Risk assessment at public sector construction projects in Bangladesh: a case study

Abstract

The identification of risk, assessing risk and its proper management is a matter of great concern in risk management of a construction project. Unavailability of risk management or improper management of risk in a project may experience a enormous amount of loss in terms of monetary value. Considering these factors attention to pay to the necessity of risk management, the study has been carried out in the construction projects in Bangladesh especially at Dhaka city. The study is conducted on the basis of global PMI guidelines. For that I took help from PMBOK. The selections of the construction projects are mainly Public projects done by purposive sampling. The main concentration was paid to the identification of different types of risk and rating the various risks arises in a project and assessing major risk factors. Besides, this research developed a risk management framework for proper management of public construction projects and made some recommendation for the construction companies. For the purpose of this study, a questionnaire survey has been conducted and analyzed extensively. Finally study revealed that increase in material cost, increase of labor rate, loss due to corruption & bribery, loss due to political changes, project delay, and short time of tendering, lack of experience, loss due to fluctuation of construction materials, poor communication between stakeholders etc. as the top most risk factors.