Risk Management For Construction Projects - 1095 Words

The overall aim of this study report is to let everyone know what risk management is, realize the procedure of risk management in construction project and have a deeper study on the application of risk management during construction period, therefore, a better project output and better value for both clients and constructors. There are two objectives of this study: 1. To assess the most major and common risks which cause bad effect on construction period. 2. To figure out reasonable solutions. On the basis of the aim and the objectives, research questions have been formulated. 1. What is the process of risk management? 2. How to apply risk management in construction projects? 3. What risks are there in construction projects? 4. How risks†¦show more content†¦Surveys of various projects under different stage of progress through reports and interaction with teams associated with project shall be used to collect information. Initial assessment identifies about twenty major risk factors likely to occurrence in majority of construction projects. This project proceeds further its study into the likely impacts of the risk factors on the project objectives. Risk management may be described as â€Å"a systematic way of looking at areas of risk and consciously determining how each should be treated. It is a management tool that aims at identifying sources of risk and uncertainty, determining their impact, and developing appropriate management responses. A systematic process of risk management has been divided into risk classification, risk identification, risk analysis and risk response, where risk response has been further divided into four actions, i.e. retention, reduction, transfer and avoidance. An effective risk management method can help to understand not only what kinds of risks are faced, but also how to manage these risks in different phases of a project. Owing to its increasing importance, risk management has been recognized as a necessity in most in dustries today, and a set of techniques have been developed to control the influences brought by potential risks compared with many other industries, the construction industry is subject to more risks due to the uniqueShow MoreRelatedRisk Management Techniques For Construction Project1280 Words   |  6 Pages Research Paper on Risk Management Techniques for Construction Project Pariekshit Guttikonda Lawrence Technological University Abstract Construction is a risky industry and there is no other industry that requires proper application of business practices much as construction industry. The main objective of this research is to gain understanding of risk factors faced by building projects. The study also aims to investigate the effectiveness of risk preventive and imitative methods. 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