Development of Risk Management Model for Research and Development Facilities Construction Project in Johor, Malaysia

Vickneswaren Selvamugam; Mohd Saidin Misnan; Mariatul Liza Meor Gheda

doi:10.36948/ijfmr.2024.v06i03.23339

Development of Risk Management Model for Research and Development Facilities Construction Project in Johor, Malaysia

Author(s)	Vickneswaren Selvamugam, Mohd Saidin Misnan, Mariatul Liza Meor Gheda
Country	Malaysia
Abstract	The construction industry drives economic growth globally but faces challenges namely outdated practices and inadequate risk management. This research focuses on improving Risk Management in Research and Development (R&D) facilities construction projects, often poorly executed by Project Management Offices (PMOs). Most studies typically address risk identification and assessment, they neglect crucial processes like risk control and monitoring. In pursuit of developing a risk management model for R&D facility construction projects in Johor Industrial Park, Malaysia, conducted a descriptive analysis self-administered questionnaires from professionals in R&D and construction fields with utilizing Statistical Package for the Social Sciences software. Additionally, employed Structural Equation Modelling (illustrated through AMOS graphics) to establish a robust and valid model. The outcome of this research reveals a strong, positive, and significant correlation between PMO requirements of Risk Monitoring and Control Practices, which encompass risk reassessment, risk audits, contingency reserves analysis, risk status meetings and Project Success Factors which related to schedule, cost, facilities requirements, and customer satisfaction in the context of RDD facilities construction. This research successfully tackles the research objectives and developed practicable project risk monitoring and control practices of risk management model for R&D facilities construction projects. Therefore, by consistently integrating these practices into their daily project activities, R&D and construction professionals can mitigate risks and address challenges prevalent in the construction industry, contributing to improved project outcomes.
Keywords	Risk Management, Research and Development, Construction Project, Project Management Office (PMO)
Field	Sociology > Data / Information / Statistics
Published In	Volume 6, Issue 3, May-June 2024
Published On	2024-06-25
Cite This	Development of Risk Management Model for Research and Development Facilities Construction Project in Johor, Malaysia - Vickneswaren Selvamugam, Mohd Saidin Misnan, Mariatul Liza Meor Gheda - IJFMR Volume 6, Issue 3, May-June 2024. DOI 10.36948/ijfmr.2024.v06i03.23339
DOI	https://doi.org/10.36948/ijfmr.2024.v06i03.23339
Short DOI	https://doi.org/gt242b

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Development of Risk Management Model for Research and Development Facilities Construction Project in Johor, Malaysia

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