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. Preprints2023, 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
Rashid, M.R. Comprehensive Risk Management Strategies in the Construction Sector. Preprints2023, 2023121945. https://doi.org/10.20944/preprints202312.1945.v1
APA Style
Rashid, M.R. (2023). Comprehensive Risk Management Strategies in the Construction Sector. Preprints. https://doi.org/10.20944/preprints202312.1945.v1
Chicago/Turabian Style
Rashid, M.R. 2023 "Comprehensive Risk Management Strategies in the Construction Sector" Preprints. 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.
Engineering, Safety, Risk, Reliability and Quality
Copyright:
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
