IMPACT OF RISK MANAGEMENT PRACTICE ON SUCCESS OF ROAD CONSTRUCTION PROJECT

2021 ◽  
Vol 7 (54) ◽  
pp. 3467-3475
Author(s):  
Hemant GAİN
Keyword(s):  
Risk Management ◽  
Management Practice ◽  
Construction Project ◽  
Road Construction

Strategic Risk Management Practice in Urban Road Construction Project of Nepal

2020 ◽  
Vol 07 (02) ◽  
pp. 11-19
Author(s):  
Anjay Kumar Mishra ◽  
Keyword(s):  
Risk Management ◽  
Management Practice ◽  
Construction Project ◽  
Road Construction ◽  
Primary Data ◽  
Urban Road ◽  
Strategic Risk ◽  
Construction Methods ◽  
Contract Administration ◽  
Project Objectives

Risk management effectiveness assures project success. The overall objective of this research is to analyze the risk management practice in an urban road construction project with a case of Shiddharthanagar Municipality, Rupandehi, Nepal from contractor’s and client’s perspective. This research is based on a scheduled questionnaire survey to collect the primary data using convenient sampling of the partially or fully completed project. Contractors are quite aware of risk management and the percentage of awareness is even higher among the clients. The feedback from a similar project was used as the main method to identify the potential risk of the project from both contractor’s and client’s perspective. Direct judgment method is used maximum to the analyzed risk of the project from the contractor’s perspective as well as scenario analysis from the client’s perspective. Monitor the risk and prepare a contingency plan is used mostly for risk response of the project from both contractor’s and client’s perspective. An alternative plan, subjective judgment, close supervision, increment of resources and change in construction methods were applied as a preventive and remedial strategy. Risk should be managed by the one who is capable of managing the particular risk by managing contractual obligation with proper contract administration practices for ensuring the project objectives. There should be a risk register at the site and a frequent meeting should be conducted to identify the risks. These identified risks should be documented properly to ensure expertise for future projects.

scholarly journals The Influence of Risk Management on Construction Project Performance: A Case Study.

2018 ◽  
pp. 936-942
Author(s):  
Mazurina Mohd Ali ◽  
Sakinah Zahra Norman ◽  
Erlane K. Ghani ◽  
Noor Hasniza Haron
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Management Practice ◽  
Methodological Approach ◽  
Construction Project ◽  
Project Performance ◽  
Time Cost ◽  
Schedule Delay

Risk Management is recognized as an important exercise that creates value to a project and improves project performance. Time, cost and quality are the primary measures of a project performance in this industry. The success or failure in any construction project can be monitored through the attainment of these primary measures. Notably, Malaysian construction industry is considered as one of the important industries that positively contribute to the increase of Gross Domestic Product and subsequently the growth of the country’s economic development. Unfortunately, this industry suffers poor performance in which it leads to failure in accomplishing effective time, cost and quality performance. Most construction projects face a schedule delay, cost overrun and are poor in product quality. Thus, the aim of this study is to determine the influence of risk management on construction project performance of Malaysian companies based on these three primary measures. The degree of diffusion of risk management practice in the chosen construction project in Malaysia is also examined. The methodological approach exploited in this study is a case study approach involving analysis of documented data and face-to-face interviews with key players that hold different roles and responsibilities. They include a director, project managers, finance managers, contract managers and quantity surveyor managers. The results demonstrate that adopting effective risk management practices positively impacts project performance thus leading to project success. Nevertheless, the lack of knowledge and poor communication of risk management practices in construction projects contribute to the weak implementation of an effective and systematic risk management practices in Malaysia.

scholarly journals STUDY ON RISK MANAGEMENT PRACTICES ON PUBLIC BUILDING CONSTRUCTION PROJECT: IN CASE OF EASTERN WOLLEGA ZONE

2021 ◽  
Vol 6 (3) ◽  
Author(s):  
Zelalem Mebrate Ejeta ◽  
Zelalem M ◽  
Vignesh Kumar M ◽  
Getnet Tadesse ◽  
Biftu Jaleta
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Management Practice ◽  
Construction Project ◽  
Research Work ◽  
Building Construction ◽  
Market Condition ◽  
Public Building ◽  
Project Objectives

The Construction Industry is embedded with risky situations that affect construction projects and therefore requires systematic processing to achieve project objectives and ensure business sustainability (5). This research work was tries to study the risk management practice on public building construction projects and aims to identify the level that use of risk management practice especially in the public building. The data collection method was a combination of interview and questionnaire. Samples were purposively selected from clients, consultants, and contractors representatives who are now actively participating in public building construction projects. For this study, the data was collected using both primary and secondary sources. Depending on the data that was gathered from the respondent to test the level of awareness, identifying the Risk that affect the performance of public building construction project and major risk management practice on public building construction project are considered and the RII was used to rank the factors. This data was analyzed using SPSS of version 22 to perform descriptive statistics. A total of 75 questionnaires were targeted to be distributed and out of those 50 which is 66.67% are successfully responded. The finding from this study revealed that, about (52%) of the project progress is lagging from the schedule. Regarding the awareness of the risk management, (94%) of the respondents where confirmed that they have awareness of risk management ideologies and they are confident enough to implement their knowledge while, (6%) of them have no concept about the risk management. The top five risks that affect the performance of construction project have been identified and ranked. Accordingly; market condition, unexpected inflation, local taxes, inadequate production of raw materials, and the economic condition of country are the top five identified associated project risks.

scholarly journals Risk identification in tunnel construction project: A literature review

2020 ◽  
Vol 18 (3) ◽  
pp. 261-286
Author(s):  
Sihombing Mauretta ◽  
Humiras Purba ◽  
Aleksander Purba
Keyword(s):  
Risk Factors ◽  
Risk Management ◽  
Literature Review ◽  
Construction Project ◽  
Road Construction ◽  
Risk Identification ◽  
Tunnel Construction ◽  
Extensive Literature ◽  
Construction Work

Every construction project is always faced with the possibility of various occurrence kinds of risks. The higher the level of complexity of a project, the greater the level of risk that might happen to the project. Based on historical data from tunnel construction many problems and even failure of tunnel construction caused by various factors has been noted and it can have an impact on project delays. A risk management is expected to reduce the adverse impact of risks faced during construction work. Tunnel construction needs management handling with high risk, so it is necessary to identify risks that can minimize bad risks. A risk management is expected to reduce the adverse effects of risks faced in a construction work. It is necessary to perform risk identification to manage the risks that we will face. To successfully improve the performance of tunnel projects, we need to identify various risk factors in a project for efficient project fulfillment. The research method begins with an extensive literature review by reviewing at least 48 journal, journal papers, review articles to provide a list of the main risk factors which are also added to the expertise to achieve a list of final risk factors that contain all risks that may be encountered during road construction. This analysis involves the identification, classification of various risks involved in the construction of a tunnel construction project.

scholarly journals The Influence of Risk Management on Construction Project Performance: A Case Study

2019 ◽  
pp. 69-75
Author(s):  
Mazurina Mohd Ali ◽  
Sakinah Zahra Norman ◽  
Erlane K. Ghani ◽  
Noor Hasniza Haron
Keyword(s):  
Risk Management ◽  
Construction Projects ◽  
Management Practices ◽  
Management Practice ◽  
Methodological Approach ◽  
Construction Project ◽  
Project Performance ◽  
Time Cost ◽  
Schedule Delay

Risk Management is recognized as an important exercise that creates value to a project and improves project performance. Time, cost and quality are the primary measures of a project performance in this industry. The success or failure in any construction project can be monitored through the attainment of these primary measures. Notably, Malaysian construction industry is considered as one of the important industries that positively contribute to the increase of Gross Domestic Product and subsequently the growth of the country’s economic development. Unfortunately, this industry suffers poor performance in which it leads to failure in accomplishing effective time, cost and quality performance. Most construction projects face a schedule delay, cost overrun and are poor in product quality. Thus, the aim of this study is to determine the influence of risk management on construction project performance of Malaysian companies based on these three primary measures. The degree of diffusion of risk management practice in the chosen construction project in Malaysia is also examined. The methodological approach exploited in this study is a case study approach involving analysis of documented data and face-to-face interviews with key players that hold different roles and responsibilities. They include a director, project managers, finance managers, contract managers and quantity surveyor managers. The results demonstrate that adopting effective risk management practices positively impacts project performance thus leading to project success. Nevertheless, the lack of knowledge and poor communication of risk management practices in construction projects contribute to the weak implementation of an effective and systematic risk management practices in Malaysia.

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