A Review on Critical Risk Factors in the Life Cycle of Construction Projects

In any country, infrastructure development will increase the growth of countries economy and generates the large amount of job opportunities. Hence those projects involve a large amount of investment to carry out. In view of that, if any sort of wastage (either time, resources etc) occurs that would lead to the huge monetary losses. These losses occur due to various risks associated with such mega projects. Consequently, these risks play a crucial role for the completion of project within the time schedule and planned budget. In this connection, this study mainly discusses the critical risk factors and its assessment techniques through comparative study of various international construction projects. About 50 relevant articles published over the last 25 years have been reviewed. The review resulted that a simple analytical tool will be developed for each project task to assess the risk easily and quickly, which will encourage the practitioners to do the risk analysis in their project. This review concluded that the earlier risk identification in the project and assessment during the bidding stage of the construction project will lead to the better estimation of the escalation on cost and time overrun. Such risk assessments help to include in the budget and scheduling for the successful completion of the project.