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Growing Science » Journal of Project Management » Risk and its impacts on time and cost in construction projects

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Journal of Project Management

ISSN 2371-8374 (Online) - ISSN 2371-8366 (Print)
Quarterly Publication
Volume 5 Issue 4 pp. 245-254 , 2020

Risk and its impacts on time and cost in construction projects Pages 245-254 Right click to download the paper Download PDF

Authors: V. Aarthipriya, G. Chitra, J. Sevvel Poomozhi

DOI: 10.5267/j.jpm.2020.6.002

Keywords: Risk Management, Schedule and Cost Impacts, Monte Carlo Simulation, Sensitivity Analysis

Abstract: The construction process is inherently prone to risks. Risk management is an essential and integral part of project management on all construction projects. Risk analysis is one of the core components of risk management that enables professionals to quantify and analyze risks that may pose potential threats to project performance in terms of various parameters. This research was conducted to identify and analyze risks associated with residential construction in Bangalore. In this study, risk and its impact on time and cost was identified and analyzed. Schedule impacts of project risks were supplemented by conducting quantitative risk analysis such as Monte Carlo simulation and sensitivity analysis using the Primavera risk analysis software. In case of cost, the cost variance was found out and mitigation measures were given. Thus, by effectively managing the risks, organization has more timely, comprehensive and deeper understanding of risks which in turn facilitates better decision making and confidence to take on new ventures or even to accept higher level of risk.

How to cite this paper
Aarthipriya, V., Chitra, G & Poomozhi, J. (2020). Risk and its impacts on time and cost in construction projects.Journal of Project Management, 5(4), 245-254.

Refrences
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Journal: Journal of Project Management | Year: 2020 | Volume: 5 | Issue: 4 | Views: 4023 | Reviews: 0

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