An exploratory factor analysis of risk management practices: a study among small and medium contractors in Gauteng
| dc.contributor.author | Renault, Berenger | |
| dc.contributor.author | Agumba, Justus | |
| dc.contributor.author | Ansary, Nazeem | |
| dc.date.accessioned | 2018-08-20T10:50:02Z | |
| dc.date.available | 2018-08-20T10:50:02Z | |
| dc.date.issued | 2018 | |
| dc.description.abstract | English: Risk management (RM) is acknowledged as a key activity in project management in the pursuit to deliver successful construction projects. However, these projects are associated with various risks, which often jeopardise project performance, especially among small and medium construction enterprises (SMEs). Risk management practices (RMPs) have been developed, in order to curtail project risks. Nevertheless, there is no consensus on the practices that constitute RM for SME projects. Therefore, the main purpose of this research is to determine the RMPs that can be tailored for construction SMEs to manage risk in their projects, in order to achieve project success. An extensive review of relevant literature on RMPs was conducted and used to develop a structured questionnaire posted to construction SMEs who were conveniently sampled in the Gauteng province of South Africa. The empirical findings established nine RMPs that were reliable and valid for managing risk in projects undertaken by construction SMEs, namely organizational environment; defining project objectives; resource requirements; risk measurement; risk identification; risk assessment; communication approach and evaluation; risk response and action planning, as well as monitoring and review. It is important to note that the study was not conducted across South Africa; hence, the findings cannot be generalized. Despite the delimitation, the researchers recommend that these practices are for risk management in construction projects undertaken by SMEs in South Africa. | en_ZA |
| dc.description.abstract | Afrikaans: Risikobestuur (RB) word erken as ’n sleutelaktiwiteit in projekbestuur in die strewe om suksesvolle konstruksieprojekte te lewer. Hierdie projekte word egter geassosieer met verskeie risiko’s wat projekprestasie dikwels in gevaar stel, veral onder klein en medium konstruksie-ondernemings (KMO’s). Risikobestuurspraktyke (RBP) is ontwikkel om projekrisiko’s te beperk. Tog is daar geen konsensus oor die praktyke wat RB vir KMO-projekte uitmaak nie. Die hoofdoel van hierdie navorsing is dus om die RBP te bepaal wat aangepas kan word vir konstruksie-KMO’s om risiko in hul projekte te bestuur ten einde projeksukses te behaal. ’n Uitgebreide literatuurstudie oor RBP is gedoen en gebruik om ’n gestruktureerde vraelys te ontwikkel wat aan konstruksie-KMO’s in die Gauteng provinsie van Suid-Afrika gepos is. Die empiriese bevindinge het nege RBP opgestel wat betroubaar en geldig was vir die bestuur van risikos in projekte wat deur konstruksie-KMO’s onderneem is, naamlik organisatoriese omgewing; definisie van projekdoelwitte; hulpbronvereistes; risiko-meting; risiko-identifikasie; risikobepaling; kommunikasiebenadering en evaluering; risikoreaksie en aksiebeplanning, sowel as monitering en hersiening. Dit is belangrik om daarop te let dat die studie nie oor die hele Suid-Afrika uitgevoer is nie; daarom kan die bevindings nie veralgemeen word nie. Ten spyte van die beperking, beveel die navorsers aan dat hierdie praktyke is wat vir risikobestuur in konstruksieprojekte deur KMO’s in Suid-Afrika onderneem moet word. | en_ZA |
| dc.description.version | Publisher's version | en_ZA |
| dc.identifier.citation | Renault, B., Agumba, J., & Ansary, N. (2018). An exploratory factor analysis of risk management practices: a study among small and medium contractors in Gauteng. Acta Structilia, 25(1), 1-39. | en_ZA |
| dc.identifier.issn | 1023-0564 (print) | |
| dc.identifier.issn | 2415-0487 (online) | |
| dc.identifier.uri | http://dx.doi.org/10.18820/24150487/as25i1.1 | |
| dc.identifier.uri | http://hdl.handle.net/11660/9139 | |
| dc.language.iso | en | en_ZA |
| dc.publisher | University of the Free State | en_ZA |
| dc.rights.holder | University of the Free State | en_ZA |
| dc.subject | Factor analysis | en_ZA |
| dc.subject | Risk management practices | en_ZA |
| dc.subject | Small and medium enterprises | en_ZA |
| dc.subject | South Africa | en_ZA |
| dc.title | An exploratory factor analysis of risk management practices: a study among small and medium contractors in Gauteng | en_ZA |
| dc.type | Article | en_ZA |