(I) Proposed Title
(III) Brief introduction of Chinese construction industry
(IV) The recent trends of risk management in Chinese construction industry
(V) Brief Literature Review
Sources of risk
Classification of risk
Perceptions of risk
Risk management process
(VII) Proposed Research Time-Table
Risk and its Management in construction industry in China
The increasing pace of change, customer demands and market globalization all put risk management high on the agenda for forward thinking companies. Risks cause cost overrun and schedule delay in many projects. The effectiveness of risk management becomes an important issue in project management. To make risk management more efficient and effective, all parties must understand risk responsibilities, risk event conditions, risk preference, and risk management capabilities (Wehrung et al. 1988; Al-Bahar and Crandall 1990)
Different parties involved in a construction project face a variety of uncertain factors.
These factors can be compiled under the category of risk. Making decisions on the basis of assumptions, expectations, estimates and forecasts of future events involves taking risks. Risk and uncertainty characterize situations where the actual outcome for a particular event or activity is likely to deviate from the estimate or forecast value (Raftery 1994).
The definition of risk management varies; risk management is generally defined as, 'A formal orderly process for systematically identifying, analysing, and responding to risk events throughout the life of a project to obtain the optimum or acceptable degree of risk elimination or control' (Al-Bahar & Crandall 1990).
The objective of my research is to present the perception of typical Chinese contractor towards construction risk. The result of surveys should further clarify the current perception of contractors regarding current construction circumstance in the industry.
The data and information will be collected from...