Risk Management in Residential Projects

Abstract

The construction industry faces numerous risks, particularly in residential projects with significant complexity and scale of operations. Effective risk management in these projects is critical to ensuring successful outcomes. This study focuses on identifying, assessing, and mitigating risks associated with residential construction. The industry faces various technical, socio-political, commercial, organizational, resource, financial, and safety risks. The research aims to highlight the importance of systematic risk management practices, which include identifying potential risks, evaluating their impact, and implementing strategies to manage them. The study employs a comprehensive methodology, involving literature reviews, surveys, and data analysis, to understand the prevailing risk management practices and propose improvements. The findings emphasize the need for a proactive approach to risk management, integrating it into the early stages of project planning and execution. The study concludes that adopting robust risk management frameworks can significantly enhance project performance, reduce uncertainties, and ensure timely and within-budget project delivery.