International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
INTERNATIONAL JOURNAL OF MAN...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online),
Volume 4, Issue 5, September...
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  1. 1. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), INTERNATIONAL JOURNAL OF MANAGEMENT (IJM) Volume 4, Issue 5, September - October (2013) ISSN 0976-6502 (Print) ISSN 0976-6510 (Online) Volume 4, Issue 5, September - October (2013), pp. 168-178 © IAEME: www.iaeme.com/ijm.asp Journal Impact Factor (2013): 6.9071 (Calculated by GISI) www.jifactor.com IJM ©IAEME EVALUATION OF RISK FACTORS AFFECTING TIME AND COST OF CONSTRUCTION PROJECTS IN YEMEN Saleh Alawi Ahmad1, Usama H. Issa2*, Moataz Awad Farag2, Laila M. Abdelhafez3 1 -Civil Engineer, Ph.D. Student, Yemen -Assistant Professor, Construction Management, Civil Engineering Department, Faculty of Engineering, Minia University, Egypt 3 -Professor, Head of Civil Engineering Department, Faculty of Engineering, Minia University, Egypt 2 ABSTRACT Construction projects in Yemen, like other developing countries, are dramatically experiencing a highly risk prone, due to their complex and dynamic environments. Thus, such nature is creating an atmosphere of high uncertainty and risks. This consequently leads to both project time and cost overruns. In this paper, a study is carried out to identify and assess the critical risk factors that are influencing time and cost of construction projects in Yemen. Through a comprehensive review for related literatures, 54 common risk factors are identified and categorized into ten groups. The study is further guided by interview sessions as well as a questionnaire survey to professionals and practitioners of construction projects in Yemen, in order to collect the required data. Analyzing the data is statistically accomplished using SPSS software. Results show a significant frequency of time and cost overruns of construction projects in Yemen. Delay in delivery of materials to site and Political instability are located at the top-ranked risk factors that cause projects delay. While, on the other side, the risk factors of Increase of Inflation rates and Fluctuations in the material's prices have the most significant impact on project's budget. However, the research introduces some risk factors, which have the same degree of impact on both time and cost. Moreover, results demonstrate that 47 % of the total projects faced time overrun while 40 % of the total projects faced cost overrun in Yemen. Key words: Risk, Time Overrun, Cost Overrun, Yemen, Construction Projects RISK MANAGEMENT Risk is defined as the potential negative consequence(s) of an activity or an occurrence [1], whereas Gray and Larson [2] considered risk as “the chance that an undesirable event will occur and the consequences of all its possible outcomes”. Admittedly, risk is not always easy to be evaluated, 168
  2. 2. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) since the probability and consequence of occurrence are usually not measurable parameters. Hence, they need to be estimated either statistically or by other approaches [3]. Managing risks, as depicted in figure (1), is a systematic process for, identifying, qualitatively and quantitatively analyzing, evaluating, monitoring, and controlling project risks. It also involves operations, tools, and techniques that will help the project manager to minimize the probability and consequences of adverse events throughout project lifecycle. Implementation of risk management does not only bring a higher level of awareness of the consequences of risk, but also focuses on a more structured approach, more effective centralized control and better transfer of risk information between parties [4]. Efficiency of risk management for construction projects increases when the management process is early performed in the life of the project. Figure (1) Risk Management Processes [5] RISK IDENTIFICATION AND ASSESSMENT Identification of risks associated with a particular project commences with an understanding of the project itself; its scope and objectives. Chapman [6] listed seven techniques that may be used in identifying risk factors/events. The list includes semi-structured interviews, brainstorming technique, nominal group technique, Delphi technique, identification tools (e.g. system dynamic models), and historic records. In order to effectively identify project risks, it’s recommended to break risk sources down into a hierarchy form of levels and sub-levels to clearly provide enough details [7]. Therefore, based on the concept of Work Breakdown Structure WBS, using for scheduling, a Hierarchical Risk Breakdown Structure (HRBS) provides a number of benefits, by decomposing potential sources of risk into layers of increasing details. Through this study, risk identification is tackled by investigating the most significant risks related to the construction projects in a form of HRBS for various levels. Using HRBS, as presented in Figure (2), a proposed classification of risks into a couple of levels, (which are Internal Risk, and External Risk), is established. The level of external risks is particularly for those, which are relatively uncontrollable, and due to their nature, there is a need for continual scanning and forecasting of these risks. For instance, economic risks, political risks, etc. The second level is internal risks, which are relatively more controllable and vary between projects. 54 risk factors are selected for this study; these are screened from both literature review and a survey that was 169
  3. 3. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) conducted to construction practitioners in Yemen. These factors are divided into ten groups, in order to match the special nature of construction projects in Yemen. The term “risk analysis” is synonymous with “risk assessment” and is often used to describe the process of the risk evaluation. Risk assessment provides additional insight about risks with respect to their probability of occurrences and the consequences of impact on the project. It provides quantitative inputs to assist in decision making with respect to risk response. Two levels of risk assessment, based on the extent of detailing and quantification, qualitative risk analysis and quantitative risk analysis [8]. O w ner R isk P olit ica l R is k R1 - O w ner inter fer en c e R2 - Slow decision ma king R3 - Cha ng e or der s during construc tio n R4 - D elay in pr og r ess pa ym ents R5 - A ddition al w or ks R 39- Political in sta bility R 40- Cha nge in re gulation s an d law s R 41- Cha nge in scope due to G ove rnm e nt influenc e R 42- A c cid en t during c onstr uction R 43- Str ike s an d D iso rder s C ont ract or R isk R6 - L ack of contra ctor's exp er ience R7 - Ca sh flow m ana gem ent R8 - Incr ea sed n um ber of pr oje cts R9 - Mista kes dur ing construc tion sta ge R1 0- D elay in subcon tr actor 's w ork R11- C onflicts be tw een con tr ac tor ’s a nd other par ties C ons ult ant R is k R1 2- L ack of consultant's e xperien ce R1 3- D elay in r ev iew ing and a p proving design R1 4- D elay an d slow super v isio n in m aking decision R1 5- Poor con tr act ma nage m ent b y c onsultant R1 6- D elay in a pproving m a jor ch a nges in the scope of w ork D esig n R is k R1 7- L ack of design-te am e xper ien ce R1 8- Insufficien t data c ollec tion an d surve y bef or e design R1 9- D esign c han ge s R2 0- D esign e rr or s an d om issions R2 1- U n -use of advan ced engine ering design softw a re R2 2- Va riations of a ctual quantitie s of w ork com par ed w ith qua ntities in docum en ts E co no mi c R is k R4 4- In cre ase of in flation r ates R45- H igh ta xation an d tax ra te chan g e R4 6- F ore ig n cur ren cy f luctu ations Fo rce M a je ure R isk R 47- Ba d W ea th er R 48- E ar thqua kes R4 9- L andslides R 5 0- U nfore seen site conditions E nvi ro nm en t al R isk R 51- Slow site clea ra nce R 5 2- E n vir on m ental a nalysis in com plete R 5 3- Side effe cts d ue to projec t activitie s R54- E nvir on men ta l pr ote ction due to pr o je ct pollu tions (n oise , sm oke, a nd w a stes c aused pr ojec t) R eso urces o f P ro j ect R isk R2 3R2 4R2 5R2 6R2 7R2 8R2 9R3 0- D elay in de liver y of m a ter ials to site Fluctua tions in the ma teria l's pr ices Poor q ua lity of constr uction m ater ia ls Shorta ge of la bor s a nd e quipm en ts of th e wor k site Incr ea se of la bo r s pr ic es L ow pr oductivity le vel of the site Per sonal conflicts a m on g labor s Ina dequate m odern e quipm ents O rg ani za tio n R isk R3 1- Poor m ana gem ent of pr oje ct site R3 2- Ineffe ctive planning and scheduling R3 3- L ack of eff ectiv e com m un ica tion and coordina tion R3 4- Ina dequate m an a geria l skills R3 5- Poor finan cial control on site R3 6- T ra nsportation pr oble m s R3 7- Poor site sa fety R3 8- Ina ppr opriate projec t o rga nizational str ucture Figure (2) Risk identification breakdown structure 170
  4. 4. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) Qualitative risk analysis is the process of assessing the impact and likelihood of identified risk. Through this process, risks are prioritized according to their potential affect on project objectives. Furthermore, qualitative risk analysis is a way to determine the importance of addressing specific risks and guiding risk responses. The respondents were requested to judge the significance or expected loss of each risk [9]. Quantitative risk analysis is a way of numerically estimating the probability that a project will meet its time and cost objectives. Quantitative analysis is based on a simultaneous evaluation of the impact of all identified and quantified risks. CONSTRUCTION PROJECTS IN YEMEN The construction projects in Yemen is the fourth largest employer of workforce in the country, amounting to 9-10% of the working population, the average annual growth rate of the sector is about 5.4%, effectively contributing to the economic growth of Yemen. With relatively large volume of investments presently in this sector as well as likely increase in external funding from World Bank and other donor agencies for developmental projects, the demand for services in this sector is bounded to increase steadily [10]. In the real estate sector, comprising both residential and commercial construction, there are increasing in building construction activities, mostly for residential housing projects and office buildings in Sana’a and other towns. Recently, large top end residential and commercial complexes are under construction in Sana’a with financing by foreign investors. Currently, the investment by the Government in infrastructure is about US$ 2 billion, as compared to US$ 250 million from the donor agencies. Nonetheless, the actual output in terms of progress, quality and fund utilization is much less primarily due to lack of proper project management, effective supervision and monitoring and mostly relying on the contractors [10]. The types of projects commonly constructed in Yemen, and which are considered to be the backbone of Yemen’s development efforts, include (Government buildings, Public housing, Commercial buildings, Industrial facilities, Roads, Power plants, Dams, Irrigation system, and Water purification plants). RESEARCH METHODOLOGY Due to the non-availability of organized information related to the occurrence of risk factors and risk management of construction projects in Yemen, a questionnaire was designed based upon literature to obtain information on the probability and impacts of the risk factors known to professionals in construction projects. The approach of the questionnaire is well-recognized and widely used in general management and project management research [11-17]. Several means were employed to deliver the questionnaires to potential respondents. Direct (face-to-face) delivery was used in most of the questionnaire filling to motivate respondents and to ensure the accuracy of answers and improve response rate as stated by ([18] and [17]). The questionnaire design was developed from literature review of past research focused on risks in construction. The questionnaire was divided into three main parts. Part one includes general information about the respondents while part two represents the main part of data collection to obtain information on the probability of occurrence for each risk factor and its impact on the time and the cost of the construction projects from the reality of participant experience. The proposed fifty four risk factors were included as introduced in the HRBS as illustrated in Figure (2). Finally part three sought information on the construction projects time and cost overruns of these projects which the respondents have been involved. 171
  5. 5. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) QUESTIONNAIRE AND RESPONSES SURVEY After developing the questionnaire, it was necessary to be examined by experts in the field of construction projects in Yemen to ensure its intelligibility and the understanding of the questions, and to give comments on the design of the questionnaire. Five experienced professionals having average experience of 30 years in the field of construction projects were involved in the pre-test using interviews. Test professionals included 1 owner, 2 consultants and 2 contractors. Their comments were used to find out the shortcoming and ambiguities in the first draft of the questionnaire. Their suggestions with respect to the contents, structure, format and sequencing of the questions were incorporated in the final questionnaire. The questionnaire was distributed personally and collected by hand. However, direct (face-to-face) delivery was preferred to motivate respondents and ensure completeness and accuracy of answers in addition to improve response rate. After collecting the raw data of questionnaires, the data entered into computer spreadsheet, and SPSS program was used to analyze the data. Out of 150 questionnaires were distributed and responses to the questionnaire were then collected and analyzed. The total number of respondents participating in this survey was 93 representing 62% as a general response rate for consultants, contractors and owners. 26 % (24) consultants, 41 % (38) contractors, and 33 % (31) owners participated in the questionnaire as shown at Fig (3). Figure (3) Perecent of respondents in the questionnaire EXPERIENCES OF RESPONDENTS Experience of Respondents is measured in a number of years a respondent has been working in the construction projects in Yemen. The aim of this section is to give an image of the strength of respondents’ experience, and therefore indicate the degree of reliability of the data provided by them. Table (1) and figure (4) show that 8.6 % (8) of the respondents have experience from 5 to 10 years at construction projects , 11.8 % (11) of respondents who have experience from 10 to 15 years, 25.8 % (24) of respondents have experience from 15 to 20 years, and 53 .8 % (50) of respondents have experience over 20 years at construction projects, which in turn raises the reliability of the data collected from the shared knowledge of long years of experience in the construction projects fields in Yemen. Also to ensure that the survey results were credible, any replies from respondents with less than five years of experience were discarded. PROJECTS TYPES Figure (5) shows that 29.83 % of respondents worked in Residential projects, 14.29% in Commercial projects, 36.13% in Governmental projects and 19.75 % in other projects. 172
  6. 6. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) Table (1) Respondent's Experiences of Construction projects in Yemen Respondents Classes Experience in Years 5 to 10 10 to 15 15 to 20 >20 Consultant Contractor Owner All No. % No. % No. % No. % 3 6 4 11 12.5 25 16.7 45.8 3 3 14 18 7.9 7.9 36.8 47.4 2 2 6 21 6.5 6.5 19.3 67.7 8 11 24 50 8.6 11.8 25.8 53.8 Figure (4) Respondent's Experiences of Construction projects in Yemen Figure (5) Type of works executed by the respondents PROJECTS SIZES In this paper a compromise range for construction projects in Yemen sizes are chosen as follows (1$ = 214 RY): Large projects which their budget is greater than 100 M RY, Medium projects which their budget is ranges between 50 and 100 M RY, and Small projects which their budget is less than 50 M RY. Figure (6) shows the respondents who have dealt with the large projects (26.73%). Most of the respondents have dealt with medium projects (43.56%), and the rest was for respondents who have dealt with small projects (29.70%). 173
  7. 7. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) Figure (6) Size of projects executed by the respondents DATA ANALYSIS The collected data got from part two in the questionnaire which concerns the identified risk factors were in the form of five risk levels (very high, high, medium, low and very low). The collected data were analyzed through three indices as follows [17]: 1-Probability Index (PI): An equation is used to assess or rank risk factors based on their probability of occurrence as identified by the participants. 2-Impact Index for Time (IIT): An equation is used to assess or rank risk factors based on their impact on the project time as identified by the participants. 3-Impact Index for Cost (IIC): An equation is used to assess or rank risk factors based on their impact on the project cost as identified by the participants. Description of these indices can be explored through the following equations: PI= Equation (1) IIT= Equation (2) IIC= Equation (3) Where: PI = is the probability index for a certain risk factor. P = constant expressing the weight assigned to option ( ) on the probability of occurrence. XP = variable expressing number of responded who selected option ( ) for Probability Of occurrence. IIT = is the impact index for time. It = constant expressing the weight assigned to option ( ) on the degree of Impact time. XIt = variable expressing number of responded who selected option ( ) for degree of Impact time. IIC = is the impact index for cost. IC = constant expressing the weight assigned to option ( ) on the degree of Impact cost. XIc = variable expressing number of responded who selected option ( ) for degree of Impact cost. A = heights weight (i.e. (.9) in this case). N = total number the frequency of the th response. 174
  8. 8. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) SPEARMAN'S RANK CORRELATION COEFFICIENT Spearman’s rank correlation is a non-parametric test. Non-parametric tests are also referred to as distribution free tests. These tests have the obvious advantage of not requiring the assumption of normality or the assumption of homogeneity of variance. They compare medians rather than means and, as a result, if the data have one or two outliers, their influence is negated. In this research the Spearman’s Correlation is used. Correlation is a relationship- measure among different parties or factors. It is used to show the degree of agreement among the different parties [16]. The Spearman test is applied for the three pairs of groups (consultants, contractors and owners) to ensure the strong agreements on the ranking based on probability of occurrence and the impacts of the risk factors on the time and the cost of construction projects in Yemen. Table (2) shows that there is a high degree of agreement among the three groups on the level of probability of occurrence and the impacts on time and cost. Therefore, further attempt to analyze the problems faced by the different groups of respondents is not necessary, and all the results are positive which imply good agreements among the different groups. So, the analysis will be based on data for all respondents. Table (2) Spearman’s correlation coefficients Group probability Impact on time consultants and Contractors .611 . 660 Contractors and Owners consultants and Owners .601 .625 Impact on cost .650 . 598 . 705 .706 .732 ANALYSIS OF RISK FACTORS The top five risk factors due to their (PI) were: Increase of Inflation rates (PI=.848), Delay in delivery of materials to site (PI=.799), Fluctuations in the material's prices (PI=.773), Political instability (PI=.718), Foreign currency fluctuations (PI=.642). The top five risk factors due to their (IIT) were: Delay in delivery of materials to site (IIT=.846), Political instability (IIT=.833), Fluctuations in the material's prices (IIT=.728), Delay in subcontractor's work (IIT=.685), Delay in progress payments (IIT=.656). The top five risk factors due to their (IIC) were: Increase of Inflation rates (IIC=.868), Fluctuations in the material's prices (IIC=.847), Political instability (IIC=.785), Foreign currency fluctuations (IIC=.728), Delay in subcontractor's work (IIC=.685). The Risk Factor Index (RF) for time and the Risk Factor Index for cost can be calculated using the following equations respectively: RF (time) = Risk Factor Index of Time RF (time) = PI*IIT Equation (4) RF (cost) = Risk Factor Index of Cost RF (cost) = PI*IIC Equation (5) Table (3) shows the ranking of the top 20 risk factors due to their Risk Factor indices. From these rankings, many factors have high ranks and appear in first 10th of ranking due to their Risk Factor indices for time and cost as such as Political instability, Fluctuations in the material's prices, Delay in delivery of materials to site, Increase of Inflation rates, Delay in subcontractor's work, Variations of actual quantities of work compared with quantities in documents, Insufficient data 175
  9. 9. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) collection and survey before design, Transportation problems and Ineffective planning and scheduling. However, Delay in progress payments appears in first 10th only due to RF (time). On the other hand, Foreign currency fluctuations appears in first 10th only due to RF (cost). Table (3) Ranking of top 20 factors due to their Risk Factor Index Factor No. The Factors RF (time) Rank RF (cost) Rank Group R23 Delay in delivery of materials to site .676 1 .479 4 Resources R39 Political instability .598 2 .564 3 Political R24 Fluctuations in the material's prices .563 3 .655 2 Resources R44 Increase of Inflation rates .467 4 .736 1 Economic R10 Delay in subcontractor's work .424 5 .410 6 Contractor R4 Delay in progress payments .419 6 .334 13 Owner R22 Variations of actual quantities of work compared with quantities in documents .375 7 .409 7 Design R18 Insufficient data collection survey before design .371 8 .397 8 Design R36 Transportation problems .367 9 .346 9 Organization R32 Ineffective planning and scheduling .360 10 .345 10 Organization R42 Accident during construction .358 11 .324 14 Political R7 Cash flow management .355 12 .303 18 Contractor R5 Additional works .352 13 .341 11 Owner R6 Lack of contractor's experience .349 14 .318 15 Contractor R31 Poor management of project site .348 15 .309 17 Organization R16 Delay in approving major changes in the scope of work .346 16 .290 24 Consultant R35 Poor financial control on site .343 17 .339 12 Organization R20 Design errors and omissions .340 18 .310 16 Design R1 Owner interference .337 19 .301 19 Owner R46 Foreign currency fluctuations .330 20 .467 5 Economic and PROJECTS FACED TIME AND COST OVERRUNS The participation of professionals in this survey is based on approximately 1069 projects they have been involved in. However, the average number of projects for participants was 11 which mean in general that most respondents have a very broad back ground about construction projects, and sharing their knowledge leads to accurate identification of the most important risk factors. 176
  10. 10. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) As shown in Figure (7), approximately 506 projects out of 1069 faced time overrun while 433 projects out of 1069 faced cost overrun. Number of projects faced time delay forms 47.33 % of the total projects; the number of cost overrun projects represents 40.50 % of the total projects and approximately 939 projects out of 1069 faced time overrun or cost overrun which forms 87.84 % of the total projects. Those high percents indicate that construction projects in Yemen suffer from the time cost overruns due to impact of many risks. Figure (7) The percent of the projects faced time and cost overruns CONCLUSIONS Construction projects in developing countries are executed in a complex environment and suffering from the effect of High levels of risks that are associated with this industry. The high percentages of the time and cost overruns in the Yemen's construction projects indicate that experience from impact of many risks. Formal risk analysis and management techniques are not employed by Yemen's construction projects due to lack of documented data and knowledge in the area. With assistance of a practical survey, this research has identified and assessed the risks affecting the construction projects in Yemen. A HRBS was introduced and classified fifty four risk factors in ten groups as the expected risk factors affecting the construction projects in Yemen. Three risk indices were used, providing an effective insight and clear picture of the risk profile involved in these projects. The Spearman’s rank correlation coefficient was used to test the strength of associations among the rankings of the respondent groups, resulted in a high agreement among consultants, contractors and owners to the most probable and severe risk factors ranking. Results demonstrate that Delay in delivery of materials to site, Political instability, Fluctuations in the material's prices, Increase of Inflation rates, and Delay in subcontractor's work, are the top-ranked risk factors affecting project time and causing time overrun. While, Increase of Inflation rates, Fluctuations in the material's prices, Political instability, Delay in delivery of materials to site, and Foreign currency fluctuations, are the top-ranked risk factors affecting project cost and causing cost overrun. Many risk factors attributed to rated high both for affecting project time and cost. Results demonstrated that 47 % of the total projects faced time overrun while 40 % of the total projects faced cost overrun in Yemen. 177
  11. 11. International Journal of Management (IJM), ISSN 0976 – 6502(Print), ISSN 0976 - 6510(Online), Volume 4, Issue 5, September - October (2013) REFERENCES [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14] [15] [16] [17] [18] [19] Rowe, W.D. (1997) “Anatomy of a risk”, John Wiley and sons. Gray, C. F and Larson, E.W. (2003) “Project management: the managerial process”, McGraw-Hill.2nd edition. Kerzner, H. (2006) “Project management: a systems approach to planning, scheduling, and controlling”, John Wiley and Sons, Inc. 9th ed. 2006. Goh, c. and Abdul-Rahman, H. (2013) “The Identification and Management of Major Risks in the Malaysian Construction Industry”, Journal of Construction in Developing Countries, 18(1), 19–32. Michael D. Taylor (2009) “How to Effectively Manage Project Risks”, (http://www.projectmgt.com). Chapman, R. J. (2001) “The controlling influences on effective risk identification and assessment for construction design management”, International Journal of Project Management, 19 (3), 147-60. Tadayon, M., Jaafar, M. and Nasri, E. (2012) “An Assessment of Risk Identification in Large Construction Projects in Iran”, Journal of Construction in Developing Countries, 1, 57–69. Project Management Institute. (2008) “A Guide to the Project Management Body of Knowledge”, Newtown Square, Pennsylvania: PMI. Bakarman, B.A. and Nosair, I.A. (2005) “Risk Assessment and Analysis for Construction Contractors”, M.Sc. Thesis, Arab Academy for Science, Technology and Maritime Transport. International Consultants and Technocrats Pvt. Ltd (2011) “Consultancy Services for Assessment of Construction Industry Developments Needs in Yemen”, New- Delhi- India. Assaf, S.A., Kalil, M. and Al-Hazmi, M. (1995) “Causes of delay in large building construction projects”, Journal of Management in Engineering, 11(2), 45–50. Bing, L., Tiong, L. K., Fan, W. W. and Chew, D. A. (1999) “Risk management in international construction joint ventures”, Journal of Construction Engineering and Management, 125(4), 277–284. Odeh, A. M. and Battaineh, H. T. (2002) “Causes of Construction Delays: Traditional Contracts”, International Journal of Project Management, 20, 67-73. Shen, L. Y., George W. C. and Catherine S. K. (2001) “Risk assessment for construction joint ventures in china”, Journal of Construction Engineering and Management, 127(1), 76-81. Thomas, A. V., Kalidindi, S.N. and Ananthanarayanan, K. (2003) “Risk perception analysis of BOT road project participants in India”, Journal of Construction Management and Economics, 21(4), 393–407. Assaf, S.A. and Al-Hejji, S. (2006) “Causes of Delay in Large Construction Projects”, International Journal of Project Management, 24, 349-357. Issa, U.H., Hassona, F.A. and EL-Sawah, H.M. (2009) “Risk Identification and Assessment for the Egyptian Water Projects”, Economic and Management of water in Arab world and Africa, 1st International conference, Assuit University, Egypt, 18-19 November, 2009. Long, N. D., Ogunlana, S. Quang, T. and Lam, K. C. (2004) “Large construction projects in developing countries: a case study from Vietnam”, International Journal of Project Management, 22(7), 553-561. Farouk Saif Yahya Ahmed, “Construction Project and Change Order Management: Contemporary Affirmation of the Recent Literature and Future Research Directions”, International Journal of Management (IJM), Volume 4, Issue 3, 2013, pp. 135 - 144, ISSN Print: 0976-6502, ISSN Online: 0976-6510. 178

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