Value and Risk Management

This study material covers the topics of value and risk management in construction projects. It includes insights on value management at RIBA Stage 1, value engineering the design at RIBA Stage 4, and risk management. The content also discusses the benefits of value management, proposed agenda for workshop study, and identification of workshop participants. The value engineering proposal for the building construction project is also included.

VALUE AND RISK MANAGEMENT
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TABLE OF CONTENTS
VALUE MANAGEMENT AT RIBA STAGE 1.......................................................................3
The benefits of study at this stage..........................................................................................3
Proposed agenda of the workshop study................................................................................4
Identification of workshop participant that are attending for effective study........................5
VALUE ENGINEERING THE DESIGN AT RIBA STAGE 4................................................6
Risk Management Report...........................................................................................................8
Risk assessment for execution of proposed option at construction stage with risk register. .8
RISK MANAGEMENT ESSAY.............................................................................................14
REFERENCES.........................................................................................................................19
Books and journals...............................................................................................................19
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VALUE MANAGEMENT AT RIBA STAGE 1
The benefits of study at this stage
For building any of the project, stage are been defined by the RIBA plan so that it can
be constructed in most effective manner. Value management is team based approach that
clearly defined about the objective of clients, best value, whole life solution that could be
contributed in achievement of set goals. In order to get maximum benefits, the process of
value management needs to be carried out from early stage of project rather than simply
when problem has been occurred. RIBA stage 1 involves preparation and brief that includes
key information related to survey of existing sites, initial cost appraisals, feasibility study and
many more. The involvement of value management at RIBA Stage1 is beneficial as it help in
finding out whether the project will helps in earning maximum benefits or not, total cost or
expense associated with the project and many more (Tafazzoli and Shrestha, 2017). In
addition to this, it contribute in optimising the mutual understanding of the users as well as
client expectancy are meet as per their wants through effectively completing each and every
activity in the desired manner. It helps in ensuring that whether the strategic direction or
definition related to project is clearly defined; likewise ensure its preparation and briefing.
Then it helps in checking the concept design of the construction so that timely necessary
changes can be made and implemented for fruitful outcome.
Furthermore, there are more benefits of Value management at RIBA stage 1 for
project such as it improves the communication between the stakeholders. Such as customers,
investors, team member, suppliers and government that needs to co-ordinately work for
achievement of desired outcome. So, it leads in reducing the chance of clashes and conflict
that are happening among the team member and motivate them to work in team rather than
individuals as per the expectation and project requirements. Continuous communication helps
in eradication of confusion related to task that need to be completed or accomplished of
project goals (Gamil, Gharizadeh and Sartipi, 2019). This is also beneficial at RIBA stage 1
because it provide the basis of design development that help in closely study and engineering
of material selection. Thus provide enhance technical solution, with improve quality and
performance. Likewise, it helps in identifying whether steel or precast frame will be helpful
in providing maximum value for money through performing similar type of functions. At the
same time, ensuring optimum utilisation of resources and enhance the environment
sustainability.
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Value management incorporates series of workshop, review and interview through
which the requirement of the project can be evaluated against the means of achieving them. It
also motivate the participated involved in the project to take steps to effectively achieve the
desired goals by making best use of their available skills, capabilities and knowledge
(Menegaki and Damigos, 2018). It helps in analysing the complex problem, finding out the
necessary solution and innovative ideas that could be used to complete the project in best
possible manner.
Therefore, in short it can be stated that the methodology of value management
techniques contribute in bringing additional gain to project. Through ensuring continuous
intervention at each stage of project life cycle by pre- determining the stage and delivering
maximum value or outcome at minimum cost possible (Edirisinghe, 2019). So, the ultimate
reason or benefits of value management at RIBA stage is creating value for the construction
parties, client and project.
Proposed agenda of the workshop study
The proposed agenda for the workshop study is that what all necessary things that
need to be considered while construction of particular project so that more value can be
offered to the client. Quarry House Conference and Community Centre is culmination of 10
years of designing, funding, construction and securing support. This has contributed in
providing new vision for the social care in which all the people, community as well as local
business that are facing learning disability can easily learn, work and prosper. The main
agenda of the workshop study is that to provide knowledge to the audience about the why the
project has been created and the manner in which it will contribute in providing benefits to
people living in the society (Cao and et.al., 2020.). Likewise, through the workshop study, it
has lay emphasis to find out more alternative method that could be used to enhance the value
so that better services can be rendered to the customers or people. Three storey conference
and community centre providing space for business and local families has been made so that
they can regularly meet and support people that are suffering from issue related to disability.
The agenda of workshop of study is to inform what all facilities, support that can be provided
to the individuals that are facing disability. So, that they can be provided proper support in
limited time frame and cost in the Quarry House Conference and Community Centre.
Moreover, it can be stated Our Quarry conference rooms hold up to 90 delegates
depending of layout requirement that are perfect for the corporate party, meeting, event and
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conferences. It has impressive building along with cafe, meeting rooms, indoor slide and
shops and other enterprise on the site. It also has good furniture, horse rug washing and open
farm and new children playing areas that have provided more support to people to easily
improve their learning capabilities. The new building is a place to chat to public, have fun,
learn new skills and work together therefore; all necessary benefits of the changes and
construction of project will be explained in the agenda to key interested stakeholders (Cao
and et.al., 2020). Along with this, the main agenda is to gathered new ideas, information
about the manner in which the project can be made more innovative, valuable so that standard
services can be delivered to the client. This has helped in finding out more alternative options
pertaining to making optimum use of available resources, time to delivered maximum value
from the project. All the steps that will be taken pertaining to construction of the Quarry
House Conference and Community Centre are clearly mentioned in the agenda workshop so
that there is no confusion (Craveiroa and et.al., 2019.). Along with it, overall purpose, time
frame and resources that will be needed to complete the project are being determined for
effective coordination between the team member and achievement of desired goals. Through
the agenda it is also explained about the manner in which cost and benefits associated with
the project are divided in the proportionate manner. So that overall utilisation of resources
can be done and services can be delivered to client as per their respective expectancy.
Identification of workshop participant that are attending for effective study
The participants of the workshop that are attending for effective study are investors,
government, the social health care, and team member and project manner. As they all are the
stakeholders that are interested in completion of the project in better manner. Such as
investors are the individual that have invested in the construction project with an motivate the
support are being provide to business, community that are suffering from learning disability.
So, their participant is important in the study as they have more experience, knowledge
pertaining to the industry, innovative ideas that could be used to grow and expand the project.
Furthermore, team member or individuals that will take part to complete the project are also
being significant in the study as they are the one who will actually accomplish the project
through making use of their existing skills (Profeta and Turvey, 2018). Social health care or
professional will be requested to attend the workshop as they have ideas related to what all
support, facilities need to be provided to the people that are facing learning disability. So they
by making use of their existing experience and knowledge can easily helps in construction of
project. Along with this, the participant that are attending for effective study is project
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manager that is solely responsible for ensuring that all the activities are being completed in
desired manner. It will communicate all the ideas pertaining to construction of Quarry House
Conference and Community Centre and the way it will helps in supporting other individuals.
There are some of the individual that are related to government body or have
knowledge about the rule of construction will also participate in the project to make ensure
that all the legal laws has been applied while completing the project. In another words, to
maximum the value through construction, no legal law has been neglected by the construction
of Quarry House Conference and Community Centre. Business, community and people that
are suffering from learning disability are main participant as they are individuals for which
the community centre has been created (Profeta and Turvey, 2018). Therefore, it can be
stated that they will be informed about the necessary facilities, support and other equipment
that are being present with the centre and the way it can be helpful for them.
VALUE ENGINEERING THE DESIGN AT RIBA STAGE 4
Value engineering is type of method through which opportunities are identified for increasing
project’s value by maximizing its functionality at the most optimum cost. In other words, VE
is a systematic way meant for project improvement. VE proposals are carried out at the pre -
construction phase and also is considered to be the most cost effective one.
Value engineering proposal can be defined as a post – award proposal which has been
prepared by construction contractor that includes all the proposed changes to work resulting
in potential time or cost savings (Sinclair, 2019). Also, such proposal never hamper the
essential functions and characteristics of the project such as economy of operation, safety and
reliability, design, ease of maintenance, etc.
The present construction project is based on Quarry House Conference and Community
Centre which is located at Norton, Chichester, West Sussex. The cost associated with the
building amounted to £3,509,799 where per square meter costs amounted to £2,074. The
floor area involved in the construction project comes to around 1692 m2 approximately.
Elemental analysis will be done for the three storeys building.
With the analysis of elements of costs in BCIS, the two costs that has been selected to be
reduced for the purpose of saving budget around 2% are fittings and furnishings and electrical
installations which accounts for total 4% and 10% respectively. In the eyes of project
manager, the proportion associated with these costs of the total budget of the building is
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much higher and is not required. These percentages that is, 4% and 10% will be reduced to
3% and 9% respectively to enable the project manager to fulfill their client’s request for cost
savings by reducing the budget. Fittings and furnishings involves blinds, room signage, shop
fit – out provision and fittings provision while electrical installations involve electrical power
and lighting, emergency lighting, photovoltaic generation plant, protective and
communications services complete (Chen, Tweijeer and Galvin, 2019).
It has been found from the BCIS report on cost analysis that costs associated with
fittings and furnishings and electrical installations have been priced much higher than their
requirement and importance in the building construction project. The level at which these
costs are taken into account is 30% higher than their mean market price, where by paying
approximately less by 30% much costs could be saved. However, there are many more cost
element that are priced higher than their mean price but they could be ignored as the variation
between the budgeted price and mean market price of those cost elements are quite less or
closer (Amin and Abanda, 2019). Also, there are some of the cost elements whose budgeted
price is lower than that of their mean market price but that is not higher and such minor
variations get self - adjusted with other close budgeted higher price and this is acceptable for
carrying out a good contract.
Value engineering proposal for the building construction project
For the purpose of cost savings through reducing the cost that is going to incurred on fittings
and furnishings, it could be proposed that for the external walls, rather than using stone
cladding, aluminum or GRC cladding could be used which involves similar function at lower
cost. Also, raw materials and equipment for the fittings and furnishing could be procured
from local or domestic distributor which would be helpful in reducing the extra costs that
incurred in the form of shipping charges for such a bulky goods (raw materials and
equipment) while making purchases from other nations of the world (TEMBO and
KHATLELI, 2017). Accordingly, a considerable cost cutting could be achieved at an initial
stage which could lead to overall cost savings. Also, there are many more options available
such as buying materials in bulk, improving efficiency in using limited resources and buying
quality material and equipment for the purpose of performing fittings and furnishing function
while the construction project is ongoing.
Cost savings with regards to electrical installations could be achieved through
sourcing electrical equipment for power and heat generation, emergency lighting and carrying
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out communications from local distributor and from such distributor who is ensuring quality
plus providing the equipment at lower prices. Also, electrical installations are in itself
dependent upon fittings and furnishings for accomplishing various functions, where it can be
said that high price of fittings leads to increase in the budget for electrical installations. If the
cost savings would be achieved in fittings and furnishings, then automatically there would be
cost savings in electrical installations as well. Various components that account for electrical
installation costs are backup generators, switchgear and transformers which are very much
expensive elements (Ojo and Pye, 2020). These components should be sourced after
analyzing all the alternative prospects and it is advisable to acquire such components from
domestic market itself rather than buying from other nations which cost additionally in terms
of taxes, duties and delivery charges. Also, the costs associated with wiring is a significant
one especially in a large buildings as in the present case and this cost can be reduced by
minimizing the distance traveled between loads and supplies along with using small
conductors as and when possible.
In this way, function would also get improved as with local procurement, considerable costs
associated with the transportation and labor could be saved leading to efficient functioning.
The furniture used within meetings rooms, office and conference hall could be a foldable
type, so that it can be accessed whenever required and placed wherever needed (Sinclair,
2019). Also, the space provided for office, conference hall and meeting rooms could be used
as an open space at times when it is required by removing foldable furniture easily and
quickly.
For internal walls within the building, fire rated insulation could be procured which results in
increase in the function of temperature and heat resistance. Therefore, less electrical
installations would be needed on external walls which in turn could be helpful in considerable
expenditure over fittings and furnishings for electrical installations.
Hence, with these steps and actions as proposed for value engineering would be helpful in
saving minimum 2% of the building construction budget.
Risk Management Report
Risk assessment for execution of proposed option at construction stage with risk register
For better understanding risks and solving them, it is important to create risk register. It
can help project managers out in identification of risks, like hood of occurrence and strategies
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by which all risks can be mitigated. Risk register for some different types of risks that might
affect project success include:
Risk
description
Likelihood
of risk
occurring
Impact of
risk
Severity Strategies
Undefined
project purpose
and needs
Medium High High It can be solved with an
improved planning and
stakeholder’s engagement.
Project manager can share
vision and purpose of project
with stakeholders and by
asking their suggestions,
purpose can be defined in a
clear manner (Keshk, Maarouf
and Annany, 2018).
Financial risks
like lack of cost
Medium High Medium It is one of the common type
of risk that can have negative
impacts. Lack of budget or
over budget both can have
negative impacts. For
mitigating this risk, it is
important for project manager
to have a backup financial plan
by which finance can be used
if there is lack of funds. By
making use of reusable and
recyclable resources at
affordable price, project can be
completed in a cost effective
manner.
Poor
procurement
Low High Medium Success of project depends on
procurement. In regard to
construction project, it can be
said that project manager
needs to focus on procurement
for making project successful.
When they have good products
and resources then they can
complete projects in a
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successful manner. For solving
procurement related challenges
and problems, project manager
can recognise needs, review
requisition and keep records.
By simplifying purchasing
needs and managing suppliers’
risks, this challenge can be sort
out (Al-Ajmi and Makinde,
2018).
Poor industrial
relations
Medium High High Poor industrial relations can
also have negative impacts on
project’s success. It is
important for project managers
to improve relations and it can
be done by motivating
employees and suppliers. By
providing rewards as per the
needs of stakeholders and
providing detailed information
regarding construction project,
project manager can make
them feel valued. Valued and
motivated employees are more
likely to stay with business and
support company in
accomplishing their goals.
Environmental
changes risks
High High High There are number of external
environmental factors that can
occur anytime and can have
negative impacts to the great
extent. Some environmental
changes such as: climate
change, political change,
economic and others. All these
changes can affect project’s
completion. For mitigating this
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risk, project manager can
critically evaluate
environmental factors with the
help of PESTLE analysis. It
can help out project manager
in knowing current
environmental situations and
on the basis of current
situation, strategies can be
developed.
Poor suppliers
and employees
performance
Low-medium High High Poor suppliers and employees
performance can also have
negative impacts on project.
Improved relations with
suppliers and employees can
make project managers able in
completing project related to
construction and workshop in a
successful manner. Improved
relations with suppliers can
help project manager in getting
raw materials and relevant
resources at affordable and
qualitative manner. For
mitigating this risk, project
manager can engage
employees and suppliers by
developing appropriate
policies and by providing
continuous information to
them regarding project.
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On the basis of above discussed risk register and risk table, it can be said that project manager
can complete this project in an effective manner. At all stages of RIBA such as planning,
monitoring and others, risk management needs to be done for improving quality of project.
There are number of advantages that project manager can take by mitigating risks and
preparing risk register such as:
Reduce project’s liability: When there is no risk and project manager mitigate risks
in a timely manner then it can decrease their companies’ and project’s liability. It can make
project managers able in attracting investors and engaging stakeholders (Xia and et.al., 2018).
This stakeholders’ engagement and investors’ interest can help them out in completing all
stage of RIBA and completing project with effectiveness.
Improve image: One of the main advantages of mitigating risks is to improve image
of company. When companies have improved image in the market then they find easier in
completing project in an effective and successful manner. This image can make them able in
conducting such projects in the future successfully.
Competitive advantages: When project managers mitigate risks in a timely manner
then they are more likely to become competitive. They can attract customers and investors.
By making an improved position in the market, companies can grab opportunities of
competition.
Better quality of products: By mitigating risks, project’s quality can be improved.
This improved quality of project can enable project manager in accomplishing goals and
vision. It can also help them out in increasing customers and employees’ retention.
On the basis of above discussed benefits, it can be said that social centre can constructed
in an attractive manner and aim of providing social services can be delivered. Along with
these, project manager needs to focus on continuous and clear communication. By making
use of 7C’s of communication model, stakeholders and employees can be engaged in this
construction project (Szymański, 2017). When employees and stakeholders are being
communicated and provided clear and detailed information then it makes them feel valued
and they are more likely to strive hard and help their company in accomplishing the main
aim. Stakeholder analysis and stakeholder matrix can also enable project manager in knowing
interest level of different stakeholders and accordingly, project manager can develop
strategies for increasing engagement level and motivating them towards improving
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performance and productivity as well. Overall, it can be said that risk analysis is main key of
success as it can protect project manager against failure of project.
Risk assessment is one of the important process of project as it involves analysis,
identification and evaluation of several risk associated with the project. Thus, helps in finding
alternative method that could be used by project manager to overcome the associated risk so
that the desired outcome can be achieved in effective manner. This overall process of risk
assessment and management is undertaken by the project manager with a main motive that
goals of project can be achieved as soon as possible. Furthermore, the process of risk
management start with identifying risk, its impact and alternative method that could be used
to eliminate or overcome. So, in the cost saving value engineering proposal as project
manager risk assessment is necessary to carry out pertaining to construction stage. For
finding out alternative risk mitigation strategy that could be used to manage and effectively
implement the project in desired manner (Wang and et.al., 2018). Project involves range of
risk such as financial, change in external environment, increase in cost, budget risk, dispute
risk and many more. So the risk register clearly explained about the type of risk, its
associated impact, the method that could be used by project manager to minimise the impact
for completion of project in desired manner. The risk register pertaining to the cost saving
Value Engineering proposal can be explained in detailed as follows:
NAME
OF
RISK
RISK
DESCRIPTION
LIKELIHOOD
OF THE RISK
IMPACT OWNER MITIGATION
STRATEGY
Cost risk It can be stated
that in the
external
environment, the
cost of products
and services or
raw materials
keep on
changing.
Therefore, it can
Medium
chance of
happening of
cost risk, as
manager has
tried to have all
type of raw
material at
standard price.
High
impact as
it will lead
in extra
cost rather
than
saving the
price to
maximum
extend
Project
manager is
solely
responsible
for
eradicating
the cost
risk.
The mitigation
strategy that
could be used
to overcome the
cost risk is that
project
manager will be
maintained
good
relationship
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acts as risk in
increasing
overall cost of
the project.
(Martinez,
Al-
Hussein,
and
Ahmad,
2019).
with number of
suppliers in
order to have
material in
minimum time
frame and cost.
Conflict
or
resistance
from
team
member
The second risk
that could be
occur in context
of cost saving
Value
Engineering
proposal is
resistance from
team member to
adapted new
method to
complete the
task or conflict
between them
related to the
way it can be
completed.
Medium is the
chance of
occurrence as
project manager
will oversee the
conflict
happening, their
impact and the
method that can
be used to
resolve the
same.
It may
have high
impact as
results in
barriers in
effective
completion
of the
project.
Project
manager is
responsible
for
ensuring
that there
is less
chance of
conflict
between
the
members.
The mitigation
strategy of
resistance and
conflict is
promoting of
open and clear
communication
between each
and every
individuals.
Along with that
they needs to
be provided
information
related to why
it is important
to implement
the changes or
new proposal.
RISK MANAGEMENT ESSAY
Risk management refers to the management of risk that will include the taking of
mitigation strategies against the concerned risk (Oparin, Chepachenko and Yudenkо, 2017).
As per the aspect of climate various risk will be emerged in the construction sector that will
lead to affect the industry which need to be managed in order to assist smooth flow of it.
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Construction industry is one of the major and important industry of any country
including UK. With the aspect of this industry the entire economy of the country will be
depended. This will lead to assist the country in growth and development. Construction
industry is related with the infrastructure of a country and its working. With the aspect of
construction industry, the whole economy and the country would achieve growth.
Construction industry is the base that will lead to the growth of infrastructure, industries,
cities and the country itself. in the same way with regard to the UK the construction industry
is counted as one of the major sector that contribute £90 billion to the UK and its economy
(UK CONSTRUCTION, 2021). Along with assisting the economy the sector would lead to
counted as a major aspect that provide a large number of jobs to the employees. This means
the construction sector would lead to count as major sector that will lead to rise employment
in the country. On an average the industry sector covers 2.3 million jobs which is equivalent
to 10% of the employment of UK. This means construction sector is itself not only concerned
with the profitability aspect but is one of the major sector that would support the GDP of the
country and the employability aspect.
However, with the persistence of climatic condition and changing business
environment the entire construction industry have been affected in terms of raising of cost
and expenses in terms of raising of cost of the stones, bricks, sand and other essential
elements that are related with the construction industry and acted as base of it. In the same
way with the aspect of changing climatic conditions and imposition of rules and regulation in
the context of the covid pandemic the entire industry would have been impacted at larger
extent. This would lead to affect the industry in terms of its working and its slowdown. With
the changing climatic condition in terms of high temperature and the other aspect the industry
would have been impacted in terms of occurrence of unemployment of the high turnover
situation. This would also lead to rise the risk that is related with the employability,
profitability and other aspects (Burtonshaw-Gunn, 2017). This means with the occurrence of
climatic changes the entire industry would be impacted in terms of occurrence of loss because
of raising of expenses.
It is to be noted on the one hand as construction sector will make a contribution towards the
growth of the country but at the same time with the use of poor quality of material and other
work related neglecting activities the entire country and its economy will get affected. This
means along with delivering the advantages and other benefits to the country the construction
sector would lead to negatively impact the whole country at larger scale. This will not only
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lead to impact the country but sometime would be counted as a major reason of death of large
number of people specially in case of public infrastructure. This will along with impacting
the industry would lead to impact the concerned country that will further continued with the
aspect of poor attraction of foreign direct investment and various other aspect on a broader
term.
Likewise, along with changing climatic situation and fluctuation in the climate the
construction industry would be impacted in terms of stoppage of work. This can be
understood with an example of flood and excessive rain that will lead to impact the
construction sector in terms of stopping of work and occurrence of severe loss (Engle and
et.al., 2020). With the aspect of extreme weather condition like the excessive rain, heat and
cruel effect of the weather the construction sector would be impacted in terms of delay in
work, occurrence of excessive loss, raising of expenses, material cost raising and various
other aspects (Truong Quang and Hara, 2018). These all counted as major risk that the
construction sector would face with the occurrence of climatic change. This is to be noted
that it would be universally applicable to every construction industry of the world.
On the critical note it is also to be considered that along with getting impacted
because of the climatic changes the entire industry would also be lead to impact the climate.
This means construction industry would itself lead to play an important role in affecting the
climate and its changes. with the dumping of waste, creation of pollution, raising of carbon
dioxide level, and various other would lead to impact the weather and counted as major
reason of the change in climatic situation and condition.
In the same way while considering the aspect regarding risk it is also important to be
focussed that along with the identification of risk the construction industry need to take
adequate steps and adopt appropriate strategies that will lead to assist the industry to cope
with the risk and the challenges that may arise because of the climatic changes. Planning is
one of the major step that the construction sector need to adopt while executing any project.
this is because with the aspect of planning the risk will be mitigated and deal. In the same
way with the concept of making of risk register in which not only the concerned risk but its
impact, its causes, mitigation strategies, its intensity and various other aspect will be analysed
and considered so that with the taking of most suitable action the risk will be mitigated to a
greater extent. The concept of backup plan would also work well and counted as best strategy
that will assist an organization to mitigate risk (Mi and et.al., 2019). This means with the
persistence of back-up plan or alternative option the risk associated with the climatic change
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will be mitigated.
As the risk which are concerned with the climate are also linked with the death of the
workers which can also be mitigated with the enabling of protective equipment at the
construction site. In the same way enabling of safety gear, disaster management training and
learning of mitigation strategies would also counted as one of the best way to deal with the
risk and challenges associated with the climate risk (Kang and et.al., 2020).
As climatic change occurs frequently because of the raised greenhouse effect and as a
result of that occurrence of sudden rain and other climatic changes, the taking of advanced
steps and making of risk management plan would work best. This is because with the aspect
of risk management plan the concerned risk will be easily deal. As per the risk mitigation
plan all the necessary and precautionary moves in terms of arrangement of warehouses
wherein the stocks will be kept safe from rain will be kept aside. In the same way
arrangement of extra and security funds scheme would also be made so that the sudden loss
and bearing of heavy losses would be possible to bear. This will lead to assist the
construction sector not only to bear the risk but at the same time would also enable the
industry to incorporate and mitigate it.
Thus, in short it would said that as the future is uncertain and with the raising of
intensity of pollution and greenhouse effect the climatic changes would become very
common. Sudden occurrence of rain, flood, earthquakes and various other events become
very popular and that would act as biggest issues and challenges toward the construction
industry (Rosenzweig and et.al., 2018). These events would lead to impact the construction
sector in terms of raised expenses and costing that would further continued with the delay in
projects, non-completion of project and various other events would become common
instances. Thus, making a clear and early identification of the risk followed with taking of
most appropriate and suitable step against it would lead to assist the construction industry to
mitigate the concerned risk and its challenges. This will provide the lead which will assist in
reducing the intensity of risk too. This shows that the concept of risk management would lead
to assist the construction sector not only in identifying the risk but it will also lead to mitigate
the concerned risk that would arise with the due course of climatic change.
From the above essay it can be concluded that with the aspect of climatic changes
various risk and issues would need to be faced by the construction industry that would lead to
impact its working and other operational activities. In the same way it is also understood that
with the taking of most suitable action the concerned sector would not only deal but it will
mitigate the concerned risk too.
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REFERENCES
Books and journals
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Amin, K. F. and Abanda, F. H., 2019. Building Information Modelling Plan of Work for
Managing Construction Projects in Egypt. Journal of Construction in Developing
Countries, 24(2), pp.23-61.
Burtonshaw-Gunn, S.A., 2017. Risk and financial management in construction. Routledge.
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