RISK ANALYSIS OF TRADITIONAL VS GREEN RESIDENTIAL CONSTRUCTION IN SINGAPORE

Abstract

Risk management is one of the nine knowledge areas propagated by the Project Management Institute and it plays a critical role in the success of a construction project. The benefits of proper risk management include identifying and analyzing risks, the improvement of construction project management processes and the effective use of resources since construction projects are usually complex and fraught with uncertainty. Therefore over the years, it is gaining appreciation and value in the construction industry in attempt to deal with uncertainty to achieve project success. With the mounting emphasis on environmental concerns, many companies are steering towards sustainable development and work practices. Singapore has also shifted its focus to green construction with the implementation of Green Master plans. This green construction phenomenon is expected to grow continually hence there is a need to recognize the risks involved in being sustainable. There have been plenty of researches conducted on risk management in traditional and green construction projects. However, little has been done on risk management in green construction of a specific building type. Therefore, this study aims to identify the unique risks in green residential construction, compare the criticality of risks with traditional residential construction as well as to provide recommendations on the critical risks identified. A survey was conducted with construction experts from different companies in Singapore and the results indicated that there is generally a higher criticality in terms of risks in green residential construction as compared to traditional residential construction. With the help of this study, companies taking part in green residential construction projects can identify the risks associated and the criticality of each risk involved and hence develop appropriate mitigation strategies in accordance.