Research Article Open Access

Construction Risk Taxonomy: An International Convergence of Academic and Industry Perspectives

Kristen Barlish1, Alberto De Marco2 and Muhammad Jamaluddin Thaheem3
  • 1 School of Sustainable Engineering and the Built Environment, Arizona State University, Tempe, Arizona, United States
  • 2 Department of Management and Production Engineering, Politecnico di Torino, Italy
  • 3 Department of Urban Studies and Planning, Politecnico di Torino, Italy

Abstract

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.

American Journal of Applied Sciences
Volume 10 No. 7, 2013, 706-713

DOI: https://doi.org/10.3844/ajassp.2013.706.713

Submitted On: 16 April 2013 Published On: 24 June 2013

How to Cite: Barlish, K., Marco, A. D. & Thaheem, M. J. (2013). Construction Risk Taxonomy: An International Convergence of Academic and Industry Perspectives. American Journal of Applied Sciences, 10(7), 706-713. https://doi.org/10.3844/ajassp.2013.706.713

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Keywords

  • Engineering and Construction
  • Risk Identification
  • Risk Management
  • Survey