EXPLORATION IN RISK MANAGEMENT IN PRIMAVERA RISK ANALYSIS FOR CONSTRUCTION PROJECT

Abstract

Construction projects are facing several risks that and have negative effects on the project such as time, cost & quality. Risk management is an important field of the construction industry. Many companies often establish a risk management procedure in their projects for improving performance and increase profits. No project is free from risks. The accomplishment of project success in the construction industry mainly depends upon the level of risk. The main objective of the project is to identify the risk and provide the best solutions using primavera risk analysis software. This study investigates risk-related responsibilities for the client, architect & contractor. Some of the risks determined in the project are defective design, financial issues, delay in permitting, availability of drawings, changes in codes & drawing changes in the scope of work, payment delay, accidents during construction. The next goal is to identify risk management techniques in the construction industry. The whole process of identification and mitigation is termed risk management. In Construction projects are concerned with the utilization of skills, tools, techniques, and knowledge about the activities of projects. Management of risk is examined to be the most important part of the execution in construction management. This study has taken a real-time schedule from the construction industry and have implemented the identified risk factors according to risk ranking from the questionnaire survey in construction industry. Based on the risk ranking, a risk model is created in the Primavera risk analysis software for qualitative and quantitative risk. The risk model will generate risk scoring and a risk matrix. Based on this, the schedule to mitigate risk will be generated. We can control the risk in software and an updated risk plan will be given to managers in the construction industry to manage risk more efficiently. It may be concluded that the most significant risks must be managed with greater effort to reduce or eliminate their effects on the project.