THE ATTITUDE OF CONTRACTORS TOWARDS RISK AND RISK MANAGEMENT PROCESS IN CONSTRUCTION

Abstract

Construction projects are complex which have many potential risks. People involved in the construction industry need to be well - equipped with information and knowledge to manage risks adequately and systematically. The implementation of an effective risk management in relation to managing associated project risk knowledge may facilitate successful construction project endeavors. The purpose of this research is to explore the attitude towards risk and risk management process in construction projects in Vietnamese construction industry, with the emphasis on the perspective of contractors. The results indicate that the perception of risk within the Vietnamese construction industry includes both threats and opportunities. The majority of professionals in the industry have a risk neutral approach, contrary to previous research. The importance of implementing an effective risk management is shared, especially in the planning and production phase while risk identification was perceived to be most important out of the four core processes.