Risk Management in Construction Projects Using Combined Analytic Hierarchy Process and Risk Map Framework

Abstract

This paper aims at developing a risk management framework for project risk management in construction projects and demonstrate its application in an ongoing construction project in Amravati, Maharashtra, India. The various risk factors encountered in construction projects and various risk management methods already in use are identified and then a framework is developed which combines the Analytic Hierarchy Process (AHP) and risk map methods. The data was collected from various stakeholders in the construction project. The findings reveal that the proposed framework helps managers to objectively find out the most important risk factor associated with the project and accordingly work towards risk minimization.