Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/220497
Title: INTEGRATED MODEL OF RISK AND OPPORTUNITY MANAGEMENT FOR SINGAPORE CONSTRUCTION RELATED INDUSTRY TO ENHANCE PROJECT SUCCESS
Authors: NG SI YING
Keywords: Building
Teo Ai Lin Evelyn
2007/2008 Bu
Issue Date: 15-Feb-2011
Citation: NG SI YING (2011-02-15). INTEGRATED MODEL OF RISK AND OPPORTUNITY MANAGEMENT FOR SINGAPORE CONSTRUCTION RELATED INDUSTRY TO ENHANCE PROJECT SUCCESS. ScholarBank@NUS Repository.
Abstract: According to Construction 21 Report (1999), Singapore construction-related industry is lagging behind those in the countries like Australia, Japan and the US due to poor project delivery. Construction projects frequently fails to meet expectations, with projects continuing to run late, over budget, underperforming, safety issues on site and project not gaining the expected benefits. The use of traditional risk management to tackle the inevitable uncertainty associated with construction project is no longer sufficient. This is due to when uncertainty happens, the project outcomes range from total disaster to surprise advantages. In this new era, where construction industry is heightened to a new level, a new risk management template is needed to assist companies prepare to embark into uncertain competitive market. Traditional construction risk management concentrate on the management of threats thereby restrict the scope of dealing with risks that have potentially adverse effect. Hence, the typical risk process neglects the management of opportunities. Since the risk process only focus on one side of the coin, it creates a gap in the risk process to linking opportunities. In the competitive business world, firms maximize the odds of success by addressing upside risk. For, instance successful firms such as Microsoft, Google and IBM exploit these risks to advantage and value is generated as a result. Although, this does not happen to every firms, but opportunity management helps to increase the chance in seeking unexpected positive project outcome. This research attempts to look into the business opportunity management and how can it assimilated by the construction industry. Survey results further consolidate the opportunity factors in construction industry. An integrated risk and opportunity model is then developed to enable the construction parties to focus on downside as well the upside of the risks. With this management of risks and opportunities, firms are ready to exploit the risk factors and enhance the project success. If companies were to embark the uncertain market, with the help of the model they can turn these risks into opportunities and maximize project success.
URI: https://scholarbank.nus.edu.sg/handle/10635/220497
Appears in Collections:Bachelor's Theses

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