Cost and Schedule Risk Analysis of Bridge Construction in Pakistan: Establishing Risk Guidelines

Abstract

The construction process is inherently prone to risks. Risk management is an essential and integral part of project management on virtually all construction projects. Risk analysis is one of the core components of risk management that enables professionals to quantify and analyze risks that may pose potential threats to project performance in terms of cost, quality, safety, and time. This research was conducted to identify and analyze risks associated with bridge construction in Pakistan. A questionnaire was conducted to collect data. Risks affecting bridge construction project performance were identified through interviews conducted with engineers and managers involved with various bridge projects. Cost and schedule impacts of project risks were supplemented by conducting a case study using the Monte Carlo simulation. The key findings indicate that