Research on the Priority of Risk Management in China Construction Industry

The construction industry and its interrelated participants are widely associated with a high degree of risk due to the nature of construction business activities, processes, environment and organizations. Owing to the great influences of risk on project operation, risk management has become the research focus in the field of project management. However, current research works on project risk management either emphasize on the specific methods study, such as the setting up of risk index system, the way of risk identification, the tool of risk quantification and so on, or emphasize on one stage of the whole project life cycle, such as biding stage, construction stage, operation stage and so on. Furthermore, some researches focus on one kind of project, such as BOT project, EPC project, BT project and so on. These researches are useful for the project sponsors to avoid and control risk in the process of project operation. However, because of the limited perspective of these works, they can't offer a guideline for the project risk management from the aspect of industry development. In order to improve the adverse complexion and offer a new work thinking, a full-scale analysis, which focuses on the perspective of risk analysis and risk control system in lifecycle, risk monitoring system, risk management conception based on responsibility, was carried out in this paper. According to the outcomes of this research, the development priority of risk management in current construction industry was pointed out.