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Perceptions of owners in German construction projects: congruence with project risk theory

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  • David James Bryde
  • Jurgen Marc Volm

Abstract

The construction industry is a major user of formal project risk management practices, yet risk is often dealt with inadequately, which is a contributory factor to poor performance. Conceptual developments propose a holistic view of risk incorporating threats and opportunities and the management of uncertainty. To optimize a risk management process there needs to be a reflection of this holistic view in management practice. A key project participant is the owner and understanding the perceptions of project risk of construction owners is an important step in assessing the degree to which practices reflect theory. Semi-structured interviews were conducted with 10 practitioners in German construction owner organizations to explore their perceptions of project risk. The results showed no common definition of project risk and a general belief that risk equated to threat. Some owners did manage opportunities and saw a link between threats and opportunities, yet this practice seemed more the result of experience than an awareness that it was an integral part of a theoretical risk management framework. Most owners perceived risk to encompass uncertainty and the sources of uncertainty perceived as most important were those linked to a longer timescale, such as the ability to let out buildings.

Suggested Citation

  • David James Bryde & Jurgen Marc Volm, 2009. "Perceptions of owners in German construction projects: congruence with project risk theory," Construction Management and Economics, Taylor & Francis Journals, vol. 27(11), pages 1059-1071.
    • Handle: RePEc:taf:conmgt:v:27:y:2009:i:11:p:1059-1071
    DOI: 10.1080/01446190903222403
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    Cited by:

    1. Ling Jia & Queena K. Qian & Frits Meijer & Henk Visscher, 2020. "Stakeholders’ Risk Perception: A Perspective for Proactive Risk Management in Residential Building Energy Retrofits in China," Sustainability, MDPI, vol. 12(7), pages 1-25, April.
    2. Alberto Cerezo-Narváez & Andrés Pastor-Fernández & Manuel Otero-Mateo & Pablo Ballesteros-Pérez, 2022. "The Influence of Knowledge on Managing Risk for the Success in Complex Construction Projects: The IPMA Approach," Sustainability, MDPI, vol. 14(15), pages 1-30, August.
    3. Dalya Ismael & Tripp Shealy, 2018. "Sustainable Construction Risk Perceptions in the Kuwaiti Construction Industry," Sustainability, MDPI, vol. 10(6), pages 1-17, June.

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