本研究在對聖盧西亞島(St.Lucia)營建專案管理中的關鍵風險因素進行
確認與排序，並評估其在專案成本、時間和品質限制間的關係。期深入了解
目前聖盧西亞營建專案中的阻礙執行成功的風險因素，以利有效解決這些問
題。這些資料是向當地公私部門營建相關的專業人士，透過三次調查而得，
共有51 位受訪者，有效問卷為51 份。其中檢查26 項風險因素，分別歸屬
於財務、合約、設計、管理和營建風險五類。根據問卷調查結果與統計檢定，
本研究顯示前五項高風險的因素分别是施工延誤、專案規劃不足、設計變更、
財務延誤、缺乏協調以及現場管理和監督不周等。此外，各風險類別與專案
限制間存在統計顯著關係。營建風險與管理風險之間也存在很強的相關性，
這說明兩者應該共同解決，以提高專案的成功率。本研究結果將可提高專案經理、利益關係人、經費贊助機構、政府官員
和施工人員的風險意識，從而有助於避免專案延誤或成本超支。營建專案本質上包含許多風險和不確定性，這些因素需要得到及時與有效解決，以減輕
其對營建成本、時間和品質的不利影響，並利於未來聖盧西亞的專案管理之執行。

This study aims to identify and rank the critical risk factors that exist in the management
of construction projects on the island of St. Lucia and to assess their relationship on
the project constraints of cost, time and quality. This is an effort to gain a deeper understanding
of those risk factors currently hindering project success in St. Lucia so that they
can be effectively addressed.
The data was gathered through three surveys and was geared towards professionals
within the construction industry. The survey was completed by 51 respondents collectively
from the public and private sectors within the construction industry. All the surveys
were accurately completed and thus were utilized in this study. A total of 26 risk factors
were examined based on five categories namely financial, contractual, design, management
and construction risks. Based on the statistical tests performed, this study unveiled several things. The key findings indicate that the top five highest- ranked risks were construction
delays, inadequate project planning, design changes, financial delays, lack of coordination
and poor site management and supervision. Additionally, there exists a positive statistically
significant relationship between each of the risk categories and the project constraints. A
strong correlation also exists between construction risks and management risks which suggests
that the two should be jointly addressed in order to increase project success.
The results of this study increases the awareness of project managers, stakeholders,
funding agencies, government officials and construction personnel within both sectors and
thus may aid in avoiding delays, or cost overruns. Construction projects by nature, consist
of more risk and uncertainties than ever before. Therefore, risk management is increasingly
becoming an integral part of the management of construction projects. These factors existing
within the construction industry need to be effectively addresses so as to mitigate their
adverse effect on cost, time and quality of projects and for future management of projects
in St. Lucia.

TABLE OF CONTENTS
Preface
Chinese Abstract	I
English Abstract	III
Acknowledgements	V
Table of Contents	VI
List of Figures	IX
List of Tables	X
	
Chapter 1 Introduction	1
1.1 Background	1
1.2 Statement of the Problem	2
1.3 Research Gap	3
1.4 Research Objectives 	3
1.5 Research Questions	4
1.6 Research Motivation	4
1.7 Research Structure	5

Chapter 2 Literature Review	6
2.1 Projects and Project Management	6
2.1.1 Project constraints	7
2.2 Construction Projects	8
2.3 Risk Management	9
2.4 Project Risk Management	12
2.4.1 Project risks	13
2.4.1.1 Micro hierarchy risks	15
	2.4.2 Risk management process	17
2.4.2.1 Risk identification	18
2.4.2.2 Risk analysis	18
2.4.2.3 Risk response	19
2.4.2.4 Risk monitoring and controlling	20
2.4.3 PDCA cycle	20
2.5 Treatment of Risks	20
2.6 Summary	21

Chapter 3 Research Methodology	22
3.1 Conceptual framework	22
3.2 Research process	23
3.3 Data collection	23
3.3.1 Population and sample size of the study	24
3.3.2 Sampling techniques	25
3.4 Research instruments	25
3.4.1 Questionnaire design	26
3.4.2 Validation of the questionnaire	27
3.5 Variables and hypotheses	28
3.5.1 Independent variables	28
3.5.2 Dependent variables	29
3.6 Research hypotheses	30
3.7 Statistical treatment of data	31

Chapter 4 Results and Findings	32
4.1 Descriptive Analysis	32
4.1.1 Demographic analysis	32
4.1.2 Risk Management policy and implementation	33
4.2 Statistical Analysis	33
4.2.1 Risk factors analysis	33
4.2.1.1 Ranking of risk factors	35
4.2.2 Hypothesis testing and interpretation	37
4.3 Other Findings	39
4.3.1 Handling of risks	40


Chapter 5 Discussion(s) and Conclusion(s)	41
5.1 Research findings and contribution(s)	41
5.2 Conclusions and recommendations	43
5.3 Limitations of research	44

References	45
Appendix	50
Appendix A  Questionnaire and Risk factors	50
Appendix B  Statistical Results from the survey	58
Appendix C  Descriptive Results from the survey	65

List of Figures

Fig. 1.1 	Research Structure	5
Fig. 2.1 	Iron Triangle	7
Fig. 2.2  	Relationship among cause, risk and effect	13
Fig. 2.3 	Hierarchy of risk factors in the micro level	15
Fig. 2.4 	Risk Factors in the micro level	16
Fig. 2.5 	Risk Management lifecycle	17
Fig. 2.6 	PDCA Cycle	20
Fig. 3.1 	Conceptual Framework	22
Fig. 3.2 	Research Cycle	23
Fig. 3.3 	Research Hypotheses	30
Fig. 4.1 	Job titles of survey respondents	32

List of Tables

Table 3.1 	Estimated Population of professionals	24
Table 3.2 	Independent variables of the study	28
Table 4.1 	Pearson’s Correlation of risk factor categories	34
Table 4.2 	Ranking of risk factors	36
Table 4.3 	Hypotheses Results	37
Table 4.4 	Interpretation of Hypotheses Results	38

References
1. Akintoye, A. S., & MacLeod, M. J. (1997) Risk analysis and management in
construction. International Journal of Project Management, 15(1), 31-38.
doi:10.1016/s0263-7863(96)00035-x
2. Atkinson, R. (1999) Project management: cost, time and quality, two best
guesses and a phenomenon, it's time to accept other success criteria. International
Journal of Project Management, 17(6), 337-342. doi:10.1016/s0263-
7863(98)00069-6
3. Basu, R. (2014) Managing quality in projects: An empirical study. International
Journal of Project Management, 32 (1), 178-187. doi: 10.1016/j.ijproman.
2013.02.003
4. Carvalho, M. M., Patah, L. A., & De Souza Bido, D. (2015). Project management
and its effects on project success: Cross-country and cross-industry comparisons.
International Journal of Project Management, 33(7), 1509-1522.
doi:10.1016/j.ijproman.2015.04.004
5. Chan, A. P., Scott, D. & Chan, A. P. (2005). Closure to “Factors Affecting the
Success of a Construction Project” by A. P. C. Chan, D. Scott, and A. P. L.
Chan. Journal of Construction Engineering and Management, 131(6), 748-749.
doi:10.1061/(asce)0733-9364(2005)131:6(748.2)
6. Chomeya, R. (2010) Quality of Psychology Test Between Likert Scale 5 and 6
Points. Journal of Social Sciences, 6 (3), 399-403.
doi:10.3844/jssp.2010.399.403
7. Choudhry, R. M., Aslam, M. A., Hinze, J. W., & Arain, F. M. (2014). Cost
and Schedule Risk Analysis of Bridge Construction in Pakistan: Establishing Risk Guidelines. Journal of Construction Engineering and Management,
140(7), 04014020. doi:10.1061/(asce)co.1943-7862.0000857
8. Choudhry, R. (2019). Risk Analysis Related to Cost and Schedule for a Bridge
Construction Project. Perspectives on Risk, Assessment and Management Paradigms,
1-13. doi:10.5772/intechopen.83501
9. Cooper, D., Grey, S., Raymond, G., & Walker, P. (2005). Project Risk Management
Guidelines: Managing Risk in Large Projects and Complex Procurements.
Hoboken, NJ: John Wiley & Sons.
10. Cristóbal, J. R. (2009). Time, Cost, and Quality in a Road Building Project.
Journal of Construction Engineering and Management, 135 (11), 1271-
1274, doi: 10.1061/( asce)co. 1943-7862.0000094
11. Dikmen, I. Birgonul, M.T. and Arikan, A.E (2004) A critical review of risk
management support tools. In: Khosrowshahi, F (Ed.), 20th Annual ARCOM
Conference, 1-3 September 2004, Heriot Watt University. Association of Researchers
in Construction Management, Vol. 2, 1145-54.
12. Doloi, H. (2013). Cost Overruns and Failure in Project Management: Understanding
the Roles of Key Stakeholders in Construction Projects. Journal of
Construction Engineering and Management, 139(3), 267-279.
doi:10.1061/(asce)co.1943-7862.0000621
13. Ghosh, S., & Jintanapakanont, J. (2004). Identifying and assessing the critical
risk factors in an underground rail project in Thailand: a factor analysis approach.
International Journal of Project Management, 22(8), 633-643.
doi:10.1016/j.ijproman.2004.05.004
14. Goh, C. S., Abdul-Rahman, H., & Abdul-Samad, Z. (2013) Applying Risk
Management Workshop for a Public Construction Project: Case Study. Journal of Construction Engineering and Management, 139(5), 572-580.
doi:10.1061/(asce)co.1943-7862.0000599
15. Grace, F. M. (2010) Retrieved from https://ezinearticles.com/?Types-of-Construction-
Projects&id=3935207 (Accessed 2019/05/26)
16. Hilson, D. (2004). Retrieved from http://www.risk-doctor.com/pdf-briefings/
risk-doctor06e.pdf (Accessed 2019/ 05/13)
17. Hwang, B., Zhao, X., & Ng, S. Y. (2013). Identifying the critical factors affecting
schedule performance of public housing projects. Habitat International,
38, 214-221. doi:10.1016/j.habitatint.2012.06.008
18. Institute, P. M. (2013). A Guide to the Project Management Body of
Knowledge: PMBOK Guide. Newton Square, PA: Project Management Institute
19. Kaliba, C., Muya, M., & Mumba, K. (2009). Cost escalation and schedule delays
in road construction projects in Zambia. International Journal of Project
Management, 27(5), 522-531. doi:10.1016/j.ijproman.2008.07.003
20. Karakhan, A. A., & Gambatese, J. A. (2017). Identification, Quantification,
and Classification of Potential Safety Risk for Sustainable Construction in the
United States. Journal of Construction Engineering and Management, 143(7),
04017018. doi:10.1061/(asce)co.1943-7862.0001302
21. Kendrick, T. (2003). Identifying and Managing Project Risk: Essential Tools
for Failure-Proofing Your Project. AMACOM.
22. Kwak, Y.H., Smith, B., 2009. Managing risks in mega defense acquisition projects:
performance, policy, and opportunities. International Journal of Project
Management 27 (8), 812–820.23. Maloney, W. F. (2002). Construction Product/Service and Customer Satisfaction.
Journal of Construction Engineering and Management, 128(6), 522-529.
doi:10.1061/(asce)0733-9364(2002)128:6(522)
24. Mishra, A. K. (2018). Factors Affecting Performance and Time Extension of
ongoing Construction Projects under Town Development Fund, Nepal. Journal
of Advanced Research in Construction and Urban Architecture, 03(04), 7-25.
doi:10.24321/2456.9925.201805
25. Mustafa, D. (2014). Retrieved from http://publications.lib.chalmers.se/records/
fulltext/202861/202861.pdf (Accessed 2019/04/13)
26. Olson, D. L., & Wu, D. (2008). New Frontiers in Enterprise Risk Management.
Berlin, Germany: Springer Science & Business Media.
27. Patanakul, P., (2014). Managing large-scale IS/IT projects in the public sector:
problems and causes leading to poor performance. Journal of High Technology
Management Research. 25 (1), 21–35.
28. Pietrzak, M., & Paliszkiewicz, J. (2015). Retrieved from http://www.fmkp.
si/zalozba/ISSN/1854-4231/10_149-161.pdf (Accessed 2019/03/14)
29. Renn, O., & Klinke, A. (2004). Systemic risks: a new challenge for risk management.
EMBO reports, 5, S41-S46. doi:10.1038/sj.embor.7400227
30. Szymański, P. (2017). Risk management in construction projects. Procedia Engineering,
208, 174-182. doi:10.1016/j.proeng.2017.11.036
31. Tabish, S., & Jha, K. N. (2011). Identification and evaluation of success factors
for public construction projects. Construction Management and Economics,
29(8), 809-823. doi:10.1080/01446193.2011.611152
32. Tang, W., Qiang, M., Duffield, C. F., Young, D. M., & Lu, Y. (2007). Risk
Management in the Chinese Construction Industry. Journal of Construction Engineering
and Management, 133(12), 944-956. doi:10.1061/(asce)0733-
9364(2007)133:12(944)
33. Tysseland, B.E., (2008) Life cycle cost based procurement decisions: a case
study of Norwegian defence procurement projects. International Journal of
Project Management. 26, 366–375
34. Ursachi, G., Horodnic, I. A., & Zait, A. (2015). How Reliable are Measurement
Scales? External Factors with Indirect Influence on Reliability Estimators.
Procedia Economics and Finance, 20, 679-686. doi:10.1016/s2212-
5671(15)00123-9
35. Vogel, P., Vassilev, G., Kruse, B., & Cankaya, Y. (2011). Morbidity and mortality
conference as part of PDCA cycle to decrease anastomotic failure in colorectal
surgery. Langenbeck's Archives of Surgery, 396(7), 1009-1015.
doi:10.1007/s00423-011-0820-9
36. Vu, H. A., Cu, V. H., Min, L. X., & Wang, J. Q. (2017). Risk analysis of
schedule delays in international highway projects in Vietnam using a structural
equation model. Engineering, Construction and Architectural Management,
24(6), 1018-1039. doi:10.1108/ecam-06-2016-0138
37. Wang, N., Wei, K., & Sun, H. (2014). Whole Life Project Management Approach
to Sustainability. Journal of Management in Engineering, 30(2), 246-
255. doi:10.1061/(asce)me.1943-5479.0000185
38. Zayed, T., Amer, M., & Pan, J. (2008). Assessing risk and uncertainty inherent
in Chinese highway projects using AHP. International Journal of Project
Management, 26(4), 408-419. doi:10.1016/j.ijproman.2007.05.01