Construction Risk Analysis

862 Words4 Pages
Cost risk analysis in construction projects N.Hari Raghavan, M.TECH; C.Venkatasubramanian, Ph.D. Abstract Cost, time, risks and availability of funds are the key factors in any construction project. Project managers are prone to face various risk factors that affect project cost and time duration of the project. This paper concentrates on the effect of risks on the overall cost of the construction projects. Questionnaire was prepared considering various risk factors that are associated with construction process. Risk factors were identified by conducting in person interviews with project managers and technical experts. The questionnaire survey was compared with a case study of a residential project. Survey results indicated that the design…show more content…
Infrastructure facilities available in a country define whether it is a developed country or not. Construction industry in India is made of large, medium and small construction companies. Major construction companies have separate divisions for designing, planning, scheduling and execution of construction works. Minor construction companies do not give specific importance to analyse the effects of risks. Hence the chances of risks are high when such minor companies involve in construction works. Residential projects in India are done based on experience of the engineers and the technicians involved in the project. Severe accidents were recorded in such project sites. Analysis of the risks and difficulties involved in the project has to be done before starting the construction process. By doing so, several risks can be avoided and this will help in completing the project within the scheduled time and budget. Risks in construction process are uncertain as there are various factors involved. Both human factors and non human factors have to be considered in construction risk analysis. Construction projects are carried out under varied site conditions. Engineers handle the risks based on their experience. Risks encountered have to be maintained as record to analyse them for future projects. This research work stresses on the importance of analysing the risks involved in each project to reduce the effect of risk on the overall construction
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