Statistical risk management in construction industry

Abstract

Construction project has numerous risks that impact the entire life cycle of the project. Risk management prediction helps to achieve the successful completion of the projects within planned cost and time. Most of the time a similar type of risk frequently occurs every project, especially typical infrastructure projects, but impact and risk probability is different. It is obvious that this risk affects the project cost and time, and the project's cost increases drastically. This study attempts to make Statistical modeling to predict risk in India infrastructure projects. Most projects are affected by climate risk, design risk, resource risk (Manpower and Equipment) and typical uncertain event. The risk data is obtained from varies infra projects and analysis and interpretation with risk factors to calculate the time and cost of risk for mitigation. This study helps to identify the risk factors in zone and state-wise and makes proper risk mitigation to finish the projects in budget and stipulated duration. Here, it measures and handles risks to help with upcoming construction projects.