The Journal of Asian Finance, Economics and Business

Korea Distribution Science Association (한국유통과학회)
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Exploring Critical Risk Factors of Office Building Projects

  • NGUYEN, Phong Thanh (Department of Project Management, Ho Chi Minh City Open University) ;
  • PHAM, Cuong Phu (Faculty of Transport and Economics, Campus in Ho Chi Minh City, University of Transport and Communications) ;
  • PHAN, Phuong Thanh (Department of Project Management, Ho Chi Minh City Open University) ;
  • VU, Ngoc Bich (School of Advanced Study, Ho Chi Minh City Open University) ;
  • DUONG, My Tien Ha (Faculty of Economics and Public Management, Ho Chi Minh City Open University) ;
  • NGUYEN, Quyen Le Hoang Thuy To (Office of Cooperation and Research Management, Ho Chi Minh City Open University)
  • Received : 2020.08.04
  • Accepted : 2021.01.08
  • Published : 2021.02.28
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Abstract

Risks and uncertainty are unavoidable problems in management of projects. Therefore, project managers should not only prevent risks, but also have to respond and manage them. Risk management has become a critical interest subject in the construction industry for both practitioners and researchers. This paper presents critical risk factors of office building projects in the construction phase in Ho Chi Minh City, Vietnam. Data was collected through a questionnaire survey based on the likelihood and consequence level of risk factors. These factors fell into five groups: (i) financial risk factors; (ii) management risk factors; (iii) schedule risk factors; (iv) construction risk factors; and (v) environment risk factors. The research results showed that critical factors affecting office building projects are natural (i.e., prolonged rain, storms, climate effects) and human-made issues (i.e., soil instability, safety behaviors, owner's design change) and the schedule-related risk factors contributed to the most significant risks for office buildings projects in the construction phase in Ho Chi Minh City. They give construction management and project management practitioners a new perspective on risks and risk management of office buildings projects in Ho Chi Minh City and are proactive in the awareness, response, and management of risk factors comprehensively.

Keywords

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