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Identifying Key Risks in Construction Projects: Life Cycle ...
1 Identifying Key Risks in Construction Projects: Life Cycle and Stakeholder Perspectives Dr Patrick. Zou1, Dr Guomin Zhang2 and Professor Jia-Yuan Wang3 1 and 2: Faculty of Built Environment, University of New South Wales, Sydney 2052, Australia; 3: College of Architecture and Civil Engineering, Shenzhen University, Shenzhen, China E-mail addresses: Abstract Managing Risks in Construction projects has been recognised as a very important management process in order to achieve the project objectives in terms of time, cost, quality, safety and environmental sustainability. However, until now most research has focused on some aspects of Construction risk management rather than using a systematic and holistic approach to identify Risks and analyse the likelihood of occurrence and impacts of these Risks . This paper aims to identify and analyse the Risks associated with the development of Construction projects from project stakeholder and life Cycle perspectives.
Compared with many other industries, the construction industry is subject to more risks due to the unique features of construction activities, such as long period, complicated processes, abominable environment, financial intensity and dynamic organization structures (Flanagan and Norman, 1993; Akintoye and MacLeod, 1997; Smith, 2003).
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