Effective Risk Management in Construction Projects

Abstract

The construction industry is one of the most dynamic, risky, and challenging businesses. Due to the construction project's complexity and uniqueness, the number of risks present invariably goes behind those found in other industries. This project aims to investigate the risk management process in construction projects and aims to make a basis for future studies for developing a risk management framework to be adopted by prospective investors, developers, and contractors. A questionnaire was designed and circulated to collect responses about various risks occurring on construction sites. As a result, the people working on the projects face various risks such as operational requirements, cost overruns, and various types of accidents during a project. The risks were analyzed using the risk matrix method with the help of assessment forms, and further solutions were given to minimize the risks in a construction project.