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Risk Analysis and Management in Construction Project

TL;DR: Wang et al. as mentioned in this paper discussed the characteristics and categories of risks in construction, and every aspect of enterprise risk management in construction project is involved, and the risk management models in China are also introduced.
Abstract: Risk analysis and management in construction project has been discussed in the paper.The emphasis is on the characteristics and categories of risks in construction.The every aspect of enterprise risk management in construction project is involved,and the risk management models in China are also introduced.
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TL;DR: In this article, the authors classified project risks into three categories based on project phases which are FEED and tendering risk, execution risk and commissioning and operation risk, and assigned the major risks under each category are identified, assessed and mitigations assigned to each of the risks.
Abstract: Risk is involved in any construction projects. Management of risk is the key for a successful project. Risk management is useful for both client and contractor. Risk management goes into three main processes and they are; Risk identification, Risk assessment and Risk response. Implementation of the process of risk management before the start of any phase of the project will lead to less impact on cost, time and quality of the project. Project risk mitigation will reduce dispute between the contractor and the client as well reduce the risk for both contractor and client. Therefore, a well-prepared contract can list all risks associated with a project and assign suitable mitigation for these risks. The objective of this paper to identify all risks that the contractor or client may face during the execution of a project. The risks will be identified and analyzed based on experience and necessary mitigation for the identified risks will be presented. In this paper, project risks are classified into three categories based on project phases which are FEED and tendering risk, execution risk and commissioning and operation risk. All the major risks under each category are identified, assessed and mitigations assigned to each of the risks. It should be emphasized that risk management is an excellent tool to manage the risk in each phase of a project. Applying the risk management technique on projects will enhance project performance and efficiency in terms of cost, time and quality for both the client and contractor. 

6 citations

References
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Journal ArticleDOI
TL;DR: In this article, the authors classified project risks into three categories based on project phases which are FEED and tendering risk, execution risk and commissioning and operation risk, and assigned the major risks under each category are identified, assessed and mitigations assigned to each of the risks.
Abstract: Risk is involved in any construction projects. Management of risk is the key for a successful project. Risk management is useful for both client and contractor. Risk management goes into three main processes and they are; Risk identification, Risk assessment and Risk response. Implementation of the process of risk management before the start of any phase of the project will lead to less impact on cost, time and quality of the project. Project risk mitigation will reduce dispute between the contractor and the client as well reduce the risk for both contractor and client. Therefore, a well-prepared contract can list all risks associated with a project and assign suitable mitigation for these risks. The objective of this paper to identify all risks that the contractor or client may face during the execution of a project. The risks will be identified and analyzed based on experience and necessary mitigation for the identified risks will be presented. In this paper, project risks are classified into three categories based on project phases which are FEED and tendering risk, execution risk and commissioning and operation risk. All the major risks under each category are identified, assessed and mitigations assigned to each of the risks. It should be emphasized that risk management is an excellent tool to manage the risk in each phase of a project. Applying the risk management technique on projects will enhance project performance and efficiency in terms of cost, time and quality for both the client and contractor. 

6 citations