RISK MANAGEMENT IN FAST-TRACK PROJECTS

Abstract

This thesis is about risk management in fast-track construction projects. The aim of the study is to identify the risks in the UAE construction industry, understand how they are dealt with, and propose more effective frameworks for risk management in fast-track construction. A mixed method approach was used to fulfil the objectives of the study. 65 questionnaires were distributed to professionals in the construction industry, including contractors, sub-contractors, project managers and private consultants. Their responses were analysed using statistical techniques, and the results taken for discussion to a focus group of eleven experienced construction managers and experts. Secondary data was also collected via literature reviews of print and website articles, and of books and documents from company, government and industry-specific databases. The findings show that risks in construction projects can be internal or external, and that in the UAE, owner- and design-related risks are seen as the most significant. Knowledge about risk management is present, but more needs to be done to eradicate the problems associated with poorly managed fast-track construction projects. Using the suggestion of the focus group, a framework for risk mitigation was developed based on the Alien Eyes’ risk and Qualitative Risk Management models. The study discusses the implications of risk management for practitioners and academicians in the construction industry. Poor risk management, which is usually the consequence of inadequate recognition of and/or responsiveness to risks and uncertainties, can have a devastating impact upon projects. It is hoped that practitioners applying the findings and suggestions in this study will see positive change, improved profitability and greater competitive advantage as a result.