Computing Cost and Time Contingency for Box Culverts Construction Projects using Integrated Risk Management Technique

Abstract

Construction and rehabilitation of water control structures in Egypt considered as an important project, as it influences the usage of water resources in Egypt which become limited resources due to water scarcity existed in the last decades. Also these projects helps in the optimization of water resources, Moreover it helps in the growth of agricultural and industrial sector. Project Risk Management (RMP) is considered as a vital and important tool in decision making, thus RMP used as a planning management system to detect risks affecting project deliverables; such as cost and time target. This research shows how to optimize the deliverables for construction of box culverts in Egypt, through a well-defined risk management framework and real case study for a certain project executed in the last decade. Finally, this study shows how to calculate cost and time contingency for these projects through an integrated risk management technique. Finally this study shows hazard risk identification and assessment for these type of projects. The conclusion of this study show that the cost contingency needed to resolve different risk factors arise in the shown case study is to increase the estimated budget with average value 11.50 percent on the total estimated budget, as well as the time contingency is found with average value 16.00 percent to be added over the total original baseline schedule of the construction project.