Browsing by Author "Rediat, Getachew"

Now showing 1 - 1 of 1
  • No Thumbnail Available
    Item
    Risk Management in Building Construction Projects
    (A.A.U, 2020-07) Rediat, Getachew; Mohammed, Abtew (Dr.)
    Construction is susceptible to various types of risks that causes deviation from the objective of the project. To minimize this deviation, application of risk management is an essential part of construction project management. Risk management is an iterative process comprises of risk identification, analyzing and rating of risks, developing a response plan and monitoring the application throughout the process. Although the benefit of practicing risk management is recognized as a crucial part of construction management by several literatures, in Ethiopia, there are several researches that show risk management practices in construction industry is not satisfactory. This study investigated the risks that affect the construction industry identified through literature review. Results of survey, collected from project managers working for ISO certified companies, found risk factors that have highest probability of occurrence and impact on project cost and completion time. Additionally, the risk response methods recommended by the participants that can help in creating a strategy that assist in minimizing the negative effect and maximizing the positive effect of the risks was identified. Thus, the final results of this paper determine which risks have a high probability of affecting the project objectives and the corresponding response methods to be used.