RISK MANAGEMENT OF CONSTRUCTION PROJECTS IN KHARTOUM STATE

Abstract

The construction projects of a special nature and the most important features the length of time that may lead to changed circumstances making it contains multiple risk as a result of the length of the implementation period and multiple stages, starting from the inception phase through implementation to final handing, which leads to increased conditions and uncertainty and increase the probability of the occurrence of risk , including a negative impact on contracting economics of building and construction. Objectives of this study is to determine the risks that cause the parties of project in occurrence and effective ways to manage these risks in the framework of cooperation between the parties to the project. Deduced research of theoretical and field study represented in the questionnaire that engineers and contractors in companies and institutions (in the scope of the study limits) do not have the experience and knowledge of scientific sufficient to application and use of risk management tools addition material cost required to use these tools, which may reach 10% of the project cost management. The research concluded that the most appropriate policy to meet the risks are pre-planned in the same idea stage and not rely on unpredictable and wished good luck but planned at the hands of a specialist in risk management or of his high experience in this field and so we can calculate the ratio of the risk of failure of the project and thus the possibility of to give it up before incurring losses. All of these reasons led to the outcome of many of the recommendations that illustrate there significant benefit to be derived from observance the application of risk management tools by continued cooperation between the parties of the project.