Analysis of Risk Management in Construction Industries

Yogendra Kumar Sahu; Narendra Dudhe

CALL FOR PAPERS : Mar-2023

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25-Mar-23

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Analysis of Risk Management in Construction Industries

Author(s):

Yogendra Kumar Sahu , Tit Excellence Bhopal ; Narendra Dudhe, Tit Excellence Bhopal

Keywords:

Risk Management, Construction Project, Questionnaire Survey, Personnel Interviews

Abstract:

Risk management is a methodology which has become popular in a number of businesses including constructional acquaintances. Often companies establish a risk management procedure in their project planning and work for improving the performance and increase the profits by folds. By adopting risk management, savings potentials can be realized in construction projects. For this cause only project managers as well as real estate developers have taken into consideration of the risk management process to be impeccable. Risk is involved in every business and construction industry and there lies no exception in whatever way possible. Risk in terms of safety, economy and timely completion are the most important aspects for any project to be a successful one and be the best the best in the market. The integration of a risk management system in construction projects must be directed to the development of the project and must cover all areas, functions and processes of the project. In this, specific importance is attached to the risks in the personnel area especially for enterprises providing superficially qualified services, specialized employees which are very much essential for market success and winning. Risk management is a process which can be deduced as the identification of risks, assessment with qualitatively and quantitatively handle different types of risks, response with a suitable method for handling risks, and then control the risks by monitoring. This study proposes to apply the risk management technique which includes well - documented procedures for the one stop solution all types of hazards most likely to occur during any construction project Lifecycle. To fulfill the objective, literature related to Risk Analysis and Risk Management capabilities will be done along with Questionnaire survey and personnel interviews with various experts.