The Problem Of Risk Management Essay
). Typically in construction industry any events that can affect the project goals of achieving cost, time and quality can be considered risk. Construction risk are varied in nature such as some risk are easily predictable and identifiable while others are totally unpredictable. Although project success or failure is much more complex than just controlling or not been able to manage the risk but record shows that companies that have included risk as an integrated part of the project control and quality system have improved project success (http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.464.8878&rep=rep1&type=pdf
). Thus application of risk management can help stakeholders avoid failures in construction industry.
Profit of construction industry can decrease with inefficient and…