Impact of risk analysis related to time, quality and cost in construction projects

This master thesis deals with risk management and their impact during the implementation of the construction projects. It illustrates the risk management process and how the risk impact analyzes can affect the mitigation process of risks without affecting the scope of the project composed of three main components such as costs, time and quality. It is well known the relationships between costs, time and quality and how they can influence each other during the realization of the construction projects, many construction projects have faced the accomplishment of one or two objectives but could not achieve all of them, for instance there are many construction project that are delivered according to the predetermined quality but in same time they face scheduling problems, delays or costs problems. The main aim of this thesis is to find a relationship between risk impact analysis and the settled objectives of the project and how the understanding of this relationship can help to improve to determine the priorities among several objectives during the implantation of the project. This thesis aims to emphasize the recognition of Risk assessment and management as a powerful tool for improving the process of delivering construction projects, minimizing the uncertainties and maximizing the opportunities that might be developed under certain circumstances. A case study methodology approach was adopted to be able to achieve significant results that support the aim of this thesis, by elaborating two case studies and exploring the risk management techniques used by two companies in Albania, to understand how is defined the accurate strategy to support the accomplishment of the objective of the project. A simple numerical method for risk impact quantitative approach is proposed, a method that easily can be applied during the risk management process, that might improve the techniques and the process of risk analysis and giving a proper weight to the expected impact that each identified risk might have on the scope of the project. The focus of proposed method to define the weight of risk impact and risk probability of risks and expressing their impact on the possibility or ability to influence or change the settled objectives such as costs, time and quality. A huge attention is paid to risk identification and analyze as the two main phases of the risk management, due to the outcome of these two phases is determined and developed the entire strategy of dealing, monitoring and controlling the risks