The whole process will take around one month which will include visiting people, distributing and collecting questionnaires, and conducting interviews.
Before going into the details of proposal regarding identification of risk and implementation of an appropriate risk management plan, let’s get a better understanding of what risk management actually is and why is it important for any company or organization to implement a suitable risk management plan. Risk management means identification of the threat of risks anywhere in the organization’s activities and businesses and finding out the proper solution to the identified risks. This process of risks’ identification and planning is known as risk management process. Risk management is one of the most important tasks for any company, business, or organization. It is because without the implementation of an effective risk management plan, the chances of failure of business get increased. Risk management planning is not only important for the success and stability of the business operations but also it is very beneficial for the security and safety of the employees working in any specific company or organization.
If we talk about risk management planning in the construction industry, we can say that the managers of the construction companies properly concentrate on balancing the eventuality of any risk, which their companies may face in near future, with their contractual, financial and operational necessities. In the process of achieving this balance between risk and company’s operational requirements, an effective and efficient mechanism is required which can identify and analyze any sort of risk to the companies. “Crisis can strike at any time, which is why it is important for organizations to have risk management plans in place” (Sheldon). The key steps involved in the risk management planning include defining the risks for the