Challenges and Benefits of Applying Risk Management to Construction Projects in Jordan (Published)
Construction projects have several characteristics including: defined scope, predefined timeline, defined budget and specific quality requirements. Therefore, investment in construction projects is a tough decision to be made. Especially when we know that construction projects involve risk complicated issues, which will influence project objectives. Risk management is an integral part of the construction management process. The overall objective of this study is to understand the depth to which risk management is applied in construction projects in Jordan and identify the barriers and challenges that may hinder the risk management process. The study will also highlight the benefits of applying risk management and how construction companies can improve their risk management process by adopting set of best practices. This study is based on findings from a questionnaire-based survey on risk management application to construction projects in Jordan
Keywords: Project Risk, Risk Management, project team, risk mitigation, risk score