Financial Risk Management Affecting Building Projects in WB, Contractors Perspective
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Date
2013
Authors
Alaa Al-Araj
Hazzaa Ammori
Ahmad Freehat
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Abstract
Construction industry is one of the most common and typical industries inPalestine as in all over the world, The construction industry is widely associated witha high degree of risk and uncertainty due to the nature of its operating and thesurrounding environment, if these risk factors are not considered or ignored, they willcause losses in fund, time, and human efforts, so there is a need to avoid or managerisks.This study is divided into two parts; the first one covers the following main aspects:1- Risk definition, classification of risk, and the concept of risk management.2- Risk management in project life cycle.3- Risk management process and practice.4- The current situation of the construction industry in the West Bank.5- Preparing Preliminary Content of Research Questionnaire which will beapplied on a representative sample of contractors in order to collect the neededdata about financial risk management which will be the starting point to thesecond part of the study.The second part of the study will cover the following main aspects:1- Holding interviews with contractors.2- Implementation of the questionnaire.3- Analysis of the questionnaire.4- Conclusions and recommendations.As detailed above, work methodology is distributed between the theoretical study,field survey and scientific analysisThe main objective of this research is to develop guidelines to cover how to managefinancial risk in building projects. These guidelines will be developed in order to helpcontractors.