Effective risk management as a mediator to enhance the success of construction projects

Risk management is seen as a critical organizational capability for gaining a competitive advantage in the construction sector. The importance of risk management in minimizing the impacts of external risk factors in construction projects, and therefore achieving project success, was investigated in...

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Main Authors: A. Kassem, Mukhtar, Ali, Kherun Nita
Format: Conference or Workshop Item
Published: 2023
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Online Access:http://eprints.utm.my/108232/
http://dx.doi.org/10.1007/978-3-031-25274-7_15
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spelling my.utm.1082322024-10-22T07:46:09Z http://eprints.utm.my/108232/ Effective risk management as a mediator to enhance the success of construction projects A. Kassem, Mukhtar Ali, Kherun Nita HD61 Risk Management Risk management is seen as a critical organizational capability for gaining a competitive advantage in the construction sector. The importance of risk management in minimizing the impacts of external risk factors in construction projects, and therefore achieving project success, was investigated in this study. Using partial least squares structural equation modelling and survey data from 348 project members in oil and gas construction projects, the study statistically examined the relationships between external risk variables and project success. The findings show that, in cases where risk management plays a mediating role, effective risk management can minimize the influence of external risk factors on project success and, as a result, improve construction project success. Time overruns have the most significant impact on project performance, with a factor loading of 0.842, while risk analysis is the essential phase, with a factor loading of 0.851. In terms of risk management, the study contributes to closing a gap in knowledge on how external risk mitigation may help a construction project succeed. In contrast to the usual technique of establishing a sophisticated management system, it also gives new theoretical recommendations for employing project risk management to promote integration in construction companies. 2023 Conference or Workshop Item PeerReviewed A. Kassem, Mukhtar and Ali, Kherun Nita (2023) Effective risk management as a mediator to enhance the success of construction projects. In: 2nd International Conference on Emerging Technologies and Intelligent Systems, ICETIS 2022, 2 September 2022 - 3 September 2022, Virtual, Malaysia. http://dx.doi.org/10.1007/978-3-031-25274-7_15
institution Universiti Teknologi Malaysia
building UTM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Teknologi Malaysia
content_source UTM Institutional Repository
url_provider http://eprints.utm.my/
topic HD61 Risk Management
spellingShingle HD61 Risk Management
A. Kassem, Mukhtar
Ali, Kherun Nita
Effective risk management as a mediator to enhance the success of construction projects
description Risk management is seen as a critical organizational capability for gaining a competitive advantage in the construction sector. The importance of risk management in minimizing the impacts of external risk factors in construction projects, and therefore achieving project success, was investigated in this study. Using partial least squares structural equation modelling and survey data from 348 project members in oil and gas construction projects, the study statistically examined the relationships between external risk variables and project success. The findings show that, in cases where risk management plays a mediating role, effective risk management can minimize the influence of external risk factors on project success and, as a result, improve construction project success. Time overruns have the most significant impact on project performance, with a factor loading of 0.842, while risk analysis is the essential phase, with a factor loading of 0.851. In terms of risk management, the study contributes to closing a gap in knowledge on how external risk mitigation may help a construction project succeed. In contrast to the usual technique of establishing a sophisticated management system, it also gives new theoretical recommendations for employing project risk management to promote integration in construction companies.
format Conference or Workshop Item
author A. Kassem, Mukhtar
Ali, Kherun Nita
author_facet A. Kassem, Mukhtar
Ali, Kherun Nita
author_sort A. Kassem, Mukhtar
title Effective risk management as a mediator to enhance the success of construction projects
title_short Effective risk management as a mediator to enhance the success of construction projects
title_full Effective risk management as a mediator to enhance the success of construction projects
title_fullStr Effective risk management as a mediator to enhance the success of construction projects
title_full_unstemmed Effective risk management as a mediator to enhance the success of construction projects
title_sort effective risk management as a mediator to enhance the success of construction projects
publishDate 2023
url http://eprints.utm.my/108232/
http://dx.doi.org/10.1007/978-3-031-25274-7_15
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score 13.209306