EXPANSION OF ANALYTICAL TOOL FOR SELECTION OF RISK ANALYSIS TECHNIQUE IN CONSTRUCTION PROJECTS

Abstract

Identification and treatment of risks from initial phase of the construction projects is not a general practice in construction industry of Pakistan. This study presents the results of a questionnaire survey conducted to identify best risk analysis techniques under existing four dimensional model developed by Alberto De Marco and Muhammad Jamaluddin Thaheem using characteristics such as, Challenge, PM Responsibility, Focus, and Maturity then later modifying the four dimensional model to five dimensional model with addition of a new dimension i.e. Social having scales of Stakeholders’ coordination, Stakeholders’ disputes, Corruption and Law and Order issues. This new five dimensional model would be flexible enough to cater all potential risks encountered in construction projects of Pakistan. Respondents of this survey included personnel from owners, consultants and contractors. The results of the study produced the model which could cover risks mostly associated with construction industry of Pakistan. Hence, a more comprehensive Model is produced with addition of one new dimension Social in order to maximize its use in construction projects of Pakistan.