Analysing and Proposing a Module for Managing Major Risks in Construction Projects Based on Process Protocol

Abstract

Risk and uncertainty are inherent in all the phases through which the construction project passes, from demonstrating the need for operation and maintenance.

This project identifies the different areas of risk & describes the development of a systematic approach to risk management in construction project based on process protocol, whose applications in construction practice would lead to changes & improvements in the construction industry.

The construction project passes according to process protocol. Key risks are identified in the framework, which are independent of size, type & purpose of the project being realized. Project related risks should be separately identified for each specific project. Depending on available data, quantitative & qualitative analysis is carried out for the identified risks, their risk probability & risk impact are determined and the corresponding risk exposure is calculated. Then the adequate risk response is given for each identified risk, depending on its exposure. As the process unfolds new risks appears in each phase & the risk management process begins anew.