A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Project Risk Management in Construction Industry of Pakistan
The construction process is inherently prone to risks. Risk management is an essential and integral part of project management that enables professionals to quantify and analyze risks that may pose potential threats to project performance in terms of cost, quality, safety, and time. Therefore, the construction process requires continuous evaluation and monitoring of risks. but Pakistan is yet to introduce such a risk rating tool for commercial buildings projects. This research was conducted to identify and assess the risks involved in commercial buildings construction projects in Pakistan based on the local conditions and ground realities. A total of 45 most relevant risk factors were identified from previous studies, and then based on the type of risks factors, these were grouped in 9 risks categories. A questionnaire was administered to construction industry professionals such as contractors, consultants, public and private clients to indicate the potential impact of various risk factors on project objectives, on a Likert scale of 1 to 5. The retrieved data was analyzed, and Relative Importance Index (RII) was calculated for each risk factor. Key findings show that the financial risks were the most critical which affect project budget and schedule. Among 45 risk indicators on construction projects, top 3 risk factors in descending order of severity were unavailability of funds (RII = 4.110), financial delays (RII = 4.055) and improper planning and budgeting (RII = 3.945). Based on RII, 15 most crucial risks have been segregated. The results of this research will facilitate contractors, consultants, and project managers to take proactive measurements for effective risk management so that project intended goals could be achieved.
Project Risk Management in Construction Industry of Pakistan
The construction process is inherently prone to risks. Risk management is an essential and integral part of project management that enables professionals to quantify and analyze risks that may pose potential threats to project performance in terms of cost, quality, safety, and time. Therefore, the construction process requires continuous evaluation and monitoring of risks. but Pakistan is yet to introduce such a risk rating tool for commercial buildings projects. This research was conducted to identify and assess the risks involved in commercial buildings construction projects in Pakistan based on the local conditions and ground realities. A total of 45 most relevant risk factors were identified from previous studies, and then based on the type of risks factors, these were grouped in 9 risks categories. A questionnaire was administered to construction industry professionals such as contractors, consultants, public and private clients to indicate the potential impact of various risk factors on project objectives, on a Likert scale of 1 to 5. The retrieved data was analyzed, and Relative Importance Index (RII) was calculated for each risk factor. Key findings show that the financial risks were the most critical which affect project budget and schedule. Among 45 risk indicators on construction projects, top 3 risk factors in descending order of severity were unavailability of funds (RII = 4.110), financial delays (RII = 4.055) and improper planning and budgeting (RII = 3.945). Based on RII, 15 most crucial risks have been segregated. The results of this research will facilitate contractors, consultants, and project managers to take proactive measurements for effective risk management so that project intended goals could be achieved.
Project Risk Management in Construction Industry of Pakistan
Javed, Muhammad (author)
2023-01-01
URN:NBN:fi:amk-2023112932703
Theses
Electronic Resource
English
Identification of Risk Management System in Construction Industry in Pakistan
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Financial Issues in Project Schedule of the Construction Industry in Pakistan
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