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RISK MANAGEMENT IN CONSTRUCTION PROJECTS, SELECTED METHODS FOR THE EVALUATION OF RISKS Martin Chief University of Applied Sciences Augsburg, Baumgartnerstrasse 16, 86161 Augsburg, Germany Email: martin.schieg@cbp.deAbstract:

How to fill out risk management in construction

How to fill out risk management in construction:

1. Identify potential risks: Begin by conducting a thorough assessment of the project to identify potential risks. This can include factors such as site conditions, weather conditions, project complexity, and stakeholder requirements.
2. Assess the likelihood and impact of risks: Once potential risks are identified, evaluate their likelihood of occurring and the potential impact they could have on the project. This step is crucial in prioritizing risks and determining the appropriate risk management strategies.
3. Develop risk mitigation strategies: Develop a comprehensive plan to mitigate identified risks. This may involve strategies such as implementing safety protocols, conducting regular inspections, providing appropriate training to workers, and utilizing proper equipment and materials.
4. Assign responsibilities: Clearly define who will be responsible for managing each risk. Assign specific individuals or teams to monitor and address the risks effectively. This ensures accountability and ensures that risks are not overlooked or neglected.
5. Implement risk controls: Put in place the necessary controls to reduce or eliminate identified risks. This can include implementing safety procedures, using protective equipment, and regularly monitoring and updating risk management plans as needed.
6. Monitor and review: Continuously monitor and review the effectiveness of the risk management plan. Regularly assess if the implemented controls are sufficient and if new risks have emerged. Take corrective actions and make necessary adjustments to the plan as required.

Who needs risk management in construction?

1. Construction companies: Risk management is essential for construction companies to ensure the successful completion of projects within budget and schedule. It helps them identify potential risks, implement effective strategies, and minimize financial losses associated with accidents, delays, or legal issues.
2. Project managers: Project managers play a crucial role in risk management in construction. They are responsible for overseeing the entire construction process and ensuring that all risks are identified, assessed, and addressed appropriately. Effective risk management enhances their ability to deliver projects successfully.
3. Contractors and subcontractors: Contractors and subcontractors are directly involved in the construction process and are exposed to various risks. Effective risk management enables them to mitigate these risks and meet their contractual obligations, ensuring a smooth and safe construction process.
4. Investors and clients: Investors and clients have a vested interest in the successful and timely completion of construction projects. They rely on risk management to assess potential risks and evaluate the likelihood of project success. This information helps them make informed decisions regarding investment and project selection.

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