Assignment 1

Step 1. Selecting a broad research topic/area Risk Assessment of constructional project

of interest
Step 2. Narrowing down topic/area of Assessment of construction risks on Mall of
interest Multan project
Step 3. Clarifying a more specific Risk is an endeavour action which is unknown,
problem/issue unexpected and undesirable but an unpredictable
event or condition that, if occurs, has a positive
or a negative effect on a project is called as
Project Risk. Construction is one of the
fortunate sectors in Pakistan that has gained
major relief in the Federal Budget 2015-2016.
The government has given special tax relief to
the builders in order to facilitate the real estate
industry.

Step 4 Problem statement In every large project there are three

constrains which are cost, quality and time.
They effect directly or indirectly the
construction project as in the form of cost
overrun, poor quality and delay in competition
of project.Construction by nature is inherently
dangerous, with a high degree of hazard and
risk. The contractors use of the allocated
budget the rest is scattered from officers levels
to root level due to this the material used for
construction is of low quality and sometimes
governments change the project budget
collapse and projected construction stops. And
structure starts demolishing which cause risk
and sometimes causes harms to humans and
environment. Different models are given on
the basis of these models entitled
construction risk management system
(CRMS) is introduced to help contractors
identify project risks and systematically to
analyse and manage them.
The CRMS model is a logical substitute for
the traditional intuitive unsystematic
approach currently used by most
contractors. The influence diagramming
technique
and Monte Carlo simulation are used as
tools to analyse and evaluate project risks.
Alternative risk management strategies are
suggested. Such strategies include risk
 avoidance, risk transfer, risk retention.

Annotated Bibliography
Reference In this article the recent research results in
Chile have shown that companies that hire
construction services on a recurring basis
cition do not systematically apply risk
(Alfredo Federico Serpella et al.) management practices in projects, which
has resulted in negative consequences for
Alfredo Federico Serpellaa* Ximena Ferradaa, the performance of projects and contract
Rodolfo Howarda, Larissa Rubioa disputes in a number of construction
Department of Construction Engineering and projects, had shown the occurrence of a
Management, Pontificia Universidad Catolica number of risks that were not well
de Chile analysed or integrated by either parties,
customers or contractors, and that were
Refference one of the main causes of some of those
claims and disputes.
Citation
(Jamal F. Al-Bahar1 et al)
Jamal F. Al-Bahar1 and Keith C. Crandall,2 In this paper different models are given on
Member, ASCE
the basis of these models entitled
construction risk management system
(CRMS) is introduced to help
contractors identify project risks and
systematically to analyze and manage
them.The CRMS model is a logical
substitute for the traditional intuitive
unsystematic approach currently used by
most contractors. The influence
diagramming technique
and Monte Carlo simulation are used as
tools to analyse and evaluate project risks.
Alternative risk management strategies are
Reference
suggested. Such strategies include risk
Citation
avoidance, risk transfer, risk retention,
(Dr. J.J. et al)
loss reduction, and risk prevention and
insurance.
Mr. Satish K. Kamane1, Mr. Sandip A. Mahadik2
This paper deals with the identification of
risk by different methods, types of risks
associated with construction project and
different risk mitigation techniques.there
are different kinds of methods for
different projects and for the construction
projects this method is applied:
1. Primary stage
- Risk Identification
2. Secondary stage
- Risk Assessment
- Risk Analysis
3. Tertiary stage
- Risk Mitigation.