Risk Management in Construction Projects : A Knowledge Management Perspective from Swedish Contractors

Sammanfattning: Projects within the construction sector is characterized as fragmented, temporary and complex which inherently brings upon risk exposure. Decision makers within the industry need reliant access to information and knowledge in order to manage risks in a sufficient and systematic way. Thus, the implementation of an effective risk management in relation to managing associated project risk knowledge may facilitate successful construction project endeavors.  The purpose of this master thesis is to explore and evaluate project risk management within the Swedish construction industry, with the emphasis on the perspective of Swedish contractors. The aim is to examine the recognition and practical adoption of risk management in order to investigate how project knowledge is utilized in the process. The methodology consists of a literature review on risk management fundamentals, the diverse risk attitudes and knowledge management in relation to risk. Data collection and analysis are based on a mixed method approach in which conclusions are made in relation to theoretical groundwork. The empirical data is collected through the usage of an online survey and in-depth semi structured interviews with key professionals within the Swedish construction industry. The results from this research indicate that theoretical models and processes for risk management is fairly unknown within the industry, analogous methods are used within respective organizations but the sharing of definitions and concepts within the industry are absent and the methods are not as structured as described in risk management theory. However, findings suggest that the perception of actors within the industry regarding risk and the risk management process is one of high importance for obtaining project objectives. Furthermore, findings indicate that the interplay between knowledge- and risk management and the incorporation of these processes is underutilized among the contractors and developers.