Risk management in construction projects
Each project is unique and therefore risk is associated with any project. Time limitation, dynamic and unstable
character of construction project result in situations where new risks and uncertainties frequently appear. As a
consequence, budget and deadlines specified by the construction project plan are often exceeded. Risk
management in construction projects is required if adverse effects of project risks upon the project goals (time,
cost, quality) are to be reduced.
The first part of the thesis presents the theoretical background of project management, construction project and
risk management. The importance of project and risk management in achieving construction project goals is
emphasized. The second part presents the software tool Pertmaster as a computer-based support to project and
risk management. Basic elements of this software package are described along with the possibilities offered to
incorporate the risk components in the project. A project plan, simulation and risk analysis for a selected
multidwelling building were prepared by Permaster. The last part of the thesis therefore presents the plan and
results of the risk analysis (risk histogram, tornado graph, scatter plot ).
Based on the literature survey and case studies (especially the case analysed in the thesis by using Pertmaster), it
can be concluded that incorporating risk analysis in project planning is necessary for more efficient project
planning, as it leads to a more realistic assessment of costs and deadlines. Slovenian construction industry is not
fully aware of the potiential of risk analysis and management, therefore these techniques are not carried out on a
routine basis in Slovenia. The situation could be improved by establishing a risk register and promotion of use of
appropriate software packages.
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