Adjustment business risk management and decision making strategies with construction project management

A great emphasis has taken place to identify and analyses the factors that have been affecting the success and the failure of construction projects in recent decades. The construction industry suffers the most to meet deadlines and budgets limits. The significance of matching between implementation of project management and its business level strategy is stressed in this article. However, there are a limited number of studies investigating the relationship between business level strategy and implementation of project management in the construction industry. This paper aligns two of the business strategies, namely risk management and decision making process, with the construction management process. Risk management is the systematic process of identifying, analyzing, and responding to project risk. The process of risk analysis includes qualitative and quantitative analysis. To enhance the profitability of a construction company, risks that affect the profit of the company must be controlled as part of their long-term business planning. However, it is challenging to properly analyze the probability and impact of risks because of the inherent uncertainties associated with construction projects. Also the decision-making process is critical to the success of any construction project. Since project managers have to make decisions on a daily basis and must be able to justify these decisions. Wrong decisions can be costly in terms of time, quality, cost and relationships. Effective time-management requires decisions to be assessed in terms of urgency and importance, and dealt with accordingly. This study focused on this two grounds of business subject which fit with construction projects stages. Method for gathering information a questionnaire was developed and sent to different experts in the construction industry. The collected data of 100 responses have been analyzed statistically and precisely and reach a crucial result.

کلیدواژه ها:

Construction projects ، business strategies ، project management ، risk analysis ، decision making