Risk management in Egyptian construction: Comparative analysis of general and banking sectors using advanced quantitative methods

To effectively manage the challenges associated with meeting schedules, costs, and quality requirements in construction projects, it is crucial to address potential risk factors. Despite extensive research on risk management in construction, a significant gap persists concerning the uniformity of risk factors and their effects across various construction project types, geographical locations, and cultural contexts. This research presents a structured three-step approach to risk management, covering risk identification, analysis, and response. The methodology is applied to both the General Construction (GC) and Banking Construction (BC) sectors in Egypt, involving industry professionals through surveys. Quantitative analysis using the Relative Importance Index (RII) and Fuzzy-set theory gauges the influence of each risk factor, while Spearman Ranked Correlation tests differentiate risk profiles between sectors. A comparative analysis highlights Egypt-specific risk factors versus regional or global factors. Key risk factors with high centrality scores are identified, and optimal risk reduction strategies are selected using the Technique for Order of Preference by Similarity to Ideal Solution (TOPSIS). The study reveals significant sector-specific risk differences and highlights the need for tailored risk management strategies. Key contributions include identifying vital risk factors, comparing them globally and regionally, and proposing effective mitigation strategies to enhance project timelines, costs, and quality. (c) 2024 Growing Science Ltd. All rights reserved.