Authors: Jia-Yuan Wang, Hong-Ping Yuan
Addresses: College of Civil Engineering, Shenzhen University, Shenzhen, 518060, China. ' Department of Building and Real Estate, Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong
Abstract: This research aims to identify the major cost-overrun risks in construction projects in China and to develop strategies for minimising these risks. The cost-overrun risks were first drawn from literature. Questionnaires were then designed and disseminated to seek professionals| perspectives regarding the likelihood of occurrence and their impacts. Strategies to manage the identified key risks were then developed based on the analysis of findings. It is found that 15 risks are crucial to the cost-overrun of construction projects in China. The main strategies to manage these risks are presented during the analysis. The information revealed in this research would be appealing to all parties considering seizing construction business opportunities in China. In particular, the key cost-overrun risks factors identified in this research would be useful to practitioners in China and those in other countries in order to better manage such risks.
Keywords: risk assessment; cost overrun; construction projects; China; construction industry; risk management; key risks.
International Journal of Project Organisation and Management, 2011 Vol.3 No.3/4, pp.227 - 242
Accepted: 16 Aug 2010
Published online: 21 Aug 2011 *