Evaluating Risk Management Practices in Construction Projects of Pakistan

Abstract

The construction industry of Pakistan has experienced rapid growth in recent years due largely to stronger investment in infrastructure development. Mega projects, of a scale never experienced by Pakistani construction practitioners, require higher levels of planning and management to ensure effective procurement delivery. Moreover, the concept of a formal and prescribed risk management process is somewhat new to these managers and they are still chiefly assessing risks through intuition, judgment and experience. While such long established infonnal approaches may have been acceptable in the past, they will undoubtedly gain poor outcomes on large scale projects. The construction industry plays an important role in any country economy. In this study we will study the risks affecting construction projects. The person working in this industry faces various failures, such as operational requirements. In this research we will identify and evaluate the risks effecting Construction projects and cause project failure. We will identify different factor effecting labor productivity in construction projects. The result of this study recommended that the construction company have to identify risks that affect the working of construction project and factor affecting labor productivity in construction projects. The construction company should conduct measurements in their projects to improve productivity and avoid project failure.