Risk Management for a Construction Project -A Case Study (original) (raw)
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Risk management is an important step which should not be neglect or ignore in every project. Because of various risk involved in construction, it is difficult to maintain time, cost and quality as planned. Project undertaken in the construction sector are widely complex and have often significant budgets, and thus reducing the risk associated should be a priority for each project manager. The main purpose of this paper is to identify the key risk factors that affect construction project. Questionnaires has been prepared incorporating of 50 difference questions after which questionnaire survey was conducted where the questions has been focused based on (component of questionnaire) the respondents were selected based on their susceptibility to the risk. The data was analyzed using the Statistical package for social sciences (SPSS) version 21. The result shows that the inadequate planning in construction project, poor adoption of site safety, supply and use of defective materials and poor resources management in construction project are all among the forefront key risk factors which affect construction project, meanwhile, effective recommendations have been developed to increases the efficiency, speedy and minimises risk and abortive work in construction project.
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....
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.
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.
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.
A REVIEW OF RISK ASSESSMENT AND MANAGEMENT IN CONSTRUCTION PROJECTS
Risk assessment is a series of processes consisting of risk analysis, assessment of magnitude of risk, judgment on whether the risk is acceptable or unacceptable, and making and assessing risk control options, to attain this goal. Risk assessment will play an important role when the part relate to the risk within decisions made by an organization is to be rationally implemented. Managing these processes can be quite a challenge for the management. Risk management includes identifying risks, assessing risks either quantitatively or qualitatively, choosing the appropriate method for handling risks, and then monitoring and documenting risks. This study identifies the procedures for risk identification, management and its perception from the Indian construction industry. Time and cost management need to be fully integrated with the identification process. The aim of this study is to advise for a method of risk mitigation which includes a well-documented procedure which serves as a one stop-solution to all the risks that would emanate in the future. We conducted a survey research by applying a questionnaire among in the construction industry. The risk identification techniques more frequently applied in construction are checklist, flowchart, Brain storming, Delphi method, Anova hypothesis etc.
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
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 ...
AN OVERVIEW OF RISK MANAGEMENT IN THE CONSTRUCTION PROJECTS
Academic Research International, 2018
The study was carried out in order to obtain a comprehensive conceptualization on risk and the consequences it has in the fields of construction and the required management operation. Along with the utilities and techniques adopted to control risk in the construction industry, the effect of risk on the project assessment is also discussed. The aspiration of the topic of research is to be able to enquire into the productive method of implementing risk management in construction industry, to be able to respect the various types of managing techniques manipulated to reduce risk, to define the utility of implementation of the risk management, to resolve the components that affect the execution of risk management in the life cycle of projects. The following study discloses the research which focuses on distinguishing the practices of risk management and construction projects in the Arab region.
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.