Review on evaluation of construction project risks and their effects on time and cost performance in kolhapur

Abstract

Construction projects are inherently complex and uncertain due to the involvement of multiple stakeholders, dynamic site conditions, financial constraints, and technical challenges. These uncertainties expose projects to various risks that may adversely affect cost, time, quality, safety, and overall project performance. Risk analysis plays a crucial role in identifying, assessing, and mitigating such risks to improve decision-making and project success. This review paper presents a comprehensive analysis of risk management concepts in construction projects, focusing on risk identification techniques, qualitative and quantitative risk analysis methods, and commonly encountered risks across different project phases. The study also reviews recent literature on risk analysis models, tools, and methodologies adopted in construction project management. Finally, gaps in existing research and future research directions are discussed to enhance the effectiveness of risk analysis practices in the construction industry.