Risk Management in Large-Scale Construction Projects : Identifying Key Challenges and Effective Mitigation Strategies
Bist, Madan Kumar (2025)
2025
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-202504298289
https://urn.fi/URN:NBN:fi:amk-202504298289
Tiivistelmä
The economic need for mega-construction works including highways and airports results in multiple types of risks that produce both cost increases and construction delays with safety hazards. Despite frameworks like ISO 31000 and PMBOK, implementation challenges, stakeholder misalignment, and emerging risks persist. The research develops improvements in risk management by identifying fundamental risk types while analyzing project implementation obstacles and evaluating defense measures used in big construction projects.
Using a qualitative approach grounded in constructivism, the research reviewed 38 empirical sources (2017–2025), including journals, case studies, and industry reports. Thematic analysis, supported by Python tools, was used to analyze 107 risk descriptions, 76 challenge descriptions, and 82 mitigation strategy descriptions. Findings indicate that "Other Risks" (29.0%) and Operational Risks (17.8%) dominate, with Technical Risks (10.3%) and Financial Risks (9.3%) interconnected, and Environmental Risks (7.5%) emphasizing sustainability. Challenges like poor coordination and complexity, marked by "hinder" (25 instances) and "complicate" (23 instances), impede risk management. Effective strategies include contingency planning, risk identification, systematic frameworks, and technology adoption (e.g., Building Information Modeling), addressing financial, operational, and technical risks while promoting sustainability.
This study advocates for integrated risk management to enhance coordination and risk awareness. The findings might not apply to specific region projects or small projects because the research relied on literature-based data and lacked stakeholder feedback while also having a wide geographical scope. Future research should incorporate real-time data, conduct region-specific analyses, and use advanced NLP to capture emerging risks and refine strategies. This study offers actionable insights for resilient and sustainable construction project outcomes.
Using a qualitative approach grounded in constructivism, the research reviewed 38 empirical sources (2017–2025), including journals, case studies, and industry reports. Thematic analysis, supported by Python tools, was used to analyze 107 risk descriptions, 76 challenge descriptions, and 82 mitigation strategy descriptions. Findings indicate that "Other Risks" (29.0%) and Operational Risks (17.8%) dominate, with Technical Risks (10.3%) and Financial Risks (9.3%) interconnected, and Environmental Risks (7.5%) emphasizing sustainability. Challenges like poor coordination and complexity, marked by "hinder" (25 instances) and "complicate" (23 instances), impede risk management. Effective strategies include contingency planning, risk identification, systematic frameworks, and technology adoption (e.g., Building Information Modeling), addressing financial, operational, and technical risks while promoting sustainability.
This study advocates for integrated risk management to enhance coordination and risk awareness. The findings might not apply to specific region projects or small projects because the research relied on literature-based data and lacked stakeholder feedback while also having a wide geographical scope. Future research should incorporate real-time data, conduct region-specific analyses, and use advanced NLP to capture emerging risks and refine strategies. This study offers actionable insights for resilient and sustainable construction project outcomes.