Measures to Identify Challenges Associated with Adoption of Risk Management in SMEs on a Global Scale

Running head: RISK MANAGEMENT IN CONSTRUCTION INDUSTRY
RISK MANAGEMENT IN CONSTRUCTION INDUSTRY
Name of the Student
Name of the University
Author Note

1RISK MANAGEMENT IN CONSTRUCTION INDUSTRY
Executive Summary:
The discussed paper has critically reviewed four journal articles as part of the research project
and based on the gap identified from the reviews the initial topic proposed for the research is
“Measures to identify challenges associated with adoption of risk management in SMEs on a
global scale.”. The findings from the reviewed articles have revealed that researches have
been conducted on the challenges that are associated with the implementation of risk
management in the small and medium scale industries. However, it should be noted that the
findings from reviewing each paper are limited to the country that the research has been
conducted in. Two of the reviewed article shows findings from the construction industry from
Singapore, one from Tanzania and other from the UK. Hence, the limitation of findings is
limiting the identification of common factors that are common on a global scale and based
upon which a standard solution for to omit the challenges associated with the implementation
of the risk management can be omitted. So, on the identification of the literature gap, the
stated topic has been selected as the research topic of the proposed paper.

2RISK MANAGEMENT IN CONSTRUCTION INDUSTRY
Hwang, B.-G., Zhao, X. & Toh, L., 2014. Risk management in small construction
projects in Singapore: Status, barriers and impact. International Journal of Project
Management, 32(1), pp.116–124.
Purpose
The purpose of the reviewed paper is to evaluate the risk management in the
construction industry of Singapore where the variables are the status, impact and barriers.
The paper has also aimed at evaluating the importance of risk management on small projects
and how can the former enhance the project’s performance. Additionally, the barriers to the
implementation of risk management in the small project are even cited with proper attention
following by their status.
Method
The paper has adopted primary data collection method to collect data that can assist in
achieving the proposed paper. The collection process includes distribution of the of sample
questionnaire to the stakeholders of small projects in the construction industry of Singapore.
The questions for the questionnaire has been devised with assistance from the literary work
that had been conducted in the past over the same subject. Additionally, four project
managers have also been interviewed to collect abstract data before analysing them to
conclude the paper.
Key Concepts
The paper claims that it is not of concern whether a project is small or big, it is
necessary to have a risk management plan to tackle undesired situations. Additionally, it also
claims that a project can be plagued by complexity and dynamic nature of risk at any time.
Findings
The findings from the paper reveal that small projects do not have a risk management
plan in place for undesired circumstances because of the barriers like ‘low budget’, ‘short
timeframe’ and ‘non-economical causes’. The findings also claim that there is a positive
relationship between the risk management and project performance.
Significance/Implications
The findings from the paper can be used in a real-world scenario to motivate project
managers (PMs) to adopt risk management as part of project management and enhance the
performance of small projects. Additionally, identifying the barriers can help in omitting
them.
Limitation
The paper has limited itself to the identification of the barriers, and hence, it has
offered scope for further scholarly work to devise a measure to omit the identified barriers
and in the process motivate projects to adopt risk management.
Reflection
The paper is a well-scripted work. However, it lacks critical thinking along with some
grammatical and spelling errors. The paper also failed to concise the findings to simplify the
understanding. The research work carried out before pursuing the objective is also evident
from the paper.