Value and Risk Management

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7th Semester Thesis

Bachelor of Architectural Technology and Construction Management

Risk Management in Construction Projects
Application of Risk Management in Construction Period

HAND IN BY ZENGHUA KUANG Consultant : Ernest Vivian Müller
VIA UNIVERSITY COLLEGE Horsens Campus Denmark November 2011

Risk Management in Construction Projects
Application of Risk Management in Construction Period

©ZENGHUA KUANG Student No. 123859 VIA University College,Horsens Campus, Denmark Bachelor of Architectural Technology and Construction Management 7th semester Consultant : Ernest Vivian Müller 2 Hard copies of report and a PDF-file on a CD-rom – Font Verdana 12 November 2010 39 pages , 300 words per page

All rights reserved — no part of this publication may be reproduced without the prior mission of the author. NOTE: This dissertation was completed as part of a Bachelor of Architectural Technology and Construction Management Degree course No responsibility is taken for any advice, instruction or conclusion given within!

School of technology and business

Acknowledgements
This dissertation was written as part of the final semester of the education as bachelor of architectural technology and construction management. Many people have contributed to this work. First of all, I want to express my gratitude to my consultant Ernest, he really gives me great help and conduct which makes my report orientation and study scope smoothly going. And then, I would like to say thanks to Renger , my former semester consultant. He also helps me a lot this time. He lends to me some reference books which are very helpful to my report. I am extremely grateful to Director of studies, Jan Uwe Wolff. He is nice and supports me a lot, although he is very busy. He contacts CASA company for me, which helps me to have the chance to meet with the site manager. I want to thank Clæs Knudsen, the site manager too. Thanks for his accepting my visit during the busy construction period. The visit is a golden experience for me as a student. Finally, I would like to thank my closest friends here. Many thanks go to my family members and fiancée for their support and love. Zz, without you this work would never have been possible. Thank you! All my friends in Denmark, China and all over the world are acknowledged just for the reason they exist.

ZENGHUA 26,11,2010

KUANG

3

School of technology and business

Abstract
As the most common and typical project types, construction projects have several characteristics such as specific objects、time limit、financial constraints and economic requirements, special organizational and legal conditions, complexity and systematic characteristics, For that each investment project itself is a complex system. Especially for the construction projects, there are many risk facets and complicated relations, which will influence it. The complicated relations include direct, indirect, obvious, implicit or unpredictable, What's more, the various risk factors will cause different severity of the consequences. If you do not consider these risk factors, or ignore the major factors, they all will cause damage because of decision-making errors. Quality targets, time targets, cost targets are the three objectives of project management. Especially in the construction project, the time objective is closely and inseparably related to the cost objective. Therefore, risk management of construction period is a key part in the risk management of construction The overall aim of this study report is to let everyone know what risk management is, realize the procedure of risk management in construction project and have a deeper study on the application of risk management in construction period. The study-involved examples of construction projects what I have experienced in different places. The results of this study present the effect of common and major risks on construction period. Meanwhile, put forward the corresponding...
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