Risk Management Practices in Construction

The Construction industry appears to be a more difficult industry to understand due to the various complex procedures that are involved, there are unique approaches and techniques to each project. This complexity therefore gives rise to numerous risks which have effects on the quality, cost, time and overall sustainability of projects. There has been increase in the adoption of sustainable development goals in every sector of the economy including the construction industry. The industry has been a key contributor to the economic and social development of many countries of the world but it is found to be plagued by various risks. Therefore, there is need to effectively manage projects risks in order to ensure timely completion of construction projects in good quality and within the proposed budget, which in turn results to delivery of sustainable infrastructural development.Adopting literature review, data mining and web scrapping for data gathering, the scope of this book will be limited to risk management in some selected countries with major emphasis on developing countries which are mostly located in Africa and Asia and how the countries can learn from the practices in some developed ones. It will give an insight to the best practices to effectively manage risk in the construction industry in the selected countries. Several barriers to the adoption and implementation of risk management across these countries will also be identified so as to provide long lasting solutions in the quest of ensuring that projects are sustainable for both the present and future generations.The book is divided into four parts. The first part which is the general introduction contains the background to risk management and practices as it pertains to the construction industry. Also, it contains the objective of the book as regards ensuring implementation of effective risk management practice in construction projects, with the sole aim of ensuring that projects are sustainable. The second part explains risk management in developing countries. Since the focus of the book is on developing countries with a view to learning from the developed ones, the developing countries considered include Hong-Kong, Malaysia, Qatar, Saudi-Arabia, South Africa, Sri-Lanka and Tanzania which are believed to represent the majority of the developing countries in Asia and Africa.The third part gives a vivid information about risk management practices of some notable developed countries with known risk management institutes and proven practice of risk management. These countries include Australia, Canada, Sweden and United States of America, which represents Asia, America and Europe. The second and third part were divided into developed and developing countries with a view to explain important issues in each group for the benefit of others, which is one of the key reason for the last chapter in part four. The fourth part gives a general overview of the definition, concepts and process to risk management based on the reviewed literatures. It will also discuss the benefits of effective risk management to clients and project team, especially from the perspective of ensuring sustainability and sustainable development goals. This part will also summary the risk management practices in both the developing and developed countries for the purpose of improving the practices in the former by learning from the latter.