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Risk Identification & Its Mitigation in Construction Industry

Author(s):

Deep Changela , INDUS UNIVERSITY; Prof. Umang Sheth, INDUS UNIVERSITY

Keywords:

Risk, Risk Management, Mitigation plan, Qualitative analysis, Quantitative Analysis

Abstract

Combining in itself the potential for employment for practically any economic activity, construction industry plays a decisive role in healthy development of any nation. Not only large but even small construction project have an abundance of risks and need effective risk management, intuition, experience, skills plays a very vital role in decision making process of risk management. This paper emphasizes on the various risks which a construction project faces during its construction stage. How it can be mitigated. Data was collected interviewing of contractor’s team of project managers and senior engineers. Collected data were the reviews from contractor’s point of view. In any risk management program, it is necessary to pay serious attention to risk qualification and also qualitative analysis. Risk quantification leads to an estimate of risk exposure for the project and aids in risk response planning. In this paper mitigation plan, has been proposed.

Other Details

Paper ID: IJSRDV5I21277
Published in: Volume : 5, Issue : 2
Publication Date: 01/05/2017
Page(s): 1383-1386

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