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The effects of a contractor’s risk attitude on their bid decision making Forestal = Los efectos de la actitud de riesgo en los contratistas en sus decisiones de licitar

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Año de publicación 2015
Idioma Inglés

Descripción: The construction industry is well known to have many uncertain events during its construction process. Projects within this industry are exposed to a higher degree of risk, being vulnerable to achieving the project’s objectives in terms of time, cost and quality. For this reason, risk must be managed to minimise possible adverse impacts. The process of managing risk requires human judgement, thus being influenced by a construction professional’s risk attitude and perception. The aim of this research is to investigate the effects of a construction professionals risk attitude in their bid decision making. For this purpose, this study will consist of a primary data source obtained through a literature review and a secondary approach through a mixed research method, involving semi-structured interviews with professionals involved in bid decision making to collect new data. The study indicated that an individual’s professional experience and company’s culture are the two main factors to affect an individual’s risk attitude, though it was found the recession in 2008 had a great impact in these. The recession reshaped the whole construction industry’s risk attitude, as the market condition and the global economy became the dictators as to the risks a company had to take to survive. It was established risk attitude is a cyclical aspect influenced by external and internal factors, both being greatly affected by the market and the country’s economic condition. The research findings provided an in-depth exploratory study of an individual’s risk attitude and behaviour under competitive bidding, leading to understand the relationship between these two aspects.
Citación recomendada (normas APA)
: Carolina Silva Jaramillo, "The effects of a contractor’s risk attitude on their bid decision making Forestal = Los efectos de la actitud de riesgo en los contratistas en sus decisiones de licitar", -:-, 2015. Consultado en línea en la Biblioteca Digital de Bogotá (https://www.bibliotecadigitaldebogota.gov.co/resources/2084051/), el día 2025-05-12.

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Fuente Biblioteca Virtual Banco de la República
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Año de publicación 2015
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The effects of a contractor’s risk attitude on their bid decision making Forestal = Los efectos de la actitud de riesgo en los contratistas en sus decisiones de licitar

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