Innovative Approaches for Risk Management in Construction Projects
Keywords:
BIM, construction risk management, FMEA, payment and subcontractor issues, project management, project outcomes, risk analysisAbstract
This research focuses on advancing risk management methodologies in building projects, addressing the growing need for effective strategies to minimize uncertainties in the construction industry. Risk management has become a crucial element in ensuring project success, as construction projects are inherently complex and subject to various risks that can impact timelines, costs, and quality. The importance of this research lies in its potential to enhance construction companies’ ability to manage risks through comprehensive processes and state-of-the-art tools. The study aims to evaluate the effectiveness of advanced project management tools, particularly failure mode and effects analysis (FMEA), in predicting potential project disruptions and improving the overall risk management process. Additionally, it assesses and enhances the current construction risk management systems (CRMS) to facilitate better risk identification, assessment, and mitigation strategies. A key aspect of this research is the integration of building information modelling (BIM) into risk management frameworks, which is expected to improve decision-making accuracy and project safety. The research also investigates the impact of payment delays on project schedules and outcomes, while identifying key challenges in managing subcontractor risks. By addressing these objectives, the study aims to propose a comprehensive, proactive, and efficient risk management framework that can be applied across the construction industry.
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