EFFECTIVE RISK MANAGEMENT IN CONSTRUCTION PROJECTS


EOI: 10.11242/viva-tech.01.04.233

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Citation

Mr. Sagar parab, Ms. Siddhi patil, Mr. Aniket sudrik, Mr.Smitesh palav, "EFFECTIVE RISK MANAGEMENT IN CONSTRUCTION PROJECTS", VIVA-IJRI Volume 1, Issue 4, Article 233, pp. 1-4, 2021. Published by Computer Engineering Department, VIVA Institute of Technology, Virar, India.

Abstract

Risk management is a step to make construction projects more efficient and practical such that uncertainties should be identified before occurring and changing into crisis and a balance should be made between threats and opportunities. Accordingly, construction industry is one of the most important and job creating industries in all countries. Compared to other economic-industrial sectors, construction management is highly influenced by the perception and employment of risk management concept. Additionally, there are abundant risks in such activities since Construction projects activities are very complex and various. Hence, it seems necessary to evaluate the proper use of risk management in various stages of Construction projects life cycle. In this regard, the present study attempts to describe Construction projects life cycle step by step and analyse the way of using risk management from designing stage to reviewing and supporting stage. The risk management framework for construction projects can be improved by combining qualitative and quantitative methodologies to risk analysis. The research work includes visiting and inspecting various construction sites, analysing the field, collection of data, interpretation of data; using matrix method of risk calculation calculating risk and providing effective measures to overcome it..

Keywords

Analysing, Assessing, Controlling, Monitoring, Response.

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