Risk Identification and Management in Construction Projects: Literature Review

Shubham Sharma∗ and Ashok Kumar Gupta
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Shubham Sharma∗: Department of Civil Engineering, Jaypee University of Information Technology, Waknaghat, India
Ashok Kumar Gupta: Department of Civil Engineering, Jaypee University of Information Technology, Waknaghat, India

International Journal of Humanities, Arts and Social Sciences, 2019, vol. 5, issue 6, 224-231

Abstract: The significance of risk management has increased in the last few years, and the Critical Risk Factors (CRFs) have attained more attention from the construction industry practitioners. Huge and complicated construction projects contain a lot of risk factors and the completion of these projects relies on the proper management of the main risks. This paper identifies the critical risk factors associated with construction projects along with most commonly used risk identification techniques and method of classifying risks. For this study, a total of sixty-seven risk factors were identified through in-depth content analysis of the literature. Method used for ranking of critical risks, risk identification techniques and method of classifying risk was based on number of articles considering that particular risk, technique and method respectively. The top five identified risks were unavailability of funds, design errors & poor engineering, poor site management & supervision, contractual risks, change in laws and regulations. Most commonly used risk identification technique and method of classifying risk was questionnaire survey and nature of the risk respectively. The research findings are helpful to engineers, supervisors, project managers and construction practitioners for early assessment and proper management of risks present in construction projects.

Keywords: Risk management; critical risk factors; risk identification; risk classification; construction project (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:apa:ijhass:2019:p:224-231

DOI: 10.20469/ijhss.5.20002-6

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