Major Participants in the Construction Industry and Their Approaches to Risks: A Theoretical Framework

The construction sector is an important engine for economic development in Australia. A variety of stakeholders is involved in any construction project. Major participants including design teams, clients, contractors and project managers are examples of stakeholders that have the ability to hinder or promote the progress of a construction undertaking. Each participant's approach towards the project is likely to be influenced by its characteristics such as power, interest, and influence as well as their actual role in the project, education, experience, etc. This research is aimed at comparing the major participants of the client, design team, contractor and project manager involved in construction projects based on their characteristics and the risk management approaches they implement. The research will ascertain if there is a correlation between the major participants based on their characteristics and their approach to risk management.