M Manikandan
Gulf Consult, Kuwait
Title: Dynamic and multi-dimensional risk management of construction projects
Biography
Biography: M Manikandan
Abstract
Managing risks in construction projects has been recognized as a very important management process in order to achieve the project objectives in terms of time, cost, quality, safety and environmental sustainability. However, thus far most research has focused on some aspects of construction risk management rather than using a systematic and holistic approach to identify risks and analyze the likelihood of occurrence and impacts of the risks. Aims to identify and analyze the risks associated with the development of construction projects from project stakeholder and life cycle perspectives. This research also found that risks spread through the whole project life cycle and many risks occur at more than one phase, with the construction stage as the riskiest phase, followed by the feasibility stage. This research would conclude that clients, designers and government bodies must work cooperatively from the feasibility phase onwards to address potential risks in time, contractors and subcontractors with robust construction and management knowledge must be employed early to make sound preparation for carrying out safe, efficient and quality construction activities.
A building project is a process where each activity and phase include different risks that should be handled by the project participants. Nowadays, the building market is developing very fast and it is important to deliver the project to the client on time and within the budget, each decision made in the conceptual design phase can have an impact on other phases and bring consequences that could be negative for the building project, assignments in a building project, such as conceptual, preliminary, design development and construction execution has performed by a project participants according to the role, can also be referred to a project or a project task, because it contains the parts that the project teams work on within a company. The risks related to critical events in the project tasks are managed by the project participants according to their responsibilities defined in the contract form. The risks managed in the project tasks are an integral part of the risk existing in the building projects to complete on time and within the budget.
