Abstract
The aim of this study is to get a better understanding for the effect of the set of the risks in the construction projects, in addition to how mitigating these risks in those projects. Indeed risks are frequently playing the same rules, but the nature of project defines the specific risks of the project. The first step in process of risks assessment is identification them. Once risk identification is complete, risk analysis is used to identify the likelihood the risks that have been identified will happen. Thus by using evidence from other research in the area, this study showed the impact of the set of the stages in the risk management process in the construction projects, which were discussed in greater detail in the theoretical aspect of the current study. The findings of the study were revealed the fact that the comprehension of risk and its management has the direct effect of understanding specific issues that involve to the project. In addition to that, the integration of a risk management process at each stage of its stages in construction projects must be oriented to the progress of the project and permeate all areas, functions and processes of the project. In this regard, the most successful project managers maintain open lines of communication throughout their organizations to stay in touch with constituent’s needs.
Highlights
Managing Risk is something that is more frequently associated with bridge building, mechanical engineering, or actuarial science in projects
Not surprisingly, when good project managers think about risk management process, they focus on mitigating risk within the project as a whole (Bannerman, 2008; Smith et al, 2009; Thamhain, 2013)
Considering the facts that risk management process has an impact on project‟s goals in the form of quality, time and cost, it should be an open and conscious process through all phases of the project
Summary
Managing Risk is something that is more frequently associated with bridge building, mechanical engineering, or actuarial science in projects. Risk can be (Cervone, 2006): (1) reduced or eliminated by including problem remediation activities into the project plan; (2) transferred to other activities or other responsible parties; (3) absorbed or pooled by planning for them; (4) avoided by putting quality control practices and procedures into place. Among these techniques, some are implemented more and less costly than others. Not surprisingly, when good project managers think about risk management process, they focus on mitigating risk within the project as a whole (Bannerman, 2008; Smith et al, 2009; Thamhain, 2013)
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