The construction sector is subject to more risk than many other sectors. Managing risk is the hottest topic of discussion for engineers within the construction sector. It is difficult to imagine managing of projects without risk management in construction. Risk management is concerned with risk management planning, identification, analysis, responses, monitoring and controlling project risk. Risk analysis is an evaluative process that establishes the magnitude of risks on projects. This work is planned to identify and analyze risks in the construction of a bridge project. The data are collected through a survey approach by administering a questionnaire. Professionals involved in the construction of bridges identify the project risks. A case study is utilized to determine the impact of cost and schedule risks. The analysis is carried out using the Monte Carlo simulation. The findings of the Monte Carlo simulation are compared with the actual times and costs of the case-study project. The results show the actual times and costs fell within the expected distribution of the simulation. The results indicate that risk analysis is helpful in managing costs and schedule risks. Additionally, this work documents guidelines for risk analysis.
Part of the book: Perspectives on Risk, Assessment and Management Paradigms