Risk Assessment and Management of Construction Project

Abstract

The goal of this paper is to identify and analyze the numerous risks and their consequences associated with various phases of a construction project, as well as to give risk mitigation methods through a systematic risk management methodology. Construction projects are undertaken in difficult situations, resulting in significant levels of uncertainty and risk, which are exacerbated by strict time and schedule constraints. These risks are not adequately addressed, and as a result, the industry has underperformed. Because infrastructure projects are vast in scale and cost a significant amount of money, any waste (in terms of time, resources, or other factors) would result in significant financial losses. The losses are attributable to a variety of hazards that come with such large-scale initiatives. Through our research, we hope to reduce the financial and other negative implications of the construction project.