Preprint Review Version 1 Preserved in Portico This version is not peer-reviewed

Comprehensive Risk Management Strategies in the Construction Sector

Version 1 : Received: 22 December 2023 / Approved: 26 December 2023 / Online: 26 December 2023 (08:50:31 CET)

How to cite: Rashid, M. R. Comprehensive Risk Management Strategies in the Construction Sector. Preprints 2023, 2023121945. https://doi.org/10.20944/preprints202312.1945.v1 Rashid, M. R. Comprehensive Risk Management Strategies in the Construction Sector. Preprints 2023, 2023121945. https://doi.org/10.20944/preprints202312.1945.v1

Abstract

In the construction business, which is known for its intricate and strategic nature, it is crucial to have efficient risk management in place. This is because various internal and external elements can cause disruptions to projects. Although the industry has had a historically negative reputation for risk analysis, the methodical process of identifying, analyzing, and managing risks has been more widely recognized and respected. This paper examines the historical progression of construction risk management, highlighting the need to identify and classify risks promptly. The study examines various risk factors related to finance, law, environment, and logistics. The study explores various risk management strategies, such as contract management, risk distribution, evaluation, mitigation, and sharing. The article discusses the significant impact of risk management software, such as Procore, PlanGrid, e-Builder, Autodesk BIM 360, and Oracle Primavera, on improving project results. The study finishes by highlighting the importance of proactive risk management in protecting against financial losses and maintaining a reputation in the construction business.

Keywords

Risk Assessment; Financial Risks; Legal Risks; Environmental Risks; Physical Dangers; Political Risks; Completion Risks; Logistical Risks; Risk management software

Subject

Engineering, Safety, Risk, Reliability and Quality

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