Risk Responses Methods for the Most Critical Risks
Of the originally listed one hundred and forty (140) response methods in the questionnaire, one hundred and one (101) were deemed effective to respond to risks in the Egyptian market according to the expert respondents. Only the responses for the top five (5) risks are included in this paper, Tables 5 to 9. The complete set of response methods to their respective risks can be found in Orabi (2003).
The most commonly used risk response technique was the risk reduction technique. Risk transfer and retention response techniques were found not suitable for eliminating and/or mitigating the impact of critical risks such as the financial and economic risks and few of the client-generated and subcontractors-generated risks.
Using contractual measures was a key risk response method that was perceived by all types of contractors as the most effective method to eliminate/mitigate the effect of most of the risks considered in this research.
In general, no apparent difference of the perception of effectiveness of the different risk response techniques studied between different company types whether based on nationalities or ownership types was noticed.