AN OVERVIEW OF RISK MANAGEMENT IN THE CONSTRUCTION PROJECTS (original) (raw)

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.

THE EFFECT OF MANAGING RISK PROCESS IN CONSTRUCTION PROJECTS

The aim of this study is to get a better understanding for the effect of the set of the risks in the construction projects, in addition to how mitigating these risks in those projects. Indeed risks are frequently playing the same rules, but the nature of project defines the specific risks of the project. The first step in process of risks assessment is identification them. Once risk identification is complete, risk analysis is used to identify the likelihood the risks that have been identified will happen. Thus by using evidence from other research in the area, this study showed the impact of the set of the stages in the risk management process in the construction projects, which were discussed in greater detail in the theoretical aspect of the current study. The findings of the study were revealed the fact that the comprehension of risk and its management has the direct effect of understanding specific issues that involve to the project. In addition to that, the integration of a risk management process at each stage of its stages in construction projects must be oriented to the progress of the project and permeate all areas, functions and processes of the project. In this regard, the most successful project managers maintain open lines of communication throughout their organizations to stay in touch with constituent's needs.

A Review on Risk and Risk Management Technique in Construction Projects

Construction projects are complex in nature and thus entail multiple threats and uncertainties that can adversely affect the project. The industry has witnessed many studies focused on a similar idea that identified the types of risk and the risk management method to handle these risks. Aim of this paper, to gather reviews on Risk and Risk management. So, the literature analysis of the referred articles emphasized the value of risk management in building projects to infer the relevant risks. Some of the authors have already suggested fundamental aspects, including contractual accountability, regular risk assessments, updated risk strategies and joint risk management. These filtered recommendations for productive outcomes from the study of the data must be taken into account and integrated into risk management procedures.

Risk Management implementation and presenting the applicable methodology for its implementation in construction projects

E3S Web of Conferences, 2020

The main task of the project manager is risk management. However, this task can be very complicated and inefficient if risk management is not considered from the beginning of the project. An effective risk management approach requires a systematic and appropriate approach, knowledge and experience. Studies of many projects have shown that both the owner and the contractor do not regularly implement risk management practices, which can have negative consequences on project performance. Because of the above-mentioned issues in this study, it is attempted to first evaluate the concepts of project risk management based on different and valid standards, to evaluate risk management in construction projects. Then, an attempt has been made to present an implementation approach for implementing six stages of risk management in projects. For this purpose, based on the experiences of the project “Lala Residential Complex” in Kabul, as a case study, the experimental application of the proposed ...

Risk management and its effect on reducing the project risks

Civil and environmental research, 2016

A successful risk management process enhances the construction project to recognize and measure risks and to believe risk repression and risk reduction rule. This study identifies the Risk management and its role in reducing the project risks. The sample of the study was 50 managers of construction projects in Jordan. The researcher used descriptive method and develop questionnaire to collect data. The results of the study showed that there is a statistically significant effect of the impact of risk management to reduce the risk of the project, there is a statistically significant effect of the impact of risk management to reduce the risk of the project related on time, there is a statistically significant effect of the impact of risk management to reduce the risk of the project related on cost, and there is a statistically significant the impact of risk management to reduce the risk of the project related on quality. This study recommended the Establishment of training courses on ...

Risk Management in Construction Industry - A Case Study

The Study investigated to acquire an overall idea about risk and its consequences in construction field and the process required for its management. The effect of risk on assessment of a project is discussed along with the tools and methods adopted to manage risk in construction industry. The objective of the research topic " Risk Management in Construction Industry " is to explore the effective way for implementation of risk management in construction industry, to consider the different types of risk management techniques applied to alleviate risk, to identify the use of implementation of the risk management, to determine the factors that can influence the applications of risk management in the project life cycle, wherein to categorize the principles adopted in Risk Management. I have conducted a survey on the following aspects of it, a) Identify, characterize, and assess threats involved in the construction industry b) Assess the vulnerability of critical assets to specific threats. c) Determine the risk (i.e. the expected consequences of specific types of attacks on specific assets). d) identifies ways to reduce those risks. e) Prioritize risk reduction measures based on a strategy.

Effective Risk Management in Construction Projects

SSRG International Journal of Civil Engineering, 2022

The construction industry is one of the most dynamic, risky, and challenging businesses. Due to the construction project's complexity and uniqueness, the number of risks present invariably goes behind those found in other industries. This project aims to investigate the risk management process in construction projects and aims to make a basis for future studies for developing a risk management framework to be adopted by prospective investors, developers, and contractors. A questionnaire was designed and circulated to collect responses about various risks occurring on construction sites. As a result, the people working on the projects face various risks such as operational requirements, cost overruns, and various types of accidents during a project. The risks were analyzed using the risk matrix method with the help of assessment forms, and further solutions were given to minimize the risks in a construction project.

Risk analysis and management in construction

International Journal of Project Management, 1997

The paper describes, on the basis of a questionnaire survey of general contractors and project management practices, the construction industry's perception of risk associated with its activities and the extent to which the industry uses risk analysis and management techniques. It concludes that risk management is essential to construction activities in minimizing losses and enhancing profitability. Construction risk is generally perceived as events that influence project objectives of cost, time and quality. Risk analysis and management in construction depend mainly on intuition, judgement and experience. Formal risk analysis and management techniques are rarely used due to a lack of knowledge and to doubts on the suitability of these techniques for construction industry activities.