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The Role of Risk Management in Enhancing the Performance of Construction Projects
Subject area: Science,Engineering and Technology · Area of research: Project Management
Abstract
This study aims to highlight the role of risk management in enhancing the performance of construction projects, particularly in light of the increasing challenges faced by the sector in terms of complexity, the multiplicity of influencing factors, and exposure to various risks that may affect project quality, cost, and completion time. The study reviews the theoretical background and development of the concept of risk management across construction, financial, and industrial fields. It demonstrates how risk management has become an essential component within Project Management Offices (PMOs), working to balance returns and risks by developing analytical tools and models grounded in scientific principles. The study addresses several recent research efforts that explored various dimensions of risk management in the construction sector, including the use of artificial intelligence, digital tools such as CBRisk, and the challenges of effectively applying risk management in diverse environments such as Lebanon, India, and international projects. The findings of these studies point to the growing awareness of the importance of risk management and the need to develop more integrated and flexible tools while enhancing the interaction between human elements and modern technologies. The study concludes that effective risk management is a decisive factor in the success of construction projects and that adopting advanced risk management strategies contributes to improving project outcomes and minimizing potential losses.
Keywords
Risk Management, Construction Project Performance, Middle East.
How to cite this paper
@article{1708036,
author = {Rabab Sobhi , Osama Soliman},
title = {The Role of Risk Management in Enhancing the Performance of Construction Projects},
journal = {Iconic Research And Engineering Journals},
year = {2025},
volume = {8},
number = {10},
pages = {862-877},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1708036.pdf},
abstract = {This study aims to highlight the role of risk management in enhancing the performance of construction projects, particularly in light of the increasing challenges faced by the sector in terms of complexity, the multiplicity of influencing factors, and exposure to various risks that may affect project quality, cost, and completion time. The study reviews the theoretical background and development of the concept of risk management across construction, financial, and industrial fields. It demonstrates how risk management has become an essential component within Project Management Offices (PMOs), working to balance returns and risks by developing analytical tools and models grounded in scientific principles. The study addresses several recent research efforts that explored various dimensions of risk management in the construction sector, including the use of artificial intelligence, digital tools such as CBRisk, and the challenges of effectively applying risk management in diverse environments such as Lebanon, India, and international projects. The findings of these studies point to the growing awareness of the importance of risk management and the need to develop more integrated and flexible tools while enhancing the interaction between human elements and modern technologies. The study concludes that effective risk management is a decisive factor in the success of construction projects and that adopting advanced risk management strategies contributes to improving project outcomes and minimizing potential losses.},
keywords = {Risk Management, Construction Project Performance, Middle East.},
month = {April},
}