Exploring Critical Risk Factors of Office Building Projects

Nguyen, Phong Thanh and Phu Pham, Cuong and Thanh Phan, Phuong and Bich Vu, Ngoc and Tien Ha Duong, My and Le Hoang Thuy To Nguyen, Quyen (2020): Exploring Critical Risk Factors of Office Building Projects. Published in: Journal of Asian Finance, Economics and Business , Vol. 8, No. 2 (29 February 2021): 0309-0315.

Abstract

Risks and uncertainty are unavoidable problems in management of projects. Therefore, project managers should not only prevent risks, but also have to respond and manage them. Risk management has become a critical interest subject in the construction industry for both practitioners and researchers. This paper presents critical risk factors of office building projects in the construction phase in Ho Chi Minh City, Vietnam. Data was collected through a questionnaire survey based on the likelihood and consequence level of risk factors. These factors fell into five groups: (i) financial risk factors; (ii) management risk factors; (iii) schedule risk factors; (iv) construction risk factors; and (v) environment risk factors. The research results showed that critical factors affecting office building projects are natural (i.e., prolonged rain, storms, climate effects) and human-made issues (i.e., soil instability, safety behaviors, owner’s design change) and the schedule-related risk factors contributed to the most significant risks for office buildings projects in the construction phase in Ho Chi Minh City. They give construction management and project management practitioners a new perspective on risks and risk management of office buildings projects in Ho Chi Minh City and are proactive in the awareness, response, and management of risk factors comprehensively.

• Item Type: MPRA Paper
• Language: English
• Keywords: Construction Management, Office Buildings Projects, Risk Management, Project Management
• Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; Goodwill; L - Industrial Organization > L7 - Industry Studies: Primary Products and Construction > L74 - Construction; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O18 - Urban, Rural, Regional, and Transportation Analysis ; Housing ; Infrastructure

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