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A Study on Risk Assessment and its Management in India

Received: 8 August 2013     Published: 30 August 2013
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Abstract

All of themost challenging construction projects worldwide involve a variety of complex processes working simultaneously. Managing these processes can be quite a challenge for the management. A big part of meeting these challenges is mitigating the RISKS involved. Risk management includes identifying risks, assessing risks either quantitatively or qualitatively, choosing the appropriate method for handling risks, and then monitoring and documenting risks. This study identifies the procedures for risk identification, management and its perception from the Indian construction industry players. Time and cost management need to be fully integrated with the identification process. Time constraints and project managers with sufficient experience are critical when identifying the level of risk for large and/or complex projects.The aim of this study is to advocate for a method of risk mitigation which includes a well-documented procedure which serves as a one stop-solution to all the risks that would emanate in the future.

Published in American Journal of Civil Engineering (Volume 1, Issue 2)
DOI 10.11648/j.ajce.20130102.13
Page(s) 64-67
Creative Commons

This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.

Copyright

Copyright © The Author(s), 2013. Published by Science Publishing Group

Keywords

Risk Assessment, Risk Management, Risk Identification, Construction Projects, India

References
[1] Al-Bahar, J.F. and Crandall, K.C. (1990). Systematic risk management approach for construction project. Journal of Construction Engineering and Management, 116(3): 533–546.
[2] Artto, K.A. (1999). Development of World-Class Practices in Project Companies. In The Future of Project Management, Project Management Institute Research Series. Newtown Square, PA: Project Management Institute (PMI), 127–137.
[3] Kendrick, T. (2009). Identifying and Managing Project Risk: Essential Tools for Failure-Proofing Your Project. 2nd Edition. New York: AMACOM Div. American Management Association.
[4] Project Management Institute. (2004). A Guide to the Project Management Body of Knowledge. Newtown Square, Pennsylvania: PMI.
[5] Thompson, P. and Perry, J.G. (1992). Engineering Construction Risks: A Guide to Project Risk Analysis and Assessment Implications for Project Clients and Project Managers. London: Thomas Telford.
[6] Wysocki, R.K. (2004). Project Management Process Improvement. Norwood: Artech House.
Cite This Article
  • APA Style

    Kinnaresh Patel. (2013). A Study on Risk Assessment and its Management in India. American Journal of Civil Engineering, 1(2), 64-67. https://doi.org/10.11648/j.ajce.20130102.13

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    ACS Style

    Kinnaresh Patel. A Study on Risk Assessment and its Management in India. Am. J. Civ. Eng. 2013, 1(2), 64-67. doi: 10.11648/j.ajce.20130102.13

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    AMA Style

    Kinnaresh Patel. A Study on Risk Assessment and its Management in India. Am J Civ Eng. 2013;1(2):64-67. doi: 10.11648/j.ajce.20130102.13

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  • @article{10.11648/j.ajce.20130102.13,
      author = {Kinnaresh Patel},
      title = {A Study on Risk Assessment and its Management in India},
      journal = {American Journal of Civil Engineering},
      volume = {1},
      number = {2},
      pages = {64-67},
      doi = {10.11648/j.ajce.20130102.13},
      url = {https://doi.org/10.11648/j.ajce.20130102.13},
      eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ajce.20130102.13},
      abstract = {All of themost challenging construction projects worldwide involve a variety of complex processes working simultaneously. Managing these processes can be quite a challenge for the management. A big part of meeting these challenges is mitigating the RISKS involved. Risk management includes identifying risks, assessing risks either quantitatively or qualitatively, choosing the appropriate method for handling risks, and then monitoring and documenting risks. This study identifies the procedures for risk identification, management and its perception from the Indian construction industry players. Time and cost management need to be fully integrated with the identification process. Time constraints and project managers with sufficient experience are critical when identifying the level of risk for large and/or complex projects.The aim of this study is to advocate for a method of risk mitigation which includes a well-documented procedure which serves as a one stop-solution to all the risks that would emanate in the future.},
     year = {2013}
    }
    

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    Y1  - 2013/08/30
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    JF  - American Journal of Civil Engineering
    JO  - American Journal of Civil Engineering
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    AB  - All of themost challenging construction projects worldwide involve a variety of complex processes working simultaneously. Managing these processes can be quite a challenge for the management. A big part of meeting these challenges is mitigating the RISKS involved. Risk management includes identifying risks, assessing risks either quantitatively or qualitatively, choosing the appropriate method for handling risks, and then monitoring and documenting risks. This study identifies the procedures for risk identification, management and its perception from the Indian construction industry players. Time and cost management need to be fully integrated with the identification process. Time constraints and project managers with sufficient experience are critical when identifying the level of risk for large and/or complex projects.The aim of this study is to advocate for a method of risk mitigation which includes a well-documented procedure which serves as a one stop-solution to all the risks that would emanate in the future.
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Author Information
  • M.E ’15 Construction Engineering Management, Texas A&M University, College Station

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