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Risk Management in Construction Projects


The financial and economic crisis has had an adverse impact on the Lithuania’s economy
and construction industry. The GDP of Lithuania grew slightly in 2010, in contrast to a
decrease of 14.7% in 2009. Lithuania’s GDP increased from 1.3% in 2010 to 4.6% in 2011.
Annual GDP growth decreased from its highest point of 6.7%, reached in the third quarter,
to 4.4% in the last quarter of 2011 [1,2]. Some industries, such as construction; trade,
transport and communications; and the industry sectors were most affected by the crisis. In
2010, the gross value added within the construction sector decreased by 43.3%, and in the
trade, transport and communications sector – by 16.6%. In 2011, a positive change in the
gross value added was observed in all groups of economic activities. The largest growth in
the gross value added was observed in enterprises engaging in construction (by 15%) and
trade, transport and communication services (7.3%) [1,3]. The construction sector, one of the
engines of economic growth in Lithuania over the last decade, is now facing with serious
challenges as companies’ closures, rising unemployment, and postponed or even cancelled
investments. These events also have changed the clients’ and construction companies’
behaviour. A reduced demand and shortage of orders dramatically increased a competition
between companies of the construction sector. This increased pressure to improve quality,
productivity and reduce costs, and the need for project strategies and management that can
appropriately and effectively manage project risk.
1st Edition
NONE
Risk Management in Construction Projects
Management
English
2012
1-120
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