A Review of Risk Management in Construction: Opportunities for Improvement

Abstract

To expand knowledge of a search on a particular topic or to gather a significant sample of information that allows the researcher to identify and analyze the current state of knowledge on a topic, this paper presents a structured process for the selection of academic papers, evidence of papers’ relevance through bibliometric analysis, and analysis of the papers’ contents to identify gaps in the knowledge related to the theme under consideration and the objectives of the researcher. Starting from an interest in identifying and analyzing valuation models and risk management applied to the construction industry and using the Knowledge Development Process-Constructivist (ProKnow-C), this research identified 12,032 articles in thirteen academic databases. In its subsequent steps, the ProKnow-C allowed, in a process of continuous selection, the choice of the 23 articles that presented quantitative or qualitative risk management models developed for the construction industry. The relevance of this set of papers was demonstrated by bibliometric analysis. The content of the articles was systematically analyzed from ten research lenses based on the concepts of risk, risk management, and performance measurement adopted by the researchers, representing their research vision. The results of the systematic analysis demonstrated that risk management is a broad and complex subject, especially when its management aims to both avoid/minimize risk and guide the organization to a level where the risks can be transformed into competitive advantages. The analysis revealed the unique character of risk perception, indicating that models developed in one context are suitable only for that context. Thus, the use of ProKnow-C facilitated the acquisition of knowledge and enabled the researcher to identify numerous research opportunities, which, if included in the development of a new model, would allow this model to be used as an instrument that is legitimate and valid for the measurement, assessment, and management of risk, enabling the company to achieve competitive advantages in the market.