Risk Management in Construction Projects: Approaches to Crisis Management Using Modern Construction Companies as Examples

The aim of this paper is to explore methods and solutions for crisis management of construction projects in the modern conditions. Research methods: information analysis and synthesis, case analysis, risk analysis. The materials used include the works of Russian scholars, as well as analytical and news sources. The article analyzes the prerequisites for the crisis in the Russian construction market, as well as the methods of risk management in the work of past researchers on this topic. It is argued for the idea that existing approaches are no longer relevant due to the unique challenges inherent in project construction. Based on the case study analysis, it is established that today’s Russian developers, faced with declining demand and large debt burdens, are proving more flexible and employing crisis management methods more successfully than their predecessors. The key challenges facing the modern construction industry include declining demand, rising material prices, extended project delivery times, and companies’ debt burdens. The research’s scientific novelty lies in the development of a proprietary risk classification by design phase under current conditions and its validation using a risk assessment for a construction company’s new projects. It identifies the greatest risks as underestimating demand, a shortage of investment resources (including bank loans), extended project implementation timelines and costs, and the eventual bankruptcy of the developer. In conclusion, risk management measures are proposed at different stages of the construction project lifecycle. In particular, it is proposed to develop new types of activities, more accurately account for demand using digital technologies and artificial intelligence, and look for alternative sources of financing for construction projects. Thus, taking into account modern risks will prevent the bankruptcy of the construction company.