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Risk Management - Essay Example
Author : starkloraine
Engineering and Construction
Pages 10 (2510 words)
Infrastructure project Risks Risk management Name: Institution: Date: Infrastructure project Risks Construction projects are undertaken within sophisticated and dynamic environments and as a result they are often faced with elevated levels of uncertainty. Such uncertainty levels are often compounded further by the constraint demands…
Often, an infrastructural construction project involves a number of phases before final completion and transfer to the contract awarding authority. The phases include the appraisal phase, the design phase, the construction phase, and the operation phase. Although there are some cross-cutting risks across the phases, some are unique to each phase and hence it’s often important to independently review the risks in each phase. This paper addresses the risks likely to be encountered in each phase of an infrastructure construction project. However, before doing this, it is important to highlight the key steps involved in risk control process including risk identification, risk management, and risk response. Risk identification Risk identification involves determination of the risks are likely to impact on the project as well as documentation of the characteristics associated with the risks identified. This is not a one-time environment, rather it should be performed regularly and more especially through the whole project cycle. This is due to the fact that risks themselves are dynamic and change with time. Risk identification must be able to address internal as well as external risks. ...