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Journal: International Journal of Civil Engineering and Technology (IJCIET) (Vol.8, No. 4)

Publication Date:

Authors : ; ;

Page : 1977-1984

Keywords : Risk management; Rank correlation; Risk factors; Risk mitigation; Risk identification.;

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Risk management is a concept which becomes very popular with a number of businesses. The demand for infrastructure is going to be in great volume in the coming future. Use of modern construction equipment's and techniques has accelerated the growth. As the industry grows the associated risk also grows. Risk management in construction is an important area needing attention for successful completion of the project. Many companies often establish a risk management procedure in their projects for improving the performance and increase the profits. Construction projects are complex in nature with significant budgets, making reduction of risks the main focus. The questionnaire prepared for the survey was formulated by seeing the relevant literatures in the area of construction management. This research seeks to identify the risk factors that affect the performance of small, medium and large construction projects, using appropriate tools and technique and to develop a risk management framework. For doing various analyses, we collected 180samples in small, medium and large construction firms. The responses were analysed by reliability & validity, rank correlation using the software of SPSS. This model enables to know the strategies that propose risk prevention, risk relocates future suggestion. A risk free project is one with some reasonable profit for the parties involved and zero dispute condition. A well-drafted, balanced contract with a proper administration can mitigate exposure to risk and keep the project on track. Construction Managers must nullify the impacts of the contingencies of risk with their specific contractual, financial and organizational requirements. In order to achieve this balance, proper Risk identification and Risk analysis is required. This study investigates, categorizes and evaluates the risk and develops a risk management policies and guidelines to the company contractor which can be adopted at the construction project site for better and risk free construction work.

Last modified: 2017-12-08 22:29:18