An Insight into the Process, Tools and Techniques for Construction Risk Management

Investing in construction projects is not without risks. Risk management is considered an important aspect when making decisions in the construction industry���as it determines whether the construction project will be successful or will fail. Effective decisions are made based on certain predetermined criteria such as investigating the construction project in detail, generating good alternatives to manage risk, exploring the best options, etc., whereas, decisions can fail when the best suitable alternatives to manage risk are not made clear at the onset of a construction project, or logical assessment of project-specific criteria are not considered part of the process. As a result, risks can possibly have an adverse effect on the delivery of construction projects with respect to its objectives. Therefore, this chapter will present the numerous tools and techniques that are available to support the various phases of the risk management process in construction projects