Main Article Content
Abstract
Risk is defined as the problem or issue which is expressed in the form of probability with its chance of occurrence and the severity of the impact it can cause. Risk is used in many different ways and with many different words, such as hazard or uncertainty. Every activity has a degree, characterized by the presence of risk. Risk management is an important step in project success. It is the process of identifying, classifying, analyzing and assessing of inherent risks in a project. The literature survey revealed that the various risks in construction projects have varied impact on the success of the project. The purpose of the paper is to identify and assess the likelihood of occurrence and degree of impact of the risk factors in Industrial construction and then control the risks by allocation, contribution and mitigation. Risks have a significant impact on a construction project’s performance in terms of cost, time, quality and safety. The main objective of this thesis is to gain understanding of the risk factors that could be governing factors in industrial projects and to identify and analyze the various Potential Risks that are associated with the industrial construction. These factors can have either direct or indirect effects which can be found out using Quantitative and Qualitative Methods. Further Statistical Analysis and Software Analysis are carried out. The present thesis aims in identifying risk factors that effects the smooth completion of the project. A total of 180 risk factors were identified and listed under six subgroups. The research also implements Super Decisions Software using the Analytic Network Process (ANP). ANP is the most Comprehensive framework for analysis, which has been used for decision making. Software analysis together with the statistical analysis gives top three risk groups which governs successful completion of project.