Risk Management in the Construction Sector
Risks combine and interact to create turbulence in the time, cost, and scope of the project. Of the nine knowledge areas of project management, risk management is the most challenging domain for construction professionals due to the shortage of qualified manpower and limited resourceful contracting agencies (technical and commercial), The process of taking a project from conception to completion is complex and entails time-consuming design and production. A project goes through various levels of interaction between multitudes of people, with different skill sets competing interests and also involves planning, scheduling, and coordination of a wide range of both independent and interrelated activities. In addition, the influence of external factors requires this industry to solve complex environmental issues.
This webinar aims to explain risk management principles, the implementation of a risk management plan, and strategies to overcome threats and turn around the perception of risks from negative to positive opportunities. We will also focus on the challenges faced by the construction sector to overcome the impact of risks through case studies. The emphasis is on a broader understanding of risk management practices to ensure the success of the projects.
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