Abstract:
Construction projects play an important role for the development of the country's economy, especially in Pakistan, where construction sector is booming day by day and a lot of competition is available for clients. Due to busy schedule, everyone wants to complete their project before targeted time. In that sense a Fast-tract technique is the best option, where to overlap the activities for achieving the target before time. During execution of the project, construction industry faces many risks other than any industry, and when we need to crash our schedule, a fast-track method faces more risks. In this regard to counter the risks, we need to first identify the major risks which may impact on project success and then plan strategies for their mitigation.
This study basically contains, the identification of major risks available in the construction industry and especially when we are executing the project on fast-track mode. Risks may be of many types, which ultimately impact on project performance. First step is to identify the risks and then propose a mitigation plan to counter them. In this regard, by studying previous researches, some major risks were considered, which may affect the project success and then, by considering the results of 234 respondents and analyzing them, result concluded was that.
This study concludes that major risks like, consultant related risks and procurement related risks, have a direct impact on project success and by not mitigating these risks, project may face failure. Other risks like, client related risks, contractor related risks and external or environmental risks, have no direct impact on project success, but proposing a mitigation plan for them is also important for achieving project success.
At the end, a project size plays an important part in achieving project success, as they have direct impact on all major risks, like client related risks, consultant related risks, contractor related risks, procurement risks and external risks.