Risk Management in Construction Projects

# Risk Management in Construction Projects

 Risk Management in Construction Projects

Most projects contain myriad such risks (prices, schedule durations, installation rates, etc.). Someone now may ask, what is risk meaning? Simply, Risk is defined as an event that has a probability of occurring, and could have either a positive or negative impact to the project. A risk may have one or more causes and, if it occurs, one or more impacts.

High-risk events are so classified either because they have a high likelihood of occurrence coupled with at least a moderate impact or they have a high impact with at Least moderate likelihood. In either case, specific direct Management action is warranted to reduce the probability of occurrence or the risk’s negative impact.