Risk management in international construction projects: Towards effective implementation and enhanced performance

Due to the inherent complexity and innovative character of construction projects, the role of risk management has become increasingly crucial. Dealing with the multifaceted risks associated with international construction projects is important in order not only to make sure that the project objectives are secured but also to make profit. It is predominantly the manager’s responsibility to deal with contingencies or risks that may occur before and during the execution of the project. However, as studies show, his role has become particularly complex and inefficient since it is observed that the risk management process is not adequately organized, supported and performed. Further, due to risk management practices’ high practical value to the construction industry, one would expect that those that have already been developed are not only state of the art, but also highly effective. Nonetheless, even if a plethora of tools and techniques has been developed for the implementation of risk management throughout the years, their use has most of the times proved insufficient. By investigating deviations between risk management guidelines, literature and application in practice as well as barriers to effective risk management implementation in practice, this research aims to improve risk management in international construction projects.Civil Engineering | Construction Management and Engineerin