Identification and Management of Risks in Construction Projects

Abstract

Today, risk management in construction projects is considered to be a very important managerial process for achievement of project’s objectives in terms of time, costs, quality, safety, and environmental sustainability. Instead of employing a systematic approach for identification of risks, their probability and their effects, most of the studies conducted in this area have focused only on a few aspects of risk management in construction project. However, the present study aims to identify and analyze the risks associated with development of construction in the greater city of Tehran, employing a comprehensive approach that is consisted of five aspects. In order to conduct this descriptive-analytical research, after studying, identification and categorization of different types of risks and preparing a relevant questionnaire, a number of 52 active construction companies from different areas have been randomly selected to be questioned about the impact of those risks on construction projects. After the collection and observation of the data, the output was examined by Pearson correlation also, using charts and tables. The results indicated that “tight project schedule” – present in all five categories- imposed the maximum risk. Also “design variations”, “excessive approval procedures in administrative government departments” and “unsuitable construction program planning” were identified as next high risk factors.