The Risk Management approach in project management has been a subject of discussion for quite a number of years now, either through reports and studies by professional institutions, or between general practitioners or project managers in the industry. Yet, this procedure is still not provided as much as the amount predicted by the many studies and research done to identify the benefits and necessity of implementing this process, early in the project life cycle, especially within the construction industry. / Many previous research findings done by many learned researchers have identified the reasons for the lack of use or under use of Risk Management in the conceptual stage. This may be due to complexity of technique; the process of Risk Management is too long and time consuming; lack of information or resources needed for the process; or just general lack of understanding of Risk Management technique by the project managers or practitioners in delivering this service. / It is discussed that the conceptual phase may be the most important stage to conduct Risk Management, since decisions taken in this phase tend to have a significant impact on the final cost. It is also the phase at which the greatest degree of uncertainty about the future is encountered. In response to this type of situation, Risk Management can play an important role in controlling the level of risks and mitigating their effects. / Both a structured questionnaire and interview will be used as the research tools of this thesis, to collect data from the selected professional project managers, based in Australia, that specialise in the construction projects which are deemed as the initiators of the Risk Management process. / The frequency of Risk Management utilisation in the conceptual stage will increase when it is incorporated into company policy or procedures. Yet compared to any existing common tools or techniques that are available, very often project managers implement Risk Management by applying from past experiences which are not transferable to the younger 'practitioners', nor was it able to be documented for future reference. Therefore, during the early phases of the project lifecycle, all stakeholders should participate and be included in a Risk Management workshop where benefits of this service can be encouraged, and 'educated'. / Thesis (MProjectManagement)--University of South Australia, 2004.
| Identifer | oai:union.ndltd.org:ADTP/267459 |
| Creators | Ng, Tze Ling. |
| Source Sets | Australiasian Digital Theses Program |
| Language | English |
| Detected Language | English |
| Rights | copyright under review |
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