Download - Risk Management in the Construction Industry: the relevance of Human Factors Vicknayson Thevendran
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Risk Management in the Construction Risk Management in the Construction Industry: the relevance of Human Industry: the relevance of Human
FactorsFactors
VicknaysonVicknayson ThevendranThevendran
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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
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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
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Risk Management Process
Risk Identification
Risk Analysis
Risk Response
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Risk Management Limitations
• Lack of Expertise and Awareness
• Difficult to Apply
• Unable to Effectively Deal with Human Factors (Qualitative Elements)
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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
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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
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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
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Human Risks Response Mechanisms
• Reduction/ Elimination
• Accepting/ Retention
• Avoidance
• Transfer
• Sharing
• Enhancing
• Exploiting
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