| Title |
Assessment of Risk Management Practices of CM Enterprise: The Need for an Enterprise-level Risk Management Framework |
| Authors |
Park, Kyungmo ; Lee, Hyun Woo ; Kim, Changduk |
| DOI |
http://dx.doi.org/10.6106/KJCEM.2014.15.3.066 |
| Keywords |
CM enterprise ; Risk management condition analysis ; Suggest efficient management methodology |
| Abstract |
The Korean construction industry has been severely impacted by the 2008 global financial crisis, which resulted in a significant reduction in the overall contract amount. For survival, many construction management (CM) companies had to adapt a strategy of lowering bid prices to maintain their competitiveness. As a result of the strategy, companies faced a number of issues including their decreased capability in risk management. However, most risk management-related studies focused on construction risk management, yet these studies lacked consideration of enterprise-level risk management practices. To fill the gap, the objectives of the present study are (1) to investigate, the risk management practices of Korean CM companies, (2) to identify factors that determine efficient enterprise-level risk management practices, and (3) to propose a module for the development of enterprise-level risk management. Lastly, the efficiency of the proposed development module was validated by using a survey. |