Understanding the influence of individual and group risk attitude on risk decisions in marine construction projects

The construction industry is subjet to a wide range of uncertainties and risks. Although detailed risk management processes have been created, many projects still fail one or more of the initial objectives. This research looks into the influence of risk attitude on the risk amnagement process and provides practitioners with both a tool to...

Opportunity Management: Studying the subjectivity of project management and entrepreneurial perspectives for improving opportunity management

Opportunity Management is a well-defined concept in the field of project management. However, at the same time, opportunity management is not practised very well. Under risk management, threats and opportunities are identified and managed. In practise, opportunities are overlooked while threats receive more attention. Numerous barriers to the...

Early Warning Signs in Risk Management: Improve Accuracy of Cost Contingency by Implementing Early Warning signs in Risk Management to prevent Cost Overruns

Despite the severity and high frequency of cost overruns in construction projects, it is considered a rule rather than an exception. This phenomenon occurs when the initially estimated budget does not suffice the actual costs needed to realise the project. Uncertainty and bias challenge the ability to make cost estimates. Incorrect estimates of...

Improved risk management process in construction projects

Risk management, a process aiming to decrease or eliminate the likelihood and impact of unwanted effects on a project during its lifecycle, has become highly significant due to complexity, uncertainties and high competition. Numerous tools and techniques have been developed for successfully implementing risk management. However, risk is...