WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 15, 2018
Risk Management in Turnkey Projects in Malaysia
Authors: ,
Abstract: Fragmentation and adversarial working relationship have always been the issues in Malaysian construction industry. The philosophy of turnkey procurement system adopts a single responsibility in design, construction, commissioning and handing over of the project life cycle. It would be one of effective project delivery approaches in addressing the fragmentation and adversarial working practices. This paper aim to identify the level of awareness in risk management among the relevant participants in turnkey projects in Malaysian; with the intention of promoting and streamlining the turnkey projects through managing or avoiding the risks involved. Questionnaire surveys were carried out and analysed. The results show internal risk factors are more critical than external risk factors. Besides, the factor ‘disagreements on some conditions of contract between clients and main Contractor’ is ranked the most critical risk factor. Nevertheless, the respondents have unanimously agreed to all of risk management solutions for turnkey projects. It is hope that both parties should make clear their terms and conditions of the turkey system at the outset of the project and should refer to the risk management solutions as highlighted in the findings.
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Pages: 35-43
WSEAS Transactions on Business and Economics, ISSN / E-ISSN: 1109-9526 / 2224-2899, Volume 15, 2018, Art. #6