A Descriptive Study on the Risks Faced by the Construction Parties in a Construction Project

Tan, Shi Yan (2023) A Descriptive Study on the Risks Faced by the Construction Parties in a Construction Project. Final Year Project (Bachelor), Tunku Abdul Rahman University College.

Text 49. RQS#Tan Shi Yan#20WVR12866.pdf Restricted to Registered users only Download (1MB)

Abstract

Every project is unique by its nature so the risk in a construction project will be more uncertain and unpredictable. All construction projects carry different level of risk. Risk can be defined as a potential event or action which may cause either internal or external project to fail or meet one more of its objectives. The purpose of this study is to determine the type of risks in the construction projects. This study is to identify the consequences of the risk faced by the construction parties in a construction project. This is to let the construction parties to know the seriousness and the impact of the risks in the construction project. This study is expected to explore the ways to minimize the risks in the construction project. It is expected that this study will help to increase the performance of the construction industry. This study used primary and secondary sources to collect the findings and data in order to achieve the research objectives. The secondary data sources include the journal, article, books, research paper from other researchers used for the literature review in Chapter 2. Primary data sources such as questionnaire survey is distributed to the respondents for the data collection and complete the analyzing, interpretation and discussion in Chapter 4 which is the research analysis. The questionnaire survey contains 4 sections and distributed to 400 respondents for data collection. The research applied quantitative and qualitative data as the background information is the qualitative data whereas the questions related to the objectives are quantitative data. The data collected was analysed using Microsoft Excel and SPSS with the assistance of pie charts and tables. Descriptive analysis in SPSS is used to determine the mean and standard deviation of the three objectives. Then, ranking can be found out by using the mean score. The top 3 ranking for the type of risks are construction risk, financial risk and time risk. Then the top 3 consequences of the risk faced by the construction parties in a construction project are time overrun, cost overrun and accidents In section D which is regarding to objective 3, the top 3 solution to minimize the risks in construction project are proper planning and scheduling, implementation of quality management tools and adequate training to all the construction workers. Thus, the results analysed is proved that there are consistent with the literature review done in Chapter 2. The discussion contributing to these three objectives is expected to improve the performance of a construction project in the Malaysian Construction Industry