IJSTE - International Journal of Science Technology & Engineering | Volume 3 | Issue 09 | March 2017 ISSN (online): 2349-784X
Risk Management of Housing Project Vyas Nipul D. ME Student Department of Civil (Infrastructure) Engineering LDRP, ITR, Gandhinagar, India
Jitendrasinh D. Raol Assistant Professor Department of Civil Engineering LDRP, ITR, Gandhinagar, India
Abstract Construction is high risk activity, risk and uncertainty are inherent in construction projects whether it is building, commercial and industrial or any specialized structure such as bridge, warehouses, water retaining structure etc. today, advanced technology and mechanization has touched all fields of civil engineering and has made the construction process more complex and uncertain. The risks and uncertainties associated with construction projects affects the entire spectrum of project objectives i.e. performance, productivity, profitability and quality. This has stressed the importance of risk management. Risk management applied to each phase of construction project is vital to all parties involved. The aim of risk management is not necessary to eliminate total risk. The presence of risk can be sometimes forces the decision-makers in planning and results into some potential benefits. In addition, the presence of risk increases the amendment to control. This study aims to emphasize on risk management process and considering the specific area of housing schemes. Studying of various risk encounter during the housing project also suggesting appropriate method and technique for the housing project. The methodology for this study include various literature review and information regarding risk management, interview and data collection from the selected sites, analysis and scrutiny of data collected, analysis will be done using risk matrix and other techniques. Conclusion and suggestion will be carried out as per analysis of data. Keywords: Risk management, Housing project, Risk matrix ________________________________________________________________________________________________________ I.
INTRODUCTION
Risk and Risk Management: Risk is virtually anything that threatens or limits the ability of a community or non-profit organization to achieve its mission. It can be unexpected and unpredictable events such as destruction of a building, the wiping of all your computer files, loss of funds through theft or an injury to a member or visitor who trips on a slippery floor and decides to sue. Any of these or a million other things can happen, and if they do they have the potential to damage your organization, cost you money, or in a worst case scenario, cause your organization to close. Risk Management: Risk management is a process of thinking systematically about all possible risks, problems or disasters before they happen and setting up procedures that will avoid the risk, or minimize its impact, or cope with its impact. It is basically setting up a process where you can identify the risk and set up a strategy to control or deal with it. Risk Management in Construction: Risk management in construction projects is of great importance, as shown in Fig 1. Although at the start of a project, through the introduction of risk management, an increased expense is incurred, this is compensated for, in particular through the advantages of risk management. In the planning phase possible risks for the subsequent project success can be identified and reduced through their incorporation into the planning. This has in particular effects on the observance of set dates and deadlines and thus also on the maintenance of the project costs. For the principal, observance of its due date for putting into service an operating unit is of great importance. The risk potential analysis of a project states to what extent project risks influence the risk situation of the enterprise. Risk potential should be estimated without a detailed consideration of the individual risks at as little expense as possible. Depending on the assessment of the risk potential, the risk management process is set in motion. II. METHODOLOGY Methodology adopted for this thesis is collecting and identifying different risks in housing project by doing literature review. after that a questionnaire is prepared which are distributed in professional ( engineers, supervisors etc. ) working in housing sector and by analyzing the results of this survey whole data analysis stage is done using risk matrix and paired comparison. Conclusion is given on the basis of data analysis.
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