Risk Management in Residential Construction Project: A Comparative Dynamic Assessment

Abstract

In the construction sector, risk management is essential as it has a big influence on a project's success in terms of cost, schedule, and quality. Throughout the building process, risk management becomes more crucial as projects get bigger and more intricate in order to avoid unintended outcomes. Risk occurrences are frequently to blame for inefficient work output, delays, and related losses. Severe likelihood and severe consequence hazards necessitate additional analysis as well as risk control. In order to maximize process efficiency and ensure effective execution, risk management in project construction is a continual learning process that calls for constant development. In order to mitigate possible delays, cost overruns, and quality difficulties, the research will discover successful solutions. These strategies include assigning risk in residential building projects, dynamically assessing risks, mitigating risks, and dynamically monitoring and controlling risks.