Analysis of Multidimensional Risk and Management Models for Civil Constructional Projects

Abstract

This research presents a technique for assessing the primary risks involved in complicated projects by using three different degrees of information as well as three different characteristics of risk classification. In order to construct a risk map of project that incorporates organisational with coordinates of operations, technique identifies and categorises the important risks, primary uncertainty sources, having most exposed stakeholders, activities  associated with project. Risk allocation evaluation pertaining to every component of projects consisting of  management and contractual consequences. These implications make it possible to identify the areas of the project that are influenced by potential risk overload and to effectively specify efforts to mitigate that risk. It is possible to utilise the model with varying degrees of detail depending on how far along the project has gotten. The feasibility of the idea was evaluated by the execution of a hazardous engineering and building project.