Risk Identification and Management in Construction Projects: Literature Review
The significance of risk management has accelerated over the last decade, and the critical risk factors (CRFs) have gained increasing attention from both researchers and practitioners. Huge and complicated construction projects contain various risk factors and the successful completion of such projects relies on effective management of the main risks. This paper assesses criticalrisk factors, risk identification tools, and techniques, risk classification methods associated with construction projects. A thorough content analysis of selected articles was conducted for this study. The top five identified risks were unavailability of funds, design errors & poor engineering, poor site management & supervision, contractual risks, changes in government laws and regulations.
Keywords - Risk Management, Critical Risk Factors, Risk Identification, Risk Classification, Construction Projects.