Risk management in small construction projects in Singapore: Status, barriers and impact

Abstract

Risk management (RM) should be implemented in construction projects to assure the achievement of project objectives, regardless of project size. This study aims to investigate RM in small projects in Singapore in terms of status, barriers and impact of RM on project performance. To achieve the objectives, a questionnaire survey was conducted and data were collected from 668 projects submitted by 34 companies. The analysis results indicated a relatively low level of RM implementation in small projects, and that "lack of time", "lack of budget", "low profit margin", and "not economical" were prominent barriers. Also, the results reported the positive correlation between RM implementation and improvement in quality, cost and schedule performance of small projects, respectively. The findings of this study can provide an in-depth understanding of RM in small projects in Singapore and make benefits of RM convincing to the participants of small projects. © 2013 Elsevier Ltd and APM IPMA.