Actor perception of risk time dimension in construction industry: a review of literature

The concept of risk management in construction industry has become increasingly important over the last few decades. Currently, risk management in construction industry is considered as a system intended to identify and quantify all potential risks likely to affect a project so that appropriate decision can be made in managing such risks. The identification and quantification of significant risks that require mitigation relies on the perception of the individual responsible for making the decisions to which the risk relates. An important aspect of the perception is the degree of awareness of the time dimension for the risks the decision makers address. The aim of the research on which this academic paper is based is to establish the degree of awareness for time dimension of the risks they mitigate in the delivery of construction projects. The current phase of the study involves the development of a conceptual model which will form the platform for establishing the perception of the time dimension of risk. Substantial effort has been made to successfully identify, classify, and evaluate essential literature both within and outwith construction. The findings from literature related to risk management in construction showing that various perceptions belonging to individuals have a strong influence in the process of risk management in construction industry. Moreover, the techniques and methods of implementation of risk management in this industry do not address in a correct manner the perceptions of risk time dimension. So, it is highly recommended to assess the awareness of the individuals who make decisions on the time dimension of risk as well as setting a conceptual model on it thus the performance of risk management in this industry can be improved. The contribution from this research could help to build a bridge between the variances of the individual's perception of risk time dimension and the current practice of risk management in construction which will lead to enhance the performance of risk management in construction industry.