Thesis Abstract

Abstract
This thesis investigates the critical issue of risk management in construction projects, focusing on the quantitative analysis of cost overruns. The construction industry is notorious for cost overruns, which can lead to project delays, financial losses, and disputes among stakeholders. Effective risk management practices are essential to mitigate these risks and ensure project success. This research aims to identify the key risk factors contributing to cost overruns in construction projects and develop a quantitative analysis framework to assess and manage these risks. The study begins with a comprehensive review of the literature on risk management in construction projects, highlighting the current challenges and best practices in the industry. The research methodology section outlines the approach taken to collect and analyze data, including case studies, surveys, and statistical analysis techniques. The findings of the study are presented in detail, with a focus on the identification of common risk factors leading to cost overruns and the development of a quantitative model to predict and manage these risks. The discussion section delves into the implications of the findings for construction project stakeholders, including owners, contractors, and project managers. The study reveals that factors such as poor project planning, design changes, and inadequate risk assessment contribute significantly to cost overruns in construction projects. The quantitative analysis framework developed in this research provides a systematic approach to identify, assess, and mitigate these risks, thereby enhancing project outcomes and minimizing financial losses. In conclusion, this thesis underscores the importance of proactive risk management in construction projects to address cost overruns effectively. By leveraging quantitative analysis tools and best practices in risk management, stakeholders can enhance project performance, improve decision-making, and foster collaboration among project teams. The findings of this research contribute to the body of knowledge on risk management in construction projects and offer practical insights for industry professionals seeking to enhance project success and mitigate financial risks.

Thesis Overview

The research project titled "Risk Management in Construction Projects: A Quantitative Analysis of Cost Overruns" aims to investigate the various risks associated with construction projects and their impact on cost overruns. The construction industry is known for its complexity and uncertainty, leading to challenges in managing risks effectively. Cost overruns are a common issue in construction projects, often resulting from inadequate risk management practices. This research project will focus on identifying the key risk factors that contribute to cost overruns in construction projects and analyzing them quantitatively. By conducting a thorough analysis, the research aims to provide valuable insights into the relationship between risk management practices and cost overruns in construction projects. The ultimate goal is to develop strategies and recommendations to enhance risk management processes and mitigate cost overruns in construction projects. The research will involve a comprehensive literature review to explore existing theories, frameworks, and best practices related to risk management in the construction industry. Various risk factors that have been identified in previous studies will be examined to understand their impact on cost overruns. The methodology for the research will include data collection from construction projects, statistical analysis, and modeling techniques to quantify the relationship between risk factors and cost overruns. The findings of this research project will contribute to the existing body of knowledge in the field of construction management and risk analysis. By providing a quantitative analysis of risk management practices and cost overruns, the research aims to offer practical implications for construction professionals, project managers, and stakeholders involved in construction projects. Ultimately, this research seeks to enhance the understanding of risk management in construction projects and provide valuable insights to improve project outcomes and minimize cost overruns.