Risk Management in Construction Projects

This assignment explores risk management within the construction industry. It highlights the inherent risks associated with construction projects, particularly residential builds, citing factors such as time and cost overruns, disputes, competition, and safety concerns. The paper emphasizes a structured approach to risk management, encompassing hazard identification, risk assessment, control measures, contingency planning, and continuous review of the risk management plan. It also references relevant sources like 'Project Management in Construction' by Walker (2015) and 'Value Management of Construction Projects' by Kelly, Male, and Graham (2014).

Running head: RISK MANAGEMENT
Risk Management
Name of Student:
Name of University:
Author’s Note:

1RISK MANAGEMENT
Construction is inherently risky which is less complex technically complicated than the
projects which involve the software, the defence as well as the engineering procedures. This
might be due to the reason that specialists are utilised in the fields of construction and design in
order to generate project in a specific span of time.
The construction projects specifically those of houses are risky for a variety of reasons.
This is due to bad record of the completion in a specific price and time. Really high levels of
disputes and litigation, the high work competition, low profit margins and risks, records related
to the nature of health occupation as well as low amount of safety the pressure to produce a high
return on the invested funds, the pressure on health, safety provision as well as a high return on
the funds invested (Walker 2015).
The risk management in the erection process is basically designed to plan, monitor and
control the measures which are required for prevention of exposure to risk. It is crucial to
identify the hazard, and also the risk assessment and its extent and ultimately provide the
measures for risk control and also help in the management of any sort of residual risks (Kelly,
Male and Graham 2014).
The risk logs need to be constructed which include the actions on the residual risks and
the identification of risks involves generic risks applicable to all projects. Risk assessments are
also important for the health and safety risks which evaluate all sorts of hazards. Finally the
contingency plans should be made for the residual risks and final review and revision should be
done of the entire plan.

2RISK MANAGEMENT
References:
Walker, A., 2015. Project management in construction. John Wiley & Sons.
Kelly, J., Male, S. and Graham, D., 2014. Value management of construction projects. John
Wiley & Sons.