**4. Conclusion**

No construction project is risk-free: risk can be managed, minimized, shared, transferred or accepted; but it cannot be ignored [67]. Construction companies should adopt an appropriate risk management approach not only to complete their projects in compliance with their project objectives but also to keep their competitiveness in the construction industry. Although researchers have drawn huge attention on every step of the risk management process, in this chapter, it is aimed to present the state-of-the-art literature by analyzing research contributions in the risk management domain.

Despite risk management subject found in the literature has reached saturation point, construction researchers have still been studying different aspects of risk management through implementing various research methodologies. A majority

**79**

provided the original work is properly cited.

Pinar Irlayici Cakmak\* and Ecem Tezel

\*Address all correspondence to: irlayici@itu.edu.tr

**Conflict of interest**

**Author details**

© 2019 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium,

Department of Architecture, Istanbul Technical University, Istanbul, Turkey

*A Guide for Risk Management in Construction Projects: Present Knowledge and Future Directions*

of these researches concentrated on one of the risk management processes that is found in risk identification and risk analysis/assessment. On the other hand, the remaining processes of risk management, namely, risk response and risk monitor-

In the review, highly mentioned risk-related keywords are revealed as risk management; various risk types; construction management/project management; risk assessment including prioritization, risk score and risk rating; risk analysis; risk identification and its methods such as checklist, risk mapping and risk breakdown structure; cost-related issues; risk allocation/distribution; risk modeling; risk response; risk control; and risk mitigation, respectively. As the results showed that risk response and risk monitoring and control are disregarded areas, their related

Since researchers focused how risk is managed within a construction project instead of concentrating on the risks and their effect within a construction company or in the construction sector, a huge number of papers deal with risk management at the project level. Accordingly, studies on risk management at the firm level and sector level seem to be neglected. Besides, as much of the risk management researches in the past decades focused on identification and analysis/assessment of risks within a particular construction project, they mostly adopted survey/interview and case study approaches. This case has resulted in frequent appearance of

To conclude, the review has confirmed that the researchers are directed only on the first two steps of risk management process. In addition to these directions, future studies should also discuss risk response and risk monitoring and control which are the remaining ones. Besides, it is revealed that the literature lacks a comprehensive risk management process. Future studies should adopt a holistic perspective which addresses the risk management process by identifying, analyzing/assessing, responding and monitoring and control from initiation to the completion of construction projects. Similarly, future studies should be directed to risk management-related issues by discussing them at the firm and sector level as well. This systematic review is expected to contribute to the construction profession by enlightening the research

gaps in the literature and by providing future directions for potential studies.

The authors of this book chapter declare no "conflict of interest."

*DOI: http://dx.doi.org/10.5772/intechopen.84361*

ing and control, are seemed to be neglected.

keywords are less mentioned than the other ones.

statistical results as the main research outputs.

#### *A Guide for Risk Management in Construction Projects: Present Knowledge and Future Directions DOI: http://dx.doi.org/10.5772/intechopen.84361*

of these researches concentrated on one of the risk management processes that is found in risk identification and risk analysis/assessment. On the other hand, the remaining processes of risk management, namely, risk response and risk monitoring and control, are seemed to be neglected.

In the review, highly mentioned risk-related keywords are revealed as risk management; various risk types; construction management/project management; risk assessment including prioritization, risk score and risk rating; risk analysis; risk identification and its methods such as checklist, risk mapping and risk breakdown structure; cost-related issues; risk allocation/distribution; risk modeling; risk response; risk control; and risk mitigation, respectively. As the results showed that risk response and risk monitoring and control are disregarded areas, their related keywords are less mentioned than the other ones.

Since researchers focused how risk is managed within a construction project instead of concentrating on the risks and their effect within a construction company or in the construction sector, a huge number of papers deal with risk management at the project level. Accordingly, studies on risk management at the firm level and sector level seem to be neglected. Besides, as much of the risk management researches in the past decades focused on identification and analysis/assessment of risks within a particular construction project, they mostly adopted survey/interview and case study approaches. This case has resulted in frequent appearance of statistical results as the main research outputs.

To conclude, the review has confirmed that the researchers are directed only on the first two steps of risk management process. In addition to these directions, future studies should also discuss risk response and risk monitoring and control which are the remaining ones. Besides, it is revealed that the literature lacks a comprehensive risk management process. Future studies should adopt a holistic perspective which addresses the risk management process by identifying, analyzing/assessing, responding and monitoring and control from initiation to the completion of construction projects. Similarly, future studies should be directed to risk management-related issues by discussing them at the firm and sector level as well. This systematic review is expected to contribute to the construction profession by enlightening the research gaps in the literature and by providing future directions for potential studies.

## **Conflict of interest**

*Risk Management in Construction Projects*

results. General insights and descriptions, theoretical models and experimental/ prototype models are less adopted methodologies compared with other ones.

No construction project is risk-free: risk can be managed, minimized, shared, transferred or accepted; but it cannot be ignored [67]. Construction companies should adopt an appropriate risk management approach not only to complete their projects in compliance with their project objectives but also to keep their competitiveness in the construction industry. Although researchers have drawn huge attention on every step of the risk management process, in this chapter, it is aimed to present the state-of-the-art literature by analyzing research contributions in the

Despite risk management subject found in the literature has reached saturation point, construction researchers have still been studying different aspects of risk management through implementing various research methodologies. A majority

**78**

**4. Conclusion**

**Figure 4.**

**Figure 3.**

risk management domain.

*Analysis of selected papers according to the research output.*

*Analysis of selected papers according to the sources of information.*

The authors of this book chapter declare no "conflict of interest."
