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  • Essay / Construction Risk Risks in Construction Projects

    After analyzing and measuring the risks, prioritization should be done using a risk index. And risk with a high index must be accompanied by an action plan immediately. Risk response planning. Some of the common risk mitigation plans for the above risks include conducting technical courses to increase the skills and knowledge of the local workforce, developing appropriate environmental analysis, and complying with all government regulations . focus attention on large material purchases that are sensitive to volatility in raw materials and exchange rates, assess cost risks, various suppliers, engage experienced consultants. Risk response can be divided into four types in construction projects accept risk, avoid risk, mitigate risk, transfer risk. Risk acceptance is the part where nothing is done to mitigate the risk. The company simply accepts the risk because the risk outcome is cheaper than risk mitigation.