Risk Management in Construction Projects

  IJETT-book-cover  International Journal of Engineering Trends and Technology (IJETT)          
  
© 2014 by IJETT Journal
Volume-10 Number-3                          
Year of Publication : 2014
Authors : Seyed Hossein Abedian Kalkhoran , Gholamali Liravi , Fereshte Rezagholi
  10.14445/22315381/IJETT-V10P226

MLA 

Seyed Hossein Abedian Kalkhoran , Gholamali Liravi , Fereshte Rezagholi. "Risk Management in Construction Projects", International Journal of Engineering Trends and Technology (IJETT), V10(3),133-139 April 2014. ISSN:2231-5381. www.ijettjournal.org. published by seventh sense research group

Abstract

Risk is involved in every business and construction industry is no exception. Risk in terms of safety, economy and timely completion are more crucial for a project to be a successful one. Indian construction industry is worth about $100 billion and this could grow considerably driven by major projects across the country. The demand for infrastructure is going to be in great volume in the coming future. Use of modern construction equipments and techniques has accelerated the growth. As the industry grows the associated risk also grows. Risk management in construction is one important area that needs attention for successful completion of the project. A risk free project is one that results in a zero dispute situation so that there is a reasonable profit for the parties involved in a project. A well-drafted, balanced contract with a proper administration can mitigate exposure to risk and keep the project on track. Construction Managers need to know how to balance the contingencies of risk with their specific contractual, financial and organizational requirements. In order to achieve this balance, proper Risk identification and Risk analysis is required. The objective of the paper is to study the aspects that are more vital for the success of the project and highlight those pitfalls that increase the risk of the project. It is also attempted to arrive at some suggestions by referring to various cases and their judgments delivered in the past.

References

[1] Albert P. C. Chan and David Scott and Ada P. L. Chan (2004) “Factors Affecting the Success of a Construction Project” ASCE Journal of construction Engg and Management DOI: 10.1061/(ASCE)0733-9364(2004)131:1(153)
[2] FJ Contractor, P Lorange - 2002 - researchgate.net
[3] JR Silvers - 2008 - books.google.com
[4] Kirty Dave (2007) “Status of Construction Law in India Problems and Prospects” Conference paper on Risk Management and effective implementation of construction projects of The Institution of Engineers (India )page 5 to 14.

Keyowrds
Risk management, contract, construction, strategy