Assessment of Construction Risks and their Allocation in the Construction Industry in Nablus City
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Date
2020
Authors
Aseel Fadel Sha'ar
Jenan Hisham Bustamy
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Abstract
The construction industry is a key activity in any economy, it influences and is influenced by the gross domestic product of any country. The construction sector is one of the key economic sectors and is the main force motivating the Palestinian national economy. Construction is a risky industry with uncertainties due to many external and internal factors that influence the construction process. The aim of this research is to identify the significance of different risks, their current and perspective allocation from the point of view of contractors, owners and consultants in Nablus city. A questionnaire survey of thirty-three critical risk factors categorized into nine groups was conducted and presented to 37 contractors out of 60 contractors specializing in construction, 22 owners of both private and public sectors and 18 consultants in Nablus city. The results show that weak public safety is the most sever risk factor and the research recommended imposing financial penalties on not applying the safety procedures. Also the research found that political group affects the projects in Nablus city badly during closure and lacking of material due to closure. Adding a risk premium to quotation and time estimation has to be supported by governmental owner organizations and other agencies in the local construction sector. Training courses should also be provided to construction professionals on how to deal with and minimize risks in building projects.