Risk and Its Impact on Quality, Safety and Procurement in Construction Projects

Risk management is an integral part of project management on all construction projects based on knowledge areas of PMBOK. Risk analysis is process of risk which is used to quantify and analyze risks and give the mitigation strategies for each risk. This research was conducted to identify, analyze risks and provide mitigation measures associated with Residential Projects in Bangalore. In this study, risk and its impact were identified and analyzed based on quality, safety and procurement of materials using the questionnaire survey. The impact of project risk was analyzed using qualitative risk analysis like probability of occurrence and impact of each risk based on quality, safety and procurement was found out. Separate risk heat mapping was also created and finally a risk register with risk mitigation measures was provided for impact of risk related to quality, safety, and procurement. Thus, risk management is the best tool for organization to minimize the losses and maximize the benefits in terms of safety, quality and procurement