Strategy Assessment in Risk Management Practices in Construction of Gautam Buddha International Airport

Abstract

Risk is defined as the possibility of adverse effects occurring in a project that brings about loss or damage in the project. The success and failure of a project largely depends upon the risk management of the project. The overall objective of this research is to assess the existing risk management strategy practiced during the construction of the Gautam Buddha International Airport. Key Informant Interview supported by the Literature Review, Document Study and Field Observation were done with all the three parties i.e. Employer, Consultant and Contractor. Identified Significant and Highly Significant Risk Factors were analyzed in terms of practice, and suggestions to mitigate these risks were given. The methodology of Key Informant Interview was used for identifying the mitigation practices and suggestions for each Highly Significant Risk Factor. It was identified that, though there was no formal risk management plan in this construction project, there was a good practice of risk mitigation for some potential risk factors such as those related to Quality. Some major mitigation suggestions found by the search were implementing strong Coordination between working parties, Review of Design, Drawings and Specifications in detail, Endorsement of Efficient Cash Management System, Appointment of Competent Consultant in the site and Follow of Safety Manuals. The findings from this research will be the learning points for the upcoming other two international airports of Nepal.