ABSTRACT:
Project Risk Management is one of the critical components of Project management as the risks for any project and in particular construction of megaprojects, if not addressed and managed may lead to project failures. Mega construction projects deploy complex technologies, which make it vulnerable to failure in terms of time, cost and quality achievement. As per Baker et al (1998)[1]"there is no global (project risk management) industrial standard" or procedures that exist for what constitutes a risk assessment. This implies that there is a wide range of risk management standards discussed in literature within the domain of project management. However the conventional standards still lack systematic approach to describe all the interactions among Social, Technical, Economic, Environmental, Political (STEEP) risks with regard to all complex and dynamic conditions through megaproject construction that can be disastrous and cause chronic project failure. This paper presents a concise review of the different risks that may arise during a megaproject construction and how they can be modelled using System dynamics.