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.
|Title of host publication||Proceedings 30th Annual ARCOM Conference|
|Editors||A. Raiden, E. Aboagye-Nimo|
|Place of Publication||Reading|
|Number of pages||10|
|Publication status||Published - 2014|
- risk identification
- risk management
- small and medium enterprises
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.