Abstract:
Effective risk management in construction projects is widely recognized as essential for meeting
objectives related to time, cost, quality, safety, and environmental sustainability. This study aims
to investigate the current practices of risk management within construction projects and to
suggest strategies for enhancing these practices.
The research utilizes a descriptive approach, focusing on gathering information from
contractors. A purposive sampling method was employed, with data collected through literature
reviews and surveys. The analysis of the data incorporated Likert scaling using the mean index
formula along with risk matrix evaluation.
The results indicate that while there is an acknowledgment of the importance of risk management,
its application remains inconsistent. Although formal risk management procedures exist and are
considered a continuous process, several areas need enhancement. For example, team members
are frequently left out of the risk identification process, and there is often no specific group
assigned to oversee risk management activities. Decision-making tends to rely on subjective
approaches, such as personal experience, rather than utilizing more sophisticated methods like
mathematical modeling. While some level of planning for risk management is present, not all
team members participate, and there is a notable absence of clearly defined strategies for
responding to risks. Furthermore, the monitoring and control of risks often do not comply with
established standards, which can worsen risks or complicate their mitigation. In conclusion, risk
management is applied in a fragmented and inconsistent manner rather than being fully
integrated into the project management process.
The study suggests that risk management practices should adhere to established standards, and
it is crucial to create a clear strategy along with a dedicated team to effectively manage risks.
