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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
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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.
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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, ...
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 ...
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.
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 ...
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.
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].
execution phases to minimize the negative impact of risk on project cost and duration at completion. However, there is a lack of a comprehensive framework that employs both types of data in different phases of construction projects. This prevents construction practitioners from implementing an efficient risk management program.
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 ... 5.3 Construction Project Risk Management for Covid-19 Related Risks. 24 5.3.1 Risk Management Actions 24 5.3.2 ...
Risk management in construction projects is of great importance, as shown in Fig 1. Although at the start of a project, through the introduction of risk mana- gement, an increased expense is incurred, this is compensated for, in particular through the advantages of risk management. In the planning phase possible risks for the subsequent project ...
School of Production Engineering and Management, Technical. University of Crete, University Cam pus, 73100 Chania, Greece. Email: [email protected]. * Corresponding author. Abstract ...
6.1 Risk Management Integration with Project Management Processes Effective risk management should be fully integrated with project management processes to ensure a seamless approach to managing uncertainties (Hillson, D., & Murray-Webster, R., 2007). In subsequent study, the development of integrated frameworks for project and risk management ...
sustainable construction project goals. This thesis examines the existing theory of the risk management process and sustainable projects by shedding light on the trends within the construction industry. The intention ... Project Risk Management Structure in Skanska (Skanska, 2016). ..... 39 Figure 9. ...
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 thesis will try to reveal the main sources for the failure of a construction project. due to the lack of risk management in projects, aiming that from now on the risk management. matters will be considered more serious and professional. The benefits of risk management. are not confined to large or risky projects.
Firstly, a literature review is conducted on what risk management in construction projects entails and on existing risk management tools and techniques. Furthermore, causes and ... Master Thesis | Athanasia Mantzouka viii engagement, inefficiency in knowledge management, difficulty in lining up the tender and project ...
This study is descriptive, designed to obtain views from civil and building contractors regarding risk management in construction projects 3.2.1 Population and sample size According to CRB (2012) the total number of contractors in the construction industry in Tanzania is 7191, whereas civil and building contractors are 2770 and 3013 respectively.
This thesis is a result of my PhD studies during 2006-2008 in the Construction Management ... Drivers of and obstacles to more effective risk management in a construction project. Table 1. Paper overview. Table 2. Characteristics of construction projects included in the study.
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.
This master thesis presents an application of risk management in the early stage of a project life cycle of a construction project. In order to examine how risk and risk management process is perceived a case study of a school project was chosen. Moreover, based on the conducted interviews, the research presents how risks change during a ...
Abstract. Risk Management is recognized as an important exercise that creates value to a project and improves project performance. Time, cost and quality are the primary measures of a project ...
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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 ...