IDENTIFICATION OF RISK FACTORS AFFECTING CONSTRUCTION OF PROJECTS: THE CASE OF EMERGING ECONOMY

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Abstract

Controlling project risks has become a daunting task in construction and this can be attributed to issues such as the nature of modern projects. The challenge is that risk appears unannounced at any project phase for various reasons and thereby affecting the performance and the success of unprepared projects. The current studies that explored risk matters include Pehlivan and Öztemir (2015), Katre, and Ghaitidak (2016) amongst others. However, there is absence of unanimity from these studies on risk factors in construction. Thus, this article was instigated in order to identify and classify risk factors that affect the chances of project success. The research methodology selected for this article comprised of peer-reviewed articles between the periods of 2007 to 2017. This approach involved a comprehensive scrutiny into scholarly articles to comprehend risks in construction projects. Following a conceptual analysis, eighty factors were identified and classified under the following; technical, construction, financial, socio-political, physical, organisational, and environmental and other risks. From these categories, political instability was, found to be the most influential risk factor in construction projects and this factor was classified within the socio-political category and this category has total of 11 factors. Finding suggests the need for further empirical study.

Keywords: Construction, Project, Risks Factors, Management

Received: 11.07.2017

Accepted: 15.12.2017

How to cite this paper: Maseko, C. M. (2017). Identification of risk factors affecting construction of projects: The case of emerging economy. Risk Governance and Control: Financial Markets & Institutions, 7(4-2), 246-259. https://doi.org/10.22495/rgc7i4c2art7