Experimental Study on "Risk Management in Residential Building Project"

Risk can be described as the absence of information when a decision is to be made at any time throughout a process. The construction industry is often considered as complex and defragmented due to working in a project based format with a unique product and a process where there are times when decisions need to be made with insufficient information. Therefore, proper risk management processes can be vital to minimizing risks, maximizing opportunities and securing a successful project process This master thesis has been conducted at a large Swedish construction company that houses both a constructing unit and a residential development unit. Consequently, the focus of this thesis has been on analysing the risk management process when a residential project is both developed and constructed by the same company. The purpose of this master thesis is to describe and analyse risk management in a project based organization within the construction industry. The thesis aims to provide a better understanding of how risk management is used in practice but also what underlying factors that can affect risk management processes. The study will include both the perspective of the developer and the constructor as well as their separate and joint processes facilitating risk management. In regards to the purpose of this thesis, a general risk management model has been used to provide a framework for analysis. This model consists of four steps risk identification, risk assessment, risk mitigation and risk monitoring. Susheel Tiwari | Rakesh Sakale | Hirendra Pratap Singh "Experimental Study on: "Risk Management in Residential Building Project"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-3 | Issue-2 , February 2019, URL: https://www.ijtsrd.com/papers/ijtsrd21500.pdf