Abstract:
Construction projects are facing several risks that and have negative effects on the project such as time, cost
& quality. Risk management is an important field of the construction industry. Many companies often
establish a risk management procedure in their projects for improving performance and increase profits. No
project is free from risks. The accomplishment of project success in the construction industry mainly depends
upon the level of risk. The main objective of the project is to identify the risk and provide the best solutions
using primavera risk analysis software. This study investigates risk-related responsibilities for the client,
architect & contractor. Some of the risks determined in the project are defective design, financial issues, delay
in permitting, availability of drawings, changes in codes & drawing changes in the scope of work, payment
delay, accidents during construction. The next goal is to identify risk management techniques in the
construction industry. The whole process of identification and mitigation is termed risk management. In
Construction projects are concerned with the utilization of skills, tools, techniques, and knowledge about the
activities of projects. Management of risk is examined to be the most important part of the execution in
construction management. This study has taken a real-time schedule from the construction industry and have
implemented the identified risk factors according to risk ranking from the questionnaire survey in construction
industry. Based on the risk ranking, a risk model is created in the Primavera risk analysis software for
qualitative and quantitative risk. The risk model will generate risk scoring and a risk matrix. Based on this,
the schedule to mitigate risk will be generated. We can control the risk in software and an updated risk plan
will be given to managers in the construction industry to manage risk more efficiently. It may be concluded
that the most significant risks must be managed with greater effort to reduce or eliminate their effects on the
project. |
