TITLE:
A Review of Risk Management in Construction: Opportunities for Improvement
AUTHORS:
Rogério Cabral de Azevedo, Leonardo Ensslin, Antônio Edésio Jungles
KEYWORDS:
Risk Management, Construction, ProKnow-C
JOURNAL NAME:
Modern Economy,
Vol.5 No.4,
April
15,
2014
ABSTRACT:
To expand
knowledge of a search on a particular topic or to gather a significant sample
of information that allows the researcher to identify and analyze the current
state of knowledge on a topic, this paper presents a structured process for the
selection of academic papers, evidence of papers’ relevance through
bibliometric analysis, and analysis of the papers’ contents to identify gaps in
the knowledge related to the theme under consideration and the objectives of
the researcher. Starting from an interest in identifying and analyzing
valuation models and risk management applied to the construction industry and
using the Knowledge Development
Process-Constructivist (ProKnow-C),
this research identified 12,032
articles in thirteen academic databases. In its subsequent steps, the ProKnow-C allowed, in a process of continuous
selection, the choice of the 23 articles that presented quantitative or
qualitative risk management models developed for the construction industry.
The relevance of this set of papers
was demonstrated by bibliometric analysis. The content of the articles was
systematically analyzed from ten research lenses based on the concepts of risk,
risk management, and performance measurement adopted by the researchers,
representing their research vision. The results of the systematic analysis demonstrated that risk
management is a broad and complex subject, especially when its management aims
to both avoid/minimize risk and guide the organization to a level where the
risks can be transformed into competitive advantages. The analysis revealed the unique character
of risk perception, indicating that models developed in one context are
suitable only for that context. Thus,
the use of ProKnow-C facilitated the acquisition of knowledge and enabled the
researcher to identify numerous research opportunities, which, if included in
the development of a new model, would allow this model to be used as an
instrument that is legitimate and valid for the measurement, assessment, and
management of risk, enabling the company to achieve competitive advantages in
the market.