Author(s): Patel Kishan Maheshbhai, Dr. Rajiv Bhatt, Prof. J. J. Bhavsar
Published in: International Journal of Engineering Research & Technology
License: This work is licensed under a Creative Commons Attribution 4.0 International License.
Volume/Issue: Vol. 3 - Issue 12 (December - 2014)
Construction projects are initiated in complex and dynamic environments resulting in circumstances of high uncertainty and risk, which are compounded by demanding time constraints. As the most common and typical project types, construction projects have several characteristics such as time limit, specific objects, financial constraints and economic requirements, special organizational and legal conditions, complexity and systematic characteristics, For that each construction project itself is a complex system. Risks always exist in construction projects and often cause schedule delay or cost overrun. Risk management is a process which consists of identification of risks, assessment with qualitatively and quantitatively, response with a suitable method for handling and control risks. Risk management concept becomes very popular in a number of businesses. Many companies often establish a risk management procedure in their projects for improving the performance, minimizing loses and increases the profits. Study of this paper involves finding of 47 factors which are responsible for risk in construction projects. Findings are based on literature review, structured interview with construction professionals and present scenario of construction industry.
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