Risks are inherent in almost every work done by human so as in construction projects. Lives, property and money are lost due to these risks. These losses can happen due to human carelessness or extreme environmental conditions and these losses can be mitigated by proper risk management plan. Construction projects are vast and complex. The risks vary by varying construction projects types. This paper addresses the most common construction risks in all types of construction projects and their mitigation strategies.
A hazard is something that is dangerous or something that presents a danger. Hazards are prerequisite to a mishap. And mishap is something that affects the success of project. These hazards can be identified through hazard analysis process and controlled before they turn into mishap and affect the project. Construction project risk management is considered crucial for a project to be successful. Risk is the likelihood of hazards turning into mishaps. So mitigating the risk could prevent the mishap to happen.
Every basic risk management process has four main steps: risk identification, risk assessment, risk response planning and risk control and monitoring. Firstly, the hazards causing risk are identified and categorized. Then the risk of each hazard is measured using qualitative and quantitative techniques like HRI and Iso-risk contour. These determine the relative level of potential mishap risk presented by an individual hazard. After measuring risk, prioritization of hazard can be done. Then the risk mitigation strategies are applied for each hazard. Then these risks are monitored to find out whether the strategies are successful in mitigating the risk. As time moves on new risks can emerge so thi...
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...inst the project plan to guarantee that the undertaking is inside satisfactory fluctuations of cost, schedule and scope, and that risks and issues are ceaselessly checked and amended as required.
The main reason for monitoring and controlling exercises is to be proactive in discovering issues early and making remedial move. Restorative activity can require returning to Planning Process Group and redesigning the Project Management Plan as required with a definitive objective of aligning the undertaking back with task destinations and limitations and enhancing future execution to abstain from repeating the same issues. Monitoring of risk is important because through this we can ensure response plan is successful. Helps in re-evaluating the risks that are outlined in risk strategy. Tells us whether the contingent actions are needed to mitigate residual risk.
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