Project management and risk evaluation

Abstract

1.1 Problem Statement. (Risk in Projects, Project failure , Risk management) Most of the times, it is a challenge for contractors involved in project, to estimate the cost and the time, to deliver a good quality project. This relate to many reasons. One of many instances, is the cost of materials and labour have ability to fluctuate, while the price of the offer must be arranged in advance. Sequently the project may turned to a damage/loss for the contractor, or the project will be overestimated, with a result the deal would be cancelled. According to above, there is a need of modern approach in planning strategy, in order to make more accurate estimation of project’s objectives, which are cost, time and quality. The present thesis will deal with risks and uncertainties that will face a Project manger during he’s performance. • Hypothesis. There are many companies that are deal with business which has a great degree of uncertainty. Those companies are usually in financial or insurance sector, they manage to develop techniques, which deal with uncertainties, evaluate the risks and come out with a profit. The projects are unique, even if they have been done before, still they have a high degree of uncertainty and risk. Hypothesis, is it possible to implement those techniques in project management. 1.2 Aim and objectives The aim of this research is to investigate the risk management process in construction projects with a focus on influences of the environment. After author graduated from Technological Educational Institute, he started work in a construction company in Cyprus and the thought of researching in depth about managing risk of construction projects through using a case study such as Cyprus, it is not only useful for career in the future but also the results may be effective for others who are working in such environments. Thus, the choice of concept of risk and its management for investigation in order to be able to apply the knowledge to both career and life as they are about making decisions.