THE ROLE OF RISK MANAGEMENT IN IMPROVING THE EFFICIENCY OF CONSTRUCTION PROJECT IMPLEMENTATION

Abstract

Abstract: The study aimed to investigate the role of risk management in improving the efficiency of construction project implementation, through a comprehensive study that highlights the importance of adopting risk management systems as a basis for achieving high performance in projects. The research addresses the basic stages of risk management, starting from identifying potential risks and assessing their impact, to developing mitigation strategies and continuous monitoring throughout the project life cycle. The research highlights how these measures contribute to reducing unexpected costs, limiting time delays, and ensuring the application of quality and safety standards, which enhances confidence among stakeholders and investors. In addition, the study reviews the multiple challenges facing construction projects, such as material price volatility, environmental and regulatory challenges, as well as technical and social factors that may hinder achieving the desired results. The study also addressed the risk mitigation hierarchy that guides taking preventive steps starting with eliminating or replacing the risk, through the use of engineering and administrative controls, with suggestions for future research that include expanding the sample scope, integrating modern technologies such as artificial intelligence and the Internet of Things in risk management, and conducting long-term international comparative studies to improve current models.