Three-Phased Risk-Management Benchmark for Internationalization of Small and Medium-Sized Construction Companies

Small and medium-sized construction companies (SMCCs) typically lack the international experience of their large counterparts. International construction projects often are more uncertain than domestic projects, which can pique SMCCs’ interest or necessity for external benchmarks of best practices....

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Bibliographic Details
Published inKSCE journal of civil engineering Vol. 26; no. 3; pp. 1024 - 1039
Main Authors Jung, Wooyong, Han, Seung Heon, Park, Chanyoung, Lee, Changjun, Baek, Seungwon
Format Journal Article
LanguageEnglish
Published Seoul Korean Society of Civil Engineers 01.03.2022
Springer Nature B.V
대한토목학회
Subjects
Benchmarks
Best practice
Best practices
Civil Engineering
Companies
Construction
Construction companies
Construction industry
Construction Management
Domestic markets
Engineering
Environmental engineering
Geotechnical Engineering & Applied Earth Sciences
Globalization
Industrial Pollution Prevention
Investigations
Localization
Nuclear power plants
Profits
Project engineering
Risk factors
Risk management
Subcontractors
토목공학
Benchmark
Small and medium-sized construction company
Risk
Capability
Subcontract
Contract
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ISSN1226-7988
1976-3808
DOI10.1007/s12205-021-1573-9

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Summary:Small and medium-sized construction companies (SMCCs) typically lack the international experience of their large counterparts. International construction projects often are more uncertain than domestic projects, which can pique SMCCs’ interest or necessity for external benchmarks of best practices. This study aims to provide a three-phased risk-management benchmark framework for the internationalization of SMCCs. The first-phase benchmarking evaluates how well companies prepare to undertake business abroad and what capabilities they should improve upon based on comparative data from 41 SMCCs. The second-phase benchmarking provides risk information from 49 international subcontract projects that must be managed for SMCCs. In the last phase, the benchmark delivers subcontractor risk-response strategies through the analysis of 134 international-contractual cases. Additionally, the three illustrative cases show that the benchmark framework and metrics are quite helpful for decision-makers and SMCC practitioners in evaluating and responding to their international construction project risks.
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ISSN:1226-7988
1976-3808
DOI:10.1007/s12205-021-1573-9