Managing Risk in Infrastructure Projects

Civil Engineering

It is very important to Manage risks in infrastructure construction projects has been recognized as management process in order to achieve the project objectives in terms of time, cost, quality and scope. Paper aims to identify and analysis of risks involved with the infrastructure projects. Based on a comprehensive assessment of conditions of contracts, this paper identifies risks and classifies them into eight types. It is observed by qualitative risk analysis, opposition from social bodies, changes in design and suspension of work are recognized to influence the project objectives maximally. This study has been found that few suggestions to mitigate construction project risks. The contract documents are used as a tool to manage risk and client, contractors and investors need to establish risk management policy throughout the project life. It is concluded that clients, designers, contractor and government bodies must work cooperatively from the feasibility phase onward to address potential risks in time.

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