Projects within the construction sector are characterized as fragmented, temporary and complex which inherently brings upon risk exposure. Decision makers within the industry need reliant access to information and knowledge in order to manage risks in a sufficient and systematic way. Thus, the implementation of an effective risk management in relation to managing associated project risk may facilitate successful construction project endeavours. The purpose of this master thesis is to explore and evaluate project risk management. The aim is to examine the recognition and practical adoption of risk management in order to investigate how project knowledge is utilized in the process.
Table of Contents
1. Introduction
2. Literature Review
2.1 Fernans, Maheshwar, Sahu, Sangeetha and Verma et al. (2013)
2.2 Subramani et al. (2014)
2.3 Belsur et al. (2017)
2.4 Anne et al. (2017)
2.5 Ranjithkumar et al. (2017)
3. Scope, Methodology & Purpose
3.1 Scope
3.2 Objectives of Project
3.3 Methodology
3.4 Action Plan
3.5 Flow Chart of Project
4. Introduction to Primavera
5. Analysis
6. Conclusion
Research Objectives and Focus
The primary goal of this research is to explore and evaluate project risk management within the construction sector, specifically examining how Primavera P6 software can facilitate more efficient planning, monitoring, and controlling of construction projects to mitigate risks and unplanned costs.
- Investigation of risk management practices in complex, fragmented construction projects.
- Evaluation of Primavera P6 software modules for scheduling, cost tracking, and resource management.
- Development of an action plan for identifying, assessing, and mitigating risks.
- Assessment of industry professionals' risk perceptions and decision-making orientations.
Excerpt from the Book
3.4 ACTION PLAN
An action plan for risk management is a detailed strategy outlining specific steps to identify, assess, respond to, and monitor risks within a project, organization, or business. The action plan helps ensure that risks are managed effectively, reducing the likelihood and impact of adverse events. Here's a comprehensive action plan for risk management:
Step 1: Risk Identification
Step 2: Risk Assessment
Step 3: Risk Mitigation and Response Planning
Step 4: Risk Monitoring and Control
Step 5: Communication and Reporting
Step 6: Continuous Improvement
In this analysis probability is taken as per filled in survey report and impact is taken from cost. From probability and impact calculation probability score is identified. By using probability score average of each risk category is taken. After taking average risk categories are ranked as per high, medium and low.
Summary of Chapters
1. Introduction: This chapter establishes the importance of risk management in complex construction projects and explains how project failure often results from inadequate risk handling.
2. Literature Review: This section evaluates previous research and software studies, highlighting the effectiveness of Primavera P6 in planning and scheduling compared to conventional methods.
3. Scope, Methodology & Purpose: This chapter defines the project's objectives, the research methodology including data collection and survey processes, and outlines a structured action plan for risk management.
4. Introduction to Primavera: This section provides technical insights into how Primavera P6 defines activities, durations, baselines, and scheduling updates to control project performance.
5. Analysis: This chapter reports on the findings regarding how contractors perceive risk in the industry, comparing these views against existing academic theories.
6. Conclusion: This summary confirms that risk management is essential, advocating for a risk-neutral approach that considers both threats and opportunities.
Keywords
Risk management, Construction projects, Primavera P6, Project planning, Cost control, Scheduling, Risk assessment, Fragmented projects, Software implementation, Resource management, Risk mitigation, Decision-making, Civil engineering, Project monitoring, Effectiveness.
Frequently Asked Questions
What is the core focus of this research?
The research focuses on implementing effective risk management in the construction industry through the use of technological tools like Primavera P6 software to reduce project failures and unplanned costs.
What are the primary themes discussed?
The central themes include the integration of risk management in construction, the practical application of project management software, and the evaluation of how contractors perceive and handle project risks.
What is the main objective of the thesis?
The main objective is to evaluate project risk management processes, specifically investigating how construction project knowledge is utilized and how software tools can improve project delivery.
Which research methodology is employed?
The study utilizes a combination of literature reviews, site project data collection, survey-based risk ranking, and the application of Primavera P6 for planning and scheduling simulation.
What does the main body of the work cover?
The main body covers the theoretical concept of risk management, a detailed action plan for risk assessment, technical definitions regarding Primavera P6, and the analysis of collected survey data.
Which keywords characterize this work?
Key terms include risk management, construction projects, Primavera P6, project planning, cost control, and scheduling.
How does the author define an activity within Primavera P6?
An activity is defined as a scheduled phase within a project plan that has a distinct start and end, typically containing multiple tasks whose completion determines the activity duration.
How are risk categories ranked in the analysis?
Risk categories are ranked by calculating a probability score based on survey reports combined with financial impact data, resulting in classifications of high, medium, and low risks.
What conclusion does the author reach regarding the industry's attitude toward risk?
The author concludes that professionals in the industry are increasingly moving toward a risk-neutral approach, viewing risk as a balance of both threats and potential opportunities.
Why is Primavera P6 considered beneficial according to the literature review?
It is found to be efficient because it aids in detailed cost control, time management, active monitoring, and systematic scheduling, which helps in delivering projects with greater effectiveness.
- Arbeit zitieren
- Paka Prathoshini (Autor:in), 2024, Risk management of construction using primavera software, München, GRIN Verlag, https://www.grin.com/document/1482133
