Suitability of Risk Assessment Methods and Instruments for a Building Project

Abstract

Construction projects are subject to several risk factors that might impact their primary characteristics, including specific objectives, deadlines, budgetary constraints, unique organizational and regulatory mandates, etc. However, the effects of the various risk factors on the key features of these projects vary in severity. If these risk factors are disregarded or ignored during the course of the project, there is a good chance that time and cost overruns will arise in the construction project. The primary goal of this paper is to list risk management methods and instruments along with a building project where they can be used. Case studies and the literature are used to identify risk factors. Critical activities are determined simultaneously with the influence of risk variables on those activities loaded. Following identification, a stage-by-stage comparison of the scheduled, deterministic, and actual durations is carried out by qualitative and quantitative study of risk variables and simulation. It is necessary to conduct this analysis in order to determine whether the risk management procedure is applicable. The results validate the presence of deficiencies in the risk management procedure in case study endeavors. As a result, mitigating techniques are suggested to strengthen the present risk management procedure.