ASSESSMENT OF RISK IN CONSTRUCTION INDUSTRY
International Research Journal of Engineering and Technology (IRJET)
Construction projects are initiated in complex and dynamic environments resulting in circumstances of high uncertainty and risk, which are compounded by demanding time constraints. Construction industry has changed significantly over the past several years. It is an industry driven primarily by private investors; the presence of securitized real estate has increased considerably. It is vulnerable to the numerous technical & business risks that often represent greater exposures than those that
... s than those that are traditional. Thus risk assessment need arises. Risk assessment is a tool to identify those risks in a project and manage it accordingly with proper treatment. Risk assessment is defined in this study as a technique that aims to identify and estimate risks to personnel and property impacted upon by a project. The general methodology of this study relies largely on the survey questionnaire which was collected from the local building contractors of different sizes by mail or by personnel meeting. A thorough literature review is initially conducted to identify the risk factors that affect the performance of construction industry as a whole. The survey questionnaire is designed to probe the cross-sectional behavioral pattern of construction risks construction industry. The questionnaire prepared for the pilot survey was formulated by seeing the relevant literatures in the area of construction risk management. This research seeks to identify and assess the risks and to develop a risk management framework which the investors/ developers/ contractors can adopt when contracting construction work in India.