Construction Risks Management of Building Projects in Sultanate of Oman: Contractor and Owner Perspective

Abstract

Managing risks is vital for any construction project to avoid cost overrun, schedule delay, and to meet the quality requirements. Over the last 10 years, the building market has evolved rapidly; businesses face greater risk and complexity than ever before. Risk assessment has been an integral aspect of the project management process. Because of the time and costs overruns involved with building projects, risk of building has become the focus of concern. This research focuses on exploring risk control techniques in construction industry. Risk reduction and management of planning is a critical approach that helps one to deal with the removal of different risks, their analyses, and the remedial steps that can be taken to remove them in a given project. Any construction company has to set up a risk management scheme to improve performance, reduce costs and increase sales. In this regard, set of principles have to be adopted for the development of ethical risk management planning decisions. In addition, hazards ought to be taken care of such that ensures a suitable norm of security for human wellbeing and the earth and at any rate offers the level of wellbeing that is sensible to people in the future today; there doesn't seem, by all accounts, to be any lawful avocation for limiting likely wellbeing and condition chances.