Analysing and managing potential risks in construction projects

Abstract

Construction projects can be extremely complex and fraught with newlineuncertainty. Construction risks are generally viewed as events that influence newlineproject objectives in terms of cost, time, quality and safety. It becomes newlineevident that risk management is necessary to reduce the hindrances occurring newlineduring the realization of the project. Risk management is an essential skill for the successful completion of the project, which includes the process of identifying, assessing and managing risks in construction projects. The purpose of the thesis is to identify and analyse the severity and likelihood of occurrence of risk factors in Industrial, Commercial, Highway, and Apartment construction projects and also to gain knowledge on the risk factors that could be the governing factors in Industrial, Commercial, newlineHighway and Apartment projects. And also to identify, assess and manage the newlinerisk factors that are associated with the highway and apartment construction newlineprojects. The identified factors can have either direct or indirect effects which newlineare analysed through the quantitative and qualitative methods. The analysis is newlinedone using the ranking method which identifies the major risk factors in the newlineplanning stage, execution stage and completion stage. A questionnaire is newlineprepared based on expert opinion, personal interview and literature review newlinethrough which major dominating factors in highway and apartment newlineconstruction projects are taken for survey. The factors are ranked using newlineRelative Important Index (RII) and mean, by which risk matrix is prepared newline newline