UGC Approved Journal no 63975(19)

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Published in:

Volume 10 Issue 8
August-2023
eISSN: 2349-5162

UGC and ISSN approved 7.95 impact factor UGC Approved Journal no 63975

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Published Paper ID:
JETIR2308333


Registration ID:
521957

Page Number

d253-d268

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Title

A study on impact of risk management practices on success of construction project

Abstract

There is no way to avoid discussing risk in the era of raging globalisation because it has become a necessary component of daily living. Everywhere, in every aspect of life, there is a risk. One such field is the construction sector, where risk is a constant piece of a complex puzzle. Although it would appear like the cheapest course of action, effective risk management does not apply to risk resignation. The fundamental issue with this choice is its nonsensical economics, since anything that has the potential to be profitable is by definition dangerous, and anything that does not pose a risk is attractive from an economic standpoint but does not result in any real advantages. The "golden mean" in risk management will therefore be determined in connection to the project that is being undertaken. On the one hand, it will include safeguarding against the danger of the negative side through meticulous risk identification and classification, which produced a thorough analysis. In contrast, management should be centred on determining the decisions' maximum advantages while utilising all available mathematical and analytical techniques. We will be able to properly manage risk by doing a thorough analysis that considers all important factors, including stakeholder analysis, and which will result in immediate advantages for our project. Identification of project risks is essentially based on identifying the different categories of hazards that might have an impact on the project, giving a description of their characteristics, and calculating the likelihood that they will occur. The three sorts of investors—risk preference, risk neutrality, and pure risk aversion—as well as their measurement—are preserved under these three categories of conditions: assurance, uncertainty, and risk. A list of occurrences with their causes, probabilities, and final assessments of their environmental impact will be the output of the project's risk identification and analysis.

Key Words

Risk management; Risk management process; Risk management methods; Risk management process

Cite This Article

"A study on impact of risk management practices on success of construction project", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.10, Issue 8, page no.d253-d268, August-2023, Available :http://www.jetir.org/papers/JETIR2308333.pdf

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2349-5162 | Impact Factor 7.95 Calculate by Google Scholar

An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 7.95 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator

Cite This Article

"A study on impact of risk management practices on success of construction project", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.10, Issue 8, page no. ppd253-d268, August-2023, Available at : http://www.jetir.org/papers/JETIR2308333.pdf

Publication Details

Published Paper ID: JETIR2308333
Registration ID: 521957
Published In: Volume 10 | Issue 8 | Year August-2023
DOI (Digital Object Identifier):
Page No: d253-d268
Country: -, -, India .
Area: Engineering
ISSN Number: 2349-5162
Publisher: IJ Publication


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