Thesis Abstract

Abstract
This thesis investigates the critical issue of risk management strategies in construction projects, focusing on the prevalent problem of cost overruns. The construction industry is inherently risky due to its complex nature and numerous uncertainties, leading to frequent occurrences of cost overruns that have significant impacts on project outcomes. This research aims to analyze existing risk management practices and strategies employed in construction projects to mitigate the effects of cost overruns, with a specific focus on identifying best practices and lessons learned from successful projects. The study begins with a comprehensive literature review that explores the theoretical foundations of risk management in construction projects. This review examines various risk management frameworks, tools, and techniques commonly used in the industry to identify, assess, and manage risks. By analyzing past research and case studies, the review establishes a solid theoretical foundation for understanding the complexities of risk management in construction projects. Following the literature review, the research methodology chapter outlines the research design and data collection methods used in this study. A mixed-method approach is adopted, combining quantitative analysis of project data with qualitative interviews and surveys to gather comprehensive insights from industry professionals, project managers, and stakeholders. The research methodology aims to provide a holistic view of risk management practices in construction projects and their effectiveness in addressing cost overruns. The findings chapter presents the results of the empirical analysis, highlighting key risk management strategies that have been successful in mitigating cost overruns in construction projects. By examining case studies and real-world examples, this chapter identifies common risk factors that contribute to cost overruns and evaluates the effectiveness of various risk management strategies in addressing these challenges. The findings offer valuable insights for project managers and stakeholders seeking to improve risk management practices in construction projects. In the conclusion and summary chapter, the research findings are synthesized to draw key conclusions and recommendations for enhancing risk management strategies in construction projects. The study underscores the importance of proactive risk management, stakeholder engagement, and continuous monitoring and control to mitigate cost overruns effectively. By implementing best practices identified in this study, construction project stakeholders can enhance project outcomes, reduce financial risks, and improve overall project performance. In conclusion, this thesis contributes to the body of knowledge on risk management in construction projects by providing a comprehensive analysis of strategies to address cost overruns. The research findings offer valuable insights for industry professionals, project managers, and researchers seeking to enhance risk management practices and improve project outcomes in the construction sector.

Thesis Overview

The research project "Risk Management Strategies in Construction Projects: A Case Study of Cost Overruns" aims to investigate the various risk management strategies employed in construction projects to mitigate cost overruns. Cost overruns are a prevalent issue in the construction industry, leading to delays, financial losses, and disputes among project stakeholders. By focusing on risk management strategies, this study seeks to provide insights into how project managers can effectively identify, assess, and mitigate risks to prevent cost overruns in construction projects. The research will begin with a comprehensive literature review to explore existing theories, models, and best practices related to risk management in construction projects. This review will cover topics such as risk identification, risk assessment, risk response planning, and risk monitoring and control. By examining previous research in this area, the study aims to build a solid theoretical foundation for the investigation of risk management strategies in the context of cost overruns. Following the literature review, the research methodology will be outlined, detailing the approach, data collection methods, and analysis techniques to be employed in the study. Primary data will be collected through interviews with project managers, quantity surveyors, and other relevant stakeholders involved in construction projects. The data collected will be analyzed using qualitative research methods to identify common risk factors contributing to cost overruns and examine the effectiveness of different risk management strategies in mitigating these risks. The findings of the study will be presented in chapter four, where a detailed analysis of the data collected will be provided. This analysis will highlight the key risk factors leading to cost overruns in construction projects and evaluate the impact of various risk management strategies in addressing these risks. By examining real-world case studies and project examples, the study aims to provide practical insights and recommendations for improving risk management practices in construction projects to prevent cost overruns. In conclusion, the research project will summarize the key findings and implications of the study, highlighting the significance of effective risk management strategies in minimizing cost overruns in construction projects. The study aims to contribute to the existing body of knowledge on risk management in construction and provide valuable insights for project managers, quantity surveyors, and other industry professionals seeking to enhance their risk management practices.