Completion Date
Summer 6-14-2024
Document Type
Thesis
Degree Name
Master of Science (MS)
Program or Discipline Name
Project Management
First Advisor
Sarah Dyson
Abstract
The construction industry, inherently dynamic and complex, faces a myriad of uncertainties that can significantly impact project outcomes. In this context, effective risk management emerges as a critical component in ensuring project success and sustainability. This abstract explores the role of risk management in the construction industry, highlighting its multifaceted impact on project timelines, costs, and overall quality. Risk management in construction includes detecting, assessing, and managing possible hazards and opportunities throughout the project's life cycle. It includes a proactive approach to anticipating, analyzing, and responding to uncertainties driven by factors such as design modifications, material shortages, labor concerns, weather circumstances, and regulatory changes. By methodically evaluating risks, construction stakeholders can create comprehensive strategies to prevent potential negative consequences while capitalizing on positive circumstances.
Recommended Citation
Nwafor, M. (2024). Mitigating uncertainty: Analyzing the role of risk management in the constrcution industry. Retrieved from https://digitalcommons.harrisburgu.edu/dandt/24
Included in
Construction Engineering Commons, Construction Engineering and Management Commons, Risk Analysis Commons