Risk management within project management

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Risk management within project management

1.1 Aims

To analyse all type of construction risk in project management; to evaluate the role of the risk management in project management.

1.2 Objectives

1. To analyse most possible risks in construction industry.

2. To review risk concepts and principles in construction scope management, especially in construction cost in project management.

3. To evaluate successful systems of risk management in a project.

4. To investigate some special risks this may influence project procurement system.

1.3 Overview of research methodology

Objective 1

To analyse most possible risks in construction industry.

literature review

Objective 2

To review risk concepts and principles in construction scope management, especially in construction cost in project management.

literature review/questionnaire

Aim

To analyse all type of construction risk in project management; to evaluate the role of risk management in project management.

Objective 3

To evaluate successful systems of risk management in a project.

literature review/questionnaire

Objective 4

To investigate some special risks this may influence project procurement system.

interview/questionnaires

conclusions and recommendations

1.3.1 Literature review

The literature review is the first stage to understand the risk, risk management and its function in construction project. In order to achieve the research objectives, a literature review is required carried out from the beginning to the end of research. Consequently, literature review provides all type of published literature, articles and materials relating to the research topic about construction management. In the research process, a researcher must engage in reading around the subject to understand risk management, risk concept and principles and influence in construction project. Besides that, the literature review can help researcher to obtain resources with different meaning, produce other ideas, and contrast ideas to settle issues around the topic.

1.3.2 Questionnaires

The questionnaire is the second stage for discussing the risk, risk management and its function in construction project. Obviously, in research process, collecting data should not only support research objectives, but also increase knowledge of risk. Therefore, the questionnaires must plan to seek effective information in a short time. It is the most efficient methodology to limit the research period. In order to acquire large volume of quantitative information, analyse risk data, survey risks management and project management interrelationships in depth, the question must be tested for general standard validity, and answers of information sought will be provided in practice.

1.3.3 Interview

The interview is the third stage may be necessary for this research. It is impossible to acquire an extra depth through questionnaires alone; the interview provides simple and direct method to search out the risk management problem in project, and find a solution to improve it. The right Interviewee can be selected from project managers, quantity surveyors and clients, who may be responsible for construction project. Form interviewed, more information about how risk management makes project successful may be obtained.

1.3.4 Data analyse and interpretation

The data analyses and interpretation are to be done by referring to the literature review, output of questionnaires, views and opinions of the interviewees. When answers in the questionnaire provided are in an objectives From e.g, 'yes 'or 'no', charts may be necessary to represent the result of the research. It is aimed to provide a clearer picture to the proportion of percentage. A bar chat is more preferable to present the range of responses when it is necessary to show level of agreement to questions. When all the data and information are analysed and interpreted, the final conclusions and further recommendations for research will be made.

The data analyses and interpretation are to be done by referring to the literature review, output of questionnaires, view and opinion of the interviewees. When all the data and information are collected the same being analysed and interpreted, conclusion and further recommendation for research will be made.