Evaluating and Mitigating Risks in Construction Projects: A Critical Analysis

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Mihir Patel. A; Jayraj Solanki; Darshan Shah; Pareshkumar Patel

Evaluating and Mitigating Risks in Construction Projects: A Critical Analysis

Authors: Mihir Patel. A, Jayraj Solanki, Darshan Shah, Pareshkumar Patel

Unique Paper ID: 181540
Volume: 12
Issue: 1
PageNo: 5384-5388

Keywords: Construction Risk Management Risk Mitigation Strategies Project Risk Evaluation Construction Project Performance

Abstract:
Construction is a complicated and vital industry, key to economic development and infrastructure growth. Construction is a diverse field with a broad range of projects, including residential and commercial buildings, as well as massive infrastructure projects like bridges, highways, and industrial facilities. Because the industry is so varied and subject to ongoing change, construction is necessarily a high-risk activity. Population increase and growing demand for infrastructure further drive the pressure for large-scale construction activities, exacerbating the problems encountered. As a result, risk identification and management became fundamental elements of contemporary project management. Risk management assists stakeholders—clients, contractors, consultants, and suppliers—in reducing adverse effects on project performance, more specifically in terms of cost, time, and quality. It entails the detection of factors that could adversely impact a project's schedule, cost, or quality, measuring their potential impact, and designing methods of mitigating such risks. This research identifies major risk factors, classifies them, evaluates their effect on project performance, and suggests a model for successful risk mitigation.

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Cite This Article

ISSN: 2349-6002
Volume: 12
Issue: 1
PageNo: 5384-5388

Evaluating and Mitigating Risks in Construction Projects: A Critical Analysis

Available:https://ijirt.org/article?manuscript=181540

Impact Factor
8.01 (Year 2024)

UGC Approved
Journal no 47859

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