A Study On Risk Management In Construction Projects

Abstract

Risk management is a critical aspect of construction project management, ensuring the successful completion of projects within scope, budget, and timeline. Construction projects are inherently complex, involving multiple stakeholders, uncertain site conditions, financial constraints, and regulatory challenges. This review explores the key principles, methodologies, and tools used in risk management for construction projects. It discusses common risks such as cost overruns, delays, safety hazards, environmental concerns, and contractual disputes. Furthermore, the study highlights risk identification, assessment, mitigation strategies, and the role of technology, including Building Information Modeling (BIM) and artificial intelligence, in improving risk management efficiency. By analyzing case studies and best practices, this paper emphasizes the importance of proactive risk management in enhancing project performance, sustainability, and resilience in the construction industry.