Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/221165
Title: EFFECTIVENESS OF RISK MANAGEMENT: A STUDY ON SINGAPORE'S CONSTRUCTION INDUSTRY IN PANDEMIC
Authors: BLYTHE NEO
Keywords: 2020-2021
Building
Bachelor's
BACHELOR OF SCIENCE (PROJECT AND FACILITIES MANAGEMENT)
Hwang Bon Gang
Construction Industry
Pandemic
Risk Management
Issue Date: 27-Apr-2021
Citation: BLYTHE NEO (2021-04-27). EFFECTIVENESS OF RISK MANAGEMENT: A STUDY ON SINGAPORE'S CONSTRUCTION INDUSTRY IN PANDEMIC. ScholarBank@NUS Repository.
Abstract: The outbreak of the coronavirus has triggered a global pandemic and many sectors of the economy face business uncertainties following its occurrence. In particular, the construction industry experienced a hard-hit as it encounters threatening risk factors that will put the field into peril. With consideration to the health risk factor of a highly transmissible disease spreading within society, construction professionals had to endure months of work inactivity, adapt and adjust their project schedule to the new situation, review their business approaches, etc., to sustain through this difficult period. Thus, this study recognizes how vulnerable the building sector is to risks, especially unforeseen ones, and seeks to examine how the sector’s interests can be further protected with incontestable risk management techniques and mitigation strategies. From the review of literary works on risk management, it is evident that there is a variety of scholars who went in-depth in the research of improving risk management. These studies provided a multitude of methods and models that allows risk management professionals to develop an appropriate risk management plan for their unique projects. However, the severity of the impact of the pandemic on the local construction industry suggests that there is a lapse in the application of risk management and a disparity from the expected performance as mentioned in the literatures. Hence, the research aims to examine the reasons for the difference and bridge the gap between the expectations and reality of risk management output. This will be done on the backdrop of the pandemic situation and the local construction industry’s perspective, management and application of risk strategies will be further examined. To achieve the research objectives, the study will adopt the research design of a survey questionnaire and interviews with local construction professionals. The responses will be collected and analyzed with non-parametric tests to determine any significant differences identified between the different factors and population samples. To further elaborate, the impact of the pandemic, decision-making factors in application of risk management and the suggested risk management techniques will be further evaluated amongst the different organization types, sizes and years of experience. Post interviews will be conducted to provide an additional perspective into the local construction industry and substantiate the survey results. The analysis results show that the impact of the pandemic has negatively affected the local construction industry and the application of risk management was not effective in making a difference in negating it. Additionally, the study also analyzes the risk perspectives from three different standpoints – risk attitude, view on the importance of risk management and the familiarity with risk management concept. Their perspectives before and after the pandemic were taken into account to seek for any significance. Hence, this research study attempts at covering aspects of the pandemic that affected the local industry, examine how effective the application of local risk management is and analyze it between different organization characteristics. The findings of this study will contribute to literatures that cover the impact of the pandemic and endeavors to provide practical recommendations to minimize the gap between the level of understanding in theory and the execution in reality. It will also be valuable to act as a guidance for local construction companies to reflect and review their approach to risk management.
URI: https://scholarbank.nus.edu.sg/handle/10635/221165
Appears in Collections:Bachelor's Theses

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