Identifying Key Risks in Construction Projects - Life Cycle and Stakeholder Perspectives - Case Study Example

Building Project Report Name Course Date Zou Patrick, Zhang Guomin, and Wang, Jia-Yuan. Identifying Key Risks in Construction Projects: Life Cycleand Stakeholder Perspectives. University of New South Wales, 2005. Retrieved on 5th September from, Background analysis The research was carried out in Australia and it involved the stakeholders in the construction industry. It was conducted in 2005 and it involved 60 companies that are major stakeholders in the Australian construction industry (Zou, Zhang & Wang, 2005). The main aim of the research is to identify the risks that are associated with the construction industry from the perspective of the stakeholders. According to the research, most of the previous research has not dealt conclusively with risks from the perspectives of the stakeholders. Literature review has been provided which deals with the past research that has been carried out in the industry. The research also intends to identify the importance of an effective risk management strategy in the construction industry in Australia. The practices that are involved in managing the risks in the Australian construction industry also form the objective of the research. However, the research does not provide any specific research question which could have plated an essential role in ensuring that the research is well understood. The research is properly scoped as it provides the reasons for carrying out the research. Background information regarding the risks in the construction industry has also been identified which plays an important role in providing more information with regards to the research. The scope plays an important role in enabling the audience to understand the problem being addressed by the research. It is also important to note that the research has clearly specified its aims and objectives. The research does not provide a clear hypothesis and it has referred to results of the previous research regarding risk management in general. The key words in the research have been identified and have been outlined. A total of 5 key words that are relevant to the research have been provided for the purpose of ensuring that the access to the research is simplified. Methodology analysis The methodology of the research has been clearly outlined. According to the methodology, literature review as well as questionnaires was the main tools that were used during the process of data collection. A precise and exact description of the methodology has been provided. The methodology indicates that 60 respondents were provided with the questionnaires. This is important information when it comes to the description of the study. All the respondents that were involved in the research were stakeholders in the construction industry. This is an indication that the methodology is useful in terms of answering the research question. The research question mainly targeted the stakeholders in the construction industry. This is also an indication that the research methodology is precise and exact. A good research methodology should always target the research question. This is considering that different research questions require different methodologies in order to address the research question conclusively (Nilsson & Halina, 2012). The research methodology can therefore be considered rigorous due to the precise and exact nature of the methodology in terms of addressing the needs of the research question. The description for the rationale of describing the research methodology has also been provided. Indicating the reasons for using a particular methodology is important in terms of creating an understanding among the audience. The reason for using the methodology is for the purposes of ensuring that detailed information regarding the risks is provided from the perspectives of the stakeholders. It is also important to note that the methodology has provided information with regards to how the data will be analyzed in the research. The methodology is also accurate in terms of its description participants that were involved in the research. This is also an indication that the research methodology has a high level of accuracy. The methodology that has been used for the purposes of carrying out the research is not biased. The presentation of the information has also been done in an accurate manner and hence preventing the bias. The methodological errors are not found in the research. This is also an indication that the research is rigorous. All the aims and objectives of the research were answered through due to the rigorous nature of the research methodology. The research has even gone further and answered the obvious question with regards to the risks that are common in the construction industry. The methodology of the research has proceeded in a logical way and hence facilitating an understanding of the research by the audience. The issues of bias and control have also been addressed briefly in the research. This is an indication that the methodology has been able to address the key issues of a research. A good methodology should be in a position to address all the challenges that may be encountered during the process of carrying out the research (Pickard, 2013). The aspects of data manipulation have also been highlighted in the methodology. This is through the use of statistical means which is important in terms of ensuring that the analysis of data is carried out effectively. High levels of accuracy have also been maintained during the process of carrying out the calculations. Some of the information has also been presented in graphs and charts for the purposes of promoting an easy understanding. The conclusion of the research is also consistent with the main aim and objective of carrying out the research. The research concludes that 20 key risks were identified by the stakeholders who the participants in the research. The conclusion therefore answers the research questions adequately. On the other hand, the research has also identified some weaknesses that may affect the outcome of future results. This is an indication that the research is rigorous at it has made conclusion that adequately addresses the key issues and it provides further comments that is of importance to the research (Flick, 2011). The authors have also put forward some strong arguments with regards to the risks in the construction industry. The arguments are important as they are from the perspective of the stakeholders in the construction industry. The research has also highlighted the importance of stakeholders working together closely for the purposes of minimizing the risks. Most of the risks can be managed by the stakeholders. The research also recommends that sound decisions should be made in advance for the purposes of ensuring that mitigating the risks in the construction industry. This requires knowledge of risk management by the contractors or sub-contractors who are implementing the construction project. The research also found that some of the risks may impact negatively on the costs and the environment and hence affecting the progress of the project. The methodology that was used in the research is thus rigorous and unbiased and hence accuracy in the results. Contribution analysis The research has played an important role in terms of advancing the human knowledge. This has been enhanced through the provision of new information with regards to the risks in the construction industry. This is because the research has provided new information with regards to the risks in the construction industry in Australia. The information in the research was obtained directly from the stakeholders who are involved in the construction process. This is unlike the other that does not focus on the stakeholders but the industry in general. A good research should be in a position to provide information that is practical and can solve the problems that people face in a particular industry (Pickard, 2013). The research also makes an important contribution by identifying risks in the construction industry. It also expands on the risks that have been identified by previous research. This is an indication that the research has contributed positively to the future of Australian construction industry by clarifying the risks that most of the stakeholders may end up facing. The information obtained from the research could also be useful to the government in terms of making decisions with regards to risk mitigation in the construction industry. The study also makes important contributions in terms of confirming some of the aspects of risks in the construction industry that had been highlighted by previous researchers. This is considering that literature review was also used for the purposes of collecting information in the research. Important contributions have also been made by the research for the purposes of ensuring that a safe and quality construction is carried out through the minimization of risks. The research also makes important contributions in the field of construction by highlighting the risks that can be encountered during different lifecycle of the construction process. The research has also made important contributions in terms of the theoretical analysis. This has been achieved through making important definitions and proofs that are not mathematical in nature. The provision of evidence in a research is important in terms of creating a better understanding with regards to the topic under investigations (Miller, Maxine, Melanie & Julie, 2013). More knowledge can also be obtained by students or stakeholders in the construction industry through reading the research. This is an indication that the research has played an important role towards the acquisition of knowledge. References Zou Patrick, Zhang Guomin, and Wang, Jia-Yuan. Identifying Key Risks in Construction Projects: Life Cycle and Stakeholder Perspectives. University of New South Wales, 2005. Retrieved on 5th September from, Nilsson, Fredrik, and Halina Dunin-Woyseth. "On the Emergence of Research by Design and Practice-based Reseach Approaches in Architectural and Urban Design." (2012): 37-52. Pickard, Alison Jane. Research methods in information. Facet Publ., 2013. Miller, Tina, Maxine Birch, Melanie Mauthner, and Julie Jessop, eds. Ethics in qualitative research. Sage, 2012. Flick, Uwe. Introducing research methodology: A beginner's guide to doing a research project. Sage, 2011. Read More