Risks Inconstructionengineering: Essence, Causes, Solution Directions

Abstract

Most construction projects carry a certain level of risk, and in order to determine and manage them, it is necessary to know their essence, causes, carefully plan the construction process and ensure the ability to quickly make the right decisions at each stage of the construction process [1]. Therefore, determining the essence of risks, their causes and effective methods of their management is extremely important to ensure the successful implementation of construction projects [3;4;5].During the construction process, several types of risk factors may arise simultaneously, in particular, an unexpected increase in the cost of construction materials, completed works, delays in meeting the deadlines of construction projects caused by the investor, contractor, environment, etc. As shown by the feedback of investors and contractors,the impact of COVID-19 on construction projects is significant, in particular, quarantine restrictions led to delays in the completion of projects and an increase in the cost of their completion.Analyzing the research data, it can be noted that construction projects regularly suffer from significant incidents, which are related to both the financial component and a large number of emergency situations. Effective construction risk management requires persistent attention to detail and training of the workforce to avoid undesirable situations during construction, including quality construction, accident prevention. International risk management standards vary widely, and there is almost always room for improvement. Infrastructure projects are becoming more and more complex and require more complex methods of control over them. When design work does not meet construction standards, the cost of repairs and associated risks can be extremely high. Therefore, insurers, contractors and clients should be interested in minimizing losses and perceive risk engineering as a way of positive contribution to the process of achieving a better result and as a result of a worthy investment in the future project.According to the PMBoK international standard, the risks of construction projects, their causes and solutions must be recorded, that is, timely response to negative risks contributes to the smooth execution of construction works without financial losses.