Model for identifying the risk level in construction projects

Abstract

Risk is unexpected or unwanted happening of an event or activity. Risk management aims to identify unexpected happenings in the business or project, so that some decision can be taken to prevent further problems to the business or projects. Risk is categorized based on the influence of the key project objectives and sustaining the environment. Managing the risks successfully in the project leads to achieving the project objectives very quickly. To list out the project objectives, minimizing the risks and enhancing the priorities through questionnaire in the construction industry is planned through this research paper. Significance index score is obtained for each prioritized risk is used for developing a risk management model (RMM). With the help of survey data gathered from construction Industry professionals, risk score (RC) is determined and proposed a remedy for the same to an agreed level to reduce further risk in the projects.