Type construction + risk into any search engine and you’ll find that there are few comprehensive entries. Construction is risky business; in fact, you could say that a construction project is all about undertaking and managing risk. But what is risk? What are the risks specifically faced during a construction project? How are they identified and categorized? How do they change depending on the perspective of the stakeholder? How does one assess the severity or probability of those risks? Most importantly, how are those risks then mitigated and managed?
What is a risk management plan? A risk management plan begins by creating a comprehensive check list of various risks faced organized by category. Once a project is considered, a tailored list of possible risks is created and organized. Each risk is the assessed and analyzed in order to create a management and mitigation plan which may include various mitigation tools. The risk analysis tools are continually monitored and re-assessed to determine the real time outcome of the implemented plan.
Unit one – Introductions, objectives, definitions and risk discovery
Unit two – Risk registry tool and risk assessment
Unit three - Risk mitigation processes and risk management tools
Unit four – Capstone project, contingencies, monitoring and reporting
