A study of risk management practices in Irish construction industry: Current scenario, challenges and strategies for risk management
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Babu, Bijin Samuel
MA of Business Administration
Dublin Business School
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The main purpose of this research is to identify the prevailing issues in Ireland construction industry and strategies of risk management adopted for addressing the risks involved in the construction projects and it also determine the current scenario of Ireland construction industry for determining the areas of improvement. Different method h as been applied for accumulating the data such as survey and interview method. For the survey, 50 employees working in different construction organisations are selected, and 5 project managers are selected for the interview process. Both internal and external risks and challenges encountered that are affecting the quality and timely completion of the projects in Ireland , as the major internal factors are poor planning and execution, stakeholder issues and conflicts, adequate project team, and lack of financial and human resources. However, there are different effective and significant risk management strategies are identified that can be helpful in improving the construction projects such as early identification of risks, use of risk rating method, contingency policies, optimal utilisation of resources.