Arcom 2019.pdf (395.47 kB)
Risk Perception Differentials of Construction Professional
conference contribution
posted on 2019-09-24, 08:08 authored by Sefakor Banini-Gebe, Francis Edum-Fotwe, Tony ThorpeTony Thorpe, Charles Afetornu, Ronald McCafferRisk perception is an essential and integral part of most strategic and executive
decision-making. This is because such decisions typically reflect the medium to longterm future success of the organisations to which they apply. Risk perception reflects
the subjective awareness and judgement of risk by individual executives. The
effectiveness of any risk decision exercised by these professionals is affected by how
they perceive that risk. Within the construction sector, such decisions involve large
capital expenditures that can result in adverse financial outcomes if the risk
component is not perceived and judged right. Earlier work done in the field of
psychology indicates that individual perception of any risk situation differs based on
their circumstance. The circumstances of construction professionals could be
accounted for by their discipline, career, educational attainment, as well as their
personal attributes. Establishing how the circumstances of professionals create a
difference in their perception can be valuable for enhancing risk management
practice. The important question posed here relates to the degree of explanation in
risk perception that can be associated with such differential factors. The paper
presents a review of extant literature to establish the key concepts and essential
theories on developments in risk perception. The review conducted culminated in a
conceptual model for investigating the nature and degree of differentials in risk
perception of construction professionals. The conceptual model shows the
relationship between the risk perception and its determinants. A quantitative
approach would be adopted, using a survey to capture information that can be used to
measure the variables from three different groups of professionals in the road section
working in public sector consultancy. The consideration of the influence of
individual risk perception presents a radical departure from the conventional approach
to risk management. It forms part of a broader study that explores the potential for
applying the radical approach of perception differentials that embraces the
practitioner as key to achieving improvement in risk management efforts.
History
School
- Architecture, Building and Civil Engineering
Published in
ARCOM 2019 Working PapersPages
440 - 449Source
ARCOM 2019 - Productivity, Performance and Quality ConundrumPublisher
The Association of Researchers in Construction Management (ARCOM)Version
- VoR (Version of Record)
Rights holder
© The AuthorsPublisher statement
This paper was first published by ARCOM as part of the Conference Proceedings and is available at http://www.arcom.ac.uk/conf-archive-working.php.Publication date
2019-09-02Copyright date
2019Publisher version
Language
- en
Location
Leeds Beckett University, Leeds, UKEvent dates
2nd September 2019 - 4th September 2019Depositor
Dr Francis Edum-FotweUsage metrics
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