Dynamic and Multi Dimensional Risk Management of Construction Projects

Abstract

Managing risks in construction projects has been recognized as a very important newlinemanagement process in order to achieve the project objectives in terms of time, cost, quality, newlinesafety and environmental sustainability. However, thus far most research has focused on newlinesome aspects of construction risk management rather than using a systematic and holistic newlineapproach to identify risks and analyze the likelihood of occurrence and impacts of the risks. newlineAims to identify and analyze the risks associated with the development of construction newlineprojects from project stakeholder and life cycle perspectives. The questionnaire surveys are newlineused to collect the data. Based on a comprehensive assessment of the likelihood of newlineoccurrence and their impacts on the project objectives, this research identifies 40 major risk newlinefactors and 9 Risk mitigations. This risks research is mainly related to (ranking) contractors, newlineclients and designers, with few related to government bodies, subcontractors/suppliers and newlineexternal issues. Among them, tight project schedule is recognized to influence all project newlineobjectives extremely, whereas design variations , excessive approval procedures in newlineadministrative government departments , high performance/quality expectation , newline unsuitable construction program planning , as well as variations of construction program newlineare deemed to impact at least four aspects of project objectives. This research also found that newlinethese risks spread through the whole project life cycle and many risks occur at more than one newlinephase, with the construction stage as the most risky phase, followed by the feasibility stage. newlineThis research would conclude that clients, designers and government bodies must work newlinecooperatively from the feasibility phase onwards to address potential risks in time, newlinecontractors and subcontractors with robust construction and management knowledge must be newlineemployed early to make sound preparation for carrying out safe, efficient and quality newlineconstruction activities. newlineA building project is a process where each activity and phase includes different risks newlinethat should be handled by the project participants. Nowadays, the building market is newlinedeveloping very fast and it is important to deliver the project to the client on time and within newlinethe budget, each decision made in the conceptual design phase can have an impact on other newlinephases and bring consequences that could be negative for the building project, assignments in newlinea building project, such as conceptual, preliminary, design development and construction newlineexecution has performed by a project participants according to the role, can also be referred newlineto a project or a project task, because it contains the parts that the project teams work on newlinewithin a company. The risks related to critical events in the project tasks are managed by the newlineproject participants according to their responsibilities defined in the contract form. The risks newlinemanaged in the project tasks are an integral part of the risk existing in the building projects. newlineThe structure of a building project, depending on its scope, varies with the number of newlineproject teams, and form of management. Also the form of contract plays an important role newlineregarding that, what kind of risk that should be taken into consideration and how to handle it. newlineRisks related to Cost plays vital role in Constructions projects. Time related risks followed by newlinerisks due to unexpected incidents/crises, Design related risks, Environmental related risks, newlineQuality related risks and Safety related risks plays important role in influencing the project newlineobjectives in Construction project. Mitigations control the risks and has more impact on cost newlinerelated issues followed by safety related risks and risks due to unexpected incidents newline