Risk assessment of construction joint ventures in Sri Lanka: Fid-Bau Portal

Risk assessment of construction joint ventures in Sri Lanka

Sandaruwan, W. M. D. Y. / Francis, M. / Liyanawatta, T. N.

The construction industry always performs in a vigorous nature that would enable a risk-prone environment. Risks involved in construction projects are mitigated through various methods worldwide. One of the risk-sharing strategies is adopting Construction Joint Ventures (CJV). Even though CJV plays a crucial role in risk-mitigating in the construction industry, CJV has its own risks. But there was a dearth of studies which focused on risk assessment in Sri Lankan CJVs. Therefore, the research aims to develop a risk assessment model for CJVs in Sri Lanka. Initially, using an in-depth review of the literature, the main risk categories and sub-risk factors of CJVs were identified. The research adopted a quantitative approach through a questionnaire survey to collect data from industry experts. Analytical Hierarchy Process (AHP) was used as the data analyzing technique. The findings revealed that the project-specific risk category highly affects the CJV compared to external and internal risk categories and thus recommending industry practitioners to highly consider the project specific risk factors. Furthermore, this study developed a computer-based risk assessment model as a practical implication to evaluate the risks involved in Sri Lankan CJVs.