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FIN4232 - The Risk Management

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KIMEP University

   

Risk management (FIN4232)

   

Added on  2020-03-01

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FIN4232 - The project is on the construction industry's risk management. Various hazards linked with the construction industry will be recognized, as well as how these risks might be handled. Various techniques for reducing the project's cost will also be presented. Furthermore, risk management in construction cost management is viewed as a complete and systemic method of recognizing, analyzing, and responding to risks in order to meet the project's set objectives.

FIN4232 - The Risk Management

   

KIMEP University

   

Risk management (FIN4232)

   Added on 2020-03-01

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Research Proposal1 | P a g e
FIN4232 - The Risk Management_1
ContentsExecutive Summary.........................................................................................................................3Introduction......................................................................................................................................3Literature Review............................................................................................................................4Research Questions, Aims, Objectives and Sub-Goals...................................................................5Objectives of the study................................................................................................................5Sub goals......................................................................................................................................5Research Questions......................................................................................................................6Theoretical Methodology.................................................................................................................6Experimental Setting.......................................................................................................................7Result, Outcome and Relevance......................................................................................................8Project Planning and Gantt chart.....................................................................................................9Work Breakdown structure (WBS).................................................................................................9Conclusion.....................................................................................................................................13Bibliography..................................................................................................................................132 | P a g e
FIN4232 - The Risk Management_2
Executive Summary The project is related to the risk management of the construction industry. Various risks that thatare associated with the construction sector will be identified and how these risks can be mitigatedwill be identified. Further various methods will be suggested through which the cost of theproject will be mitigated. Moreover, risk management in construction's cost management isregarded as a comprehensive as well as systemic manner of identifying, analyzing, as well asresponding towards the risks so that the defined project objectives can be achieved. It assuresthat the resources are utilized effectively and efficiently. This research report has been conductedso that complexity of the research report can be identified. Initially in a report a briefintroduction relating to the research topic has been given. Further literature review has beenconducted. Through the literature review secondary data has been collected for the report.Moreover, research questions have been stated that is "what are the major process of the riskmanagement? How cost is related with the risk management? How risk management practicescan reduce the overall cost of the construction projects? In order to answer the research questionproperly research data has been collected through primary source and secondary source. Primarydata was collected so as to gather first-hand information relating to the project. Primary data hasbeen collected from the Australian contractors through the survey. After collecting primary andsecondary data, it has been analyzed through MS excel. On the basis of the analysis relevantconclusion and significant recommendations have been stated. 3 | P a g e
FIN4232 - The Risk Management_3
Introduction Construction sector is one of the growth engines of the economic growth of a country. Theincreased pressure to improve the quality and productivity of the projects and reduce theconstruction costs there is need to adopt the project strategies that can appropriately andeffectively manage the project risk [CITATION Iji \l 1033 ].Risk is defined as a positive or negative deviation of the variable from its expected value. Riskmanagement involvement the strategies that avoid the losses and use the available chances thatarise from the risk [ CITATION Joh171 \l 1033 ]. Risk management in the construction projectsincludes the identification, analysis and response to the risk in a comprehensive and systematicway to achieve the project objectives. The risk management is the process of identifying andanalyzing the risks and then improving the processes of the construction projects and achievingeffective use of the resources [CITATION Sha152 \l 1033 ].The current economic conditions have forced the contractors of the construction sector tomanage the risk by themselves. This paper include the research aims to examine the riskmanagement practices that can reduce the overall cost of the projects [CITATION GAJ11 \l 1033].Literature Review Construction projects can be managed with the use of various tools and techniques of the riskmanagement. Risk can be considered as the biggest driver of the claims and projects that transfermore risk to the contractor are more likely to have more claim. Hence the drivers of risk areaggressiveness of the contractors' bids, fast track projects and the contracting strategy[ CITATION Cra14 \l 1033 \m pm417].4 | P a g e
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