In this paper, a case study was conducted to investigate risk management practice in a recently-finished railway construction project in Hong Kong. Research revealed critical risk factors concerning cost performance in this project such as price escalation of material cost, inaccurate cost budget and supplier or subcontractor's default. Research results also showed that no systematic risk management procedures (such as risk management policies, risk management staff, etc) have been applied in this successful project. However, managers in the project adopted a flexible way of risk management. They hold the notion of risk management and apply the procedures in each decision and everyday activities. It seems such a way of applying risk management could take great benefits to project performance. Further research thus could be conducted to test this hypothesis.
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