Management Construction Risk Management Essay Paper (Essay Sample)

Management Construction Risk
Name
Institution
Management Construction Risk
Introduction
Management of risk is important in the construction field and has developed internationally according to the massive latest researchers. There are various risks facing the construction of projects leading to the negative effects on projects such as cost, quality, and time. Most successful construction projects depend on the organization of the projects and how the organizers or participants allocate risk at the project formation phase. Effective structure of the risk management starts at the preparation of the project contract document. The document is important in the allocation of responsibilities of various risks that can be encountered within the entire project. There are various six major risk allocation and management concepts that should be well considered when a project is at contract formation phase. The risk allocation within the construction management includes allocation of risk to the party situated to control the risk, risk through indemnity provisions, and insurance indemnity provisions. Other risk allocations include the waiver of subrogation and the additional insured status and evidence of insurance including the review document. Risk management in construction is the structured plan of monitoring, controlling measures required to manage and control the possible risks during the project. The purpose of this report is to explain the risks in the development and construction of a major building project.
Construction Risk Management Process
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