Assessment of the Performance of Risk Management Procedures in Residential Projects in Egypt
Ellamie, Ali (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023093026609
https://urn.fi/URN:NBN:fi:amk-2023093026609
Tiivistelmä
The residential construction market in Egypt has faced significant challenges since the first Egyptian revolution in 2011, including the second revolution, the Corona epidemic, the Russian-Ukrainian war, and the economic crisis. This instability has made it imperative for companies operating in the market to focus on effective risk management.
In the past, risk management was not a priority for real estate construction companies in Egypt, with most companies relying on improvisation and the personal experience of their work teams. This study aimed to understand the risk management practices used in the market and their effectiveness in mitigating risks.
The study first conducted a literature review to identify the most significant risks in the Egyptian market and ways to manage them. Then, interviews were held with professionals in the residential construction market in Egypt to gain a deeper understanding of the risk management strategies being used. A questionnaire was then distributed to a sample of industry professionals to gather information on risk management in their companies.
A new method was proposed to assess the most critical risks in the Egyptian market, considering the companies' success in dealing with risks. It was used to rank risks according to the questionnaire data.
The study found that while there is a real challenge with risk management procedures for most residential construction companies in Egypt, the lack of methodology for risk management is slowly changing as the corporate culture shifts towards adopting more systematic policies towards risk management. Despite the slow pace of change, the study highlights the importance of risk management for companies operating in the Egyptian residential construction market and the need for effective risk management strategies to mitigate the challenges.
In the past, risk management was not a priority for real estate construction companies in Egypt, with most companies relying on improvisation and the personal experience of their work teams. This study aimed to understand the risk management practices used in the market and their effectiveness in mitigating risks.
The study first conducted a literature review to identify the most significant risks in the Egyptian market and ways to manage them. Then, interviews were held with professionals in the residential construction market in Egypt to gain a deeper understanding of the risk management strategies being used. A questionnaire was then distributed to a sample of industry professionals to gather information on risk management in their companies.
A new method was proposed to assess the most critical risks in the Egyptian market, considering the companies' success in dealing with risks. It was used to rank risks according to the questionnaire data.
The study found that while there is a real challenge with risk management procedures for most residential construction companies in Egypt, the lack of methodology for risk management is slowly changing as the corporate culture shifts towards adopting more systematic policies towards risk management. Despite the slow pace of change, the study highlights the importance of risk management for companies operating in the Egyptian residential construction market and the need for effective risk management strategies to mitigate the challenges.