Abstract
In this study, the authors illustrate the need to establish select key risk indicators which are required to define the appropriate risk measurement technique used in the analysis involved in the life cycle of a construction project. Data were collected from 34 recently completed projects using a questionnaire based survey aimed to identify the most commonly occurring risks in construction projects. The data was collected through one to one interviews since that helped to account in an accurate manner the differences in profession and experience between various participants. The data from this study indicate that “documentations review” is the most popular technique used to mitigate risks. In addition the highest risks in these types of project are the ones related to the client such as changing demands and payment delays, followed by poor performance of subcontractors.
Highlights
Construction projects are some of the most complex projects in the world
Risk management planning describes all the work to be performed in the risk management process, in order to help the project teams to carry out the steps effectively and more efficiently
Risk monitoring and control is the last step of project risk management, which is the process of identifying new risks and developing strategies to minimize their impact
Summary
Construction projects are some of the most complex projects in the world This is mainly due to the many factors or risks that can affect these projects. If these risks are not managed properly, they may lead to project failure. Project risk management is the process of maximizing the effect of positive events and minimizing the consequences of negative risks that may affect the overall project objectives. Risk management planning describes all the work to be performed in the risk management process, in order to help the project teams to carry out the steps effectively and more efficiently. Risk monitoring and control is the last step of project risk management, which is the process of identifying new risks and developing strategies to minimize their impact
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