🕑 Reading time: 1 minuteRisk management in construction industry is an important part of the project planning and management. Various risks associated with construction projects such as financial risks, environmental risks, socio-economic and construction related risks are studied and dealt in risk management. The volatility and capriciousness of the environment in the construction industry was never hidden from anyone. It’s easily influenced by external factors (technical, design, logistics, physical, operating, environmental, socio-political, force majeure et cetera) which are capable of not only derailing projects but can also create an irreparable aberration. Risk management, therefore, becomes a pivotal instrument that helps us deal with the culling out of various risks, their analyses, and the remedial steps that could be taken to avert them in a particular project.
- Types of Risks in Construction Project Management
- Risk Management Process in Construction Project
- 1. Risk Identification
- 2. Risk Assessment / Analysis
- 3. Risk Response
- 4. Risk monitoring and control