**Author details**

*Perspectives on Risk, Assessment and Management Paradigms*

need to be managed by applying management practices.

This work has identified and ranked the critical risks threatening the performance of bridge construction projects and evaluated the consequence of risks on project time and cost. This work is planned to developed consciousness of project stakeholders in relation to risk analysis in the construction industry. The major risks concerning a bridge construction project are identified. After carrying out risk analysis, the major results of this work are examination of critical risks affecting project costs and schedule. Relative importance index of important risk factors is calculated. This exercise categorized risk that include 'financial risks', 'design risks', 'external risks', 'management risks', 'contractual risks', 'health & safety risks' and 'construction risks'. Financial risks are categorized at the top. The five highest ranked risk factors are 'financial failure of contractor', 'unavailability of funds', 'poor site management & supervision', 'inadequate project planning' and 'inadequate site investigation' among the 37 factors. Many risks are correlated and they

Schedule and costs risks are investigated in a case study project of a bridge construction. Real data of the bridge construction project is compared with simulation results after the risk analysis. Simulation findings are precisely correct and comparable to those really performed in relations to project duration and cost. In addition, guidelines for risk analysis are developed that can assist management in ascertaining possible risks on construction project of bridges. The research stresses that management is required to perform risks analysis after identifying prospective risks at the initial stage of bridge projects. Predicting risks can enable policymakers to detect areas of anxiety for project managers to

Although, each project in construction has its particular circumstances, project managers can acquire positive information from this study for their projects as the risks recognized for the construction are alike to risks in all sorts of projects across the world. The evidence delivered through this investigation can empower engineering professionals to safeguard that their projects advance efficiently without making unnecessary errors. This would be supportive to improve the execution of their projects. Even though there is some body of awareness in relation to management of risks, the formation of guidelines for risk management persisted to be vague. This research provided guidelines for risks management accompanying with heavy engineering construction in the construction sector. The research is important for project managers, academicians and professionals who are linked with heavy engineering construction and the construction sector

**4. Conclusions**

take preemptive actions.

**144**

in common.

Rafiq M. Choudhry Construction Engineering and Management, Department of Civil Engineering, College of Engineering, Al Imam Mohammad Ibn Saud Islamic University, Riyadh, Kingdom of Saudi Arabia

\*Address all correspondence to: rchoudhry@imamu.edu.sa; choudhry03@gmail.com

© 2019 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
