University of Oulu

Rahman, M & Adnan, T. (2020). Risk management and risk management performance measurement in the construction projects of Finland.Journal of Project Management, 5(3), 167-178. https://doi.org/10.5267/j.jpm.2020.5.001

Risk management and risk management performance measurement in the construction projects of Finland

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Author: Rahman, Mohammad Shakilur1; Adnan, Tasminur Mannan1
Organizations: 1Industrial Engineering and Management, University of Oulu, Finland
Format: article
Version: published version
Access: open
Online Access: PDF Full Text (PDF, 1 MB)
Persistent link: http://urn.fi/urn:nbn:fi-fe2020120198899
Language: English
Published: Growing Science, 2020
Publish Date: 2020-12-01
Description:

Abstract

Distinguishing and diminishing risks in today’s projects are crucial for project success. Almost every project is facing several risks throughout the project timeline. Construction projects in Finland are also facing project risks due to the complexity of the project. To minimize the impact of risks, an effective risk management approach must be incorporated into every project which also includes the effectiveness and measurement of its performance. Managing the risks is an important job but measuring the RM performance is crucial. Thus, the objective of this study is to analyze the risk management (RM) and risk management performance measurement (RMPM) through an indepth empirical analysis of two complex construction projects of Finland. To achieve the objective, a qualitative case study is followed by the authors of this article to identify the RM processes, major and minor risks of the projects, RM strategies to mitigate them and RM performance measurement strategies. Overall, this article provides a comparative analysis of RM and RMPM for construction projects and it can be used as a basis for further research into RM perspective in complex construction projects.

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Series: Journal of project management
ISSN: 2371-8366
ISSN-E: 2371-8374
ISSN-L: 2371-8366
Volume: 5
Issue: 3
Pages: 167 - 178
DOI: 10.5267/j.jpm.2020.5.001
OADOI: https://oadoi.org/10.5267/j.jpm.2020.5.001
Field of Science: 222 Other engineering and technologies
Subjects:
Copyright information: © 2020 by the authors; licensee Growing Science, Canada. This is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC-BY) license (http://creativecommons.org/licenses/by/4.0/).
  https://creativecommons.org/licenses/by/4.0/