RISK ANALYSIS OF MULTI-STORY STRUCTURES USING RISK BREAKDOWN STRUCTURE

Abstract

Construction industry is exposed to number of risks, which is actually unforeseen circumstances that can affect firm’s objectives. The way such exposures are controlled and managed is known as risk management. Risk Analysis being the core part of the risk management process enables to quantify and analyze risks which can pose a potential threat to performance of the project in terms of cost, quality, safety and time. At present most of the construction professionals across the country are not much familiar with different tools and techniques for risk management and their compatibility with different conditions The Risk Breakdown Structure being one of the effective tool for risk management will assist construction professionals in understanding the distribution of risk on a project. This main objective of this research study is to identify the risk factors responsible for cost and time over run in multi story building projects of Pakistan and to consolidate these factors in form of risk break down structure that will act as a check list for future construction projects. In order to study the exposure of project risks and to identify major causes of delays, an under construction multi story project is taken as a case study. The research is carried out in a very systematic manner. Construction professionals from number of re known organizations and private companies are consulted for their expert opinion. Project risks are identified and ranked in order of their frequency of occurrence. These risks are then structured in Risk Breakdown Structure and is further used to study exposure of risks in case of an under construction multi story building project at Islamabad. The results of this study are then compared with past research carried out in the construction industry. ABSTRACT [ii] The results of the research studies are much similar to previous research studies carried out in construction industry which not only guarantees accuracy of this research study but also ensures its benefits for future construction projects. It is concluded that The findings will help project stakeholders while initiating new projects in identifying potential risks via RBS in multi-story building project. It will specially help Project Managers & Planners as it would save lot of time, cost and efforts which would otherwise be spent in identifying risks and their probability of occurrence