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Risk Management Practices in Malaysia

In: Risk Management Practices in Construction

Author

Listed:
  • Ayodeji E. Oke

    (Federal University of Technology Akure)

  • Pelumi E. Adetoro

    (Malawi University of Business and Applied Sciences)

  • Seyi S. Stephen

    (University of Johannesburg)

  • Clinton O. Aigbavboa

    (University of Johannesburg)

  • Lukman O. Oyewobi

    (Federal University of Technology Minna)

  • Douglas O. Aghimien

    (De Mont Fort University)

Abstract

The construction sector has always been plagued with risk and uncertainty when compared to other sectors due to its magnitude as well as its complex and time-consuming nature. In as much as risk management entails predicting the unforeseeable, it can as well be thought of as the most important management tool for dealing with project uncertainty. Risk management is a crucial component for adding value to a project and improving its cost, time, and quality performance. Efficient risk management can bring great result to project performance by improving the productivity. In Malaysia, however, most construction companies do not practice systematic risk management. This condition has resulted in significant numbers of project failure, cost and time overrun, and poor-quality performance. Therefore, this chapter looked into the existing practice of risk management in the Malaysian construction sector and evaluated the various approaches and tools currently being utilized to manage project risk.

Suggested Citation

  • Ayodeji E. Oke & Pelumi E. Adetoro & Seyi S. Stephen & Clinton O. Aigbavboa & Lukman O. Oyewobi & Douglas O. Aghimien, 2023. "Risk Management Practices in Malaysia," Springer Books, in: Risk Management Practices in Construction, chapter 0, pages 9-19, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-35557-8_2
    DOI: 10.1007/978-3-031-35557-8_2
    as

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