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Risk Analysis and Research for Construction Projects
- 1 The University of Sydney
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Abstract
As the population grows and the demand for public infrastructure increases, more and more construction projects are being carried out. In order to avoid the failure of construction projects due to their high level of complexity, risk anticipation and risk response can be made through the study of project risks, which can greatly improve the success of construction projects. The investment and time spent on a construction project are huge and if the project fails or is delayed, there will be serious consequences. This is why construction project risk management is so important for construction projects. Therefore, this paper analyses the risks of construction projects. It finds that construction project risks can be classified as internal and external risks and suggests improvements to the existing three-step project risk management process Identify-Assess-Respond, adding a project risk review. This paper enriches the study of risk classification and management processes for construction projects and proposes risk management process measures that have implications for future construction projects to deal with risks more efficiently.
Keywords
construction projects, project risk classification, project risk management process
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Cite this article
Liu,Y. (2023). Risk Analysis and Research for Construction Projects. Advances in Economics, Management and Political Sciences,19,181-187.
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Volume title: Proceedings of the 2023 International Conference on Management Research and Economic Development
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