Construction Risk Taxonomy: An International Convergence of Academic and Industry Perspectives
Kristen Barlish, Alberto De Marco and Muhammad Jamaluddin Thaheem
DOI : 10.3844/ajassp.2013.706.713
American Journal of Applied Sciences
Volume 10, Issue 7
Risk management is a topic heavily researched and important for industry professionals. Both academic and industry perspectives are critical to advancing this field, especially in risk identification and taxonomy. A unique comparison and convergence of these perspectives is developed in order to understand the most relevant risks for projects and to ensure they are addressed in the risk management process. This comparison is created via a content analysis of the relevant literature and a survey to industry professionals. The differences and similarities among risks are analyzed, revealing that both perspectives emphasize financial/economic risks. The literature tends to focus on political; acts of God classified risks, whereas the industry places emphasis on regulatory risks. An elaboration of variations is performed aiming to improve the literature-based taxonomy taking into account the industry perspective to ensure its risk management process responds to these risks and provides a clearer focus towards future research.
© 2013 Kristen Barlish, Alberto De Marco and Muhammad Jamaluddin Thaheem. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.