Significant Risk Factors in Construction Projects: Contractor’s Perception (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.
Influence of risk factors on project's objectives in construction industry of Pakistan
ASCE's International Conference on Construction and Real Estate Management 2019 (ICCREM2019), 2019
Construction industry is prone to a number of risks due to its dynamic nature and the involvement of several stakeholders. These risks, if left untreated, negatively influence the project's objectives including cost, time, and quality. Numerous studies have been conducted globally to find the potential risks faced by construction industry; however, they aren't alike in all the regions. Thus, identifying and mitigating the potential risks, pertinent to a specific region, is an important milestone in the success of construction projects. This study, therefore, attempts to identify seventy-three key risk factors related to delay, cost overrun, and quality, affecting the performance of building projects in Pakistan, through an extensive literature review and semi-structured interviews. The identified factors were then prioritized, by the industry experts from both public and private sectors, using a questionnaire survey. The study discusses the influence of top five risk factors, in detail. The findings are expected to help, key stakeholders in Pakistan, in effective planning and monitoring of building projects at various stages; thus completing the projects within the allocated time, budgeted cost, and desired quality level. The study's methodology and results can be generalized, with cautious, in other regions and cultures having similar work environment.
Inaugurate 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 thirty nine critical factors were identified and categorized into five groups. These are: Administrative Aspect, Financial Aspect, Manpower Aspect, Technical Aspect. The results are presented on the basis of Relative index method and Z-Test.
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.
ASSESSMENT OF RISK FACTORS AND PROJECT SUCCESS IN CONSTRUCTION INDUSTRY
Transformations in Business & Economics, 2022
The purpose of this study is to investigate the effect of risk factors on project success of construction companies in Bangladesh. The paper also demonstrates the project success, risk factors such as management risk, financial risk, technical risk, and environmental risk. 65 responses have been used for data analysis. The data is evaluated through partial least square structural equation modeling (PLS-SEM) to draw the results. This study revealed the significant influence management risk and financial risk on project success. Further, management risk found significant influence on financial risk, beside financial risk has positive significant effect on technical task. On the other hand, the study found an insignificant relationship between technical risk, environmental risk, and project success. The implications and limitations of the study are also discussed.
IJERT-A Study of Risk Factors Affecting Building Construction Projects
International Journal of Engineering Research and Technology (IJERT), 2014
https://www.ijert.org/a-study-of-risk-factors-affecting-building-construction-projects https://www.ijert.org/research/a-study-of-risk-factors-affecting-building-construction-projects-IJERTV3IS120480.pdf Construction projects are initiated in complex and dynamic environments resulting in circumstances of high uncertainty and risk, which are compounded by demanding time constraints. As the most common and typical project types, construction projects have several characteristics such as time limit, specific objects, financial constraints and economic requirements, special organizational and legal conditions, complexity and systematic characteristics, For that each construction project itself is a complex system. Risks always exist in construction projects and often cause schedule delay or cost overrun. Risk management is a process which consists of identification of risks, assessment with qualitatively and quantitatively, response with a suitable method for handling and control risks. Risk management concept becomes very popular in a number of businesses. Many companies often establish a risk management procedure in their projects for improving the performance, minimizing loses and increases the profits. Study of this paper involves finding of 47 factors which are responsible for risk in construction projects. Findings are based on literature review, structured interview with construction professionals and present scenario of construction industry.