Risk Identification and Analysis in the Construction Projects (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.
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.
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.
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 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.
EVALUATION AND MANAGEMENT OF RISKS IN CONSTRUCTION PROJECTS
Construction field is majorly a risk prone area with complexity in its internal environment which creates an environment of ambiguity and risk. It is exposed to several different types of risk factors such as socioeconomic, political, environmental, management and financial risks. As a result the project gets effected with delays and quality aspects. This ultimately leads to cost overruns and poor quality construction. In view of this, an effective assessment and management of risks must be followed by industry practitioners. The paper aims to investigate and identify risks in construction projects and suggest remedial measures. This was achieved by questionnaire survey collected from local contractors and managers through mail and some by personnel meeting. Some interview was conducted with industrial practitioners for effectiveness of the collected questionnaire. The major risk observed from the experts opinion is the lack of skilled workers that most companies are facing.
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.
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
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.
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.