages 205-213.
    • Handle: RePEc:taf:conmgt:v:17:y:1999:i:2:p:205-213
    DOI: 10.1080/014461999371709
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    Cited by:

    1. Hamzeh Dehghani & Ali Hormozi & Mansour Nikpour, 2022. "Systematic risks assessment of precast concrete canal in irrigation projects using DEMATEL method," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(1), pages 123-130, February.
    2. Beata Sadowska & Adam Lulek, 2018. "The problem of risk in the economy of sustainable development on the example of the State Forests," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 17(1), pages 103-120, March.
    3. Weddy Bernadi Sudirman & Sarwono Hardjomuljadi, 2011. "Project Risk Management in Hydropower Plant Projects," Journal of Infrastructure Development, India Development Foundation, vol. 3(2), pages 171-186, December.
    4. Naomi Brookes, 2012. "What is engineering construction and why is it important? Towards a research agenda," Construction Management and Economics, Taylor & Francis Journals, vol. 30(8), pages 603-607, August.
    5. Fan, Miao & Lin, Neng-Pai & Sheu, Chwen, 2008. "Choosing a project risk-handling strategy: An analytical model," International Journal of Production Economics, Elsevier, vol. 112(2), pages 700-713, April.
    6. Hadi Sarvari & Alireza Valipour & Nordin Yahya & Norhazilan MD Noor & Michael Beer & Nerija Banaitiene, 2019. "Approaches to Risk Identification in Public–Private Partnership Projects: Malaysian Private Partners’ Overview," Administrative Sciences, MDPI, vol. 9(1), pages 1-18, February.

    More about this item

    Keywords

    Risk Management; Risk Response;

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