UNDERSTANDING RISK MANAGEMENT IN CONSTRUCTION PROJECTS

One of the major worries for any Infrastructure project which consist of construction activity is risk that may occur at any point of time beginning from the planning stage to project hand over. In any major to micro infrastructure construction occurrence of varied risks can cause substantial delay causing heavy losses in terms of finance and time in turn causing delay in the usability of the facility. Risk is a major and critical concern for all the sectors due to which there are huge cost overrun due to time shortage of labour material and machinery. This book details various types of risk that can occur in the day to day project work. The details are based on the studies carried out by various researchers and the research of the author himself. The major types of risk which have been discussed are risk due to contracts project schedule design delay cost overrun labour factors environmental factors Psychosocial Risk Factors time and quality management. This book is intended to assist planners and field workers who will benefit from understanding the different types of risk that may occur in a construction project from start to its handing over process. Student studying Project Management will get a brief idea about different types of risk they should minimum consider during the planning stage for any Infrastructure Project.