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Risk Assessment and Management in Construction Projects

Risk Assessment and Management in Construction Projects

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Published by deviprasadh.a
Risk Assessment and Management in Construction Projects
Risk Assessment and Management in Construction Projects

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Published by: deviprasadh.a on Apr 22, 2009
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09/09/2014

 
 
RISK ASSESSMENT AND MANAGEMENT INCONSTRUCTION PROJECTS
by
A.DEVIPRASADH
A thesis report submitted to the
FACULTY OF CIVIL ENGINEERING
 In partial fulfillment of the requirement for the award of the degreeof 
MASTER OF ENGINEERINGINCONSTRUCTION ENGINEERING AND MANAGEMENT
DEPARTMENT OF CIVIL ENGINEERING,COLLEGE OF ENGINEERING GUINDY CAMPUS,ANNA UNIVERSITYCHENNAI – 6000 25JUNE 2007
 
 
ABSTRACT OF THE PROJECT WORK
Degree and Branch : M.E CONSTRUCTION ENGINEERINGAND MANAGEMENTMonth and Year of Submission : June 2007Name of the Student :
A.DEVIPRASADH
Roll Number : 200511840Name and Designation of supervisor :
Dr.M.SEKAR
PROFESSOR & DEANCOLLEGE OF ENGINEERING - GUINDYANNA UNIVERSITYCHENNAI-600025Construction projects are initiated in complex and dynamic environments resultingin circumstances of high uncertainty and risk, which are compounded by demandingtime constraints.Construction industry has changed significantly over the past several years. It is anindustry driven primarily by private investors; the presence of securitized real estate hasincreased considerably. It is vulnerable to the numerous technical & business risks thatoften represent greater exposures than those that are traditional. Thus risk assessmentneed arises. Risk assessment is a tool to identify those risks in a project and manage itaccordingly with proper treatment. Risk assessment is defined in this study as a techniquethat aims to identify and estimate risks to personnel and property impacted upon by aproject.The general methodology of this study relied largely on the survey questionnairewhich was collected from the local building contractors of different sizes by mail or by
 
 personnel meeting. A thorough literature review was initially conducted to identifythe risk factors that affect the performance of construction industry as a whole.The questionnaire prepared for the pilot survey was formulated by seeing therelevant literatures in the area of construction risk management. Totally for seventy fivecompanies the questionnaires were given, out of which forty five had an effective replyand two were rejected due to improper answering. Thus the response rate is 60% which isconsidered a good response in this type of survey. This research seeks to identify andassess the risks and to develop a risk management framework which the investors/ developers/ contractors can adopt when contracting construction work in India.Risk factors for this study were classified into seven categories, namely:1. Financial risk 2. Legal risk 3. Management risk 4. Market risk 5. Policy and political risk 6. Technical risk 7. Environmental risk As far as the contractor is concerned shortage of skilful workers has themaximum risk rating and other risks which have maximum risk rating are timeconstraint, sub-contractor related problems, project delay, improper verification of contract documents, and competition from other companies. For the owners timeconstraint has the maximum risk rating and other risks which have maximum risk rating shortage of skilful workers, project delay, errors in design drawings, Improperproject planning and budgeting, loss due to fluctuation of inflation rate. The least risk rating given by both owners and contactors are environmental risk, relation withgovernment departments, local protectionism and industrial disputes.Shortage of skilful workers is the major risk faced by almost all the companies. Thisis because; the skilled workers are migrating between companies very often due to the

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