In recent times, systems for measuring construction contracts are increasingly being combined with systems designed to measure and manage project risks. The aim of our research was to identify how much weight Czech construction companies give to individual areas of risk measurement and how the individual risk management areas differ in terms of their perceived importance. Another goal was to find out whether companies attach more importance to traditional or newly introduced project risk measurement areas. The first part of the paper defines the individual areas and methods of project risk measurement. The second part presents the results of a broad questionnaire survey that was conducted with a set of clearly defined questions focusing on the importance of the individual risk management areas. The results show that Czech construction companies attach the most importance to the traditional areas of risk management comprising mainly financial risks, namely project cost overruns. The outputs presented in this paper will support the next part of the research, which will focus on connecting risk management practices with the measurement of contract efficiency in the Czech construction industry to serve as a basis for the development of a system for measuring construction contracts.

1.
Burkov
,
Vladimir
, et al "Qualitative Risk Assessments in Project Management in Construction Industry."
MATEC Web of Conferences
. Vol.
251
.
EDP Sciences
,
2018
.
2.
Patterson
,
Fiona
D.
, and
Kevin
Neailey
. "
A risk register database system to aid the management of project risk
."
International Journal of Project Management
20
(
5
),
365
374
(
2002
).
3.
Zou
,
P. X.
,
Zhang
,
G.
, &
Wang
,
J.
Understanding the key risks in construction projects in China
.
International journal of project management
,
25
(
6
),
601
614
(
2007
)
4.
Durdyev
,
Serdar
, and
M. Reza
Hosseini
. "
Causes of delays on construction projects: a comprehensive list
."
International Journal of Managing Projects in Business
(
2019
).
5.
Chan
,
A. P.
,
Yeung
,
J. F.
,
Yu
,
C. C.
,
Wang
,
S. Q.
, &
Ke
,
Y.
Empirical study of risk assessment and allocation of public-private partnership projects in China
.
Journal of management in engineering
27
(
3
),
136
148
(
2011
).
6.
Lai
,
Y. T.
,
Wang
,
W. C.
, &
Wang
,
H. H.
.
AHP-and simulation-based budget determination procedure for public building construction projects
.
Automation in Construction
17
(
5
),
623
632
(
2008
).
7.
Thekdi
,
S.
,
Aven
,
T.
An enhanced data-analytic framework for integrating risk management and performance management
.
Reliab. Eng. Syst. Saf.
156
,
277
287
(
2016
).
8.
Papanikolaou
M
,
Xenidis
Y.
Risk-Informed Performance Assessment of Construction Projects
.
Sustainability.
12
(
13
),
5321
(
2020
).
9.
Bassioni
,
H. A.
,
Price
,
A. D.
, &
Hassan
,
T. M.
Performance measurement in construction
.
Journal of management in engineering
20
(
2
),
42
50
(
2004
).
10.
Kim
,
S. G.
Risk performance indexes and measurement systems for mega construction projects
.
Journal of Civil Engineering and Management
16
(
4
),
586
594
(
2010
).
11.
Babar
,
S.
,
Thaheem
,
M. J.
, &
Ayub
,
B.
Estimated cost at completion: Integrating risk into earned value management
.
Journal of Construction Engineering and Management
143
(
3
),
04016104
(
2017
).
12.
Pajares
,
J.
, &
Lopez-Paredes
,
A.
An extension of the EVM analysis for project monitoring: The Cost Control Index and the Schedule Control Index
.
International Journal of Project Management
,
29
(
5
),
615
621
(
2011
).
13.
Choudhry
,
R. M.
,
Aslam
,
M. A.
,
Hinze
,
J. W.
, &
Arain
,
F. M.
Cost and schedule risk analysis of bridge construction in Pakistan: Establishing risk guidelines
.
Journal of Construction Engineering and Management
140
(
7
),
04014020
(
2014
).
14.
Karimi
,
H.
,
Taylor
,
T. R.
, &
Goodrum
,
P. M.
Analysis of the impact of craft labour availability on North American construction project productivity and schedule performance
.
Construction management and economics
35
(
6
),
368
380
(
2017
).
15.
Mohammed
,
H.K.
,
Knapkova
,
A.
The Impact of total risk management on company’s performance
.
Procedia Soc. Behav. Sci.
220
,
271
277
(
2016
).
16.
Marovic
,
I.
Hanak
T.
, &
Plaum
,
S.
Performance management in civil engineering: a systematic literature review
.
Electronic Journal of the Faculty of Civil Engineering Osijek-e-GFOS
13
(
24
),
47
58
(
2022
).
17.
Trtílek
,
P.
, &
Hanák
,
T.
Contracts’ Performance Measurement in Czech Construction Companies
.
Civil and Environmental Engineering Reports
,
31
(
4
) (
2021
).
This content is only available via PDF.
You do not currently have access to this content.