Risk Management in Engineering and Construction

Nguyen, Phong Thanh and Phu Nguyen, Cuong (2019): Risk Management in Engineering and Construction. Published in: Engineering, Technology & Applied Science Research , Vol. 10, No. 01 (27 February 2020): pp. 5237-5241.

Abstract

The constant demand for construction in developing countries like Vietnam causes more and more challenges and difficulties to Project Management Units (PMUs) in carrying projects to completion on schedule, with quality assurance and fewer costs. In order to do this, PMUs need to have better and tighter management tools and forms. However, in order to minimize risks during project implementation, the binding terms in contracts are also becoming stricter with more and more new forms of contracts. One of them is the design-build (DB) contract form. This paper presents the critical risk factors for designbuild projects in the construction industry. Good identification and management of these risk factors will help projects succeed and will increase the confidence of owners and contractors who seek to use the design-build form.

• Item Type: MPRA Paper
• Language: English
• Keywords: design-build (DB); risk management; project manager; construction management; Vietnam
• Subjects: D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D81 - Criteria for Decision-Making under Risk and Uncertainty; 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 > L3 - Nonprofit Organizations and Public Enterprise > L33 - Comparison of Public and Private Enterprises and Nonprofit Institutions ; Privatization ; Contracting Out; R - Urban, Rural, Regional, Real Estate, and Transportation Economics > R4 - Transportation Economics > R42 - Government and Private Investment Analysis ; Road Maintenance ; Transportation Planning

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