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Risk Assessment and Management in Construction: Project Guide Thesis by

This document discusses risk assessment and management in construction projects. It identifies several key risk factors in construction projects, such as design changes and errors, poor estimates, unskilled staff, and natural hazards. It then outlines a methodology for identifying, analyzing, and responding to project risks which includes conducting a literature review, questionnaire surveys, data analysis, and developing recommendations to address risks. The goal is to systematically manage risks to construction projects and minimize impacts to cost, time, and other objectives.

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29 views16 pages

Risk Assessment and Management in Construction: Project Guide Thesis by

This document discusses risk assessment and management in construction projects. It identifies several key risk factors in construction projects, such as design changes and errors, poor estimates, unskilled staff, and natural hazards. It then outlines a methodology for identifying, analyzing, and responding to project risks which includes conducting a literature review, questionnaire surveys, data analysis, and developing recommendations to address risks. The goal is to systematically manage risks to construction projects and minimize impacts to cost, time, and other objectives.

Uploaded by

shijin ramesh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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You are on page 1/ 16

RISK ASSESSMENT AND MANAGEMENT

IN CONSTRUCTION

PROJECT GUIDE THESIS BY


Mr.Shenbagaraj, RENDHEER E.R
AP, Civil Engineering, 2nd year M.E CEM,
RVS Technical Campus, RVS Technical Campus,
Coimbatore. Coimbatore.
INTRODUCTION

• Risk management is the systematic process of identifying, analyzing and


responding to project risk.
• It includes maximizing the probability and consequences of positive events
and minimizing the probability and consequences of adverse events to
project objectives.
• Generally, risk is a choice in an environment rather than a fate.
• It is uncertainty inherent in plans and possibility of something happening
that can affect prospects of achieving, business or project goals.
• The money spend fund shipments overseas was the first example of risk
business in the early days of travel.
• Each and every activity we do involve risk, only the amount of risk varies.
• Risk is defined as “a situation where there exists no knowledge of its
outcomes”.
• Risk is a multi-faucet concept. in the context of construction industry, it
could be the likelihood of the occurrence of a definite event/factors which
occur during the whole process of construction to determine the project a
lack of predictability about structure outcome or consequences in a
decision or planning situation, the uncertainty associated with estimates of
outcomes-there is a chance that results could be better than expected as
well as worse than expected etc.
• Teamsize, History,Staff expertise & experience,Complexity,Management
stability,Time compression,Resource availability these are the several
factors of risk exposure.
Sources of Risk In Construction Projects

• Misunderstanding of contract terms and conditions

• Design changes and errors


• Poorly co-ordinated work

• Poor estimates
• Poorly defined roles and responsibilities

• Unskilled staff
• Natural hazards

• Political and legal problems


SCOPE AND OBJECTIVES

 To identify the various risk factors in construction of bridge projects.

 To analyze the sources of risk factors arising in the bridge projects.

 The pilot studies were conducted from various reputed companies.

 Using the pilot study the questionnaire is prepared.

 The survey will be conducted to the construction industries through


questionnaire.
 The result will be analyzed from the questionnaire.

 The risk will be solved using the software like SPSS.

 The result and discussion about the risk factors solving in the construction
projects.
METHODOLOGY

The methodology adopted in this project is given below:


• Study of literature related to Time and Financial Management risks.
• Preparation of questionnaire.
• Site visit to major construction project.
• Questionnaire survey and personal interviews with Site-Engineers, Supervisor
and managers.
• Analyzing the questionnaire.
• Factor analysis of data obtained from site and identifies the root cause.
• Remedial measures are to be suggested and the present data is to be recorded
for future reference.
• Conclusions, recommendations and suggestions for future study.
LITERATURES
Wenzhe Tang, David M.Young (Dec 2007) "Risk Management in the
Chinese Construction Industry"

• Studied the empirical Chinese industry survey on the importance of project


risks, application of risk management techniques, status of the risk
management system, and the barriers to risk management, which were
perceived by the main project participants.
• The study reveals that: Most project risks are commonly of concern to
project participants; the industry has shifted from risk transfer to risk
reduction.
Eric B. Williamson, David G . Winget(Aug 2004) "Risk Management and
Design of Critical Bridges for Terrorist Attack”

• This study deals with the risk for the government due to the terrorist
attacks on the beam column joint.
• Result in the retro fitting works to be done and it makes increase in the
time by disturbing the traffic and increase in cost by allocating the labour,
materials and safety
Riaan van Wyk, Akin tola Akintoye (Mar 2007) "Project risk
management practice: the case of a South African utility company”
• Documented the risk management practice of a utility company for its
Recovery Plan project to address the risks of power interruptions.
• The company's corporate risk management process and its practice at
divisional and project levels are discussed.
• The key role of stakeholders in risk identification, analysis, mitigation,
monitoring and reporting is emphasized by the company and this drives its
risk management practice
Florence Yean Yug Ling and Linda Hoi (Dec 2006) "Risk faced by
Singapore firms when undertaking construction projects in India"

• Studied the risk that Singapore architecture, engineering and construction


(AEC) firms face when working in India and investigated the risk response
techniques adopted by them.
• The risk response techniques include having adequate insurances and careful
planning and management.

G.MilIer (Jan 2006) "Time and Cost Risk Analysis"


• This study helps how to control the time and cost risk analysis by computer
aided simulation of project appraisal and its review. These simulations give
the result and help to make the precautionary steps during the planning itself.
J.De Brito And F.A.Branco(Mar 2006) "Bridge Management Policy Using
Cost Analysis”

• This study helps to make the efficient use of resource to make the right
decision for maintenance and rework in process if it is failed to maintain
the there will be some loss in structural failures, loss in time and loss of
financial aspects.

E.C.Hambly, Feng Fice And E.A. Hambly (Nov 2009) "Risk evaluation
and realism"
• This study helps in risk calculating the risk analyse technique by the
fatality accident rate method. The realism states how the government is
taking the necessary steps to repair and rework process related to the time,
cost and politics.
Pedro Maria Sanchez, Carr. Tijuana-Ensenada (Dec 2005) "Neural-
Risk Assessment System for Construction Project”
• Studied the assessing the risk impacts and as well in forecasting the
possible costs of these risks. Transforming the risk impact into money
terms certainly is not an easy thing to do.
• Traditionally within construction companies, risk management has been
adopted nevertheless; the work has been concentrated mainly in risk
analysis.

Seon-Gyoo Kim, Jae-Jun Kim (Apr 2005) "A Risk Threshold Calculation
Methodology for the Construction Projects Applying Value at Risk"

• Studied the risk management technique rapidly becomes one of the critical
project management methodologies to achieve project objectives and
improve its performance in gradually increasing uncertainties surrounding
the construction environment.
J.H.M.Tah and V.Carr (July 2002) "Knowledge Based Approach to
Construction Project Risk Management“

• Suggested that consistent methodology for construction project risk


management.
• The construction industry consistently suffers from poor project
performance due to a lack of formalized risk management procedures
which helps to facilitate more effective risk management while allowing all
project participants to develop and share a great understanding of project
risk for improved performance.
THANK YOU

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