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Baker, S, Ponniah, D and Smith, S (1999) Risk response techniques employed currently for major projects. Construction Management and Economics, 17(02), 205-13.

  • Type: Journal Article
  • Keywords: risk management; risk response
  • ISBN/ISSN: 0144-6193
  • URL: https://doi.org/10.1080/014461999371709
  • Abstract:

    Risk management is fundamental to the success of a major project. However, the variations in using risk management practices are considerable and are dependent on numerous factors such as the industry sector, the size of the project, and the stage in the project life-cycle. One of the major constituents of successful risk control is the use of risk response. This paper concentrates on the choice and use of the most successful risk response techniques within the oil and gas industry and compares them with the use of those chosen by the construction industry. Results were ascertained through a survey of over one hundred companies within these two sectors by use of an extensive questionnaire. The main conclusions are that risk reduction as a response to assessed risks is most commonly used by both sectors; and that the construction industry concentrates almost exclusively on reduction of financial risk. It is proposed that the construction industry can benefit greatly from the more experienced oil and gas industry in managing technical risk which, with the advent of private funding, is likely to become a more predominant part of construction procurement.

Baldwin, A N, Austin, S A, Hassan, T M and Thorpe, A (1999) Modelling information flow during the conceptual and schematic stages of building design. Construction Management and Economics, 17(02), 155-67.

Chan, A P C (1999) Modelling building durations in Hong Kong. Construction Management and Economics, 17(02), 189-96.

Goh, B-H (1999) An evaluation of the accuracy of the multiple regression approach in forecasting sectoral construction demand in Singapore. Construction Management and Economics, 17(02), 231-41.

Green, S D (1999) The missing arguments of lean construction. Construction Management and Economics, 17(02), 133--7.

Gyi, D E, Gibb, A G F and Haslam, R A (1999) The quality of accident and health data in the construction industry: interviews with senior managers. Construction Management and Economics, 17(02), 197-204.

Li, H and Love, P E D (1999) Combining rule-based expert systems and artificial neural networks for mark-up estimation. Construction Management and Economics, 17(02), 169-76.

Loosemore, M (1999) Bargaining tactics in construction disputes. Construction Management and Economics, 17(02), 177-88.

Proverbs, D G, Holt, G D and Olomolaiye, P O (1999) European construction contractors: a productivity appraisal of in situ concrete operations. Construction Management and Economics, 17(02), 221-30.

Ray, R S, Hornibrook, J, Skitmore, M R and Zarkada-Fraser, A (1999) Ethics in tendering: a survey of Australian opinion and practice. Construction Management and Economics, 17(02), 139-53.

Sozen, Z and Kucuk, M A (1999) Secondary subcontracting in the Turkish construction industry. Construction Management and Economics, 17(02), 215-20.

Tan, W (1999) Construction cost and building height. Construction Management and Economics, 17(02), 129-32.