Risk Management

Risk Management is the identification and assessment of Risks prioritized by potential impact and tempered by the timely application of resources, decisions and affirmative action to minimize or avoid the affect on Project Cost and Schedules. 

Generally, Risk Management has many broad and far reaching characteristics, in Construction, the aspects tend to be more direct and should:

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• be included in the organizational processes.

• be an integral part of the decision making process

• establish a value of potential loss or gain.

• determine affect on project timelines.

• assess the human factors that will affect the decision making process.

• be based on the assembly of facts and most current available information

• address possibilities of multiple results base on qualified unknowns

• be systematic and structured.

• provide a dynamic platform for timely affirmative action

• be flexible and capable of collaborative change and improvement.