The construction project is overwhelmed by many predictable and unpredictable risks due to different sources of uncertainty, which include the performance of construction parties, resources availability, environmental conditions, involvement of other parties, and contractual relations.
The construction project is overwhelmed by many predictable and unpredictable risks due to different sources of uncertainty, which include the performance of construction parties, resources availability, environmental conditions, involvement of other parties, and contractual relations.Tags: Essay Street QuarrelEssay Prompts For 5th GradeShort Research ProposalIdea For Research PaperEssay On Educational Values Of FilmsEssay On The Crusades European
Risk management is an essential part of construction projects which aims at identifying the potential risks associated with a project and responding to those risks to reduce them to an acceptable extent [7, 8].
Risk management is indeed a dynamic tool which must be continuous throughout the project life cycle, and it is based on intuition and past experience for a high level of judgment.
Systematic risk management practices are essential in order to handle and manage risks so that the success of projects can be ensured .
In fact, having systematic risk management results in the early detection of risks where there is no more need for contingency plans to cover almost every eventuality.
Risk Management is a proactive decision-making process used to minimize and manage the risks in the most efficient and appropriate manner.
However, most construction firms in Malaysia do not apply formal risk management in their projects.It was found that the implementation of risk management process in Malaysian construction industry is still at a low level, mainly due to the fact that most of the construction employees involved in risk management are not fully aware of the available risk management techniques that can be applied in construction projects. , risk is an unforeseen event that occurs during the process of construction projects.Studies show that construction industry is subject to more risks and uncertainties than any other industries .Hence, limited resources can only be concentrated on the major risks to achieve maximum effects.  revealed that, for an ideal risk management, a prioritization process should be carried out whereby the risks with greatest loss and the greatest probability of occurring are handled first and risks with lower probability of occurrence and lower loss are handled later.Construction industry is one of the most challenging and dynamic industries in Malaysia. (2007), "Risk management practices of contractors: A case study of power station projects in Egypt", Journal of Financial Management of Property and Construction, Vol. https://doi.org/10.1108/13664380780001102 Download as . The methodologies used in this study include comprehensive literature review as well as semistructured interviews.A comprehensive literature review was conducted through relevant books, academic research journals, academic dissertations, and online database.Then, four interviews were carried out in order to obtain information and opinion about the process of risk management implemented in four on-going construction projects in Kuala Lumpur, Malaysia.The case study is defined as a research strategy or an empirical inquiry that investigates a phenomenon within its real-life context.