Using appropriate tools and techniques for risk identification in UK construction’s SMEs

Ali Rostami, James Sommerville, Ing Liang Wong, Cynthia Lee

Research output: Chapter in Book/Report/Conference proceedingConference contribution

Abstract

Risk Management (RM) techniques are important for any organisation. Those firms that have implemented a RM process have recognised that there would be a higher probability of failure if appropriate techniques are not carefully employed during the risk identification stage. This requires proportionate selection of techniques that are compatible with the organisations’ needs and limited resources. A literature review on RM indicates the inadequacy in a number of empirical studies done on how techniques influence the RM process. This work investigates the efficacy of the techniques of risk identification within Small and Medium Enterprises (SMEs) in the UK construction industry. Results from a questionnaire survey shows the challenges faced by SMEs in undertaking risk identification and highlights the most common techniques adopted among 153 organisations. Documentation review, expert judgment and checklist analysis are seen as the most important techniques within risk identification; which are practiced for their valuable results, uncomplicated processes and easy to understand structure. Conversely, the group-based techniques like brainstorming and Delphi techniques because of SMEs’ inadequate level of knowledge and resources are less practised.
Original languageEnglish
Title of host publicationProceedings 30th Annual ARCOM Conference
EditorsA. Raiden, E. Aboagye-Nimo
Place of PublicationReading
PublisherARCOM
Pages1389-1398
Number of pages10
Volume2
ISBN (Print)9780955239083
Publication statusPublished - 2014

Keywords

  • risk identification
  • risk management
  • small and medium enterprises

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    Rostami, A., Sommerville, J., Wong, I. L., & Lee, C. (2014). Using appropriate tools and techniques for risk identification in UK construction’s SMEs. In A. Raiden, & E. Aboagye-Nimo (Eds.), Proceedings 30th Annual ARCOM Conference (Vol. 2, pp. 1389-1398). ARCOM.