Risk Management Strategies in Green Buildings

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Risk Management Strategies in Green Buildings
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Risk Management Strategies in Green Buildings
Introduction
Risk management is an important aspect in construction and civil work
projects. Through the concept of risk management, various risks that are
likely to occur in a project are identified, analyzed and evaluated so that
proper measures to deal with the risks are adopted. The purpose of this
paper is to look into the various probable risks in civil projects, their impacts
and various measures that can be adopted to mitigate the risk. The paper
describes the concept of risk management as defined by other scholars, the
possible risks in a construction site, their impacts and management
procedures. Additionally, a case study is presented to show a possible risk in
a green building, its source, impact, management strategy and
recommendation for improvement of the management strategy.
Literature review
Concept of risk as defined by other scholars
A risk is an uncertain event that can influence a project in a positive or
negative manner (Rouse, 2016). On the other hand, risk management refers
to a procedural process of planning, monitoring and controlling the
probability of occurrence of the risk and coming up with appropriate
measures to limit the negative effects of the risk and promote the positive
effects (Holbrook, 2013).
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Common risks in building and civil engineering projects and
Potential Impacts of the risks
The frequently occurring risks in building and civil engineering works are:
Security risks: these risks are associated to the security at the construction
site and its environment before, during and after the completion. If a project
is located in an area where security issues such as vandalism, intrusion and
terrorism are a major concern; loss of lives, destruction of the facility, theft
of construction material, unnecessary extension of completion periods and
collapse of the project are likely to occur (Damnjanovic and Reinschmidt,
2018).
Contractual and legal risks: The probability of these type of risk is
escalated by any of the involved stakeholders’ failure to honor the contact
and legal requirements (Loosemore, Raftery, Reilly, and Higgon, 2012). It can
result to prolonged dispute resolution periods, delays on contract payments,
failure of suppliers to deliver materials and failure project approval by the
involved government entities which can in turn result to delayed completion
period or collapse of the project (BognGan, 2018).
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© <Your Name> 2019