RISK MANAGEMENT IN CONSTRUCTION

• Main Authors: Hamzah Abdul Rahman (Author), Chen, Wang (Author), Siaw, Chuing Loo (Author)
• Format: Manuscript Book
• Language: English
• Published: Kuala Lumpur Penerbit UM 2015; ©2015
• Subjects: Construction industry > Risk management
• Online Access: Click Here to View Status and Holdings.

 Middle East possesses a strong spending power that few other economies can contest, presenting greater medium to long-term opportunities than most other parts of the world, albeit the downturn in Dubai. The lack of study on risk management for Malaysian firms venturing abroad especially in the Middle East Gulf region has caused many to suffer losses. This paper aims to develop a framework to assist international architectural, engineering, and construction (AEC) firms in managing risks when operating in Gulf construction. Data were collected through a questionnaire survey and case studies among Malaysian AEC firms operating in the Gulf. Findings revealed the rule of thumb to enter the Gulf construction exercised in the pre-contract stage are to exercise good documentation, to select projects within own construction expertise, to engage experience manager, and to seek clarification during the tender classification stage. While Malaysian firms were used to collect data, the focus of the paper was to help international AEC firms use the developed framework as an aid in decision-making to mitigate risks when operating in the Gulf.