• sheikh irfan ali

Construction is a risky industry and there is no other industry that requires proper application of business practices much as construction industry. The main objective of this research is to gain understanding of risk factors that could be in front of building projects. The study aims also to investigate the effectiveness of risk preventive and mitigate methods Moreover, the usage of risk analysis techniques id addressed. The results of this study recommended that there is an essential need for more standardization and effective forms of contract, which address issues of clarity, fairness, roles and responsibilities, allocation of risks, dispute resolution and payment. Both owners and contractors are called for identification of possible risk factors that could be faced and to allocate them contractually. There is a need to keep a computerized historical data of finished projects to help in rights reservation and to be an information source for future comparison. A standard form of contracts which address issues of clarity, fairness, roles and responsibilities, allocation of risks, dispute resolution and payment should be adopted for all the projects. More effort should be made to properly apply risk management in the construction industry.

Monte carlo simulation, Sensitivity Analysis, Breakeven Analysis

"Risk analysis and risk management in construction", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.167-172, June 2019, Available :http://www.jetir.org/papers/JETIR1906G94.pdf

"Risk analysis and risk management in construction", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp167-172, June 2019, Available at : http://www.jetir.org/papers/JETIR1906G94.pdf