Project Management in Construction Industry

This paper focuses on the problems that are associated with project management in the construction process (Alias et al 2016). It has been hypothesized that project management risks involved in construction include delay in the completion of the project construction and inadequate funds. The research would find out the most appropriate procedures that can be used that the risks that are associated with project constructions are adequately solved. Understanding the risks that might be involved in the project help in ensuring the success of the project. Novelty Risk management is a course on its own. Prioritizing the risks – prioritizing the risks include the evaluation of the outlined risks depending on their presumed outcomes. Some risks appear severe than others and need more attention.

The risks can be prioritized by the stakeholders of the project. Avoidance of the risks – The stakeholders of the projects are expected to set meetings and agree on the best way to take when handling the projected risks. The designers, contractors and sub-contractors are expected to use the outlined resources to ensure that the project is completed at the expected time. The construction industries are likely to attract more investors have interests in investing in the country due to the availability of space. Project work Plan The process of project risk Management Literature review Project risk management is the major determination of the success of any construction project. Companies ensure that they assess the risks that are lined with certain construction projects to ensure that the benefits outdo the risks before they can take the effect of ensuring that the project has been put in place (Javed et al.

Identification of the key barriers to a project also helps in the determination of the comprehensive establishment of the methods that can be used to avoid them. Questionnaires that have been answered by various professionals outline that project risk management is a major factor that needs to be considered for successful project implementation (Javed et al. It is necessary to ensure that despite the happening of the risks they do not cause adverse effects on the overall flow of the project (Lavender, 2014). The unexpected occurrences that occur as risks may be positive or negative, and it is expected that the most appropriate procedures are involved to ensure that their impacts are minimal. Risk management is concerned with the occurrences of events that likelihood can be termed uncertain, but their impacts can be projected.

The risks that are involved in the construction projects can be classified into the eternal risks and the internal risks (Sears et al. The external risks involve the risks that are caused by the project owners, the contractors, sub-contractors, suppliers and the designers of the project. The constructors need to ensure there are no delays, and all the work that is done is done in the most appropriate manner. Risk management processes are the major determinants of the project success. The risk management procedures can be for long-term plans, short or medium term plans and it is essential to ensure that the deep analysis is made on the plans to ensure that they are achievable (Cannon & Hillebrandt, 2016). Although the risks come from accidents, it is important to note that there are dangers that risk management may help in ensuring that they are reduced.

The risk management procedures may also help in ensuring that there is no exaggeration of the problems in a particular direction that is not necessary (Cannon & Hillebrandt, 2016). It has been noted that formalization of the risk management and the probable risks when doing various projects reduces the probability that the organization is going to suffer a major blow from risks involved in the project by thirty percent. Analysis of the risks involved in the project Project risk analysis involves the evaluation of the whole project and determining the probable risks that might be involved in the construction process (Zhou et al 2014). The major way in which the managers might determine the most a suitable procedures to identify gravity of the risk is by noting the probable impacts that might occur if they fail to control given risks.

Analysis of the risks that might be involved in the project involves checking on the previous similar projects and the mistakes that were involved in the project (Zhou et al 2014). Missing links between the current projects and the previous projects act as major blow in the actions of the project managers as they have to have imaginary risks and ensure that they strive to ensure that the project does not land into the noted mistakes. The measures to be taken need to sound logical and applicable considering the resources that the owners of the project possess. If the risks are out of hand, then it is advisable that the project is not implemented until the involved risks can be avoided. The owners of the project need to focus on quality project opportunities.

The project risk management software Depending on the complexity of the construction project, the creation or buying of the project risk management software is the final step of ensuring that the problems associated with the project are minimized (Burtonshaw-Gunn, 2017). The project risk management’s software help in ensuring that there is transparency in the processes involved in the project management. Procedia-Social and Bsehavioral Sciences, 153, 61-69. Burtonshaw-Gunn, S. A. Risk and financial management in construction. Routledge. Springer. de Carvalho, M. M. , Patah, L. A. , & Pan, W. A System Dynamics Framework of Drivers and Constraints to Enhancing Productivity of the Hong Kong Construction Industry. In Proceedings of the 21st International Symposium on Advancement of Construction Management and Real Estate (pp. Springer, Singapore. Kerzner, H.