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| 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.
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