Risk and its impacts on time and cost in construction projects (original) (raw)

RISK ASSESSMENT OF CONSTRUCTION BUILDING PROJECTS

IRJET, 2022

The construction industry has now turned out to be one of the fastest growing industries of today that has significant effect on the economy of India Large development projects when deferred cause increment in the general spending plan. The undertaking must be planned and sorted out property and precisely to finish it inside given time with good quality work. This study specify that all the construction projects, all over the world, have huge number of risks and to complete the project, efficiently and successfully, risk management is essential. The risks can be recognized by questionnaire survey. The risks are identified and then it is evaluated by various technique like qualitative analysis to know the occurrence probability of risk and impact of these risk on project goals. When any risk arises, they have severe or simple impact on project and it affects cost, schedule of project, time, and quality. Therefore, for the project to be succeed, the risk management is required.

Risk and Its Impact on Quality, Safety and Procurement in Construction Projects

2020

Risk management is an integral part of project management on all construction projects based on knowledge areas of PMBOK. Risk analysis is process of risk which is used to quantify and analyze risks and give the mitigation strategies for each risk. This research was conducted to identify, analyze risks and provide mitigation measures associated with Residential Projects in Bangalore. In this study, risk and its impact were identified and analyzed based on quality, safety and procurement of materials using the questionnaire survey. The impact of project risk was analyzed using qualitative risk analysis like probability of occurrence and impact of each risk based on quality, safety and procurement was found out. Separate risk heat mapping was also created and finally a risk register with risk mitigation measures was provided for impact of risk related to quality, safety, and procurement. Thus, risk management is the best tool for organization to minimize the losses and maximize the be...

Quantitative Risk Analysis in Construction

Journal of emerging technologies and innovative research, 2021

This paper proposes to study and indentify key risk factors which may result in cost and delay of construction process. This paper proposes to study the Quantitative risk analysis in construction and how these risks adversely affect in completion of construction project. Risk analysis identifies the issues that slow down the process of construction. During recent years, risk analysis has become a major subject of management research. The paper presents the main results of the survey and highlights the effects of Risk analysis in construction that exists in the construction industry Construction projects are all the same in nature and have a one-time activity. A large number of people are involved in such projects. Contractors, subcontractors, suppliers, engineers, and project management consultants / third party consultants are the agents employed by clients for building projects. Although the construction industry recognises the value of quantitative risk analysis in optimising project execution, research in this area is still lacking. The main target of the project management is to finish the project within specific time and cost with assured quality. There are more tools and techniques available for optimizing the construction process to prevent the time and cost overruns. Survey is very important for identifying the factors and analysis it. In this a questionnaire survey will be distributed among the contactors and owners. The paper presents the main results of the survey and highlights the effects of critical risks in construction that exists .The this research will be carried out by the help of a questionnaire survey and data analysis will be done by three different statistical tools that are Relative Importance Index Method, Weighted Average Index Method and Spearman's Rank Correlation Coefficient.

Risk Management for a Construction Project -A Case Study

IJSRD, 2017

All categories of any organizations may face few internal and external factors that may make it uncertain to achieve their objectives or goals. This uncertainty is called Risk. A guide to the project management body of knowledge (PMBOK guide) defines project risk management as "The process of conducting risk management planning, identification, analysis, response planning, and monitoring and control on a project". The main objective of this study is to illustrate application of risk management process in construction project. To achieve this, a case study is chosen in Bangalore which is a residential villa project. A review of literature and experts advice gave opportunity to prepare a risk breakdown structure which has 9 risk categories that result from 39 risk factors which are generally faced in construction projects. Further questionnaire survey played important role in identifying and analysing the risks faced in the case study. And the results of case study conclude with list of risk factors which were majorly affecting the project and their analysis. And a proper recommendation is suggested for the research work carried out.

Risk Identification and Analysis in the Construction Projects

2018

Ashutosh Chandanshive, Arjita Biswas Researcher, Assistant Professor, Department of Civil Maharashta Institute of Technology, Pune, India ________________________________________________________________________________________________________ Abstract : Risk is present in every construction project and each construction project is unique. The risk factors influencing the projects are also different. If these risk factors are not addressed properly at planning stage, it can adversely affect the project performance. In this study, various risk factors were identified and classified according to their nature. Data related to risk measurement was collected through the questionnaire survey and by meeting personnel working in the construction industry. The risk factors were rated for the likelihood of their occurrence and impact was recorded for the projects under case study. These ratings were analyzed using SPSS software and possible correlations were developed for the critical factors....

RISK ASSESSMENT OF CONSTRUCTION BUILDING PROJECTS AND ITS REMEDIES

Construction projects are initiated in complex and dynamic environments resulting in circumstances of high uncertainty and risk, which are compounded by demanding time constraints. Construction industry has changed significantly over the past several years. Risk management is that the systematic process of identifying, analyzing and responding to project risk. It includes maximizing the probability and consequences of positive events and minimizing the probability and consequences of adverse events to project objectives. In this study from the past experiences of the engineers, managers, builders and contractor data was collected and was analyzed by Relative Importance Method (RII). The frequency of the risk factors was found out and ultimately the risk severity was found out. Therefore, the study will help on the risk factors which can be focused on during the construction of project thus completing it within the schedule time.

Identification and assessment of risk factors affecting construction projects

HBRC Journal, 2015

Cost saving and time performance are usually essential to all parties who are involved in a construction project, that is owner, contractor, subcontractor. The main causes of disputes in construction projects involve delay and failure to complete the work in the specified cost and time frame. The delivery time of a project is a key factor to the owner in terms of cost as much as it is for the contractor. Unexpected increase in cost and delays in construction projects are caused by owner, contractor, environments, etc. in which several types of risk factors may occur concurrently. The effect of cost overrun and schedule overrun do not only influence the construction industry but the overall economy as well. Even though construction project increasing in cost and schedule has received extensive attention of researchers, but because of continuous changes and development in the field, the study considered of added value to the construction industry in Egypt, in addition to risk strategy and plan analysis. In order to meet the deadline of a project and due to the complex nature of construction projects, cost and scheduling should be flexible enough to accommodate changes without negatively affecting the overall project cost and duration. As such, the objectives of the presented research in this paper are to identify, study, and assess the effect of the factors that affect cost and time contingency. Data are collected from sixteen construction companies in Egypt. The collected * Corresponding author. Cell: +20 100 50 175 30.

RISK MANAGEMENT IN CONSTRUCTION PROJECTS AS PER INDIAN SCENARIO

Construction industry is highly risk prone, with complex and dynamic project environments creating an atmosphere of high uncertainty and risk. The industry is vulnerable to various technical, sociopolitical and business risks. The track record to cope with these risks has not been very good in construction industry. As a result, the people working in the industry bear various failures, such as, failure of abiding by quality and operational requirements, cost overruns and uncertain delays in project completion. In light of this, it can be said that an effective systems of risk assessment and management for construction industry remains a challenging task for the industry practitioners. The aim of the this research is to identify and evaluate current risks and uncertainties in the construction industry through extensive literature survey and aims to make a basis for future studies for development of a risk management framework to be adopted by prospective investors, developers and contractors

Scrutiny of Risks Factors in Construction Projects

International Journal for Research in Applied Science and Engineering Technology -IJRASET, 2020

The construction industry is widely associated with a high risk and uncertainty due to the nature of its operating environment. This study aims to identify and evaluate key risk factors and their frequency and severity and then their impact in different types of construction projects in India. A questionnaire survey was conducted and a total of sixty five critical factors were identified and categorized into eight groups. These are: Financial related risk, Legal related risk, Management risk, Market related risk, Political and security related risk, Technical related risk, Environmental related risk, and Social related risk.. The results are presented on the basis of their frequency, severity and importance. I. INTRODUCTION The aim of this study is to conclude the prospect factors in industry, allotment of these factors, strategies used to traumatize risks and thus the techniques adopted in analysing these risks. the development project is exposed to a high degree of risk from the start of the project till the highest of the project. Risk is printed as any event or prevalence which could have an impact on the action of project goals. Risk management in construction comes is to deal effectively with uncertainty and sudden events that might have an impact on palmy and timely completion of the project. If risks don't seem to be known early throughout a project, it creates tons of exposure and uncertainties to the project life cycle, thereby touching such aspects as value, schedule and quality of the project. additionally, it'd additionally produce exposures within the space of Health, safety and surroundings. Hence, risk management permits project managers to identify, analyze, respond and manage the risks of the project. this will be the rationale why risk management is extremely necessary for the palmy action for a project. In drafting the contract, the getting strategy need to clearly outline the responsibilities of the consumer and therefore the contractor and such need to be specific and graspable. this will be to make positive that the prospect is clear for every the contractor and shopper thereby avoid future dispute. The importance of risk management in construction comes are reportable by many authors. It had been completed that risk management is crucial to construction activities in minimizing losses and enhancing profitableness. It had been explicit that risk management might be a way that need to be applied in associate trade to achieve the goals of the trade, thus it is necessary to unfold awareness and build interest amongst individuals to use risk management techniques within the trade. the prospect might be a measurable a neighborhood of uncertainty and is assumed as a deviation from the specified level, thus the prospect analysis is thus necessary for project choice and coordination of construction work.

STUDY OF RISK MANAGEMENT IN CONSTRUCTION PROJECTS

INTERNATIONAL JOURNAL OF MANAGEMENT (IJM)

Risk management (RM) is a concept which is used in all industries, from IT related business, automobile or pharmaceutical industry, to the construction sector. One concept which is widely used within the field of RM is called a risk management process (RMP) and consists of four main steps: identification, assessment, taking action and monitoring the risks (Cooper et al., 2005). The overall aim is to let everyone know what risk management is. Realize the procedure of risk management in the construction project and have a deeper study on the application of risk management in the construction industry during the entire phase of construction from the Estimate to the execution state. The topics studied are application of risk management techniques, barriers to risk management, data cost management.