RISK RELATED WITH CONSTRUCTION PROJECT – WITH REFERENCE TO ITS MANAGEMENT, RISK FACTORS MITIGATION AND VARIABLES IN THE CONSTRUCTION PROJECT
Rajesh Ukey,
Engineering
September 2021
Construction projects in today's world are actually marred by risks which hold off the conclusion of tasks on result or time led to unnecessary cost overruns. These losses are multiplied whether the dimensions of the project as well as investments made are large. These risks can include unavailability of substances, erratic environmental changes, lack of funds, reduced quality of subcontractors, etc. Although the managers recognize the value of these risk factors and mitigating them, they fall quite short of an objective technique to control these chances depending on a priority schedule. Therefore, a prudent contractor (including subcontractors) has to be able to recognize, assess, and reduce such risks whenever it is practical to do so. In addition to relying on their own experiences, a considerable number of contractors seek advice in the areas of risk assessment and management from the companies that supply their surety bonds. The aim of the study is to explore construction project relation risks with their management and mitigation.
© Airo Journals 2021
