Risk management in the construction industry the relevance of human factors
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Risk Management in the Construction Industry: the relevance of Human Factors. Vicknayson Thevendran. Main Objectives of Research Project. To apply Risk Management fundamentals to identify Human Risk Factors

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Risk management in the construction industry the relevance of human factors

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

VicknaysonThevendran


Main objectives of research project

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

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 Management Process

Risk Response

Risk Identification

monitoring

Risk Analysis

Continuous Process


Risk management limitations

Risk Management Limitations

  • Lack of Expertise and Awareness

  • Difficult to Apply

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


Human risks identification

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

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

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

Human Risks Response Mechanisms

  • Reduction/ Elimination

  • Accepting/ Retention

  • Avoidance

  • Transfer

  • Sharing

  • Enhancing

  • Exploiting


Thank you

THANK YOU

Vicknayson Thevendran


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