Risk Assessment and Management in Construction Projects
Author(s):
Rohan Mahajan
Keywords:
Abstract
Risk assessment and management in construction projects is an important process that helps identify potential risks and develop effective strategies to manage them. The construction industry is highly prone to risks due to its complex nature, involving multiple stakeholders and various external factors. Effective risk assessment and management are essential to ensure project success by improving project planning, stakeholder management, and decision-making. The process involves steps such as risk identification, analysis, evaluation, and management, with tools and techniques including risk registers, risk matrix, and Monte Carlo simulation. Effective risk assessment and management requires the involvement of all stakeholders and is an ongoing process that should be revisited regularly throughout the project's lifecycle. Risk assessment and management is crucial to prevent significant losses in terms of time, money, and reputation. The benefits of risk assessment and management include improved project planning, better decision-making, and improved stakeholder management. It is vital to prioritize risks and develop appropriate strategies to manage them effectively, such as implementing risk control measures, transferring risks to a third party, or accepting the risks. Proper risk assessment and management can minimize the risk of potential negative impacts, ensuring project success
Article Details
Unique Paper ID: 159340

Publication Volume & Issue: Volume 9, Issue 11

Page(s): 961 - 963
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