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Construction contract risk management: a study of practices in the United Kingdom
Please use this identifier to cite or link to this item:
http://hdl.handle.net/1860/2744
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| Title: | Construction contract risk management: a study of practices in the United Kingdom |
| Authors: | Adams, Francis K. |
| Keywords: | Contract Risks
Analysis
Identification and Management |
| Issue Date: | Jan-2008 |
| Publisher: | The Association for Advancement of Cost Engineering International |
| Citation: | Cost Engineering, 50(1): pp. 22-33 |
| Abstract: | Although formal analytical processes are applied to the management of economic
risks in construction projects, very little is reported on the application of similar processes to the
management of construction contract risks. Evidence from other industries however, point to
the benefits that such rigorous approaches will offer the construction industry. This article presents
the findings of a study conducted to assess the extent to which available techniques for
identifying and analyzing risks are applied to construction contract risks by construction professionals
in the United Kingdom. The study also sought to evaluate the appropriateness of the
predominant techniques used by determining whether the techniques adequately address the
nature of contract risks and the significant impact that personal perceptions and biases have on
their analysis. The study employed a structured questionnaire survey to collect primary data collection
for analysis in order to provide an empirical basis for the major conclusions of the
research study. The study found that the predominant approaches to construction contract risks
identification and analysis are inappropriate as they rely heavily on single expert assessments
and as such do not address the effect of individual perception and biases on the subjective estimates
used in their analysis. |
| URI: | http://hdl.handle.net/1860/2744 |
| Appears in Collections: | Faculty Research and Publications (Professional Studies)
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