The Relation between Risk Management throughout Project Lifecycle and the Success of Construction Projects in the UAE
The British University in Dubai (BUiD)
Managing construction in the developing countries including the United Arab Emirates (UAE) is critical which emphasises the significance of Risk Management (‘RM’). However, is the organisation managing its risks effectively? This concern may occur from time to time on the top management level. This research aimed to explore the key risks affecting the construction initiatives in the UAE throughout the Project Lifecycle (‘PLC’); and to provide adequate answers for certain research questions, 1) What are the key risks that need to be addressed at each phase?; and 2) Are there any risks that move from one phase to another? The objectives include literature review of RM, PLC, risks associated with each phase, success criteria of the projects. The research followed the positivism philosophy, deductive approach, survey strategy based on quantitative approach into a longitudinal time horizon. A quantitative analysis has been conducted with focus on the UAE construction industry to verify the proposed hypotheses between the RM through PLC phases and the success of construction projects in the UAE. The data analysis revealed that proposed Hypotheses are valid as a result of high correlation. Also, it has been noted that number of risks move from one phase to another including the risks pertaining to financial management, QHSE aspects, governance, stakeholders, resources, roles and responsibility. In addition, a control assessment method has been discussed for the construction practitioners in the UAE to assess the internal controls effectiveness throughout the PLC. Further researches have been recommended to develop a framework of standard controls to mitigate the key risks identified in this research.
risk management, project lifecycle, construction projects, United Arab Emirates (UAE), project management, enterprise risk management, construction management