risk management in constrcution projects
- 1. M.TECH IN CONSTRUCTION MANAGEMENT 2024-25 SEM-II MINI PROJECT Risk Management in Construction Projects Under The Guidance of Prof. Snehjit Kumbhar Presented by, Nishank Chetan Kudmethe (C2451008)
- 2. Table Of Content • Introduction • Literature Review • Objectives • Methodology
- 3. INTRODUCTION • Risk is present in all projects, regardless of size. Without proper risk analysis and management strategies, projects are likely to fail. • Risk is any event that affects project goals. While risk management is common in industries like IT and business, it is less used in construction, despite higher risks. • With global economic growth and increasing competition, construction projects face more complex risks and uncertainties than ever before. • Proper risk management helps keep projects on schedule, within budget, and meeting quality standards, reducing the likelihood of failure.
- 4. Sr No. Title Author Name & Journal Year Remark 1. Risk Management in Construction Industry Krantikumar Mhetre, B.A.Konnur, Amarsinh B. Landage - International Journal of Engineering Research Volume No.5, Issue Special 1 pp : 153-155 2016 • The construction industry faces high uncertainty and risks due to its complex and dynamic nature. • This paper explores risk management concepts and techniques to address hazards throughout a construction project's lifecycle.
- 5. Sr No. Title Author Name & Journal Year Remark 2 Risk management in construction projects Paweł Szymański – Elsevier : Procedia Engineering 208 (2017) 174–182 2017 • Effective risk management is a continuous process, extending beyond project completion, focusing on both risks and opportunities rather than merely avoiding risk. • Integration with Project Planning • Advantages of Proactive Risk Management
- 6. Sr No. Title Author Name & Journal Year Remark 3. Project Risk Identification methods for construction planning and Execution Robert G. Batson - ASCE 2009 • Effective risk management in construction requires a risk taxonomy during planning and earned value analysis during execution. • Developed a taxonomy with 15 risk areas, organizing 96 potential problems. • Earned Value Analysis (EVA) is useful during construction to detect emerging risks from collected data.
- 7. Sr No. Title Author Name & Journal Year Remark 4. Construction Project Risk Management Based on the View of Asymmetric Information Pengcheng Xiang, Jin Zhou, Xiaoyu Zhou & Kunhui Ye – ASCE : 10.1061/(ASCE)CO .1943- 7862.0000548 2012 • The study applies asymmetric information theory to understand and prevent construction project risks. • Examines the link between asymmetric information and risk formation in construction.
- 8. Sr No. Title Author Name & Journal Year Remark 5. Modern Delivery of Construction Management Services with Emphasis on Environmental Risk Management for Projects in Marine and Tidal Areas Andrea Rosenthal & Samuel Scozzari - ASCE 2007 • It highlights how effective construction management, including Environmental Management Systems (EMS), can help manage risks and ensure compliance.
- 9. OBJECTIVES • Identify Potential Risks • Assess and Prioritize Risks • Develop Risk Mitigation Strategies
- 10. METHODOLOGY RISK IDENTIFICATION RISK CLASSIFICATION RISK ASSESMENT & ANALYSIS RISK RESPONSE PLANNING RISK MONITORING & CONTROL
- 11. SITE DETAILS • PROJECT NAME : Krishna Nagar C.H.S • CLIENT NAME : Veena Skyline LLP • CONTRACTOR NAME: B CHOPDA • SITE ADDRESS :KRISHNA NAGAR BLG 1,2&3, CHANDAVARKAR ROAD,BORIVALI WEST,MUMBAI 400092 • PROJECT START DATE : June 2024 • ESTIMATED END DATE: June 2027 • CHARACTERISTICS OF THE PROJECT :G+28 floors