A Review on Risk Assessment and Management in Construction Project in India

Abstract

Risks are very general in the construction industry. The construction industry is broadly linked with a high risk and uncertainty due to the nature of its working environment. Thus, the need of risk management is required. Risk management is to identify risk, analyze risk and provide most suitable treatments. Risk analysis is done to identify these risks in the project and manage it accordingly. By using probability and impact method, which is a very easy method, we can manage risk at construction projects. This paper presents a review of the need for risk management in the construction project.