Project Risk Management for Small and Medium Sized Projects in Malaysia Construction

Chong, Kenneth Zhen Hoong (2021) Project Risk Management for Small and Medium Sized Projects in Malaysia Construction. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

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Abstract

The implementation of risk management is mandatory in construction projects in order to assure the achieving of desired objectives, regardless of the size of projects. The function of risk management is to control and minimise the risks in the way of efficiency and appropriate manner due to exposed of wide range of risk in the construction industries. However, there are limited research emphasising thoroughly on construction risk and its significant implications on small and medium projects as majority of the previous research was focusing on overall risk management in construction projects. Thus, this study is aims to investigate the project risk management for small and medium sized projects in Malaysia construction in the aspect of the involvement of different types of construction risks, effects of poor construction risks management and strategies in managing construction risks. To achieve the objectives, qualitative approach by adopted semi-structured interview will be utilising and the data will be obtained through interviewing with key personnel who experienced in managing construction risks in small and medium projects such as project director, construction manager, senior manager and etc. The data collected was regarding on the steps of data processing for qualitative study through identification of main themes follow by subsequent coding process in order to generate the report. On the other hand, there are total six interviewees participated in the interview session and the data obtained was regarding on the main objectives of this research. In overall, there are similarity in the findings between previous literature and the findings from current research throughout the analyse of data and results. While there are availability of additional information or opinion gained from the interviewees in variety perspectives and had discussed thoroughly whereby past literature has not reviewing on those topics as according to the best knowing of researcher. In conclude, three objectives of this study are attained and discussed in details. However, there are limitation on this study as well, as there is restriction on reaching the validity and reliability of data obtained because of the limited numbers of interviewees joining the interview session during the outbreak of disease. Consequently, the findings of this study can provide a perception on risk management implementation in small and medium sized projects and beneficial to key projects participants among small and medium contractors (SMCs) and client in terms of quality, time and costing which it is a fundamental factor that associated in every cycle of projects. With the incorporation efficiently on risk management, there will be easily in attaining on reducing the possibility of negative impacts occurred from poor risk management.