Cost and Time Risk Management in Construction Projects

Abstract

Identifying and evaluating the business risk (Cost and time overruns) management in construction projects to control and minimize such risk is the aim of this research. In diverse construction site, qualified professional workings are asked through an online questionnaire to collect tremendous diverse thoughts to compare between them. The questionnaire developed the research and collected more sensitive/accurate and reliable data about construction business risk management. The first step in this research is to attain worthy information about business risk management in term of cost and time overruns from previous related studies. A theoretical background about management of business risk is provided by the review of these studies that led to the design of the questionnaire questions. This paper concluded that poor business performance, such as time delays and cost overruns, are common in construction projects. Poor business performances can be significantly reduced by providing adequate construction planning at the beginning of the project, accurate in estimation, preventing changes in projects during construction, improving contract management and improving communication between construction parties.

Keywords

• Business risk
• cost and time overruns
• questionnaire