A Study of Risk Management Techniques for Construction Projects in Developing Countries
Patel Ankit Mahendra1, Jayeshkumar R. Pitroda2, J. J. Bhavsar3
1Patel Ankit Mahendra, M.E Final Year Student, Department of Construction Engineering and Management, BVM Engineering College, Vallabh Vidyanagar (Gujarat), India
2Jayesh Kumar R. Pitroda, Assistant Professor & Research Scholar, Department of Civil Engineering, BVM Engineering College, Vallabh Vidyanagar (Gujarat), India
3J.J. Bhavsar, Associate Professor and PG Coordinator, Department of Civil Engineering, BVM Engineering College, Vallabh Vidyanagar (Gujarat), India
Manuscript received on 12 October 2013 | Revised Manuscript received on 20 October 2013 | Manuscript Published on 30 October 2013 | PP: 139-142 | Volume-3 Issue-5, October 2013 | Retrieval Number: E1280103513/13©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: Risks have significant impact on construction projects in terms of its primary objectives. Construction projects which are intricate in nature, uncertainty and risks in the same can develop from different sources. The record of the construction industry is not acceptable in terms of coping up with risks in projects. Risk management is a process which consists of identification of risks, assessment with qualitatively and quantitatively, response with a suitable method for handling risks, and then control the risks by monitoring.This study proposes to apply the risk management technique which includes well – documented procedures for the one stop solution all types of hazards most likely to occur during any construction project Lifecycle.
Keywords: Risk Management, Construction Projects, Risk
Scope of the Article: Construction Engineering