EVALUATION AND MANAGEMENT OF RISKS IN CONSTRUCTION PROJECTS

Abstract

Construction field is majorly a risk prone area with complexity in its internal environment which creates an environment of ambiguity and risk. It is exposed to several different types of risk factors such as socioeconomic, political, environmental, management and financial risks. As a result the project gets effected with delays and quality aspects. This ultimately leads to cost overruns and poor quality construction. In view of this, an effective assessment and management of risks must be followed by industry practitioners. The paper aims to investigate and identify risks in construction projects and suggest remedial measures. This was achieved by questionnaire survey collected from local contractors and managers through mail and some by personnel meeting. Some interview was conducted with industrial practitioners for effectiveness of the collected questionnaire. The major risk observed from the experts opinion is the lack of skilled workers that most companies are facing.