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Construction project risk management in Singapore : resources, effectiveness, impact, and understanding
journal contribution
posted on 2017-12-06, 00:00 authored by Xianbo ZhaoXianbo Zhao, B-G Hwang, W PhngWhile previous studies have focused on the need for Project Risk Management (PRM), highlighting its potential benefits, resources invested in PRM have been rarely identified. This study aims to investigate the resource allocation, effectiveness, impact and understanding of construction PRM in Singapore. To achieve the objectives, a questionnaire survey was conducted with professionals and 43 complete questionnaires were returned. The results revealed that higher proportion of costs was invested in PRM than time and labor resources, and that more resources invested would not necessarily lead to a higher level of PRM effectiveness and greater assurance with the achievement of project objectives. Also, the results showed the low-level understanding of PRM in the survey firms and suggested that the overall impact of PRM on project outcomes differed according to levels of understanding. Despite the low-level understanding, all the nine PRM principles and guidelines were significantly agreed. Hence, this study provides a clear picture of PRM in the Singapore construction industry. The findings of this study can help practitioners to better implement PRM and assure the achievement of project outcomes.
History
Volume
18Issue
1Start Page
27End Page
36Number of Pages
10eISSN
1976-3808ISSN
1226-7988Location
GermanyPublisher
SpringerPublisher DOI
Full Text URL
Language
en-ausPeer Reviewed
- Yes
Open Access
- No
External Author Affiliations
National Art Gallery, Singapore; National Univeristy of Singapore; TBA Research Institute;Era Eligible
- Yes