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Risk Management in the Construction Industry: the relevance of Human Factors

This research project aims to apply risk management fundamentals to identify human risk factors in the construction industry. By introducing a new methodology using systems theory and financial modeling techniques, recommendations will be provided to effectively respond to these factors. The integrated formal process includes defining objectives, identifying uncertainties, analyzing them, and formulating responses to achieve a balance between risks and opportunities. Challenges include lack of expertise, awareness, and difficulty in dealing with qualitative human factors. The study identified 197 human risk factors across 13 categories with positive, negative, and mixed influences. A computer model and risk severity chart were developed for analysis, validated on real-life construction projects. The human risks model serves as a decision support system for managing these factors throughout construction project stages. Response mechanisms include reduction/elimination, acceptance/retention, avoidance, transfer, sharing, enhancing, and exploiting for effective risk management.

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Risk Management in the Construction Industry: the relevance of Human Factors

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  1. Risk Management in the Construction Industry: the relevance of Human Factors VicknaysonThevendran

  2. Main Objectives of Research Project • To apply Risk Management fundamentals to identify Human Risk Factors • To introduce a new methodology to analyse Human Risk Factors using Systems Theory and Financial Modelling techniques • Providing recommendations to respond to Human Risk Factors

  3. Risk Management • A continuously monitored integrated formal process for defining objectives, identifying sources of uncertainties, analysing these uncertainties, and responding to these uncertainties by formulating management responses, to produce an acceptable balance between risk and opportunities

  4. Risk Management Process Risk Response Risk Identification monitoring Risk Analysis Continuous Process

  5. Risk Management Limitations • Lack of Expertise and Awareness • Difficult to Apply • Unable to Effectively Deal with Human Factors (Qualitative Elements)

  6. Human Risks Identification • 197 Human Risk Factors were identified. These factors can be divided into 13 core categories • Human Risk Factors identified display 3 types of influences: • Positive • Negative • Mixed

  7. Human Risks Analysis • Equation Development – coefficients obtained from 3 questionnaire surveys • Developing a Computer Model and a Risk Severity Chart • Model Tested on ‘Real Life’ Construction Projects for validation

  8. Purpose of Human Risks Model The Human Risks Model will function as a Decision Support System to determine the effects or influences of Human Risks Factors in all stages of a Construction Project

  9. Human Risks Response Mechanisms • Reduction/ Elimination • Accepting/ Retention • Avoidance • Transfer • Sharing • Enhancing • Exploiting

  10. THANK YOU Vicknayson Thevendran

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