Construction Risk Management Decision Making: Understanding Current Practices

Description

CONSTRUCTION RISK MANAGEMENT DECISION MAKING Explores the relevance of systems thinking and behavioral science in construction risk management Effective risk management is a vital component of all successful construction projects. Although quantitative tools for evaluating data and minimizing risk are readily available, construction managers commonly adopt a more innate, experience-based approach. In Construction Risk Management Decision Making, project manager and senior consultant Alex C. Arthur provides step-by-step advice on assessing and prioritizing risk using qualitative decision-making systems in the construction industry. Incorporating key theories and concepts from systems thinking and behavioral science, this highly practical guide focuses on the behavior patterns of real people in the industry, rather than complex quantitative techniques and data. Concise, easy-to-understand chapters highlight the current practices of construction risk management while helping readers view risk and decision making from a broader perspective. Throughout the book, the author presents invaluable insights into the ways construction professionals think and behave in the real world. Addresses the actual risk management practices of construction professionals Applies human behavioral theories to the study of construction risk management decision making Illustrates the highly intuitive approaches prevalent in various construction projects Features real-life case studies and practical examples throughout Construction Risk Management Decision Making is an excellent textbook for advanced students in project management, engineering, construction, and surveying courses, and a must-have guide for practitioners of construction management, surveying, and architecture. Cover Title Page Copyright Contents Preface Acknowledgement About the Author Chapter 1 Introduction – A Risk Management Approach to Construction Project Delivery 1.1 Risk Perception Categorisation 1.1.1 Differences in Personality Traits 1.1.2 Prospect Theory 1.1.3 Differences Between External Stakeholders and Project Team Members 1.1.4 Culture Theory 1.2 Construction Risk Data Presentation Formats Part 1 Concepts Chapter 2 Systems Analysis of the Construction Industry and Project Delivery 2.1 Introduction 2.2 The Construction Industry 2.3 The Construction Industry System 2.3.1 Open and Closed Systems 2.3.2 Construction System Objective 2.3.3 Construction System's Components and Decomposition 2.4 Construction Delivery System 2.5 The Construction Project Management System Differentiation and Risk 2.5.1 Systems Differentiation 2.5.1.1 Evolution of Specialist Construction Disciplines 2.5.1.2 Isolated Training Programmes for the Different Specialist Disciplines 2.5.1.3 Project Team Members from Different Organisations and Internal Subgroups 2.5.1.4 Differences in Personal Objectives of Project Team Members 2.5.1.5 Environmental Changes 2.5.2 The Link Between Differentiation and Risk 2.5.2.1 Consolidated Differentiated Specialist Groupings 2.5.2.2 Failure to Integrate Objectives of Additional Differentiated Specialist Roles 2.5.2.3 Sudden and Prolonged Environmental Changes 2.6 Construction System's Environment and Risk 2.6.1 Political Functional Subsystem 2.6.2 Economic Functional Subsystem 2.6.3 Socio‐cultural Functional Subsystem 2.6.4 Technological Functional Subsystem 2.6.5 Ecological Functional Subsystem 2.6.6 Legal Functional Subsystem 2.7 Summary Chapter 3 The Concept of Risk 3.1 Introduction 3.2 Risk Conceptualisation 3.3 Risk Etymology 3.4 Risk Conceptual Interpretations 3.4.1 Realist Interpretation 3.4.2 Psychometric Viewpoint 3.4.3 Sociological Interpretation 3.4.4 Real and Socially Constructed Viewpoint 3.4.5 Edgework Viewpoint 3.5 Psychometric and Sociological Risk Perspective Application in This Book 3.6 Summary Chapter 4 Construction Risk Management 4.1 Introduction 4.2 Changing Perspectives on Organisational Risk Management Strategies 4.3 The Construction Risk Management Process 4.3.1 Risk Identification Subsystem 4.3.2 Risk Analysis Sub‐system 4.3.3 Risk Response Sub‐system 4.3.4 Risk Review Sub‐system 4.4 Construction Risk Management Approaches 4.5 Summary Chapter 5 Construction Risk Management Decision‐Making 5.1 Introduction 5.2 The Two Systems of Thinking and Decision‐Making 5.2.1 Quick Decision‐Making 5.2.2 Gradual Decision‐Making 5.3 The Psychology of Perception 5.3.1 Risk Perception 5.3.2 Formation of Risk Perceptions 5.3.3 Impact of Affective Heuristics on Cognitive Reasoning 5.3.4 Construction Risk Data Presentation Formats and Affective Heuristics 5.4 Risk Management Decision Making Under Intuition 5.5 Differentiated Risk Perceptions and Intuitive Construction Risk Management Practices 5.6 Summary Summary of the Part 1 Part 2 Case Studies Chapter 6 Research Proposal, Methodology, and Design 6.1 Introduction 6.2 Research Proposal 6.2.1 Research Propositions 6.2.1.1 Proposition 1 6.2.1.2 Proposition 2 6.2.1.3 Proposition 3 6.3 Research Philosophical Traditions, Axioms, and Methodology 6.3.1 Phase 1: The Researcher's Philosophical Stance 6.3.2 Phase 2: Research Theoretical Perspectives 6.3.3 Phase 3: Research Investigative Strategies 6.3.4 Phase 4: Methods of Data Collection and Analysis 6.3.5 Phase 5: Demonstrating Quality of the Empirical Evidence 6.4 Summary Chapter 7 Data Presentation 7.1 Introduction 7.2 Case Study Project 1 7.2.1 Case Study 1 Participants 7.2.2 Case Study 1 Findings 7.2.2.1 Case 1 – Research Proposition 1: Findings 7.2.2.2 Case 1 – Research Proposition 2: Findings 7.2.2.3 Case 1 – Research Proposition 3: Findings 7.2.2.4 Summary of Case 1 Findings 7.3 Case Study Project 2 7.3.1 Case Study 2 Participants 7.3.2 Case Study 2 Findings 7.4 Case Study Project 3 7.4.1 Case Study 3 Participants 7.4.2 Case Study 3 Findings 7.5 Case Study Project 4 7.5.1 Case Study 4 Participants 7.5.2 Case Study 4 Findings 7.6 Summary Chapter 8 Application 8.1 Introduction 8.2 Research Proposition 1: Discussions 8.2.1 Risk Perception Categorisation on the Typical Construction Project Risk Events at the Different Project Delivery Phases 8.2.1.1 Pre‐construction Phase 8.2.1.2 Construction Phase 8.2.2 Risk Perception Categorisation on the Typical Construction Project Risk Events Under Different Project Settings 8.3 Research Proposition 2: Discussions 8.3.1 Intuitive Risk Management Decision Processing from ‘Grounded’ Heuristics 8.3.2 Susceptibility of Intuitive Decision Processing to Manipulation 8.3.3 Psychological Difficulties in Intuitive Risk Identification of Events Outside the Scope of a Specialist Role 8.4 Research Proposition 3: Findings 8.4.1 Two Strands of Intuitive Construction Risk Management Systems 8.4.2 Theoretically Incompatible Risk Management Practices 8.4.3 Intuitive Processing of Statistics and Probability Data 8.4.4 Comparative Analysis of Intuitive Processing of Quantitative Risk Assessment Versus Qualitative Risk Assessment 8.4.5 Intuitive Processing of Probability Predictions of Emotive Events 8.5 Summary 8.5.1 Research Proposition 1 8.5.2 Research Proposition 2 8.5.3 Research Proposition 3 Chapter 9 Conclusions 9.1 Summary 9.1.1 Research Proposition 1 9.1.2 Research Proposition 2 9.1.3 Research Proposition 3 9.2 Rethinking Construction Risk Management Practices Appendix A Research Design – Theory, Methodology, and Field Questions Appendix B Case 2 Data Presentation B.1 Research Proposition 1: Findings B.2 Research Proposition 2: Findings B.3 Research Proposition 3: Findings Appendix C Case 3 Data Presentation C.1 Research Proposition 1: Findings C.2 Research Proposition 2: Findings C.3 Research Proposition 3: Findings Appendix D Case 4 Data Presentation D.1 Research Proposition 1: Findings D.2 Research Proposition 2: Findings D.3 Research Proposition 3: Findings References Index EULA