An Integrated Risk Management Model for Large Construction Projects Based on Stakeholder Management Theory

Construction Research Institute of Malaysia (CREAM), Makmal Kerja Raya Malaysia
Publication Type:
Conference Proceeding
Proceedings of 2nd Construction Industry Research Achievement International Conference, 2009, pp. 1 - 8
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Nowadays construction projects nrc becoming larger in size and more complex in nature as the Social economy grows rapidly and more money are invested in them. However, risk factors associated with large projects arc increasing, too. Large construction projects are usually complex in nature and risk factors are inter-dependent. Therefore, from the aspect of whole project, using an integrated method to evaluate and control risk, is a more efficient way of risk management. This paper proposes an integrated risk management model based on strategic stakeholder management theory. To verify the proposed model, it was applied to a key construction project in China - GuangZhou AH Hospital Project. A two-layered collaborative partnership model was established for the project, and risk management strategies have been carried out successfully by applying a series of management policies based on the model.
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