Risk Assessment and Management in Construction Projects

Abstract

. Risk assessment and management play a pivotal role in ensuring the successful execution of construction projects. As the complexity and scale of construction projects continue to grow, project stakeholders face an increasing number of uncertainties and potential risks that can adversely impact project outcomes. Therefore, it becomes crucial to adopt an effective risk assessment and management framework to proactively identify, evaluate, and mitigate potential risks.This paper presents a comprehensive overview of risk assessment and management in the context of construction projects. It explores various techniques, tools, and strategies that can be employed to assess, analyse, and control risks throughout the project lifecycle. The objective is to provide project managers, contractors, and stakeholders with insights into best practices for minimizing project uncertainties and improving overall project performance.