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Assessment of risk management perceptions and practices of construction contractors in Saudi Arabia - Essay Example

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Author : vhuel

Summary

The aim of this paper is to determine the risk management techniques construction contractors introduce during construction and how they manage to deal with risks during and after construction. The research will focus on identifying risk management practices of construction contractors in Saudi Arabia…

Extract of sample
Assessment of risk management perceptions and practices of construction contractors in Saudi Arabia

This paper will delve on the vast literature on risk management, concepts and definition of risk management, risk assessment, and concepts and theories of value management and value engineering as introduced and practiced in Saudi Arabia construction Industry. Worldwide construction industry declined in performance because of globalization factors and the introduction of innovations. Some factors include weak management, introduction of new technology, sour relationships between stakeholders, and stiff competition. The construction boom in Saudi Arabia was triggered by the discovery of oil and the government’s decision to allocate a big sum of the budget to construction of buildings, airports, hospitals and other government structures. The Saudi construction industry is now one of the largest in the world. It is estimated in 2005 that the industry reached $35 billion. But in 2006, figures reached a staggering $50 billion. The Saudi Ministry of Planning reported that in 2000, the construction industry accounted for 30-40% of the economy, the second biggest offered by a non-oil sector. The Oxford Business Group reported that the amount of $300 billion was poured in to the economy through various construction projects. The industry contributed much to the increase in the Saudi gross domestic product. In 2005, GDP rose to SR767,749 Million (1$= 3.75SR), and from this 6.7% was attributed to construction, an amount reaching SR51,446 million. The growth for construction reached a level of 6% in 2005. ...
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