Risk Assessment and Mitigation in Construction Building Projects

Abstract

Risk management is an essential aspect of construction project management, as construction projects are inherently exposed to a wide range of uncertainties that can jeopardize their success. These uncertainties, if not effectively managed, can lead to delays, cost overruns, and quality issues. As the construction industry faces increasing complexity and demands for efficiency, the need for effective risk assessment and mitigation strategies becomes more critical than ever. This paper examines several key risk assessment methods, including Construction Risk Management Systems (CRMS), Failure Mode and Effects Analysis (FMEA), and Building Information Modelling (BIM), which have been adopted to address these challenges. The study evaluates the effectiveness of these methods, highlights common implementation challenges, and suggests strategies for improving risk management practices. The findings aim to provide a comprehensive understanding of risk mitigation in the construction industry, offering practical and scalable solutions to enhance project outcomes. This research is particularly important for improving decision-making processes and ensuring the successful delivery of construction projects in an increasingly complex and uncertain environment.