Risk management to avoid project failure: a comparison study of construction projects in the GCC Online publication date: Mon, 02-Jul-2018
by Ahmad Yousef Areiqat; Asaad Alali; Yousef Arikat
International Journal of Business Continuity and Risk Management (IJBCRM), Vol. 8, No. 2, 2018
Abstract: This study aims to identify the basic failure and success factors of construction projects in the six Gulf Cooperation Council (GCC) countries using secondary and qualitative data, articles, journals and case studies to draw some conclusions. The study found that falling oil prices have a significant impact on projects because they affect their financial support and that poor risk management caused delays and cost overruns. Additionally, the lack of a well-established plan or good planning before commencing the project leads to delays and ultimately project failure. Recommendations and conclusions, such as increasing and improving the risk management training necessary to predict and avoid the deeper risks in different projects, are based on the analysis and the understanding of the literature review and case studies. Setting up alternative back-up plans in the event the project fails and PESTEL risk analysis, which focuses on multidimensional factors, should be used.
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