Risk Mitigation Analysis on Bali’s Traditional Heritage Building Restoration Project

Bali has many ancient and historic cultural heritage buildings as a nation’s asset that needs to be preserved. Due to the specifics of this cultural heritage building restoration project, there is a need to manage risk during the restoration. This requires the contractor to handle specific risks, so the objectives of the project can be achieved. Primary data collection was obtained through interviews with competent sources related to restoration work. Furthermore, these risks are grouped according to the stages in project management. The method used to analyze risk is the Value at Risk method. Major risk is obtained by calculating the impact and probability factors, while agents of risk are identified using House of Risk Analysis. There were 19 risks identified in the heritage building restoration process. Of major risks identified, six are considered undesirable and five are considered unacceptable risks. The risk with the highest VAR value is internal risk, namely the lack of public understanding of the importance of restoration, risk of availability of funds related to restoration, risk of construction methods, risk of shortage of restoration experts, risk of communication between parties involved in the restoration project. Risk mitigation suggestions are by socialization of the importance of restoration by the government and human resources on restoration project need to be well scheduled to fulfill the resource need. The Hor analyzed results the risk of agents percentage which are project controlling and maintenance percentage is 41%, material availability percentage are 25%, fund resources percentage are 33% and human resources managements percentage are 25%.