risk management in the construction industry: the relevance of human factors vicknayson thevendran

Risk Management in the Construction Risk Management in the Construction Industry: the relevance of Human Industry: the relevance of Human

FactorsFactors

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Main Objectives of Research Project

To apply Risk Management fundamentals to

identify Human Risk Factors

To introduce a new methodology to analyse

Human Risk Factors using Systems Theory and

Financial Modelling techniques

Providing recommendations to respond to

Human Risk Factors

Risk Management

• A continuously monitored integrated formal process for defining objectives, identifying sources of uncertainties, analysing these uncertainties, and responding to these uncertainties by formulating management responses, to produce an acceptable balance between risk and opportunities

Risk Management Process

Risk Identification

Risk Analysis

Risk Response

Risk Management Limitations

• Lack of Expertise and Awareness

• Difficult to Apply

• Unable to Effectively Deal with Human Factors (Qualitative Elements)

Human Risks Identification

• 197 Human Risk Factors were identified. These factors can be divided into 13 core categories

• Human Risk Factors identified display 3 types of influences:

Positive Negative Mixed

Human Risks Analysis

• Equation Development – coefficients obtained from 3 questionnaire surveys

• Developing a Computer Model and a Risk Severity Chart

• Model Tested on ‘Real Life’ Construction Projects for validation

Purpose of Human Risks Model

The Human Risks Model will function as a Decision Support System to determine the

effects or influences of Human Risks Factors in all stages of a Construction

Project

Human Risks Response Mechanisms

• Reduction/ Elimination

• Accepting/ Retention

• Avoidance

• Transfer

• Sharing

• Enhancing

• Exploiting

THANK YOUTHANK YOU

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