Academic
Publications
An Assessment of Risk Management Practices in the Alabama Building Construction Industry

An Assessment of Risk Management Practices in the Alabama Building Construction Industry,Salman Azhar,William C. Ginder,Rizwan U. Farooqui

An Assessment of Risk Management Practices in the Alabama Building Construction Industry  
BibTex | RIS | RefWorks Download
The construction industry is subjected to more risk and uncertainty than many other industries and does not have a good track record of coping with risks. Late completion of projects, surpassing their estimated budgets and in some worse instances without even achieving the desired quality and operational requirements, has given a bad name to the industry. Thus, effective management of construction associated risks remains a big challenge to the industry stakeholders. Due to increasing competition in the construction market, pressure is mounting on the contractors to cut down direct and indirect project costs. Many contractors have found that developing, implementing and maintaining a risk management plan can substantially help to improve their competitive position. This paper via a questionnaire survey evaluates the current practices of risk management used by the building contractors in the Alabama construction industry. The results reveal that the use of risk management techniques in Alabama is low to moderate depending on company size and their risk tolerance level. Most building contractors were found to apply individual intuition, judgment and experience to identify and assess risks. The main barriers preventing implementation of formal risk management practices were found to be lack of knowledge and doubts about the suitability of these techniques, sophisticated nature of techniques compared to project sizes and human/organizational resistance.
Cumulative Annual
View Publication
The following links allow you to view full publications. These links are maintained by other sources not affiliated with Microsoft Academic Search.