Importance of Risk Management in Construction Projects - A Study on UK Industry

Research Proposal Form
Student Name:
Student Number: 18123
Date:
Unit: HNBS 311
Proposed title:
The importance of risk management in projects – A study on
construction industry of UK

Section One: Title, objective, responsibilities
The main title of the research project is to analyse the importance of risk management in projects – A
study on construction industry of UK”.
Research project objectives
The main objectives of the study are:
1. To understand the concept of risk management
2. To determine the problems due to inefficient risk management in construction projects
3. To analyse the strategies for preventing the problems
4. To recommend strategies to turnaround project into success
Research question
1. What is the concept of risk management?
2. What problems are faced by construction projects due to inefficient risk management?
3. How these problems can be prevented?
4. What are some of the strategies to turnaround project into success?
Section Two: Reasons for choosing this research project
Risk management helps the project managers in establishing the priorities, executing actions and
allocation of resources that helps in reducing the risk of the project to not achieving the objectives.
Thus, it can be said that risk management helps in facilitating enhanced business as well as project
results though offering knowledge and insight for enhanced decision making. Further, if the risk
management is being ignored there is augmented costs, damage to the reputation, reduction in profit
and worst disposal of the business. Thus, adequate risk management and analysis is crucial for the
successful completion of construction project.
Section Three: Literature sources searched
According to (Fang and et.al., 2014), Projects are very unique and complex by their nature. They take
place over for an enduring time period and also demands engagement of assortment of people,
finance, resources, materials along with intellectual property. In some of the situations, projects have
certain defined goals that offers a clear vision as well as requirement of the objectives to those who
are being involved.
According to (Chatterjee and et.al., 2018) risk management is being regarded as one of the most
important factors in the project management practices for verifying whether the project is successfully
completed or not. As per (De Araújo Lima, Crema and Verbano, 2020), construction industry as per

other industries is riskier and involves more uncertainties. Thus, from protecting their business, it is
important to seek different methods
Section Four: Activities and timescales
Activities to be carried out during the research project (e.g. research,
development and analysis of ideas, writing, data collection, numerical
analysis, tutor meetings, production of final outcome, evaluation, writing
the report):
Activity Days and target date
Proposal 2 days,12 – 06 – 2022
Chapter 1 Introduction 2 days, 1 – 07 – 2022
Chapter 2 Literature review 3 days, 4 – 07 – 2022
Chapter 3
Research Methodology
2 days, 6 – 07 – 2022
Chapter 4 Findings & analysis 5 days, 11 – 07 – 2022
Chapter 5 Discussion 3 days, 14 – 07 – 2022
Chapter 6 Conclusion &
Recommendations
2 days, 16– 07 – 2022
How long this will take:
This will take a total of 20
days
 Milestone one: Submitting the Research Proposal
Target date (set by tutor): 13 June 2022
 Milestone two: Submitting the Research Project Report
Target date (set by tutor): 25 July 2022
Section Five: Research approach and methodologies
Research approach – The researcher will make use of inductive research approach as the research
will be qualitative in nature.
Research philosophy – The researcher will make use of interpretivism research philosophy, as it
involves observation of the social phenomenon
Data collection – In the current research work, the researcher will make use of primary and
secondary data collection methods. Primary data will be collected by conducting interview of
employees of construction industry through questionnaire. Secondary data will be collected through
exploring different books, journals, articles and online sources relevant to the study.
Data analysis – The collected data will be analysed using qualitative analysis technique wherein
thematic analysis tool will be used to form common themes