Risk Management and Mitigation for Building Construction Project in Sangli District

Abstract

Risk analysis as the title suggests this is related to the construction management. Risk analysing technique is used for the purpose of risk management. Which type of risk is occurring and how it is analysed what are various mitigatory methods available. Risk management involves assessing the risk sources and designing strategies and procedures to mitigate those risks to an acceptable level. Measurement of risk factors plays an important role in the assessment of risk. This research proposes to develop risk assessment frameworks and mathematical model to identify the risk factors. Quantification and prioritization of risk factors will help to design controls, resource allocation policies and minimize the total cost. The proposed model can be applied to a complex system that is representative of actual business situations.