fault tree analysis in construction industry for risk management
M. Angeline Swarna,R. Venkatakrishnaiah
Published in International Journal of Advanced Research in Civil,Structural,Environmental and Infrastructure Engineering and Developing
ISSN: 2320-723X Impact Factor:1.7 Volume:2 Issue:1 Year: 08 May,2014 Pages:15-21
Abstract
Construction is a risky industry and there is no other industry that requires proper application of business practices much as construction industry. Risks have a significant impact on a construction project’s performance in terms of cost, time and quality. The main objective of this research is to gain understanding of risk factors that could be for the building projects in various firms. The study aims also to investigate the effectiveness of risk preventive. The findings of this work show a lack of an iterative approach to risk management, which is a weakness in current practices. By using Fault Tree method the risks has been analyzed and remedial measures are taken. The results of this study recommended that there is an essential need for more standardization which addresses issues of clarity, fairness, roles and responsibilities, allocation of risks, dispute resolution and payment. More effort should be made to properly apply risk management in the construction industry. Based on the findings, a number of recommendations facilitating more effective risk management have been developed for the industry practitioners.
Kewords
Risk Management, Fault Tree Analysis, Risk Mitigation.
Reference
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