EVALUATING AND ENHANCING RISK MANAGEMENT SOFTWARE FOR SINGAPORE �S CONSTRUCTION INDUSTRY

Abstract

Traditionally, risks are always treated as hazards or uncertainties that everyone is trying to avoid, but now risks are also regarded as opportunities. Therefore, risk management is popularly and widely used for many businesses to handle all the risks associated in the business processes. Thus, in this Information Technology age software packages are designed to assist in carrying out risk management processes.

However, not all industry like construction has software that is designed industry-specifically. Therefore, this study explores the type of software that is commonly used by the risk management personnel in Singapore’s construction industry to manage the risk for their projects, and examines whether the software has effectively cater to the needs of the users by using one-sample t-test analysis for the data obtained by conducting a survey.

Furthermore, this study also makes use of the current risk management framework, defined in ISO31000, to design a risk management software algorithm to suit the needs for performing risk management for construction projects better.

The survey results from this study can contribute to the construction industry by identifying the areas where enhancements can be made to the current risk management software to suit the industry better.