Project Risk Management

The simply, project risk management in construction field is designed plan, monitor and control those measures needed to prevent exposure to risk. To do this it is essential to identify the hazard, assess the extent of the risk, provide measures to control the risk and manage any outstanding risks. The historical framework of risk management in the construction industry historically construction has been risky for several reasons, including:

1. Poor record of conclusion to cost and time.
2. High levels of disputes and litigation.
3. Pressure to produce a high return on funds invested.
4. Pressure to save time and money.
5. Intense competition for work.
6. Low margins and profit risk.
7. Poor safety and occupational health record.
8. Pressure on health and safety provision.