Applicability of Risk Assessment Tools and Techniques for a Construction Project

Abstract

The construction projects are prone to several risk variables that will affect their key features such as precise goals, time limits, financial restrictions, special organizational and legal requirements, etc. However, there are varying severity of effects due to the different risk factors on these projects' key features and if these risk factors are not taken into consideration or overlooked during various project phases, then the construction project is probable to exhibit the issues of time and cost overruns. This main paper aims to identify risk management tools, techniques, and their applicability on a construction project. Risk factors are identified through literature and case studies. Simultaneously critical activities are identified and the impact of risk factors on those critical activities are loaded. After identification, stage qualitative and quantitative analysis of risk factors and simulation is performed to compare the scheduled duration, deterministic duration, and actual duration. This analysis is required to identify the applicability of the risk management process applied. The findings confirm the existence of gaps in the process of risk management in case study projects. Accordingly, mitigation strategies are proposed to make the current risk management process robust.