A Review of the Life Cycle of Construction Projects Critical Risk Factors

Abstract

Any country's infrastructure development will spur economic expansion and create a significant number of new job opportunities. Therefore, it costs a lot of money to complete those projects. Because of this, any kind of waste (of time, resources, etc.) would result in significant financial losses. These losses happen as a result of different hazards connected to such massive enterprises. As a result, these risks are essential for completing the project on time and within the allotted budget. This paper primarily covers the important risk variables and methods for assessing them through a comparison of several worldwide building projects. Over the past 25 years, about 50 pertinent articles have been evaluated. As a result of the review, a straightforward analytical instrument will be created for each project work to quickly and easily estimate the risk, which will motivate practitioners to conduct risk analysis in their projects. This analysis came to the conclusion that early risk identification and assessment during the construction project's bidding stage will result in a better prediction of the rise in cost and schedule overrun. Such risk analyses support incorporating into the budget and schedule for the project's successful completion.