Abstract
The concept and application of Risk management has become very popular and essential in a number of businesses. Many companies have their well defined and structured risk management procedures for improving their performance in businesses. The construction industry comprises of intricate and dynamic task or project environment which creates an environment of high uncertainties and risks. The business is additionally helpless against different specialized, technical, financial, political, socio economical and business risks. The history to adapt up to these risks in major construction industries are not full proof or up to the expectation. As a result, the organizations working in such industries normally come across with various obstacles, such as maintaining the quality standards, project specification, operational requirements, cost overruns and delays in project completion. Risk management is a technical tool or process which consists of identification of risks, their assessment and then the mitigation of such risks. Therefore in present study, various data have been collected at random through questionnaire survey and open interviews conducted at various available resources. Such data have been analyzed carefully to find out the suitable mitigation processes and how to avoid and minimize the dispute as far as practicable. This paper mainly aimed towards the exploring of the causes that lead to the risk in major construction projects, assessing its magnitude and recommendations on how it can be mitigated in the most efficient manner in order to complete and close the contract with minimum loss of time and money.
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Priyadarshini, L., Roy, P. (2022). Risk Assessment and Management in Construction Industry. In: Das, B.B., Gomez, C.P., Mohapatra, B.G. (eds) Recent Developments in Sustainable Infrastructure (ICRDSI-2020)—Structure and Construction Management. Lecture Notes in Civil Engineering, vol 221. Springer, Singapore. https://doi.org/10.1007/978-981-16-8433-3_46
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DOI: https://doi.org/10.1007/978-981-16-8433-3_46
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