Risk evaluation is also extremely important in order to minimize the occurrence of risks. The two widely used methods of risk evaluation include subjective and objective methods. Many people from different departments are involved in the process of risk management who oversee different phases of the project risk management.
If case of construction industry, people included in the process of risk management are project risk manager, risk management team, project risk custodians, risk profile owners, and team members of the project. Project risk manager provides the risk management strategy to the team in order to manage the risks associated with the project. The project management team collects necessary information required for the purpose of risk management. The risk profile owners allocate the responsibility of the risks to the concerned staff. The custodians of the risk oversee and consolidate the risks within a particular risk category. The project team members provide the necessary information regarding risks to the project profile owners and the risk management team.
The phases of the risk management process include establishment of context for risk management, communication of risk management, risk identification, risk analysis, risk evaluation, risk treatment, and monitoring and reviewing of the risk.
Emaar is a Public Joint Stock Company whose motive is to provide the people with high standard life styles. Emaar is a Dubai based Construction Company and has been working successfully since 1997. Emaar Construction Company competes in various areas related to construction industry. These areas include building beautiful homes, master planned communities, various construction projects, and providing the customers with full range of high life style requirements.
The risk occurs when the client asks for a change in the design of the building at a later stage by commenting that the design document was not shown