ANALYSIS OF VARIOUS TYPES OF RISK IN CONSTRUCTION PROJECTS

Every activity involved in construction projects involve risk but the amount of risk vary for each and every activity in the construction projects. Business plan and project goals can be affected by risk for every activity involved in a project. During planning of construction projects the objective, goal, scope of the project must be considered, if not considered risk will be evolved in construction projects. Poor tracking during the execution of project and lack of knowledge lead to risk. If insufficient skilled labour and staffs involved in project it leads to risk due to insufficient technical knowledge about the project. If the roles and responsibilities are not properly understand by the project personals it leads to delay in project. Timely resolution are given if any issues occur otherwise it lead to risk. Risk management tools are used in construction projects to reduce risk level. Many International construction company which are leading in the managemental level facing high level of risk. In order to avoid these risk in those companies, risk management should be found more effective. So for proper risk management the risk is identified then those risk want to be analysed and finally proper steps should be taken to reduce those risk in construction projects. Matured risk practices should be taken in leading International construction companies. The risk management basically supports alignment of strategic organization. Optimize performance can done by various managemental tools. If a organization successfully maintaining its organizational risk then the organization will be effective and successful.