Risk Analysis in Bridge Construction

Abstract

The construction industry is one of the most dynamic, risky, and challenging businesses. However, the industry is loaded with numerous hazards, just like other economic sectors, making it difficult to meet project objectives. A construction project has many phases, all of which involve various risks. The first step in risk management is risk identification. The goal of this research is therefore to investigate key risk factors affecting bridge construction sector based on their probability of occurrences by using Relative Importance Index (RII). This research focuses on bridge projects across Kerala. The data are collected through a survey approach by administering a questionnaire. Professionals involved in the construction of bridges identify the project risks. Software like SPSS Statistics (Statistical Package for Social Science) are adopted to evaluate the collected responses from different personnel from the construction industry. The risks were ranked and grouped into categories as financial, legal and procurement risks. The aim of this study is to find the critical factors affecting bridge projects. This research presents the factors with the highest probability and impact on any project and to check correlation between them through statistics. As a result of the study, recommendations can be suggested to improve the accuracy of their risk response technique and associated cost estimations by taking defined risk elements into account while evaluating alternative risk management approaches.