Assessment and Management of Construction Project Risks

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Mohammed Rizwan; M.A Hameed; MOHAMMED JALAL UDDIN

Assessment and Management of Construction Project Risks

Authors: Mohammed Rizwan, M.A Hameed, MOHAMMED JALAL UDDIN

Unique Paper ID: 182639
Volume: 12
Issue: 2
PageNo: 2676-2684

Keywords: Construction Projects Risk Management Risk Identification Risk Assessment Risk Mitigation Cost Overruns Schedule Delays Quality Control Safety Risks Highway Construction Apartment Projects Quantitative Analysis Qualitative Analysis Risk Matrix Relative Importance Index (RII) Analytic Network Process (ANP) Decision-Making Tools Stakeholder Allocation Project Lifecycle.

Abstract:
Construction projects are inherently complex and involve considerable uncertainty. Risks in construction typically refer to potential events that can adversely affect key project objectives, such as cost, time, quality, and safety. Given these challenges, effective risk management is essential to minimize disruptions and ensure smooth project execution. As a critical competency for project success, risk management entails a structured approach to identifying, assessing, and mitigating risks throughout the project lifecycle. This study examines the severity and likelihood of risk factors across different construction sectors, including industrial, commercial, highway, and apartment projects. The primary focus is on identifying key risk drivers in highway and apartment construction, analyzing both their direct and indirect impacts through quantitative and qualitative methods. A ranking system is used to evaluate critical risks during the planning, execution, and completion phases. Data is collected using a structured questionnaire developed from expert consultations, interviews, and literature reviews. The Relative Importance Index (RII) and mean values are applied to prioritize risks, which are then visualized on a risk matrix. Additionally, the Analytic Network Process (ANP) is employed using Super Decisions software to improve decision-making by evaluating interdependencies among risk factors. This integrated approach helps pinpoint the most significant risk categories, enabling project teams to implement targeted mitigation strategies. Risks are assessed based on their influence on time, cost, quality, and safety. Once identified, they are allocated to relevant stakeholders—clients, contractors, or project management consultancies—based on their ability to manage them effectively. Finally, mitigation strategies are formulated, which may include risk prevention, reduction, transfer, or acceptance, ensuring better project control and successful delivery.

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ISSN: 2349-6002
Volume: 12
Issue: 2
PageNo: 2676-2684

Assessment and Management of Construction Project Risks

Available:https://ijirt.org/Article?manuscript=182639

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