Decision Making

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Risk Management in Construction Projects Using Combined Analytic Hierarchy Process and Risk Map Framework
Satyendra Kumar Sharma*
This paper aims at developing a risk management framework for project risk management in construction projects and demonstrate its application in an ongoing construction project in Amravati, Maharashtra, India. The various risk factors encountered in construction projects and various risk management methods already in use are identified and then a framework is developed which combines the Analytic Hierarchy Process (AHP) and risk map methods. The data was collected from various stakeholders in the construction project. The findings reveal that the proposed framework helps managers to objectively find out the most important risk factor associated with the project and accordingly work towards risk minimization.
Introduction
Construction projects in today’s world are marred by risks which delay the completion of projects on time or result in excessive cost overruns. These losses are multiplied if the size of the project and investments made are huge. These risks may include unavailability of materials, erratic weather changes, lack of funds, low quality of sub- contractors (Wu and Olson, 2009), etc. Though the managers realize the importance of these risk factors and mitigating them, they fall short of an objective method to manage these risks based on a priority basis (Martin, 2006). They mostly use ad-hoc or unscientific methods like rule of thumb to analyze and manage risks in the absence of a proper risk management framework. However, Shen et al. (2006) have argued that as the construction projects become more uncertain and complex, intuition and tested rules of thumb often fail to anticipate and respond effectively to the extent of uncertainty and risk in construction projects.
The literature in this regard is replete with models…...

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