Risk Management in Malaysian Construction

This chapter provides the basic background information related to the topic and provide the information related to the aim, objectives and research question, which are related to the topic. Risk occurrence has an impact on a number of terms in the construction that can put a high impact on the construction project. As per Wu, et. al. (2018), the risk that occurs during the construction project puts a negative impact on the project progress in terms of safety, cost, quality, and time. Delay in time of construction does not increase the completion time of the project, but it also overruns the overall project costs. In a construction project, the primary measures of the project progress and success, as well as failure of the construction project, is dependent on the primary measures, and risk affects the primary measures. Thus it becomes important to manage the risk to manage the primary measures of the construction project. According to Ali, et. al. (2018), risk management is the most suitable technique for risk management and to add value to the project and enhance the project performance. But as per Xia, et. al. (2018), risk management is a key challenge for companies, and without risk management, project completion with all the objectives is not possible at all.

Background

Risk management is known for putting a limitation on the risk associated with the construction project, which can impact the overall project progress or project performance (Adeleke, et. al., 2015). Risk management helps in maintaining the quality, cost, and time of the work in construction. Due to this, it is called that risk management needs to be taken seriously by the project manager at the start of the construction project to improve the project performance. Effective risk management consists of a systematic methodology, but as per Omer (2019), the owner of the risk, consultant or contractors are not able to apply the risk management systems and this is the biggest risk in risk management. Applying risk management systematically is an important task so that there should be no negative impact on the project progress. The second risk with risk management is the unavailability of the proper experience and knowledge related to risk management.

Research motivation

Risk management is termed as the labelled term for the formalized procedure that is used for controlling the risk occurrence by taking quick decisions and actions. For understanding the significance of the research project based on the topic of risk events that will impact the risk management in a construction project in Malaysia. The first thing is to understand the importance of risk management and how risk management adds value to the project. According to Adeleke, et. al. (2019), risk management is an important part of project management, adds value to the project, and improves the quality of the project as well. Whereas risk management also has its own problems or risk, as per Omer (2019), risk owners consultants are not capable of implementing risk management in a systematic way. The second risk associated with risk management is related to the unavailability of experience and knowledge. Due to the lack of experience and knowledge, the risk management strategies are not implemented, and hence the risk is not resolved, and the objective of the risk management is not fulfilled. This is the reason why the identification of the risk with the risk management in the construction project is important so that the construction project can be completed without any delay and cost overrun. The importance of the construction project from the society perspective can be understood from the writing of Farooq, et. al. (2018), where the author has demonstrated that the construction projects have a significant contribution to the economic contribution of society and the country. Along with the economic growth, the construction project is also helpful in enhancing the quality of life of the citizens as the construction project ends in the development of the socio-economic infrastructure like roads, schools, hospitals, and other public spaces.

Aim

The aim of this work is to identify risk events used in Malaysian construction projects to analyze the impact of risk management.

Objective

• To identify the risk event activities that occur in a construction project.

• To analyze the different construction activities/codes/regulations used in Malaysian construction projects.

• To identify the issues/risk that occurs during the construction work.

• Analyze the role of the project manager in risk management, operational planning, and handling.

• To suggest an advanced risk management approach that helps construction projects to overcome existing issues.

Research question

Q1. What type of risk are occurs in Malaysian construction projects?

In terms of the real-time construction project.

Q2. How are the risk management activities helpful in the construction project?

a. In terms of risk event and construction hazards identification

b. In terms of resources management

Q3. What are risk management processes more desirable to overcome the construction project issues?

How does the project manager manage the construction activities with the help of risk management?

Q4. Which standards and regulations are applied in Malaysian construction projects?

Government regulation and Building standard codes.

Problem domain

As per Bamgbade, et. al. (2018), in recent years, the construction industry has shown rapid growth and significant improvement. The high growth of the construction industry is a sign of the overall development of the society and country. For marinating the growth of the construction project, it is important to conduct risk management. According to Adeleke, et. al. (2020), during a construction project, risk management is associated with the detection, analyzing, and taking action in an orderly manner to a risk. And this is a problematic situation as performing all these activities in an orderly manner requires a lot of experience and knowledge of risk management, and many of the risk owners or consultants lack the knowledge and experience that is required in risk management. Along with it, another problem is the systematic application of risk management.

Structure

The proposed research is structured, and for providing a well-defined structure, the research work is divided into chapters. Each of the chapters is concentrated on different topics. The first chapter, 1, is concentrated on the introduction to the topic of the research risk with the risk management in the construction project that can impact the risk management process. In chapter 1, along with the introduction of the research topic, aim and objective are mentioned, whereas for defining the significance of the research, research motivation is included in the chapter along with the problem domain. Chapter 2 has the literature review for the research. A literature review is conducted as per the objective and the research questions. The next is chapter 3, in which the methodology which is used for the research is demonstrated, the chapter has the research philosophy, approach, data collection method, data analysis approach, and explanation of the type of research conducted. Chapter 4 is based on the results and findings, which is written by the analysis of the collected data and the literature review. Chapter 5 has the discussion in which the key learning from the work and statements given by the authors are also discussed. Chapter 6 has the conclusion, in which the whole work is concluded.

Chapter 2 Literature review

Introduction

This research work focused on the uses of the risk management activities applied by the construction organization to improve performance. In this chapter, different research articles are analyzed which are related to the domain and help to suggest an advanced risk management approach. Identifying risk and managing risk have become an important part of project management in a construction project (Chattapadhyay and Putta, 2021). Construction projects are termed as projects that take a long time period for completion, and due to this long period, there are chances of creation of risks like financial risk, management risk, technical risk, market risk, etc. Risk occurrence has a major impact on the project performance as risk brings uncertainty to the project (Qazi, et. al., 201). There are key parameters, which are used for the measurement of project progress, and the same with the cost estimation, key parameters like Cost list, financial estimation cost and material cost, etc. A project manager is responsible for managing project progress and delivering the key requirements arising during the project (Moradi, et. al., 2021). For managing project progress, the most important task is to manage the risk, so the role of the project manager becomes prime in risk management. As per Chen, et. al. (2021) Monte Carlo Simulation can be useful for managing the risk related to the scheduling in a construction project. The approach is used for quantifying the probability of the risk and making a prediction of the risk occurrence as well.

Risk management that affects Construction Project

For the project organizations that are mandated by standards of the industry, risk management (RM) can be considered an important task. The research study of Chatterjee et al. (2018), stated that in the projects, risk management can be considered as one of the essential parts of the process of decision-making. According to Willumsen et al. (2019), with the help of risk management, the value of the project can be increased. So, it is easier to state that the RM is vital for any organization or the success of the project. Risk can be considered as the adverse consequence of uncertainty faced by any individual, project, or organization. The study done by Susanto (2018), stated that a structured approach that is used for identifying and managing the uncertainties that can turn into risk is defined as risk management. Risk management helps any project or organization to manage the risk in several ways, which include; risk reduction, retention, transfer, avoidance, and deferral. There are various projects where the organizations use risk management as one of the primary aspects, and construction is one of them.

The mechanism of construction is divided into four essential phases, which are; programming, planning, procurement, and production. Analyzing and managing the risks are considered a significant part of the decision-making in the construction industry. According to Abazid and Harb (2018), in the construction industry, the risk is majorly associated with the differentiation scope, aim, and design with a time frame. It is necessary to identify the risk at an earlier stage in any construction project as it can lead to additional budget, resources, and duration. The research was done by Al-Ajmi and Makinde (2018), risk management can be considered as a key factor for successful construction. In construction projects, it is essential to use three risk management processes, which are; risk assessment, response, and identification. The research done by Saeed (2018), aims to evaluate the cost and time risk management in the construction projects to control these risks in construction. For that purpose, the author constructs an online questionnaire for the data collection. After analyzing the data, the research study finds out that in construction projects, time delay and cost overruns are the most common risks. The research also stated that construction planning at the beginning of the project can significantly reduce the risks which are associated with construction projects.

The research conducted by Cakmak and Tezel (2019), stated that an uncertain condition that impacts positively or negatively on the objective of a project is defined as project risk. For better guidance of risk management in construction projects, the study aims to present a research article with a holistic perspective. For that purpose, a literature review was done while focusing on the areas that were covered by the researchers and the ones that got neglected. The findings of this research stated that each construction project is connected with risk; however, it can be managed and minimized. Organizations need to adopt the approach of risk management for better achievement of the project objective. Risks are uncertain situations that can occur during the construction project and affect the quality of the project. Risk management is a framework for the identification assessment and mitigation of the risks during the project. In the construction project, all the risks should be identified at starting of the project and mitigated at a low level.

Risk management in Malaysian Construction project

In the modern era, various sectors are growing at a fast pace, and the construction sector is one of them. Due to that, various construction organizations have implemented risk management in their project management strategy. However, even after playing a significant role in the economy, there are various organizations in Malaysia, which are still developing risk management. The research done by Omer and Adeleke (2019), aims to provide a systematic critical review of the risk management in construction organizations in Malaysia. This research analyzed previous studies done in the field of construction and risk management and stated that it is essential for the Malaysian construction industry (MCI) or organizations to invest in research and development to enhance their management of risk. The study concluded that with the help of risk management, construction organizations can improve their budget, schedule, and quality of projects. The research done by Ayob et al. (2018), also agrees that the construction sector is one of the fastest-growing sectors, however, there are various accidents associated with it. The main objective of this research is to identify the cause of these accidents in MCI. For that purpose, the researcher has done a descriptive exploration survey, which stated that the lack of safety, poor knowledge, and execution of risk management influence the cause of accidents in the Malaysian construction sector. This research concluded that awareness about risk management and knowledge about job-related injuries can influence these accidents in a positive direction.

The research was done by Taofeeq et al. (2019), also supported the statement that currently, the construction industry is one of the main sectors that is contributing to the economy of Malaysia. The objective of this research is to identify and analyze the factors that affect the risk attitude of contractors from the perspective of MCI. For that purpose, the researcher conducts a questionnaire for the collection of data. The result of the study stated that various risk factors are affecting risk attitude, which includes; social-political, logistical, financial, and environmental risk. However, the limitation of the study is that the data was collected from one state of Malaysia. According to Adam et al. (2019), with the help of risk management, it becomes easier to predict uncertain risks in project management. For analyzing the application and process of risk management in MCI, the review paper was done by the author. This review paper stated the effectiveness of risk management implementation in the construction industry of Malaysia. For the data collection, a literature review was done of the articles from various authors, and also books were utilized. The result of the study shows that most of the research was done the research was majorly related to the economic condition and financial problems. Also, the research stated that with the help of implementing risk management in a project, the value could be added in that project, which was also stated in the research of Willumsen et al. (2019). The construction industry is one of the major areas of the world which contributes to the economy of the world. The Malaysian construction industry is also developing at a fast pace; however, construction companies have to invest in innovations and research for effective risk management. In the Malaysian construction industry, awareness about risk management can create a positive impact and increase the quality of the work.

Risk event in the construction project

Construction projects are termed to be dynamic in terms of the growth and the economic welfare of the society and the country. The importance of the construction project can be understood from the fact that construction projects contribute to gross domestic product (GDP) and it is termed that construction 4.0 will have a significant contribution to the GDP (Osunsanmi, et. al., 2018). In the case of Malaysia even during the downfall of the global economy, the construction project showed a significant contribution to the Gross Domestic Product (GDP). As per CIDB (2020) contribution of the construction industry is 3.8% in the GDP of Malaysia in the past 30 years and from this the importance of the construction project in the GDP. The construction industry has shown a high growth of 4.7% in 2019, for the first-quarter growth is marked to 5.9% and on this World Bank constituted that high amount of money is invested for the sustainable growth of the construction growth (The World Bank, 2020). According to Kumar and Narayanan (2021), the construction industry needed a high level of evaluation and effective planning for risk management for avoiding the risk situation. For minimizing the risk situation project risk management is an important task. For the reduction of different factors in terms of overrun associated with the time and the cost improvement in the risk management is required (Dlamini and Cumberlege, 2021). In the construction projects the biggest risk with the time allotted for the construction and the cost required for the construction, as there are various risks, which can suddenly occur and increase the time as well as the cost of construction of the project. The second reason for the cost fluctuation is the variation in the cost of the raw material used during the construction as the construction projects are termed to be a long-term project and in the long span, the price can have some variance. As per NGUYEN, et. al. (2021) various risk factors can arise during the project like financial risk factors, schedule risk factors, management risk factors, environmental risk factors, and construction risk factors. These risk factors with the construction can occur due to different factors like lack of construction experienced construction staff, incomplete design, lack of coordination between the workforce and the management, and lack of planning. Construction projects need a lot of planning, coordination between the workforce and management along the right prediction over the investment or cost of construction. According to Wang and Shu (2017), there are random parameters during the cost estimation of the construction project and these random parameters are the reason behind the occurrence of financial risk. During the construction project, there is a chance of occurrence of the risk and the cost variation is also an issue that can create financial risk, when the construction project is for the long term than the fluctuation of the cost of raw material. Cost list, financial estimation cost, and material cost are the parameters that can cause financial risk during the construction project (Ildarabadi and Alamatian, 2021). In a construction project, there are various services that are essential during the construction and these services bring uncertainties to the cost. As the cost of service changes with time, this change puts an extra load on the budget which is prepared at the start of the project.

The next risk is with the management and managing risk is somehow related to the planning, leadership, and evaluation of the project. Planning is an important task for the construction and if the planning is not effective then there is a chance of occurrence of the problem in the construction. Poor planning put a negative impact on the management of the delays and cost overrun along with the delay in the project completion (Khalid, 2019). Management risk also occurs due to the poor communication between the management and workforce working on the construction project, this happens due to poor planning and poor leadership. Management has its control over factors like design, contracts, political change, decision making, etc due to which incompetence in the management makes it a risk and puts a negative impact on the project. Management is required from the very first day of the construction starts management is required for the planning, budgeting, managing the project activities, taking approvals, etc. The construction project is also dependent on the market from selling the completed project or bringing investment for the project or market-based services like labor and a number of external and internal factors. According to Agarwal and Haider (2020) poor managerial skills, lack of technical specification are the reason for the increase in the labor problem and increase in the labor cost. Disturbance in labor availability and increase in the cost of the labor leads to the creation of a problematic situation for the construction project and also increases the market risk. On the other hand, the increase in the pricing of the oil results in the hike of the price of the transportation, and ultimately the load is on the price of the raw material (Danso and Obeng-Ahenkora, 2018). Fluctuation in the price of the oil not only increases the cost of transportation but also increases the cost of services which include machinery. The market is very uncertain and due to this uncertainty, the construction project is highly influenced whether its improper cash flow during the construction project due to the improper knowledge and prediction of the market demand (Adjei, et. al., 2018). The next risk is the technical risk which rises due to the unavailability of the technical skilled workforce and this problem has its influence on the various areas of the construction, whether its delay in the project completion or occurrence of the safety issues during the project (Kumar and Narayanan, 2021). Lack of technical knowledge or skills in the workforce is the reason behind the creation of the defect in the construction, which needs rework and repair, which again increases the cost of construction and increases the project completion time as well. This is the reason why the technical risk has a high impact on the construction project. Construction projects are an important part of the economy of Malaysia, so it is important to mitigate all the risks which are occurring in the project. In the construction project, major risk can produce due to the allotted time and budget because it can exceed during the project. Cost fluctuation of material is also a big risk along with planning, management, scheduling, and a team of the project. Various changes in the design and environmental changes are big risks affecting the industry. Poor leadership and miscommunication are also big risks in the construction industry.

Advanced risk management approach to overcome the existing issues in construction.

Risk management is an essential step during the construction project as risk occurrence not only impacts the project development in terms of cost but also in terms of increase in the time taken for the project completion. According to Omer and Adeleke (2019), risk management is the formalized term for the process used for the control of the risk and quick decision-making to overcome the problematic situation. Risk management has various steps involved which is one of the very first steps to identify the potential risk that can occur during the construction project. As construction projects have a high chance of the occurrence of risk due to the involvement of several services and a wide range of workforce during the construction. Construction projects are termed as a dynamic that contains various uncertainties and divergent environments due to which the identification and management of the potential risk become an important factor for improving the project performance and timely delivery of the project (Willumsen, et. al., 2019). Various methods and techniques are there which can be used for risk management, fuzzy comprehensive Bayesian network (FCBN) is one of the methods which can be used for successful risk management. Fuzzy comprehensive Bayesian network (FCBN) is termed to be the combination of the fuzzy comprehensive evaluation method (FCEM) and the Bayesian network (BN). The respective method for risk management consists of three concepts such as risk loss, risk probability, and risk controllability, for the estimation of the risk controllability and risk cost FCEM is used and the estimation is in terms of intervals or fuzzy numbers (Wang and Chen, 2017). Whereas for the calculation of the risk probability Bayesian network (BN) is used and during the calculation, the relationship between the dependent variables is demonstrated in the form of the graph. By obtaining the risk probability the project manager of the engineers can generate a pre risk warning to ensure safety from the hazard and for controlling the risk as well. As per Hwang, et. al. (2020) in a construction project time, quality, and cost are the key parameters for the measurement of the project performance. Maintaining the measurement parameters for the project performance is important for the project completion and for maintaining parameters risk management is the important step. For managing risk, the important step is to prioritize risks and this framework of Monte Carlo Simulation can be used in which the risk matrix data is used (Qazi, et. al., 2021). Monte Carlo Simulation is for sustainability-related risk and for managing this type of risk, the simulation is used by the project managers for the identification of the risks and managing the critical risks which put an impact on the sustainability of the project. In the respective framework, the risks are first identified, and, after the identification of the risks, are prioritized on the basis of the impact of the risk on the construction project. The impact of the risk on sustainability is measured in the simulation process for giving the position to the risk in the simulation process, and based on the list project manager can decide which risk needs to be completely resolved or which risk needs to be mitigated. With the help of the simulation model project manager on behalf of the identified risk, the project manager can be prepared a list of the resource which can be used for resolving the risk, and later project manager can allocate the resources to resolve the potential risks. The Monte Carlo Simulation method is used in various projects for managing sustainability-related risks (Naderpour, et. al., 2019).

The problem with the risk management program is the lack of knowledge of risk management, and due to this, a knowledge-based risk management tool can be used. So as to resolve the risk and to resolve the problem with the risk management. As per Eken, et. al. (2020), in knowledge-based risk management, quality knowledge has a significant role. Having knowledge about the risk and knowledge regarding approaches for resolving the risk is an important aspect of risk management. According to Okudan, et. al. (2021), risk management is termed as a critical success factor behind the success of the construction industry. Knowledge-based risk management is the extensive process for managing risk, which is enriched with effective knowledge of risk management. In the respective risk management process, the source of the uncertainty, probability as well as the impact of uncertainty is measured. Knowledge-based risk management provides the facility of capturing and formalizing the knowledge throughout the life cycle of the project. Construction projects are termed as long-time projects, so it’s important to capture and formalize the knowledge about the project throughout the life cycle of the project. By this, the risk identification and the impact of the risk on the project can be gained, which will be helpful in resolving the risk. In the respective risk management, the knowledge related to the risk is captured and later stored in the corporate risk memory. The knowledge is then evaluated, and based on the evaluation, the risk is marked, and a solution for resolving the risk is suggested accordingly. By storing the knowledge in the corporate memory, it provides an opportunity for the construction industry to use the knowledge in nearby future if a similar type of risk is again identified. In Malaysia, the trend of green building is rising, so it is important to identify the risk with green building and resolve the risk with green building construction. According to Tan (2021), performing the design assessment is an important task for resolving the risk with green building construction. Risk management in the case of green building construction is the procedure followed for analyzing, treating, and monitoring the risks by arranging the sustainability risks associated with the social, environmental, and economic perspectives. Risk management is a process for making decisions related to the various risks in the project. Due to the development of technologies, various new techniques can be used for effective risk management, like the Bayesian network, fuzzy comprehensive Bayesian network (FCBN), and Monte Carlo Simulation. Construction projects are long-term projects, so knowledge-based risk management can be beneficial for the leaders of the project to make effective decisions. Assessment of the design can also be very helpful in the risk management of green building construction.

Construction activities/codes/regulations used in Malaysian construction projects.

In the construction sector, there are several risks that are associated with it, and one of them is related to accidents and fatal injuries. These types of accidents can occur due to a number of factors, like lack of safe work practices followed at the construction site, lack of supervision and monitoring, Not wearing personal equipment which can be used for safety, etc. (Ayob, et. al., 2017). Apart from the accidents, there are other risks that are associated with the construction project or working at the construction site. This is the reason that many construction sites require several rules and regulations so that they can prevent an accident from happening and keep all the workers safe. These types of rules and regulations can remain different in different countries and it is because the type and way of construction done in a country can be different. According to Bohari, et. al. (2017), the construction methods used in America can be different from the methods used in Malaysia. In Malaysia, the government has been planning to increase the number of construction projects, and the reason for the increase in the projects is to build an initiative to bring green management in construction projects to ensure a sustainable future. The government of Malaysia has passed that makes all the construction done in Malaysia should be done using green management. According to Bamgbade, et. al. (2017), the construction bill has forced construction companies in Malaysia to change their ways so that they can achieve sustainability by supporting the government. The reason which Malaysian construction companies in Malaysia have been changing their methods of construction is because of an increase in construction projects. This is the reason that by executing a construction project in Malaysia the construction companies will be able to bring sustainability to their working environment. In the research by Yap and Skitmore (2018), the construction projects have constantly been changing, and in Malaysia, every construction company has to change the design methods for the construction project they are working on so that they can achieve sustainability. There is another reason because which construction companies change their design procedures apart from sustainability, and one of the reasons is to improve the cost performance for construction projects. This change in the design policy helps the construction company is following the green management rule. As per the research of Esa, et. al. (2017), the beginning of construction requires a site, and there might be some demolition required to clean the construction site. This demolition and construction of buildings create so many wastages, and it can create a problem for them as they have to deal with a lot of waste. In Malaysia, the government has made different rules and regulations to manage waste effectively. The Malaysian government has created a hierarchy for managing the waste that occurs at the construction site so that it can help them in improving the working capability of the company. The management of waste helped the construction company owners to develop a proper system that can be helpful in managing the weighting system for the refurbishment (Kamaruzzaman, et. al., 2018). The construction of buildings has become one of the highest contributions to the energy demand, and because of that, the emission of CO2 has also increased. Developing countries like Malaysia and India have made rules against this emission so that their spreading can be prevented as quickly as possible. In Malaysia, the government has created a policy called MRAS and set out some rules, which include creating 100 different retrofit buildings which allow them to fulfil the commitment of reducing the CO2 emission. As per the research of Taofeeq, et. al. (2019), the development and creation of buildings includes a lot of risks, and that has been creating a lot of issues that prevent the contractor from completing the project on time. Different factors can contribute to the failure of projects and as seen from the perspective of the Malaysian construction factors includes are managing risk, social risk, etc. To prevent these factors from damaging the construction of a different building plan is going to be required. Construction of a building requires labour, and without labor, the construction cannot be managed properly (Durdyev, et. al., 2018). The construction sector of the country has one of the greatest importance for any government and policymakers because it can be used for determines the nation's future. The construction of the building can only be managed when the laborers have proper instructions on what and how to build it so that everything can be planned. This is the reason that when the construction of the project begins every company has to set a proper plan to keep the employees safe and also pay them enough so that they can live a happy life. According to Shaikh, et. al. (2017), The government of Malaysia has been taken the future into consideration and has made some policies to keep the emission of Co2 at its lowest as possible. For the economic development of the country and reducing the use of fossil fuels will help them in saving the environment and this is why the maximum policy of the Malaysian government is related to saving the environment and optimizing the process of constructing buildings of both residential or commercial type helps in boosting the economy. These policies made by the government and construction companies in Malaysia have allowed them to completely manage the construction project at a sustainable level (Mohammed, et. al. 2018). This type of construction management helps the construction company not only save the environment but also help them complete the work as quickly as possible. Due to the desire of companies to achieve sustainability, the change in the methods has allowed them to complete the work as quickly as possible and it helps them in save the cost on project and time also. This is the reason that many companies constantly focus on understanding the importance of sustainability and develop methods to achieve it. A project can be successfully managed with the help of various regulations and laws. The Malaysian government wants to increase the number of construction projects and encourage green management. The government has imposed a construction bill for increasing the sustainability of the projects. The government of Malaysia is working towards the reduction of the Co2 and wastage occurring due to the demolition at the site. The Malaysian government is also encouraging sustainability at the sites of the project

Role of the project manager in risk management, operational planning, and handling

The growth in the project development sector has been massive, and there are several or different reasons to explain this large amount of growth one of the reasons is to improve in the concept of project relationship management. This building of effective relationships has also helped in making the role of a project manager a lot easier. According to the research of Meng and Boyd (2017) project managers are the person that has the duty to manage the project and many sectors like construction, information technology, and other sectors. But the construction is the most complex and has a higher chance of risk occurrence. The project managers in the construction have the duty to not only maintain the progress of the project, but at the same time, they also have to keep their workers safe as construction projects contain a lot of risks, and managing all those risks requires an effective management plan. According to the research of Pimchangthong and Boonjing (2017), the risk is associated with any type of project, whether that project is related to construction or the project is related to IT. The only difference in the risk that occurs at construction needs to be managed in a manner so that life threats will not occur. The successful implementation of an IT project can only be done with proper methods to manage the risk. The project managers are the people who have the responsibility of managing the risk by making backup policies to overcome the risk. According to the research of Willumsen, et. al. (2019) risk management in project management can be done effectively by using or creating a risk assessment plan. This is why whenever the project is going to be started, they have to do complete research on the project and what is the risk that can occur during the development of the project. The project manager helps in gathering the information about the type of risk that can occur in the project and at the same time how this risk can be overcome by creating different methods and plans. According to Arangones-Beltran, et. al. (2017) the management of risk in any project is important for the project manager because if any unwanted circumstances occur and so it is the duty of the project manager to handle the risk and solve the issues. If the issue did not solve then that can affect the organization and the stakeholder linked with it. The project managers have the duty to not only manage the risk and project but also manage the operations that are going to be involved in the development of the project. The project manager also has to ensure that all the operations of the project manage completely so that the deadline of the project can be managed. According to Dermikesen and Ozorhon (2017), construction projects require different operations which will be used for completing the project, and just like a construction project, any IT-related project is also required different skills, and they also contain different operations which help them incomplete the project on time. This is why the project managers also have to ensure that with the management of risk, all the operations will be completed as per plan and handled perfectly so that the development or construction of projects can be done on time. As per Martens and Carvalho (2017), risk management is also a part of project management, and any organization that is developing a project specifically in the construction field needs to manage the risk. Apart from managing the risk that can occur during the construction project, there are several other aspects that need to be managed that are the operations that are required in the construction project. With this effective management of the project with all the operations and risk management, any company can achieve sustainability. Operational management and planning can be used for improving the overall project management from its planning to its development. Every type of project that has been developed in the world can only be completed once they can easily manage the operations required to complete the project (Sarhan, et. al., 2017). In different countries, the method of constructing a building is different, and many governments in the world have been creating different policies for construction companies so that they can save the environment. This is why many construction companies in the world have been constantly trying to complete the project using construction methods that did not harm the environment. According to the research of Muralidhar (2018), the operational efficiency in the construction project has now become the source of profit-making. This is why many organizations have to make changes in the existing working methods so that they can easily complete the work in a much more effective way. The project managers have been assigned the duties to complete the development of the project in proper time, and by improving the efficiency of all the operations, the construction company can earn profit and also all the other stakeholders to make the profit. As per Oleinik and Yurgaytis (2017), there are different methods and systems that have been included in the project development, and for the effective management of the project, they need to be managed correctly. The project managers also have to ensure and find out if any operations in the company can be managed effectively and develop new ways to optimize them so that they can easily use. According to Nolz (2021), the optimization in the construction project can only be managed effectively if the project manager has prepared a proper schedule for all the operations that are going to take place. This effective scheduling of the construction project can be managed based on the planning done before the project begins. This is the reason that the Construction Company appoints people as project managers, which allows them to create a risk assessment plan and also helps them to optimize the efficiency of all the operations and handle them effectively. The project manager is responsible for managing all the risks and activities of the project. Risk management is a very complex task in project management; however, all the risks can be managed in the project with the help of IT implementation. The project manager is responsible for managing all the work and completing the work in the given timeline and budget. The project manager also convey the responsible for making innovations and effective optimization of the work at the site

Conclusion

In the construction project, risk management is the best framework for managing all the risks. Management of the risks can increase the quality of the construction and reduce delays in the work. The Malaysian construction industry is developing at a fast pace and contributing to the economy of the nation, so it is crucial to manage all the risks in the industry. Various risks can occur in the construction, like planning risks, scheduling risks, changes in design, and poor leadership, along with miscommunication and environmental factors. Due to the development of the technologies, various new techniques like Bayesian network, fuzzy comprehensive Bayesian network (FCBN), and Monte Carlo Simulation are empowering the risk management practices and helping the project management team to manage all the risks. The government of Malaysia is taking various steps to reduce risk from the projects, increasing sustainability in work, reducing Co2 emissions, and encouraging green management. The project manager is responsible for the risk management as the project manager has the duty of managing the project progress and completion of the construction project in due time.

Chapter 3 Methodology

Introduction

The research methodology is the group of methodological approaches applied to complete the research work in an efficient manner. In addition, as per Pandey and Pandey (2021), the research work is the chain of activities that are necessary for the research work. Further, the research problem formulating, literature survey, research design, research procedure, research technique, generalization and representation of final report are the major action parameters that help to achieve the project significance. According to Nayak and Singh (2021), a methodology is the mixture of investigation and primary approaches that help to accomplish the objective of the work efficiently. In addition, an accurate research methodology provides assistance to manage the epistemological and ontological regulation, which helps to obtain the project significance. During the research work, different methodological approaches such as experimental, derived, and observational are applied, which helps during relevant data collection and evaluation. Moreover, qualitative and quantitative research have been used that helps in relevant information gathering and examination processes (Mohajan, 2018). This work aims to analyze the uses of the risk events in a Malaysian construction project. Further, focused on the risk management activities, which helps to improve the operational performance of the construction project. To complete the research work efficiently, the interpretivism philosophy with an inductive approach is used. It also helps to achieve the project significance in an efficient manner. Further, this chapter will provide detailed information about the methodological process applied in this research work and assist during the data evaluation.

Research Philosophy

The research philosophy represents an appropriate approach and path applied in research work for better information gathering and evaluation. In addition, it represents the originalities of research work that assist in conducting the research work. Further, as per Abebe (2021), the research philosophy helps to convert the assembled information into relevant information. During the research work, different philosophy approaches such as pragmatism, realism, interpretivism and positivism were used, which helped to conduct the research work efficiently (Research-Methodology, 2022). However, the handling and analysis of informative sources and real sources are the major issues. Also, the appropriate collection of the information is the issue that affects the authenticity of the work. In this case, the interpretivism philosophy has been used that help to manage the gathered information. Whenever, in this case, the qualitative information is used so that the interpretivism research philosophy is used, it assists in managing the collected theoretical information efficiently. Thus, the interpretivism philosophy has been used in this work which helped to mitigate the issues that occur during the qualitative analysis and provide support during the information examination and collection activities in an ethical manner.

Research approach

A research approach is a collection of the different processes applied during the research work to the achieved project goal. In addition, it has been providing detailed information about the method used during the information gathering and evaluation. Further, as per Bollinger, et. al. (2021), the research question and hypothesis are one of the important factors which are developed with the help of an appropriate research approach. These also help to gather the information and assist during the evaluation process. According to Grover (2015), an accurate research approach is the group of plans and procedures of the research work, which is a chain of the hypothesis and detailed information collection method. The deductive is one of the types of research approach which helps to prepare the research hypothesis (Woiceshyn and Daellenbach, 2018). Also, the inductive is used in the research work in which the research question is formed. However, positivism and the qualitative process are used in this work, so the deductive approach has not been applied in this work. Thus, the inductive approach is used in this research work. With the help of this process, research questions were formed which are related to the domain and help to achieve project goals in an ethical manner. Therefore, this reflects that an inductive research approach was used, which helps to conduct the research work and helps to achieve project significance ethically.

Research Strategy

A research strategy is applied in research work to identify the appropriate type of information that is also helpful during the information gathering approach. A research strategy is also a group of theories and road maps that provide a stepwise application during data collection in an efficient manner. Further, the strategy is a group of the different processes such as case study, experimental, grounded and qualitative process. These are applied in research work that is helped during information gathering and evaluation. Moreover, these approaches help to evaluate the gathered information in an ethical manner. As per Project Guru (2020), the grounded theory helps to examine the collected information (theoretical information) in an efficient manner. In addition, it assists in recommending a new theory for mitigating the issues. Although the accurate analysis and handling of the existing/previous information are the challenge that occurs in research work that is affect the authenticity and reliability of the work. In this study, the grounded theory is applied that is a group of qualitative and inductive approaches which helps to mitigate the issues and provide assistance during the evaluation process. Also, helps to resolve the issues that occur during the suggestion of a new theory. Furthermore, the mono, mixed and multi research strategies are applied in research work which provides an appropriate path for the data gathering and evaluation. In this case, the mono approach is considered in which only one type of information (qualitative/theoretical) is considered. This also helps during the evaluation of the information. Thus, it reflects grounded and mono is the major research strategies applied in this case which helps to evaluate the theoretical information and helps to achieve the project significance in an ethical manner.

Time Horizon

The Time horizon is also one of the major factors considered in research work for achieving the project objectives. It provides information about the time frame which is used during the research work and helps during the data gathering. During the research, longitudinal and cross-sectional types of time-horizon processes are used. In the case of cross-section activities, the information is gathered at once time, and in the case of the longitudinal approach, the data is collected at different time phases. However, data storage is one of the major issues that occur during the study and affect the authenticity of the work. Thus, the cross-sectional approach was applied in this work, which helped to collect the information and helps to maintain security. Moreover, as per Nind and Lewthwaite (2018), the time horizon process helps to collect information in an ethical manner. Therefore, it reflects these are time horizon approaches applied in this work and help to collect the information ethically.

Techniques and Procedure

The aim of this work is to identify the risk event in the case of a Malaysian construction project. Also, focused on the risk management activities that are helped the organization improve its performance. In the case of research work, procedure and techniques are the groups of the tactics applied during the information gathering and examination process. Further, the selection of the technique focused on the information collection process, which helped to collect the information in an ethical manner. In addition, it is the combination of secondary and primary data collection processes used to complete the research work. The procedure represents the evaluation process applied to achieve the project significance in an ethical manner.

Data collection/Techniques

In research work, the technique represents the methods used to assemble the information efficiently. Further, it is a combination of the secondary and primary data collection process used in research work to achieve objectives. Further, in research work, survey, interview, and experiment processes have been considered, which helped to collect primary data. Further, the previous research articles, journals and case studies are used in research work to collect the secondary data (Fletcher, 2017). According to Queirós, et. al. (2017), the research articles/journals are considered to collect the secondary work and help to complete the research work efficiently. However, in the case of primary data, information handling and collection are the issues that affect the authenticity and reliability of the work. In addition, ethical issues are also the challenge that occurs during the information gathering. Further, in this case, the secondary data was considered in which the research articles/journals were considered. These articles were related to the domain and provided detailed information related to the domain. In addition, the literature review is conducted in this work for accurate data collection. According to Noble and Mitchell (2016), the literature review has been helped to extract the relevant information from the collected sources and further helps in the evaluation process. During the literature review process, critically analyzed the collected information sources efficiently. Thus, it reflects that the literature review and secondary approach were considered in this work which helped to gather the information in an ethical manner.

Procedure/Data evaluation

The data evaluation or procedure represents the process applied to evaluate the gathered information with a minimum error rate. Also, it helps to manage the authenticity and reliability of the research work. Although, implementation of appropriate evaluation methods with ethical consideration is the major issue. Therefore, the procedure helps to identify the proper evaluation process, which also helps to achieve the project objectives. During the research work, the qualitative and quantitative types of analysis processes are used. During the numerical analysis (quantitative analysis), statistical, descriptive and inferential analysis is applied, which majorly helps to evaluate the primary data (Thompson Burdine, et al., 2021). Moreover, in this case of secondary data analysis or qualitative analysis, the thematic analysis, IPA analysis, narrative and grounded analysis are used. During this research work, the thematic analysis approach is applied. Further, in thematic analysis, common themes are developed which are related to objectives and helps to achieve the project significance. In addition, it helps to suggest an approach that will help to mitigate the issues not considered in previous work in an ethical manner. Thus, it reflects that the thematic analysis approach is used in this work to evaluate the collected data in an efficient manner.

Ethical Consideration

Ethical consideration is one of the major factors which helps to maintain the authenticity or reliability of the work. In addition, ethical consideration helps to manage the information gathering and evaluation process. According to Ienca, et. al. (2018), ethical considerations help to maintain reliability, authenticity and project significance rate. However, data bleaching, information handling, data confidentiality, data storage are the ethical issues that occur during the research work and affect the project completion rate (Clark-Kazak, 2017). In addition, availability of the sources, identification and author concern is the problem that occurs in research work. Behaviour analysis and data rights are the problems that occur in research work. To overcome the ethical issues/challenges, ethical principles are applied, which also helps to improve performance. In addition, the intellectual rules, privacy rules, and confidentiality rules are applied in research work which helps to mitigate the ethical issues and provide support to complete the work. Further, focused on the social, independent review, and validity analysis which helps to reduce the ethical issues and helps to achieve project significance. Thus, it reflects that all of these are the ethical factor that is applied in research work which helps to maintain the authenticity and reliability of the work.

Limitation

This research work focused on the uses of risk events and risk management activities which helps a construction project to improve performance. To achieve the research objectives, secondary (qualitative) research was conducted, which helped to gather the information and assist during the evaluation process. However, the primary data is not considered in this work, which can affect the authenticity and reliability. In addition, only qualitative data has been considered in this research which is also a major limitation. Furthermore, the time frame of the selected research articles maybe help to complete the research work. Thus, it reflects that all of these are the major limitation of the research work. These are not considered in this research work that may help to improve the reliability and authenticity in an ethical manner.

Summary

The aim of this chapter was to analyze the different methodological approaches which helped during the information gathering and evaluation. As per the above chapter, the interpretivism philosophy was used, which helped to complete the research work. In addition, the inductive research approach was applied for the developed research question. The mono research strategy, grounded theory and qualitative approach were used in the above work, which provides an accurate path to achieved research objectives. Moreover, the secondary data collection process and thematic analysis process were used in the above work, which helped to assemble and evaluate information in an ethical manner. Thus, it reflects that these are the major methodological approaches used in research work to achieve the project significance in an ethical manner.

Chapter 4: Result

Introduction

The aim of this work is to analyze the collected information and prepare a result. Further, this work helps to recommend an advanced risk management approach for the Malaysian construction project. It will help to manage the number of risk and challenges that occurs during the construction work. However, proper planning, risk scheduling, and management were the issues faced by the construction project. This section will help to analyze the issues and help to identify the appropriate approaches, rules, and regulations applied for improving the performance.

Importance of the construction organization in Malaysia

The aim of this work is to identify the risk event used in a Malaysian construction project to improve performance. In addition, focusing on the risk management activities helps to reduce the chances of the risk. In this work, the qualitative data/information sources are collected which are relevant to the domain and provide detailed information. As per the above work, it has been identified that the consistency factor helps to manage the performance of the organization and also assists during the cost management activities. In addition, the performance of the construction project is the plays an important role in GDP development, and this industry has been contributed approx. 4% in Malaysian GDP. Further, it helps to manage the growth rate of the organization. With the help of this factor, the Malaysian construction industry achieved growth of 4.7% in 2019 and 5.9% in 2020. However, the implementation of the project management and risk management activities are the issues faced by the construction project. In addition, it has been identified that the proper planning and execution are the risk faced by the construction organization. The Malaysian construction organization has been focused on risk scheduling, cost fluctuation, and market analysis approaches which helps to overcome the issues. Also, the organization focused on the decision-making body/decision-making approaches, which help during the management and assist during the risk management process. Design selection, contractor selection, material selection, and proper controlling are the major risk events that also affect the overall performance. The decision-making actions help to manage these types of risks in an efficient manner. However, the market trend analysis, cash flow management, and management of technical skills are the issues faced by the Malaysian construction project.

Uses of the Project manager in construction project

As per the above work, it has been identified that project managers play an important role in the construction project for improving the decision-making ability. In addition, it helps to control the activities during risk and normal situations. Also, the project manager worked on the safety and workplace activities that improved the performance. However, the development of a construction plan, implementation of the plan, inventory management, time management, and budget handling are the risk that occurs in a construction project. The project manager has the ability to analyze the construction activities and develop an efficient project plan. Also, a project manager improves operational efficiency and maintains the organization environment risk-free. Moreover, it has been identified that activities scheduling is one of the major risks which affect the overall performance of the project. A project manager works on the operation management and scheduling process for improving organizational performance. Furthermore, it has been identified that Malaysian construction projects focused on operational efficiency for improving the profitability of the organization. The delay, construction complexity, and implementation of the technology are the major risks that affect the performance of construction projects. The project relationship management activities are implemented in a construction project which helps to improve the operational planning and handling activities in an efficient manner. Therefore, these reflect that the project manager helps to improve the performance of the construction project. Also, assist in risk mitigation process occurs during the operation handling planning process in an efficient manner.

Approaches used to manage the number of risks in a Malaysian construction project

As per the above work, it has been identified that market dependency analysis, labor management, and task handling are the major areas on which the Malaysian construction organization has been focused. These help to analyze the market situation and help to reduce the number of risk events that occur during the construction work. In construction work, the Bayesian network is one of the major approaches used during risk management activities and helps to control the construction activities in an efficient manner. In addition, the Fuzzy comprehensive process with a Bayesian network is applied by the construction project to manage risk loss, risk confidentiality, probability, and controllability efficiently. Further, the Monte-Carlo simulation process has been adopted by the construction project for accurate risk management activities. The risk matrix data analysis process has been used, which helps to improve the performance and helps during the measurement process. Moreover, focuses on the risk prioritization and sustainability activities for identifying the risk accurately and helps to improve the performance with a minimum risk rate. The Monte-Carlo simulation helps to identify potential risks and helps to analyze the project life cycle for better development. Although, hazardous activities, work safety practices management and least supervision are the problem faced by the construction project. It has been identified demolition, carbon emission, and sustainable development are the major regulation and rules developed by the Malaysian constriction organization to improve the performance. In addition, site preparation wastage handling is a major area on which the construction organization has been focused. These help to reduce the number of risks and help to improve the risk management activities. Furthermore, the Malaysian construction industry follows and Construction industry Payment and Adjudication, 2012 act which helps the organization to manage the risk that occurs during the contract process. In addition, it helps to resolve the legal issues that occur during the bidding process. Moreover, the CIDB act has been followed by the Malaysian construction project, which helps to resolve the issues that occur during the material handling/resources management in an efficient manner. Thus, it reflects that these are the major approaches, rules, and regulations used in the Malaysian construction project to reduce the number of risks. Also, helps during the implementation of the risk management activities with a minimum error rate.

Conclusion

Construction projects are important for Malaysia because these projects are the major players in the economic development of the nation. The construction industry is facing problems due to the implementation of project risk management activities and project management processes. Effective risk management can improve the quality of the project and assist the team in accomplishing the work in a given time. A project manager is a key person for managing the project activities and assure that all the objectives are completed. The project manager can analyze all the data and create an effective plan for managing different activities. The development of various technologies has created numerous opportunities in the construction industry to manage all the risks of the project. Different techniques like the Bayesian network and Monte-Carlo simulation can help manage all the risks of the project efficiently. These techniques can also be used in managing problems related to material handling and help in managing all the resources efficiently.

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Risk Events and Risk Management in Malaysian Construction Projects

Table of Contents

Chapter 1 Introduction

Background

Research motivation

Aim

Objective

Research question

Problem domain

Structure

Chapter 2 Literature review

Introduction

Risk management that affects Construction Project

Risk management in Malaysian Construction project

Risk event in the construction project

Advanced risk management approach to overcome the existing issues in construction.

Construction activities/codes/regulations used in Malaysian construction projects.

Role of the project manager in risk management, operational planning, and handling

Conclusion

Chapter 3 Methodology

Introduction

Research Philosophy

Research approach

Research Strategy

Time Horizon

Techniques and Procedure

Data collection/Techniques

Procedure/Data evaluation

Ethical Consideration

Limitation

Summary

Chapter 4: Result

Introduction

Importance of the construction organization in Malaysia

Uses of the Project manager in construction project

Approaches used to manage the number of risks in a Malaysian construction project

Conclusion

References