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RISK MANAGEMENT IN CONSTRUCTION PROJECT
ABSTRACT Managing risks in construction projects has been recognized as a very important management process in order to achieve the project objectives in terms of time, cost, quality, safety and environmental sustainability. The main objective of this study is to assess the management of risks in construction projects and specific objectives are: to identify types of risks in construction projects, to evaluate the level of risks in construction projects and to suggest measures for managing risks in construction projects. The research design adopted in this study is descriptive, designed to obtain views from contractors. Sampling technique used was random sampling. Data collection techniques used were literature review and questionnaire, while method used for data analysis were Likert scaling using mean index formula and risk matrix analysis. Findings indicate that the types of risks found are classified into several categories which are financial risks, physical risk, construction risks, design risks, political risks, legal – contractual risks and environmental risks. The risks exist in both building and civil project. Vulnerable risks are financial risks, construction risks and physical risks. The level of risks is catastrophic in most of the financial risks while others are moderate. In construction and physical categories the level in most risks is high while others are moderate. Finally, measures for managing risks in construction projects were pointed out which are; Ensuring the adequacy of project funding, obtaining more geotechnical information, conducting constructability reviews, Set realistic contract performance times, work and rework cost information, introducing phased pricing, pre-plan for permits, Utilities and zoning, pre-define rates, use experienced project personnel.
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Aftab Hameed Memon , Nur Alkaf Abd Karim
Risk plays an important role in the success of construction project. In managing risk, identification of risk factors is very critical. Hence, this study focused on the investigation of risk factors from contractors’ perspective as the contractors are key players in the success of a project. The scope of this study was limited to Batu Pahat and Muar districts only. Data were gathered using structured questionnaire survey from contractors registered with Pusat Khidmat Kontraktor (PKK). Investigations on the risk factor involved 25 common risk factors classified in five categories, which were identified through literature works. Statistical methods were used to analyse the data. Results found that the five most important risk factors in construction project are shortage of material, late deliveries of material, insufficient technology, poor quality of workmanship, and cash flow difficulties. These significant factors are from two major categories of construction and finance. The findings of this study would assist contractors in dealing with risks encountered in construction projects.
Chinedu Iroanyah
Oluwaseun S Dosumu
The construction industry is plagued by risks above other industries due to its unique features which include the complexity of building activities, extended period of construction, complicated processes, financial intensity and dynamic organisational structure. These risks are not adequately dealt with and result in increased cost, time and reduced quality. While many types of research have been conducted on construction risks, only a few types of research have investigated the impact of risk (at tendering and procurement stage) on construction projects before they commence. Meanwhile, risk issues are better solved at bidding and procurement phase than construction phase as the case has been. Therefore, this paper examines the likelihood, degree of impact and probability of risk occurrence on tendering and procurement of construction projects. It also investigates the significant sources of tendering and procurement risks, the level of awareness and adoption of risk management techniques in construction tendering and procurement. The questionnaire for the study was administered on building contractors and consultants. A total of 44 questionnaires were retrieved and used for the analysis of the study. The statistical tools used for analysis are frequencies, percentages, mean scores and t test. The findings of the study revealed 17 significant sources of risk among the 35 that were investigated. Risks with high likelihood of occurrence, the degree of impact and high probability of occurrence were also indicated in the study. Based on the findings, it was concluded that respondents are aware and adopt risk management techniques on construction projects, but their adoption is at response level rather than identification level. Therefore, the recommendation of the study is that awareness should be created on the need for risk identification before construction projects commence. This should be implemented at professional and organizational level. Construction stakeholders should guard against risks with a high degree of impact and probability of occurrence during tendering and procurement of construction projects. Therefore, this study contributes to the body of knowledge by investigating the significant sources of risks to tendering and procurement, likelihood of risk occurrence, impact of risks and probability of risk occurrence in tendering and procurement.
Ehab Bairam
Haozz Zhang
James Rotimi , Johnson Adafin
John Walewski
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Department of Civil and Environmental Engineering Division of Construction Management. Chalmers University of Technology SE-412 96 Göteborg Sweden Telephone: + 46 (0)31-772 1000. Sweden 2011. Risk Management Practices in a Construction Project - a case study. Master of Science Thesis in the Master's Programme.
Title Risk Management in Construction Projects - A Knowledge Management Perspective from Swedish Contractors Author Dario Petrovic Department Master Thesis number Real Estate and Construction Management TRITA-FOB-ByF-MASTER-2017:61 Archive number 519 Supervisor Abukar Warsame Keywords Risk Management, Swedish Contractors, ...
1.2 Purpose. This master thesis will focus on how these two key project actors, the developer and the contractor, are managing risk in construction projects. By an abductive research approach, risks with the current risk management processes within the construction industry in Sweden will be investigated.
I. INTRODUCTION. Risk m anagement is an e ssential as pect of construction projects, as they are often c haracterized by a hi gh level of. uncertainty, complexity, an d interdependencies b etween ...
Ultimately, the third goal will be to provide some interpretations, resulting from the relations between Quality and Risk Management. To reach these three aims, the investigation will be conducted mainly in the construction sector and applied on a single construction site only. 2.2. Significance of the Study.
This research sights on highlighting the key risks and risk management in building construction. projects and identifies key risk variables and their effects on the building construction projects of. Addis Ababa from the contractor's perspective. These risks are to be identified and mitigated to. avoid the losses.
Title Risk Management in Residential Construction - An analysis of the risk management process of a Swedish construction company Authors Johan Bonander, Hampus Ulriksson Department Real Estate and Construction Management Master Thesis number TRITA-FOB-ByF_PrK-MASTER-2016:38 Archive number 444 Supervisor Tina Karrbom Gustavsson Keywords Risk ...
The Study investigated to acquire an overall idea about risk and its consequences in construction field and the process required for its management. The effect of risk on assessment of a project ...
Master of Science Thesis _____ _____ ABSTRACT Risk management is quite a broad and essential part of project management in construction projects. Often, risk management focuses on perceived risks that can easily be predicted and ... 6.3 Construction Project Risk Management for Covid-19 related Risks 35 6.3.1 Risk Management Actions 35 6.3.2 ...
Master thesis, one-year, 15 hp . I Abstract Sustainable construction projects are expanding in the market and green codes and standards are advancing giving the ground for development of technology and materials ... Keywords: sustainable construction, risk management, construction companies, project life cycle, green buildings, high performance ...
Risk management is a concept which becomes very popular in a number of businesses. Many companies often establish a risk management procedure in their projects for improving the performance and increase the profits. Projects undertaken in the construction sector are widely complex and have often significant budgets, and thus reducing risks associated should be a priority for each project manager.
Risk management in construction p rojects. Paweł Szymański a. *. a Poznań University of Technology, Plac Marii Skłodowskiej-Curie 5, 60-965 Poznań, Poland. Abstract. In the era of galloping ...
Risk management is one of the nine knowledge areas propagated by the Project Management Institute [4]. Furthermore, risk management in the construction project management context is a comprehensive and systematic way of identifying, analyzing and responding to risks to achieve the project objectives [5,6].
Purpose -The purpose of this dissertation is to understand the risk in South African construction projects that affect the achievement of objectives, with respect to time, cost and quality. Design/methodology/approach - A comprehensive review of Risk management and construction risks in South Africa and abroad was conducted.
A STUDY OF RISK MANAGEMENT IN CONSTRUCTION PROJECTS AND ITS REFLECTION ON THE PERFORMANCE MANAGEMENT IN ALGERIA A THESIS SUBMITTED TO THE GRADUATE SCHOOL OF APPLIED SCIENCES OF NEAR EAST UNIVERSITY By HAYTHAM ADNAN KAMEL ALAGHA In Partial Fulfilment of the Requirements for the Degree of Master of Science In Civil Engineering NICOSIA, 2018 N AGHA
Fadhili Ally Namkumbe. ABSTRACT Managing risks in construction projects has been recognized as a very important management process in order to achieve the project objectives in terms of time, cost, quality, safety and environmental sustainability. The main objective of this study is to assess the management of risks in construction projects and ...
School of Production Engineering and Management, Technical. University of Crete, University Cam pus, 73100 Chania, Greece. Email: [email protected]. * Corresponding author. Abstract ...
ABSTRACT. This thesis is about a study of risk management on construction projects success in the State of Qatar. The aim of the study is to gain understanding of 58 risk factors which are classify in 7 groups. The study also aims to explore the effectiveness of both mitigative and preventive methods.
1.4 Outline of the thesis. This thesis consists of five chapters, two appendices and four appended papers. Chapter 1 is an introduction to the research and includes four sections that present the background and problem description; aim, objectives and research questions; delimitations; and the structure of the thesis.
Figure 2.2 A risk management process 33 Figure 4.1 Flow chart for selecting a procurement method for a project 61 Figure 4.2 Risk apportionments between client and contractor 66 Figure 5.1 The Five Forces That Shape Industry Competition 71 Figure 5.2 A competitive risk management conceptual model 74
This thesis was carried out to fulfill the master's degree in Risk Management at the Faculty of Science and Technology, University of Stavanger. It would not have been possible without the support and encouragement from people around me. I wish to thank all the people whose assistance was a milestone in the completion of this project.
Risk and risk management in construction: A review and future directions for research. Engineering, Cons truction, and Ar chitectural Manag ement , 5 (4), 339-349. doi:10.1108/eb021087
Sand boil formation at the toe of river embankments is the typical manifestation of the initiation and progression of an internal erosion process known as backward erosion piping, which is recognized to be a major concern in many river systems worldwide. In Italy, more than 130 sand boils have been detected along the Po River, many of them experiencing recurrent reactivations during high-water ...
8) Risk management of construction project. In includes the processes related to pla nning, identifying, ana lyzing, facing, monitoring, and controlling risks. 9) Purchases management of ...