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Risk Management in Construction Projects

Risk Management in Construction Projects Risks are unavoidable in almost every construction project whether it is building projects, civil works, or any other type of construction projects. Risk is inherent in all human endeavors, including construction activities, and the risk factors involved are diverse and varied. Managing construction project risks is considered as compulsory for any project to be successful. Thus, this study aims to identify and classify the types of construction project risks, to evaluate the level of construction project risks and finally, to identify the methods available to reduce or mitigate the construction project risks. This study also demonstrates a quantitative approach to Construction Risk Management through Analytical Hierarchy Process (AHP). The entire methodology is explained through a case study of the Delhi metro bridge collapse and its effectiveness in building a speedy and well judged response is demonstrated. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Asia Pacific Business Review SAGE

Risk Management in Construction Projects

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Publisher
SAGE
Copyright
© 2011 Asia-Pacific Institute of Management
ISSN
0973-2470
DOI
10.1177/097324701100700310
Publisher site
See Article on Publisher Site

Abstract

Risks are unavoidable in almost every construction project whether it is building projects, civil works, or any other type of construction projects. Risk is inherent in all human endeavors, including construction activities, and the risk factors involved are diverse and varied. Managing construction project risks is considered as compulsory for any project to be successful. Thus, this study aims to identify and classify the types of construction project risks, to evaluate the level of construction project risks and finally, to identify the methods available to reduce or mitigate the construction project risks. This study also demonstrates a quantitative approach to Construction Risk Management through Analytical Hierarchy Process (AHP). The entire methodology is explained through a case study of the Delhi metro bridge collapse and its effectiveness in building a speedy and well judged response is demonstrated.

Journal

Asia Pacific Business Review – SAGE

Published: Jul 1, 2011

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