STRATEGIES TO IMPROVE RISK MANAGEMENT IN CONSTRUCTION INDUSTRIES

In today’s world of construction, management of risks is no more about defensive strategies where the management system only protects the business. Modern-day risk management strategies should protect the business from risks, and in addition, should improve the values of the construction industry. The risk management strategies covered in this work, for the Ethiopian construction industry include Building Information Modelling (BIM), BIM-Knowledge Risk Management Strategy (BKRMS), and Statistical Parametric Modelling (SPM). This work presents the analysis and discussion of the data obtained from structured questionnaires gathered from contractors, managers, civil engineers, architects, supervisors of construction projects, and contracts in Ethiopia. The questionnaire was administered to achieve the aim of our research and descriptive, empirical, factor, and reliability statistics were used to analyze the questionnaire on the Statistical Package for Social Science (SPSS). Out of the 120 questionnaires sent out, 110 responses were received and used for analysis to represent an 83.0% response percentage. BIM accounted for 41.4% of the total variance explained in the exploratory factor analysis, BKRMS accounted for 11.8% of the variance and SPM accounted for 9.9% of the variance. The findings obtained from this work confirm that these strategies block risks at the three major phases of construction projects: design, construction, and operational phases.