Volume 1, Issue 2, September 2013, Page: 64-67
A Study on Risk Assessment and its Management in India
Kinnaresh Patel, M.E ’15 Construction Engineering Management, Texas A&M University, College Station
Received: Aug. 8, 2013;       Published: Aug. 30, 2013
DOI: 10.11648/j.ajce.20130102.13      View  3250      Downloads  309
Abstract
All of themost challenging construction projects worldwide involve a variety of complex processes working simultaneously. Managing these processes can be quite a challenge for the management. A big part of meeting these challenges is mitigating the RISKS involved. Risk management includes identifying risks, assessing risks either quantitatively or qualitatively, choosing the appropriate method for handling risks, and then monitoring and documenting risks. This study identifies the procedures for risk identification, management and its perception from the Indian construction industry players. Time and cost management need to be fully integrated with the identification process. Time constraints and project managers with sufficient experience are critical when identifying the level of risk for large and/or complex projects.The aim of this study is to advocate for a method of risk mitigation which includes a well-documented procedure which serves as a one stop-solution to all the risks that would emanate in the future.
Keywords
Risk Assessment, Risk Management, Risk Identification, Construction Projects, India
To cite this article
Kinnaresh Patel, A Study on Risk Assessment and its Management in India, American Journal of Civil Engineering. Vol. 1, No. 2, 2013, pp. 64-67. doi: 10.11648/j.ajce.20130102.13
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