Thesis Abstract

Abstract
This thesis investigates the critical issue of risk management in construction projects, focusing on a quantitative analysis of cost overruns and delays. Construction projects are inherently complex and subject to various uncertainties that can lead to cost overruns and delays, impacting project success and stakeholder satisfaction. Effective risk management strategies are essential to mitigate these risks and enhance project performance. This study aims to provide a comprehensive analysis of the factors contributing to cost overruns and delays in construction projects, as well as evaluate the effectiveness of risk management practices in addressing these challenges. The research methodology includes a thorough literature review to establish a theoretical framework for understanding risk management in construction projects. The study employs a quantitative approach to analyze data collected from a sample of construction projects, focusing on identifying key risk factors, assessing their impact on project outcomes, and evaluating the effectiveness of risk management strategies in mitigating these risks. The research methodology also includes interviews with industry experts and stakeholders to gain valuable insights into current practices and challenges in risk management in construction projects. The findings of this study highlight the significant impact of risk factors such as design changes, weather conditions, material shortages, and labor disputes on cost overruns and delays in construction projects. The analysis reveals that proactive risk management practices, including risk identification, assessment, mitigation, and monitoring, play a crucial role in minimizing the impact of these risks and improving project performance. The study also identifies areas for improvement in current risk management practices, such as enhancing risk communication, stakeholder collaboration, and the use of advanced risk assessment tools. The results of this research provide valuable insights for construction project stakeholders, including owners, contractors, and project managers, to enhance their risk management practices and improve project outcomes. The study contributes to the existing body of knowledge on risk management in construction projects by offering a quantitative analysis of cost overruns and delays and providing practical recommendations for enhancing risk management practices. Overall, this thesis aims to advance understanding of risk management in construction projects and support the development of effective strategies to address the challenges of cost overruns and delays in the construction industry.

Thesis Overview

The project titled "Risk Management in Construction Projects: A Quantitative Analysis of Cost Overruns and Delays" aims to address the critical issue of risk management within the construction industry, specifically focusing on the impact of cost overruns and delays. Construction projects are inherently complex and prone to various risks that can lead to significant financial losses and delays in project completion. Effective risk management practices are essential to mitigate these risks and ensure the successful delivery of construction projects within budget and schedule constraints. This research will employ a quantitative approach to analyze the factors contributing to cost overruns and delays in construction projects, with a particular emphasis on risk management strategies. By conducting a comprehensive analysis of existing literature, industry best practices, and case studies, this study aims to identify common risk factors, assess their impact on project performance, and evaluate the effectiveness of different risk management techniques in mitigating cost overruns and delays. The research methodology will involve collecting relevant data from construction projects, applying statistical analysis techniques to quantify the relationship between risk factors and project outcomes, and developing predictive models to forecast potential cost overruns and delays based on identified risks. Additionally, the study will explore the role of stakeholders, project management practices, and external factors such as economic conditions and regulatory requirements in influencing project risk. Through the in-depth analysis of empirical data and theoretical frameworks, this research seeks to provide valuable insights for practitioners, project managers, and decision-makers in the construction industry to enhance their risk management practices and improve project performance. By highlighting the importance of proactive risk identification, assessment, and mitigation strategies, this study aims to contribute to the development of effective risk management frameworks tailored to the unique challenges of construction projects. Overall, the project "Risk Management in Construction Projects: A Quantitative Analysis of Cost Overruns and Delays" endeavors to advance the understanding of risk management practices in the construction industry and offer practical recommendations for optimizing project outcomes, minimizing financial risks, and improving overall project delivery efficiency.