Risk Identification & Its Mitigation in Construction Industry
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The construction industry is inherently high-risk due to its complex, dynamic environment and tight time constraints. This study focused on identifying and analyzing risks through a survey of experienced professionals, including project managers and senior engineers. Data were collected via questionnaires and interviews, targeting key risk areas such as poor work quality, design flaws, financial issues, and safety concerns. A Probability-Impact Matrix and severity analysis were used to categorize risks. High-priority risks identified in the red zone included inaccurate time estimates, material...
The construction industry is inherently high-risk due to its complex, dynamic environment and tight time constraints. This study focused on identifying and analyzing risks through a survey of experienced professionals, including project managers and senior engineers. Data were collected via questionnaires and interviews, targeting key risk areas such as poor work quality, design flaws, financial issues, and safety concerns. A Probability-Impact Matrix and severity analysis were used to categorize risks. High-priority risks identified in the red zone included inaccurate time estimates, material shortages, payment delays, price escalation, and insufficient management support. These risks showed severity scores above 15, indicating significant impacts on project cost, time, and quality. A case study on Godrej Garden City confirmed these findings, highlighting the need for immediate mitigation strategies for high-impact risks.
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