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Exploring Critical Risk Factors of Office Building Projects

Author

Listed:
  • Nguyen, Phong Thanh
  • Phu Pham, Cuong
  • Thanh Phan, Phuong
  • Bich Vu, Ngoc
  • Tien Ha Duong, My
  • Le Hoang Thuy To Nguyen, Quyen

Abstract

Risks and uncertainty are unavoidable problems in management of projects. Therefore, project managers should not only prevent risks, but also have to respond and manage them. Risk management has become a critical interest subject in the construction industry for both practitioners and researchers. This paper presents critical risk factors of office building projects in the construction phase in Ho Chi Minh City, Vietnam. Data was collected through a questionnaire survey based on the likelihood and consequence level of risk factors. These factors fell into five groups: (i) financial risk factors; (ii) management risk factors; (iii) schedule risk factors; (iv) construction risk factors; and (v) environment risk factors. The research results showed that critical factors affecting office building projects are natural (i.e., prolonged rain, storms, climate effects) and human-made issues (i.e., soil instability, safety behaviors, owner’s design change) and the schedule-related risk factors contributed to the most significant risks for office buildings projects in the construction phase in Ho Chi Minh City. They give construction management and project management practitioners a new perspective on risks and risk management of office buildings projects in Ho Chi Minh City and are proactive in the awareness, response, and management of risk factors comprehensively.

Suggested Citation

  • Nguyen, Phong Thanh & Phu Pham, Cuong & Thanh Phan, Phuong & Bich Vu, Ngoc & Tien Ha Duong, My & Le Hoang Thuy To Nguyen, Quyen, 2020. "Exploring Critical Risk Factors of Office Building Projects," MPRA Paper 109901, University Library of Munich, Germany, revised 30 Dec 2020.
    • Handle: RePEc:pra:mprapa:109901
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    References listed on IDEAS

    as
    1. Thanh NGUYEN, Phong & Le Hoang Thuy To NGUYEN, Quyen, 2020. "Critical Factors Affecting Construction Price Index: An Integrated Fuzzy Logic and Analytical Hierarchy Process," MPRA Paper 103437, University Library of Munich, Germany, revised 31 May 2020.
    2. Nguyen, Phong Thanh & Phu Nguyen, Cuong, 2019. "Risk Management in Engineering and Construction," MPRA Paper 103509, University Library of Munich, Germany, revised 09 Jan 2020.
    3. Thanh Nguyen, Phong, 2018. "Attitude of construction workers toward labour safety," MPRA Paper 103438, University Library of Munich, Germany, revised 27 Feb 2020.
    4. Phong Thanh Nguyen, 2020. "Attitude of construction workers toward labour safety," International Journal of Business Continuity and Risk Management, Inderscience Enterprises Ltd, vol. 10(2/3), pages 181-193.
    5. Dang Vo, Khoa & Thanh Nguyen, Phong & Le Hoang Thuy To Nguyen, Quyen, 2020. "Disputes in Managing Projects: A Case Study of Construction Industry in Vietnam," MPRA Paper 103436, University Library of Munich, Germany, revised 05 Jul 2020.
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    Cited by:

    1. Katarina Buganova & Maria Luskova & Jozef Kubas & Michal Brutovsky & Jaroslav Slepecky, 2021. "Sustainability of Business through Project Risk Identification with Use of Expert Estimates," Sustainability, MDPI, vol. 13(11), pages 1-17, June.

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    More about this item

    Keywords

    Construction Management; Office Buildings Projects; Risk Management; Project Management;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • O18 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Urban, Rural, Regional, and Transportation Analysis; Housing; Infrastructure

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